0000313143-19-000053 | 10-Q | XBRL Viewer

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DIVESTITURE (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
DIVESTITURE (Details) - USD ($) $ in Thousands	May 21, 2019	Sep. 28, 2019	Sep. 28, 2019	Sep. 29, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture			$ 9,808	$ 0
Impairment of assets			$ 48,721	$ 21,170
CSL Plasma Inc. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture	$ 9,800
Impairment of assets		$ 48,700

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Income Statement [Abstract]
Net revenues	$ 252,566	$ 241,581	$ 491,017	$ 470,928
Cost of goods sold	125,566	129,674	248,111	275,777
Gross profit	127,000	111,907	242,906	195,151
Operating expenses:
Research and development	7,422	8,583	14,909	17,989
Selling, general and administrative	69,839	77,248	142,839	145,793
Impairment of assets	0	0	48,721	0
Total operating expenses	77,261	85,831	206,469	163,782
Operating income	49,739	26,076	36,437	31,369
Interest and other expense, net	(4,651)	(3,039)	(9,074)	(5,017)
Income before provision (benefit) for income taxes	45,088	23,037	27,363	26,352
Provision (benefit) for income taxes	7,602	4,311	(1,644)	10,445
Net income	$ 37,486	$ 18,726	$ 29,007	$ 15,907
Basic income (loss) per share (in dollars per share)	$ 0.74	$ 0.36	$ 0.57	$ 0.31
Diluted income (loss) per share (in dollars per share)	$ 0.72	$ 0.35	$ 0.56	$ 0.30
Weighted average shares outstanding
Basic (in shares)	50,791	51,605	50,901	51,862
Diluted (in shares)	52,046	53,138	52,174	53,365
Comprehensive income	$ 35,378	$ 18,403	$ 23,281	$ 10,865

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)
Balance (in shares) at Mar. 31, 2018		52,343
Balance at Mar. 31, 2018	$ 752,429	$ 523	$ 503,955	$ 266,942	$ (18,991)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock purchase plan (in shares)		45
Employee stock purchase plan	1,780	$ 1	1,779
Exercise of stock options (in shares)		75
Exercise of stock options	2,831	$ 1	2,830
Shares repurchased (in shares)		(888)
Shares repurchased	(80,000)	$ (9)	(4,552)	(75,439)
Issuance of restricted stock, net of cancellations (in shares)		67
Issuance of restricted stock, net of cancellations	0
Share-based compensation expense	3,379		3,379
Cumulative effect of change in accounting principles	1,177			1,177
Net income	(2,819)			(2,819)
Other comprehensive income (loss)	(4,719)				(4,719)
Balance (in shares) at Jun. 30, 2018		51,642
Balance at Jun. 30, 2018	674,058	$ 516	507,391	189,861	(23,710)
Balance (in shares) at Mar. 31, 2018		52,343
Balance at Mar. 31, 2018	752,429	$ 523	503,955	266,942	(18,991)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,907
Balance (in shares) at Sep. 29, 2018		51,625
Balance at Sep. 29, 2018	701,339	$ 516	530,480	194,376	(24,033)
Balance (in shares) at Jun. 30, 2018		51,642
Balance at Jun. 30, 2018	674,058	$ 516	507,391	189,861	(23,710)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		125
Exercise of stock options	4,295	$ 1	4,294
Shares repurchased (in shares)		(182)
Shares repurchased	0	$ (2)	14,213	(14,211)
Issuance of restricted stock, net of cancellations (in shares)		40
Issuance of restricted stock, net of cancellations	1	$ 1
Share-based compensation expense	4,582		4,582
Net income	18,726			18,726
Other comprehensive income (loss)	(323)				(323)
Balance (in shares) at Sep. 29, 2018		51,625
Balance at Sep. 29, 2018	701,339	$ 516	530,480	194,376	(24,033)
Balance (in shares) at Mar. 30, 2019		51,020
Balance at Mar. 30, 2019	667,868	$ 510	536,320	161,418	(30,380)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock purchase plan (in shares)		25
Employee stock purchase plan	1,830	$ 0	1,830
Exercise of stock options (in shares)		85
Exercise of stock options	3,635	$ 1	3,634
Shares repurchased (in shares)		(616)
Shares repurchased	(75,000)	$ (6)	(21,473)	(53,521)
Issuance of restricted stock, net of cancellations (in shares)		257
Issuance of restricted stock, net of cancellations	0	$ 3	(3)
Share-based compensation expense	4,730		4,730
Net income	(8,479)			(8,479)
Other comprehensive income (loss)	(3,618)				(3,618)
Balance (in shares) at Jun. 29, 2019		50,771
Balance at Jun. 29, 2019	590,966	$ 508	525,038	99,418	(33,998)
Balance (in shares) at Mar. 30, 2019		51,020
Balance at Mar. 30, 2019	667,868	$ 510	536,320	161,418	(30,380)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,007
Other comprehensive income (loss)	(5,726)
Balance (in shares) at Sep. 28, 2019		50,608
Balance at Sep. 28, 2019	583,754	$ 506	533,720	85,634	(36,106)
Balance (in shares) at Jun. 29, 2019		50,771
Balance at Jun. 29, 2019	590,966	$ 508	525,038	99,418	(33,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		64
Exercise of stock options	2,410	$ 1	2,409
Shares repurchased (in shares)		(360)
Shares repurchased	(50,000)	$ (4)	1,274	(51,270)
Issuance of restricted stock, net of cancellations (in shares)		133
Issuance of restricted stock, net of cancellations	0	$ 1
Share-based compensation expense	5,000		5,000
Net income	37,486			37,486
Other comprehensive income (loss)	(2,108)				(2,108)
Balance (in shares) at Sep. 28, 2019		50,608
Balance at Sep. 28, 2019	$ 583,754	$ 506	$ 533,720	$ 85,634	$ (36,106)

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Sep. 28, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	2. RECENT ACCOUNTING PRONOUNCEMENTS Standards Implemented In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification ("ASC") Update No. 2016-02, Leases (Topic 842). ASC Update No. 2016-02 is intended to increase the transparency and comparability among organizations by recognizing lease asset and lease liabilities on the balance sheet, including those previously classified as operating leases under current U.S. GAAP and disclosing key information about leasing arrangements. In July 2018, the FASB issued an update to the leasing guidance to allow an additional transition option which would allow companies to adopt the standard as of the beginning of the year of adoption as opposed to the earliest comparative period presented. The Company adopted the new standard on March 31, 2019. Upon transition, the Company applied the package of practical expedients permitted under ASC Update No. 2016-02 transition guidance to its entire lease portfolio at March 31, 2019. As a result, the Company is not required to reassess (i) whether any expired or existing contracts are or contain leases, (ii) the classification of any expired or existing leases, and (iii) initial direct costs for any existing leases. The Company also elected to account for each lease component and the associated non-lease components as a single lease component and also elected not to recognize a lease liability or right-of-use asset for any lease that, at commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. As a result of adopting ASC Update No. 2016-02, the Company recognized additional right-of-use assets of $22.9 million and corresponding liabilities of $22.7 million for its existing lease portfolio on the condensed consolidated balance sheets, with no material impact to the condensed consolidated statements of operations or condensed consolidated statements of cash flows. Additionally, the Company implemented a new lease administration and lease accounting system and has updated controls and procedures for maintaining and accounting for its lease portfolio under the new standard. In March 2017, the FASB issued ASC Update No. 2017-07, Compensation - Retirement Benefits (Topic 715). The guidance revises the presentation of net periodic pension cost and net periodic post-retirement benefit cost. The Company adopted ASC Update No. 2017-07 during the first quarter of fiscal 2020. The adoption of ASC Update No. 2017-07 did not have a material impact on the Company's condensed consolidated financial statements. In June 2018, the FASB issued ASC Update No. 2018-07, Compensation - Stock Compensation (Topic 718). The new guidance aligns the accounting for non-employee share-based payments with the existing employee share-based transactions guidance. The Company adopted ASC Update No. 2018-07 during the first quarter of fiscal 2020. The adoption of ASC Update No. 2018-07 did not have a material impact on the Company's financial position and results of operations.

COMMITMENTS AND CONTINGENCIES (Details) - Product Recall 1 $ in Millions	6 Months Ended
	Sep. 28, 2019 USD ($)
Loss Contingencies [Line Items]
Loss in period	$ 1.9
Customer Returns and Inventory Reserves
Loss Contingencies [Line Items]
Loss in period	0.1
Customer Claims
Loss Contingencies [Line Items]
Loss in period	$ 1.8

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Sep. 28, 2019
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	9. PROPERTY, PLANT AND EQUIPMENT In December 2018, the Company entered into a lease for office space in Boston, MA that will serve as the new corporate headquarters and replace the existing location in Braintree, MA. During the second quarter of fiscal 2020, the Company sold $7.8 million of real estate and other assets associated with the Braintree corporate headquarters and entered into a lease with the buyer that allows the Company to leaseback the facility on a rent-free basis through December 31, 2019 pending the completion of its relocation to Boston, MA, which is expected to occur in the third quarter of fiscal 2020. As a result of this transaction, the Company received net cash proceeds of $15.0 million and non-cash consideration of $0.9 million related to a free rent period ending in December 2019. The transaction resulted in a net gain of $8.1 million. During the first quarter of fiscal 2019, the Company recorded impairment charges of $21.2 million, which consisted of $19.8 million of charges related to the discontinued use of the HDC filter media manufacturing line and $1.4 million of charges related to non-core and underperforming assets. These impairments were included within cost of goods sold on the condensed consolidated statements of income and impacted the Blood Center reporting segment.

EARNINGS PER SHARE ("EPS") (Tables)

6 Months Ended

Sep. 28, 2019

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				Six Months Ended
(In thousands, except per share amounts)	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
Basic EPS
Net income	$	37,486	$	18,726	$	29,007	$	15,907
Weighted average shares	50,791		51,605		50,901		51,862
Basic income per share	$	0.74	$	0.36	$	0.57	$	0.31
Diluted EPS
Net income	$	37,486	$	18,726	$	29,007	$	15,907
Basic weighted average shares	50,791		51,605		50,901		51,862
Net effect of common stock equivalents	1,255		1,533		1,273		1,503
Diluted weighted average shares	52,046		53,138		52,174		53,365
Diluted income per share	$	0.72	$	0.35	$	0.56	$	0.30

NOTES PAYABLE AND LONG-TERM DEBT (Details) - USD ($)	Jun. 15, 2018	Sep. 28, 2019
Credit Facilities
Debt Instrument [Line Items]
Principal repayments, fiscal 2020		$ 8,800,000
Principal repayments, fiscal 2021		21,900,000
Principal repayments, fiscal 2022		17,500,000
Principal repayments, fiscal 2023		214,400,000
Principal repayments, thereafter		70,000,000.0
Term Loan
Debt Instrument [Line Items]
Face amount of debt	$ 350,000,000.0
Debt outstanding		$ 332,500,000
Effective interest rate		3.40%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000.0
Debt outstanding		$ 40,000,000.0
Revolving Credit Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Interest rate	1.13%
Revolving Credit Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Interest rate	1.75%
Uncommitted Operating Lines of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		25,700,000
Debt outstanding		$ 0

RESTRUCTURING (Tables)

6 Months Ended

Sep. 28, 2019

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The following table summarizes the activity for restructuring reserves for the six months ended September 28, 2019, substantially all of which relates to employee severance and other employee costs:



(In thousands)	2020 Program			2018 Program and Prior Programs
Balance at March 30, 2019	$	—		$	7,479
Costs incurred, net of reversals	1,179			1,133
Payments	(596		)	(5,024		)
Balance at September 28, 2019	$	583		$	3,588

Schedule of Restructuring and Related Costs

The following presents the restructuring costs by line item within our accompanying condensed consolidated statements of income:



	Three Months Ended					Six Months Ended
(In thousands)	September 28, 2019		September 29, 2018			September 28, 2019		September 29, 2018
Cost of goods sold	$	283	$	—		$	442	$	—
Research and development	555		34			569		56
Selling, general and administrative expenses	505		(67		)	1,301		(381		)
	$	1,343	$	(33	)	$	2,312	$	(325	)

The tables below present restructuring and turnaround costs by the Company's three reportable segments as well as the Company's other corporate restructuring and turnaround costs:



Restructuring costs	Three Months Ended					Six Months Ended
(In thousands)	September 28, 2019		September 29, 2018			September 28, 2019		September 29, 2018
Plasma	$	395	$	(44	)	$	548	$	(83	)
Blood Center	94		77			136		45
Hospital	34		(229		)	237		(223		)
Corporate	820		163			1,391		(64		)
Total	$	1,343	$	(33	)	$	2,312	$	(325	)

Turnaround costs	Three Months Ended					Six Months Ended
(In thousands)	September 28, 2019		September 29, 2018			September 28, 2019		September 29, 2018
Plasma	$	31	$	31		$	79	$	43
Blood Center	—		—			—		—
Hospital	—		(68		)	—		(139		)
Corporate	2,383		2,188			3,393		5,888
Total	$	2,414	$	2,151		$	3,472	$	5,792

Total restructuring and turnaround costs	$	3,757	$	2,118		$	5,784	$	5,467

SEGMENT AND ENTERPRISE-WIDE INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2019 USD ($)	Sep. 29, 2018 USD ($)	Sep. 28, 2019 USD ($) segment	Sep. 29, 2018 USD ($)
Segment Reporting [Abstract]
Number of business units \| segment			3
Segment Reporting Information [Line Items]
Net revenues before foreign exchange impact	$ 249,710	$ 237,794	$ 485,656	$ 462,747
Effect of exchange rates	(2,420)	(950)	(4,781)	(881)
Net revenues	252,566	241,581	491,017	470,928
Effect of exchange rates	2,501	2,594	5,270	5,649
Impairment of assets and related costs	(54)	0	(51,220)	(21,170)
Amortization	5,935	6,236	11,909	12,536
PCS2 accelerated depreciation and related costs	(6,534)	(4,442)	(12,062)	(8,381)
Gain on sale of assets	8,083	0	8,083	0
Restructuring and turnaround costs	(3,757)	(2,118)	(5,784)	(5,467)
Other	180	0	147	(675)
Operating (loss) income	49,739	26,076	36,437	31,369
United States
Segment Reporting Information [Line Items]
Net revenues	161,880	152,926	318,255	295,066
Japan
Segment Reporting Information [Line Items]
Net revenues	20,376	17,172	35,843	34,561
Europe
Segment Reporting Information [Line Items]
Net revenues	38,074	39,096	74,827	78,098
Asia
Segment Reporting Information [Line Items]
Net revenues	30,192	30,575	58,833	59,970
Other
Segment Reporting Information [Line Items]
Net revenues	2,044	1,812	3,259	3,233
Service
Segment Reporting Information [Line Items]
Net revenues before foreign exchange impact	5,276	4,737	10,142	9,062
Plasma products and services
Segment Reporting Information [Line Items]
Net revenues	135,849	124,352	265,594	241,255
Blood Center products and services
Segment Reporting Information [Line Items]
Net revenues	65,615	68,243	125,522	132,726
Hospital products and services
Segment Reporting Information [Line Items]
Net revenues	51,102	48,986	99,901	96,947
Plasma
Segment Reporting Information [Line Items]
Net revenues before foreign exchange impact	116,381	106,850	227,144	206,140
Blood Center
Segment Reporting Information [Line Items]
Net revenues before foreign exchange impact	83,667	83,513	161,663	163,331
Hospital
Segment Reporting Information [Line Items]
Net revenues before foreign exchange impact	49,662	47,431	96,849	93,276
Operating Segments
Segment Reporting Information [Line Items]
Operating (loss) income	118,835	105,177	229,195	203,898
Operating Segments \| Plasma
Segment Reporting Information [Line Items]
Operating (loss) income	56,776	44,607	110,501	86,528
Operating Segments \| Blood Center
Segment Reporting Information [Line Items]
Operating (loss) income	41,208	41,055	78,927	79,527
Operating Segments \| Hospital
Segment Reporting Information [Line Items]
Operating (loss) income	20,851	19,515	39,767	37,843
Corporate
Segment Reporting Information [Line Items]
Corporate expenses	$ (63,580)	$ (68,899)	$ (125,283)	$ (129,949)

DERIVATIVES AND FAIR VALUE MEASUREMENTS (Schedules of Derivatives) (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 28, 2019	Mar. 30, 2019
Assets
Money market funds	$ 33,834	$ 36,980
Assets fair value	34,865	38,257
Liabilities
Liabilities fair value	10,428	5,348
Level 1
Assets
Money market funds	33,834	36,980
Assets fair value	33,834	36,980
Liabilities
Liabilities fair value	0	0
Level 2
Assets
Money market funds	0	0
Assets fair value	1,031	1,277
Liabilities
Liabilities fair value	10,428	5,348
Designated as Hedging Instrument
Assets
Derivative Assets	1,031	1,277
Liabilities
Derivative Liabilities	10,428	5,348
Foreign Exchange Contract \| Designated as Hedging Instrument
Assets
Derivative Assets	997	1,208
Liabilities
Derivative Liabilities	142	145
Foreign Exchange Contract \| Designated as Hedging Instrument \| Level 1
Assets
Derivative Assets	0	0
Liabilities
Derivative Liabilities	0	0
Foreign Exchange Contract \| Designated as Hedging Instrument \| Level 2
Assets
Derivative Assets		1,208
Liabilities
Derivative Liabilities		145
Foreign Exchange Contract \| Not Designated as Hedging Instrument
Assets
Derivative Assets	34	69
Liabilities
Derivative Liabilities	172
Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Level 1
Assets
Derivative Assets	0	0
Liabilities
Derivative Liabilities	0
Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Level 2
Assets
Derivative Assets		69
Foreign Exchange Contract \| Other Current Assets \| Designated as Hedging Instrument
Assets
Derivative Assets		1,208
Foreign Exchange Contract \| Other Current Assets \| Designated as Hedging Instrument \| Level 2
Assets
Derivative Assets	997
Foreign Exchange Contract \| Other Current Assets \| Not Designated as Hedging Instrument
Assets
Derivative Assets		69
Foreign Exchange Contract \| Other Current Assets \| Not Designated as Hedging Instrument \| Level 2
Assets
Derivative Assets	34
Foreign Exchange Contract \| Other Current Liabilities \| Designated as Hedging Instrument
Liabilities
Derivative Liabilities		145
Foreign Exchange Contract \| Other Current Liabilities \| Designated as Hedging Instrument \| Level 2
Liabilities
Derivative Liabilities	142
Foreign Exchange Contract \| Other Current Liabilities \| Not Designated as Hedging Instrument
Liabilities
Derivative Liabilities		0
Foreign Exchange Contract \| Other Current Liabilities \| Not Designated as Hedging Instrument \| Level 2
Liabilities
Derivative Liabilities	172
Interest Rate Swap \| Other Current Liabilities \| Designated as Hedging Instrument
Liabilities
Derivative Liabilities	10,114	5,203
Interest Rate Swap \| Other Current Liabilities \| Designated as Hedging Instrument \| Level 1
Liabilities
Derivative Liabilities	0	0
Interest Rate Swap \| Other Current Liabilities \| Designated as Hedging Instrument \| Level 2
Liabilities
Derivative Liabilities	$ 10,114	$ 5,203

NOTES PAYABLE AND LONG-TERM DEBT	6 Months Ended
NOTES PAYABLE AND LONG-TERM DEBT	Sep. 28, 2019
Debt Disclosure [Abstract]
NOTES PAYABLE AND LONG-TERM DEBT	12. NOTES PAYABLE AND LONG-TERM DEBT On June 15, 2018, the Company entered into a credit agreement with certain lenders which provided for a $350.0 million term loan (the "Term Loan") and a $350.0 million revolving loan (the "Revolving Credit Facility" and together with the Term Loan, the "Credit Facilities"). The Credit Facilities expire on June 15, 2023. Interest on the Credit Facilities is established using LIBOR plus 1.13% - 1.75%, depending on the Company's leverage ratio. Under the Credit Facilities, the Company is required to maintain certain leverage and interest coverage ratios specified in the credit agreement as well as other customary non-financial affirmative and negative covenants. At September 28, 2019, $332.5 million was outstanding under the Term Loan with an effective interest rate of 3.4% and $40.0 million was outstanding on the Revolving Credit Facility. The Company also has $25.7 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of September 28, 2019. The Company has required scheduled principal payments of $8.8 million during fiscal 2020, $21.9 million during fiscal 2021, $17.5 million during fiscal 2022, $214.4 million during fiscal 2023 and $70.0 million thereafter. The Company was in compliance with the leverage and interest coverage ratios specified in the Credit Facilities as well as all other bank covenants as of September 28, 2019.

DERIVATIVES AND FAIR VALUE MEASUREMENTS (Narrative) (Details)		3 Months Ended	6 Months Ended
	Jun. 15, 2018 USD ($)	Sep. 28, 2019 USD ($)	Sep. 28, 2019 USD ($)	Mar. 30, 2019 USD ($)	Aug. 31, 2018 USD ($) swap
Term Loan
Derivative [Line Items]
Face amount of debt	$ 350,000,000.0
Debt outstanding		$ 332,500,000	$ 332,500,000
Revolving Credit Facility
Derivative [Line Items]
Maximum borrowing capacity	$ 350,000,000.0
Debt outstanding		$ 40,000,000.0	$ 40,000,000.0
Revolving Credit Facility \| LIBOR \| Minimum
Derivative [Line Items]
Interest rate	1.13%
Revolving Credit Facility \| LIBOR \| Maximum
Derivative [Line Items]
Interest rate	1.75%
Foreign Exchange Contract
Derivative [Line Items]
Percentage of sales generated outside the US		35.90%	35.20%
Maturity period for foreign currency contracts			1 year
Cash Flow Hedging \| Interest Rate Swap
Derivative [Line Items]
Number of instruments held \| swap					2
Derivative fixed interest rate					2.80%
Notional amount					$ 241,900,000
Cash Flow Hedging \| Interest Rate Swap \| LIBOR
Derivative [Line Items]
Debt exposed to interest rate risk					70.00%
Derivative fixed interest rate					4.05%
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		42,000,000.0	42,000,000.0	$ 81,500,000
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Gain (loss) to be reclassified within the next twelve months			1,500,000
Designated as Hedging Instrument \| Interest Rate Swap \| Interest and other expense, net
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss			(5,369,000)
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative [Line Items]
Non-designated foreign currency hedge contracts outstanding		$ 81,500,000	81,500,000	$ 37,400,000
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss			$ 0

REVENUE	6 Months Ended
REVENUE	Sep. 28, 2019
Revenue from Contract with Customer [Abstract]
REVENUE	7. REVENUE The Company's revenue recognition policy is to recognize revenues from product sales, software and services in accordance with ASC Topic 606, Revenue from Contracts with Customers. Revenue is recognized when obligations under the terms of a contract with a customer are satisfied; this occurs with the transfer of control of the Company’s goods or services. The Company considers revenue to be earned when all of the following criteria are met: it has a contract with a customer that creates enforceable rights and obligations; promised products or services are identified; the transaction price, or the consideration it expects to receive for transferring goods or providing services, is determinable and it has transferred control of the promised items to the customer. A promise in a contract to transfer a distinct good or service to the customer is identified as a performance obligation. A contract’s transaction price is allocated to each performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Some of the Company’s contracts have multiple performance obligations. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation based on the estimated standalone selling prices of the good or service in the contract. For goods or services for which observable standalone selling prices are not available, the Company uses an expected cost plus a margin approach to estimate the standalone selling price of each performance obligation. As of September 28, 2019, the Company had $22.5 million of its transaction price allocated to remaining performance obligations related to executed contracts with an original duration of one year or more. The Company expects to recognize approximately 56% of this amount as revenue within the next twelve months and the remaining balance thereafter. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the condensed consolidated balance sheets. The difference in timing between billing and revenue recognition primarily occurs in software licensing arrangements, resulting in contract assets and contract liabilities. As of September 28, 2019 and March 30, 2019, the Company had contract assets of $6.9 million and $5.6 million, respectively. The change is primarily due to the delay in billings compared to the revenue recognized. Contract assets are classified as other current assets and other long-term assets on the condensed consolidated balance sheets. As of September 28, 2019 and March 30, 2019, the Company had contract liabilities of $19.8 million and $20.3 million, respectively. During the three and six months ended September 28, 2019, the Company recognized $5.0 million and $13.4 million, respectively, of revenue that was included in the above March 30, 2019 contract liability balance. Contract liabilities are classified as other current liabilities and other long-term liabilities on the condensed consolidated balance sheets.

SEGMENT AND ENTERPRISE-WIDE INFORMATION

6 Months Ended

Sep. 28, 2019

Segment Reporting [Abstract]

SEGMENT AND ENTERPRISE-WIDE INFORMATION

15. SEGMENT AND ENTERPRISE-WIDE INFORMATION

The Company determines its reportable segments by first identifying its operating segments, and then by assessing whether any components of these segments constitute a business for which discrete financial information is available and where segment management regularly reviews the operating results of that component. Historically, the Company's operating segments were based primarily on geography. Effective as of March 31, 2019, the Company completed the transition of its operating structure to three global business units and accordingly, reorganized its reporting structure to align with its three global business units and the information that will be regularly reviewed by the Company's chief operating decision maker.

Following the reorganization, the Company's reportable segments are as follows:


•	Plasma


•	Blood Center


•	Hospital

Management measures and evaluates the operating segments based on operating income. Management excludes certain corporate expenses from segment operating income. In addition, certain amounts that management considers to be non-recurring or non-operational are excluded from segment operating income because management evaluates the operating results of the segments excluding such items. These items include restructuring and turnaround costs, deal amortization, asset impairments, accelerated depreciation, gains and losses on asset dispositions, certain transaction costs and legal charges. Although these amounts are excluded from segment operating income, as applicable, they are included in the reconciliations that follow. Management measures and evaluates the Company's net revenues and operating income using internally derived standard currency exchange rates that remain constant from year to year; therefore, segment information is presented on this basis.

Selected information by reportable segment is presented below:



	Three Months Ended						Six Months Ended
(In thousands)	September 28, 2019			September 29, 2018			September 28, 2019			September 29, 2018
Net revenues
Plasma	$	116,381		$	106,850		$	227,144		$	206,140
Blood Center	83,667			83,513			161,663			163,331
Hospital	49,662			47,431			96,849			93,276
Net revenues by business unit	249,710			237,794			485,656			462,747
Service ⁽¹⁾	5,276			4,737			10,142			9,062
Effect of exchange rates	(2,420		)	(950		)	(4,781		)	(881		)
Net revenues	$	252,566		$	241,581		$	491,017		$	470,928
⁽¹⁾ Reflects revenue for service, maintenance and parts



	Three Months Ended						Six Months Ended
(In thousands)	September 28, 2019			September 29, 2018			September 28, 2019			September 29, 2018
Segment operating income
Plasma	$	56,776		$	44,607		$	110,501		$	86,528
Blood Center	41,208			41,055			78,927			79,527
Hospital	20,851			19,515			39,767			37,843
Segment operating income	118,835			105,177			229,195			203,898
Corporate expenses ⁽¹⁾	(63,580		)	(68,899		)	(125,283		)	(129,949		)
Effect of exchange rates	2,501			2,594			5,270			5,649
Impairment of assets and other related charges	(54		)	—			(51,220		)	(21,170		)
Deal amortization	(5,935		)	(6,236		)	(11,909		)	(12,536		)
PCS2 accelerated depreciation and related costs	(6,534		)	(4,442		)	(12,062		)	(8,381		)
Gain on sale of assets	8,083			—			8,083			—
Restructuring and turnaround costs	(3,757		)	(2,118		)	(5,784		)	(5,467		)
Other	180			—			147			(675		)
Operating income	$	49,739		$	26,076		$	36,437		$	31,369
⁽¹⁾ Reflects shared service expenses including quality and regulatory, customer and field service, research and development, manufacturing and supply chain, as well as other corporate support functions.

Management reviews revenue based on the reportable segments noted above. Although these reportable segments are primarily product-based, they differ from the Company’s product line revenues for Plasma products and services and Blood Center products and services. Specifically, the Blood Center reportable segment includes plasma products utilized for collection in blood centers primarily for transfusion purposes. Additionally, product line revenues also include service revenues which are excluded from the reportable segments.

Net revenues by product line are as follows:



	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
Plasma products and services	$	135,849	$	124,352	$	265,594	$	241,255
Blood Center products and services	65,615		68,243		125,522		132,726
Hospital products and services	51,102		48,986		99,901		96,947
Net revenues	$	252,566	$	241,581	$	491,017	$	470,928

Net revenues generated in the Company's principle operating regions on a reported basis are as follows:



	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
United States	$	161,880	$	152,926	$	318,255	$	295,066
Japan	20,376		17,172		35,843		34,561
Europe	38,074		39,096		74,827		78,098
Asia	30,192		30,575		58,833		59,970
Other	2,044		1,812		3,259		3,233
Net revenues	$	252,566	$	241,581	$	491,017	$	470,928

INVENTORIES

6 Months Ended

Sep. 28, 2019

Inventory Disclosure [Abstract]

INVENTORIES

8. 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)	September 28, 2019		March 30, 2019
Raw materials	$	71,683	$	69,420
Work-in-process	11,628		12,610
Finished goods	161,193		112,307
Total inventories	$	244,504	$	194,337

REVENUE (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
REVENUE (Details) - USD ($) $ in Millions	Sep. 28, 2019	Sep. 28, 2019	Mar. 30, 2019
Revenue from Contract with Customer [Abstract]
Performance obligation amount	$ 22.5	$ 22.5
Performance obligation percent	56.00%	56.00%
Expected timing of satisfaction	12 months	12 months
Contract assets	$ 6.9	$ 6.9	$ 5.6
Contract liabilities	19.8	19.8	$ 20.3
Revenue recognized	$ 5.0	$ 13.4

RESTRUCTURING (Schedule of Restructuring and Related Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,343	$ (33)	$ 2,312	$ (325)
Turnaround costs	2,414	2,151	3,472	5,792
Total restructuring and turnaround costs	3,757	2,118	5,784	5,467
Blood Center
Restructuring Cost and Reserve [Line Items]
Restructuring costs	94	77	136	45
Turnaround costs	0	0	0	0
Hospital
Restructuring Cost and Reserve [Line Items]
Restructuring costs	34	(229)	237	(223)
Turnaround costs	0	(68)	0	(139)
Plasma
Restructuring Cost and Reserve [Line Items]
Restructuring costs	395	(44)	548	(83)
Turnaround costs	31	31	79	43
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring costs	820	163	1,391	(64)
Turnaround costs	2,383	2,188	3,393	5,888
Cost of goods sold
Restructuring Cost and Reserve [Line Items]
Restructuring costs	283	0	442	0
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring costs	555	34	569	56
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 505	$ (67)	$ 1,301	$ (381)

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Property, Plant and Equipment [Line Items]
Proceeds from sale of property, plant and equipment			$ 15,739	$ 656
Gain on sale of assets	$ 8,083	$ 0	8,083	$ 0
Impairment charges	21,200
Office space in Boston, MA
Property, Plant and Equipment [Line Items]
Sale of property			7,800
Proceeds from sale of property, plant and equipment			15,000
Non-cash consideration			900
Gain on sale of assets			$ 8,100
HDC Line
Property, Plant and Equipment [Line Items]
Impairment charges	19,800
Non-core and Underperforming Assets
Property, Plant and Equipment [Line Items]
Impairment charges	$ 1,400

DOCUMENT AND ENTITY INFORMATION - shares	6 Months Ended
DOCUMENT AND ENTITY INFORMATION - shares	Sep. 28, 2019	Oct. 30, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2019
Document Transition Report	false
Entity File Number	001-14041
Entity Registrant Name	HAEMONETICS CORP
Entity Central Index Key	0000313143
Current Fiscal Year End Date	--03-28
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2882273
Entity Address, Address Line One	400 Wood Road
Entity Address, City or Town	Braintree
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02184
City Area Code	781
Local Phone Number	848-7100
Title of 12(b) Security	Common stock, $.01 par value per share
Trading Symbol	HAE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,682,643

RECENT ACCOUNTING PRONOUNCEMENTS (Narrative) (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Mar. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets in Other long-term assets	$ 19,356
Operating lease liability	$ 19,017
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets in Other long-term assets		$ 22,900
Operating lease liability		$ 22,700

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 28, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES The Company is a party to various legal proceedings and claims arising out of the ordinary course of its business. The Company believes that except for those matters described below, there are no other proceedings or claims pending against it the ultimate resolution of which could have a material adverse effect on the financial condition or results of operations. At each reporting period, the Company 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 Product Recall In August 2018, the Company issued a voluntary recall of certain whole blood collection kits sold to its 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, the Company's 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. As of September 28, 2019, the Company has recorded cumulative charges of $1.9 million associated with this recall which consists of $0.1 million of charges associated with customer returns and inventory reserves and $1.8 million of charges associated with customer claims. Substantially all outstanding claims have been paid as of September 28, 2019.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 28, 2019	Mar. 30, 2019
Current assets:
Cash and cash equivalents	$ 112,030	$ 169,351
Accounts receivable, less allowance of $4,108 at September 28, 2019 and $3,937 at March 30, 2019	176,535	185,027
Inventories, net	244,504	194,337
Prepaid expenses and other current assets	34,720	27,406
Total current assets	567,789	576,121
Property, plant and equipment, net	264,238	343,979
Intangible assets, less accumulated amortization of $279,154 at September 28, 2019 and $263,479 at March 30, 2019	113,540	127,693
Goodwill	211,041	210,819
Deferred tax asset	4,328	4,359
Other long-term assets	29,605	11,796
Total assets	1,190,541	1,274,767
Current liabilities:
Notes payable and current maturities of long-term debt	56,934	27,666
Accounts payable	57,449	63,361
Accrued payroll and related costs	38,848	53,200
Other liabilities	86,835	91,532
Total current liabilities	240,066	235,759
Long-term debt, net of current maturities	313,984	322,454
Deferred tax liability	11,687	19,906
Other long-term liabilities	41,050	28,780
Total stockholders’ equity
Common stock, $0.01 par value; Authorized — 150,000,000 shares; Issued and outstanding — 50,607,751 shares at September 28, 2019 and 51,019,918 shares at March 30, 2019	506	510
Additional paid-in capital	533,720	536,320
Retained earnings	85,634	161,418
Accumulated other comprehensive loss	(36,106)	(30,380)
Total stockholders’ equity	583,754	667,868
Total liabilities and stockholders’ equity	$ 1,190,541	$ 1,274,767

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Sep. 28, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Basis of Presentation The accompanying unaudited condensed 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”) 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 the Company's 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 six months ended September 28, 2019 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 28, 2020 or any other interim period. The Company has assessed its ability to continue as a going concern. As of September 28, 2019, the Company has concluded that substantial doubt about its ability to continue as a going concern does not exist. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the annual report on Form 10-K for the fiscal year ended March 30, 2019. The Company considers 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. Subsequent events have been evaluated as required. There were no material recognized or unrecognized subsequent events as of and for the six months ended September 28, 2019.

EARNINGS PER SHARE ("EPS") (Share Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions			1 Months Ended		3 Months Ended
	Oct. 08, 2019	Sep. 10, 2019	Oct. 08, 2019	Jul. 31, 2019	Sep. 28, 2019	Jun. 29, 2019	Sep. 29, 2018	Jun. 30, 2018	May 31, 2019
Accelerated Share Repurchases [Line Items]
Shares repurchased					$ 50,000,000	$ 75,000,000	$ 0	$ 80,000,000
Remaining authorized amount					$ 375,000,000
ASR with Citibank
Accelerated Share Repurchases [Line Items]
Share repurchase plan, authorized amount				$ 75,000,000.0
Shares repurchased (in shares)				0.6
Repurchase price (in dollars per share)				$ 116.33
ASR with Morgan Stanley
Accelerated Share Repurchases [Line Items]
Share repurchase plan, authorized amount		$ 50,000,000.0
Shares repurchased		$ 50,000,000.0
Shares repurchased (in shares)		0.3
Share repurchase, notional amount		80.00%
Repurchase price (in dollars per share)		$ 120.73
ASR with Morgan Stanley \| Subsequent Event
Accelerated Share Repurchases [Line Items]
Shares repurchased (in shares)	0.1		0.4
Repurchase price (in dollars per share)			$ 124.37
Share Repurchase Program
Accelerated Share Repurchases [Line Items]
Share repurchase plan, authorized amount									$ 500,000,000

INVENTORIES (Tables)

6 Months Ended

Sep. 28, 2019

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)	September 28, 2019		March 30, 2019
Raw materials	$	71,683	$	69,420
Work-in-process	11,628		12,610
Finished goods	161,193		112,307
Total inventories	$	244,504	$	194,337

RESTRUCTURING (Schedule of Restructuring Reserve by Type of Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Restructuring Reserve [Roll Forward]
Costs incurred, net of reversals	$ 1,343	$ (33)	$ 2,312	$ (325)
Balance at September 28, 2019	4,200		4,200
2020 Program
Restructuring Reserve [Roll Forward]
Balance at March 30, 2019			0
Costs incurred, net of reversals			1,179
Payments			(596)
Balance at September 28, 2019	583		583
2018 Program and Prior Programs
Restructuring Reserve [Roll Forward]
Balance at March 30, 2019			7,479
Costs incurred, net of reversals			1,133
Payments			(5,024)
Balance at September 28, 2019	$ 3,588		$ 3,588

LEASES

6 Months Ended

Sep. 28, 2019

Leases [Abstract]

LEASES

11. LEASES

Lessee Activity

The Company has operating leases for office space, land, warehouse and manufacturing space, R&D laboratories, vehicles and certain equipment. Finance leases are not significant. Leases with an initial term of 12 months or less are generally not recorded on the balance sheet and expense for these leases is recognized on a straight-line basis over the lease term. For leases executed in fiscal 2020 and later, the Company accounts for the lease components and the non-lease components as a single lease component. The Company's leases have remaining lease terms of 1 year to approximately 30 years, some of which may include options to extend the leases for up to 10 years and some include options to terminate early. These options have been included in the determination of the lease liability when it is reasonably certain that the option will be exercised. The Company does not have any leases that include residual value guarantees.

The Company determines whether an arrangement is or contains a lease based on the unique facts and circumstances present at the inception of an arrangement. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. For operating leases that commenced prior to the Company's adoption of ASC 842, the Company measured the lease liabilities and right-of-use assets using the incremental borrowing rate as of March 31, 2019. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received.

The following table presents supplemental balance sheet information related to the Company's operating leases:



(In thousands)	September 28, 2019
Assets
Operating lease right-of-use assets in Other long-term assets	$	19,356
Liabilities
Operating lease liabilities in Other current liabilities	$	4,966
Operating lease liabilities in Other long-term liabilities	$	14,051

The following table presents the weighted average remaining lease term and discount rate information related to our operating leases:



	September 28, 2019
Weighted average remaining lease term	4.8 Years
Weighted average discount rate	5.27	%

During the three and six months ended September 28, 2019 the Company's operating lease cost was $2.1 million and $4.6 million, respectively.

The following table presents supplemental cash flow information related to our operating leases:



(In thousands)	Three Months Ended September 28, 2019		Six Months Ended September 28, 2019
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows used for operating leases	$	1,783	$	3,834

The following table presents the maturities of our operating lease liabilities as of September 28, 2019:



Fiscal Year (In thousands)	Operating Leases
2020 (excluding the first half of 2020)	$	3,003
2021	5,746
2022	4,210
2023	3,284
2024	1,853
Thereafter	3,534
Total future minimum operating lease payments	21,630
Less: imputed interest	(2,613		)
Present value of operating lease liabilities	$	19,017

As of September 28, 2019, the Company has an additional lease for office space of $98.6 million and has a lease term, including renewal options, of up to 22 years. The Company will take control of the facility upon lease commencement during third quarter of fiscal 2020.

Lessor Activity

Assets on the Company's balance sheet classified as Haemonetics equipment primarily consists of medical devices installed at customer sites but owned by Haemonetics. These devices are leased to customers under contractual arrangements that typically include an operating or sales-type lease as well as the purchase and consumption of a certain level of disposable products. Sales-type leases are not significant. Contract terms vary by customer and may include options to terminate the contract or options to extend the contract. Where devices are provided under operating lease arrangements, a substantial majority of the entire lease revenue is variable and subject to subsequent non-lease component (disposable products) sales. The allocation of

revenue between the lease and non-lease components is based on stand-alone selling prices. Operating lease revenue represents less than 3 percent of the Company's total net sales.

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Sep. 29, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following represents our goodwill balance by new global reportable segment. The prior period information has been restated to conform to the current presentation:



(In thousands)	Plasma		Blood Center		Hospital		Total
Carrying amount as of March 30, 2019	$	28,828	$	37,319	$	144,672	$	210,819
Currency translation	—		45		177		222
Carrying amount as of September 28, 2019	$	28,828	$	37,364	$	144,849	$	211,041

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Sep. 29, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

10. GOODWILL AND INTANGIBLE ASSETS

Subsequent to the annual goodwill impairment test performed in the fourth quarter of fiscal 2019, the Company revised the composition of its reportable segments to align with its three global business units, Plasma, Blood Center and Hospital. Refer to Note 15, Segment and Enterprise-Wide Information, for additional information regarding the change in the Company's reportable segments.

A reporting unit is defined as an operating segment or one level below an operating segment, referred to as a component. The Company aggregates components within an operating segment that have similar economic characteristics. Consistent with its reportable segments, reporting units for purposes of assessing goodwill impairment have also been reorganized based on business unit and include: Plasma, Blood Center and Hospital.

To determine the amount of goodwill within each of the new reporting units, the Company reallocated, on a relative fair value basis, $84.0 million of goodwill previously allocated to the former Europe, APAC and Japan reporting units to the new global reporting units. In addition, the $126.8 million of goodwill previously allocated to the former North America reporting units was reallocated to each new respective global reporting unit.

The following represents our goodwill balance by new global reportable segment. The prior period information has been restated to conform to the current presentation:



(In thousands)	Plasma		Blood Center		Hospital		Total
Carrying amount as of March 30, 2019	$	28,828	$	37,319	$	144,672	$	210,819
Currency translation	—		45		177		222
Carrying amount as of September 28, 2019	$	28,828	$	37,364	$	144,849	$	211,041

ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Sep. 28, 2019

Stockholders' Equity Note [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

16. 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 March 30, 2019	$	(25,513	)	$	(527	)	$	(4,340	)	$	(30,380	)
Other comprehensive loss before reclassifications⁽¹⁾	(1,970		)	—			(3,913		)	(5,883		)
Amounts reclassified from Accumulated Other Comprehensive Loss⁽¹⁾	—			—			157			157
Net current period other comprehensive loss	(1,970		)	—			(3,756		)	(5,726		)
Balance as of September 28, 2019	$	(27,483	)	$	(527	)	$	(8,096	)	$	(36,106	)

⁽¹⁾ Presented net of income taxes, the amounts of which are insignificant.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 28, 2019	Mar. 30, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 4,108	$ 3,937
Intangible assets, amortization	$ 279,154	$ 263,479
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)	50,607,751	51,019,918
Common stock, shares outstanding (in shares)	50,607,751	51,019,918

DERIVATIVES AND FAIR VALUE MEASUREMENTS

6 Months Ended

Sep. 28, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND FAIR VALUE MEASUREMENTS

13. DERIVATIVES AND FAIR VALUE MEASUREMENTS

The Company manufactures, markets and sells its products globally. During the three and six months ended September 28, 2019, 35.9% and 35.2%, respectively, of the Company's sales were generated outside the U.S., generally in foreign currencies. The Company also incurs certain manufacturing, marketing and selling costs in international markets in local currency.

Accordingly, earnings and cash flows are exposed to market risk from changes in foreign currency exchange rates relative to the U.S. Dollar, the Company's reporting currency. The Company has a program in place that is designed to mitigate the 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 its financial results from changes in foreign exchange rates. The Company utilizes 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 the Company generally enters 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 the Company's designated foreign currency hedge contracts as of September 28, 2019 and March 30, 2019 were cash flow hedges under ASC 815, Derivatives and Hedging ("ASC 815"). The Company records 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, the Company reclassifies 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, the Company would reclassify the amount of any gain or loss on the related cash flow hedge to earnings at that time. The Company had designated foreign currency hedge contracts outstanding in the contract amount of $42.0 million as of September 28, 2019 and $81.5 million as of March 30, 2019. At September 28, 2019, a gain of $1.5 million, net of tax, will be reclassified to earnings within the next twelve months. Substantially all currency cash flow hedges outstanding as of September 28, 2019 mature within twelve months.

Non-Designated Foreign Currency Contracts

The Company manages its exposure to changes in foreign currency on a consolidated basis to take advantage of offsetting transactions and balances. It uses foreign currency forward contracts as a part of its 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. The Company had non-designated foreign currency hedge contracts under ASC 815 outstanding in the contract amount of $81.5 million as of September 28, 2019 and $37.4 million as of March 30, 2019.

Interest Rate Swaps

On June 15, 2018, the Company entered into Credit Facilities which provided for a $350.0 million Term Loan and a $350.0 million Revolving Credit Facility. Under the terms of the Credit Facilities, interest is established using LIBOR plus 1.13% - 1.75%. As a result, the Company's earnings and cash flows are exposed to interest rate risk from changes to LIBOR. Part of the Company's interest rate risk management strategy includes the use of interest rate swaps to mitigate its exposure to changes in variable interest rates. The Company's objective in using interest rate swaps is to add stability to interest expense and to manage and reduce the risk inherent in interest rate fluctuations.

In August 2018, the Company entered into two interest rate swap agreements (the "Swaps") to pay an average fixed rate of 2.80% on a total notional value of $241.9 million of debt. As a result of the Swaps, 70% of the Term Loan previously exposed to interest rate risk from changes in LIBOR is now fixed at a rate of 4.05%. The Swaps mature on June 15, 2023. The Company designated the Swaps as cash flow hedges of variable interest rate risk associated with $332.5 million of indebtedness. For the six months ended September 28, 2019, a loss of $5.4 million, net of tax, was recorded in accumulated other comprehensive loss to recognize the effective portion of the fair value of the Swaps that qualify as cash flow hedges.

Fair Value of Derivative Instruments

The following table presents the effect of the Company's derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC 815 in its condensed consolidated statements of income and comprehensive income for the six months ended September 28, 2019:



(In thousands)	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss			Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings			Location in Condensed Consolidated Statements of Income and Comprehensive Income	Amount of Gain Excluded from Effectiveness Testing		Location in Condensed Consolidated Statements of Income and Comprehensive Income
Designated foreign currency hedge contracts, net of tax	$	1,455		$	241		Net revenues, COGS and SG&A	$	474	Interest and other expense, net
Non-designated foreign currency hedge contracts	—			—				$	219	Interest and other expense, net
Designated interest rate swaps, net of tax	$	(5,369	)	$	(398	)	Interest and other expense, net	$	—

The Company did not have fair value hedges or net investment hedges outstanding as of September 28, 2019 or March 30, 2019. As of September 28, 2019, 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. The Company determines the fair value of its derivative instruments using the framework prescribed by ASC 820, Fair Value Measurements and Disclosures, by considering the estimated amount it 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 its creditworthiness for liabilities. In certain instances, the Company may utilize financial models to measure fair value. Generally, it uses 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 September 28, 2019, the Company has classified its 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 its derivative instruments.

The following tables present the fair value of the Company's derivative instruments as they appear in its condensed consolidated balance sheets as of September 28, 2019 and March 30, 2019:



(In thousands)	Location in Condensed Consolidated Balance Sheets	As of		As of
(In thousands)	Location in Condensed Consolidated Balance Sheets	September 28, 2019		March 30, 2019
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	997	$	1,208
Non-designated foreign currency hedge contracts	Other current assets	34		69
		$	1,031	$	1,277
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	142	$	145
Non-designated foreign currency hedge contracts	Other current liabilities	172		—
Designated interest rate swaps	Other current liabilities	10,114		5,203
		$	10,428	$	5,348

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.

The Company's 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 September 28, 2019 and March 30, 2019.



	As of September 28, 2019
(In thousands)	Level 1		Level 2		Total
Assets
Money market funds	$	33,834	$	—	$	33,834
Designated foreign currency hedge contracts	—		997		997
Non-designated foreign currency hedge contracts	—		34		34
	$	33,834	$	1,031	$	34,865
Liabilities
Designated foreign currency hedge contracts	$	—	$	142	$	142
Non-designated foreign currency hedge contracts	—		172		172
Designated interest rate swaps	—		10,114		10,114
	$	—	$	10,428	$	10,428

	As of March 30, 2019
	Level 1		Level 2		Total
Assets
Money market funds	$	36,980	$	—	$	36,980
Designated foreign currency hedge contracts	—		1,208		1,208
Non-designated foreign currency hedge contracts	—		69		69
	$	36,980	$	1,277	$	38,257
Liabilities
Designated foreign currency hedge contracts	$	—	$	145	$	145
Designated interest rate swaps	$	—	$	5,203	$	5,203
	$	—	$	5,348	$	5,348

Other Fair Value Disclosures

The Term Loan, which is carried at amortized cost, accounts receivable and accounts payable approximate fair value.

DERIVATIVES AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Sep. 28, 2019

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



(In thousands)	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss			Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings			Location in Condensed Consolidated Statements of Income and Comprehensive Income	Amount of Gain Excluded from Effectiveness Testing		Location in Condensed Consolidated Statements of Income and Comprehensive Income
Designated foreign currency hedge contracts, net of tax	$	1,455		$	241		Net revenues, COGS and SG&A	$	474	Interest and other expense, net
Non-designated foreign currency hedge contracts	—			—				$	219	Interest and other expense, net
Designated interest rate swaps, net of tax	$	(5,369	)	$	(398	)	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 the Company's derivative instruments as they appear in its condensed consolidated balance sheets as of September 28, 2019 and March 30, 2019:



(In thousands)	Location in Condensed Consolidated Balance Sheets	As of		As of
(In thousands)	Location in Condensed Consolidated Balance Sheets	September 28, 2019		March 30, 2019
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	997	$	1,208
Non-designated foreign currency hedge contracts	Other current assets	34		69
		$	1,031	$	1,277
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	142	$	145
Non-designated foreign currency hedge contracts	Other current liabilities	172		—
Designated interest rate swaps	Other current liabilities	10,114		5,203
		$	10,428	$	5,348

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 September 28, 2019 and March 30, 2019.



	As of September 28, 2019
(In thousands)	Level 1		Level 2		Total
Assets
Money market funds	$	33,834	$	—	$	33,834
Designated foreign currency hedge contracts	—		997		997
Non-designated foreign currency hedge contracts	—		34		34
	$	33,834	$	1,031	$	34,865
Liabilities
Designated foreign currency hedge contracts	$	—	$	142	$	142
Non-designated foreign currency hedge contracts	—		172		172
Designated interest rate swaps	—		10,114		10,114
	$	—	$	10,428	$	10,428

	As of March 30, 2019
	Level 1		Level 2		Total
Assets
Money market funds	$	36,980	$	—	$	36,980
Designated foreign currency hedge contracts	—		1,208		1,208
Non-designated foreign currency hedge contracts	—		69		69
	$	36,980	$	1,277	$	38,257
Liabilities
Designated foreign currency hedge contracts	$	—	$	145	$	145
Designated interest rate swaps	$	—	$	5,203	$	5,203
	$	—	$	5,348	$	5,348

RESTRUCTURING

6 Months Ended

Sep. 28, 2019

Restructuring and Related Activities [Abstract]

RESTRUCTURING

3. RESTRUCTURING

On an ongoing basis, the Company reviews the global economy, the healthcare industry, and the markets in which it competes to identify opportunities for efficiencies, enhance commercial capabilities, align its resources and offer its customers better solutions. In order to realize these opportunities, the Company undertakes restructuring-type activities to transform its business.

In July 2019, the Board of Directors of the Company approved a new Operational Excellence Program (the "2020 Program") and delegated authority to the Company's management to determine the detail of the initiatives that will comprise the program. The 2020 Program is designed to improve operational performance and reduce cost principally in our manufacturing and supply chain operations. The Company estimates that it will incur aggregate charges between $60 million and $70 million in connection with the 2020 Program. These charges, the majority of which will result in cash outlays, including severance and other employee costs, will be incurred as the specific actions required to execute these initiatives are identified and approved and are expected to be substantially completed by the end of fiscal 2023. During both the three and six months ended September 28, 2019, the Company incurred $2.9 million of restructuring and turnaround costs under this program. Total cumulative charges under this program are $2.9 million.

During fiscal 2018, the Company 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. During the three and six months ended September 28, 2019, the Company incurred $0.9 million and $2.9 million, respectively, of restructuring and turnaround costs under this program. During the three and six months ended September 29, 2018, the Company incurred $1.9 million and $5.3 million, respectively, of restructuring and turnaround costs under this program. Total cumulative charges under this program are $55.2 million.

The following table summarizes the activity for restructuring reserves for the six months ended September 28, 2019, substantially all of which relates to employee severance and other employee costs:



(In thousands)	2020 Program			2018 Program and Prior Programs
Balance at March 30, 2019	$	—		$	7,479
Costs incurred, net of reversals	1,179			1,133
Payments	(596		)	(5,024		)
Balance at September 28, 2019	$	583		$	3,588

As of September 28, 2019, the Company had a restructuring liability of $4.2 million, of which $3.7 million is payable within the next twelve months.

The following presents the restructuring costs by line item within our accompanying condensed consolidated statements of income:



	Three Months Ended					Six Months Ended
(In thousands)	September 28, 2019		September 29, 2018			September 28, 2019		September 29, 2018
Cost of goods sold	$	283	$	—		$	442	$	—
Research and development	555		34			569		56
Selling, general and administrative expenses	505		(67		)	1,301		(381		)
	$	1,343	$	(33	)	$	2,312	$	(325	)

In addition to the restructuring costs included in the table above, the Company also incurred costs that do not constitute restructuring under ASC 420, Exit and Disposal Cost Obligations, which the Company refers 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 condensed consolidated statements of income, consist primarily of expenditures directly related to the restructuring actions and include program management costs associated with the implementation of outsourcing initiatives and recent accounting standards.

The tables below present restructuring and turnaround costs by the Company's three reportable segments as well as the Company's other corporate restructuring and turnaround costs:



Restructuring costs	Three Months Ended					Six Months Ended
(In thousands)	September 28, 2019		September 29, 2018			September 28, 2019		September 29, 2018
Plasma	$	395	$	(44	)	$	548	$	(83	)
Blood Center	94		77			136		45
Hospital	34		(229		)	237		(223		)
Corporate	820		163			1,391		(64		)
Total	$	1,343	$	(33	)	$	2,312	$	(325	)

Turnaround costs	Three Months Ended					Six Months Ended
(In thousands)	September 28, 2019		September 29, 2018			September 28, 2019		September 29, 2018
Plasma	$	31	$	31		$	79	$	43
Blood Center	—		—			—		—
Hospital	—		(68		)	—		(139		)
Corporate	2,383		2,188			3,393		5,888
Total	$	2,414	$	2,151		$	3,472	$	5,792

Total restructuring and turnaround costs	$	3,757	$	2,118		$	5,784	$	5,467

INCOME TAXES	6 Months Ended
INCOME TAXES	Sep. 28, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	5. INCOME TAXES The Company conducts business globally and reports its results of operations in a number of foreign jurisdictions in addition to the United States. The Company's reported tax rate is impacted by the jurisdictional mix of earnings in any given period as the foreign jurisdictions in which it operates have tax rates that differ from the U.S. statutory tax rate. For the three and six months ended September 28, 2019, the Company reported an income tax provision of $7.6 million and a benefit of $1.6 million, respectively, representing an effective tax rate of 16.9% and (6.0)%, respectively. The effective tax rate for the three and six months ended September 28, 2019 is lower than the U.S. statutory tax rate primarily due to a discrete tax benefit recognized from excess stock compensation deductions of $4.4 million and $9.3 million, respectively. The effective tax rates were also impacted by the jurisdictional mix of earnings and the impact of the divestiture of the Union liquid solutions operation in the first quarter of fiscal 2020. Refer to Note 4, Divestiture for additional details related to the divestiture of the Union liquid solutions operation. For the three and six months ended September 29, 2018, the Company reported an income tax provision of $4.3 million and $10.4 million, representing an effective tax rate of 18.7% and 39.6%, respectively. The effective tax rate for the three months ended September 29, 2018 was lower than the U.S. statutory tax rate due to a discrete tax benefit recognized from excess stock compensation deductions of $2.6 million. The effective tax rate for the six months ended September 29, 2018 was higher than the U.S. statutory tax rate primarily due to an asset impairment of $21.2 million recorded in pretax income for which no tax benefit was recognized as a result of the valuation allowance maintained against its deferred tax assets in the impacted jurisdiction. The Company’s effective tax rate was also negatively impacted by certain provisions of enacted U.S. tax reform.

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	6 Months Ended
	Sep. 28, 2019 USD ($)
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 Accumulated Other Comprehensive Loss	$ 1,455
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings	241
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest and other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Excluded from Effectiveness Testing	474
Designated as Hedging Instrument \| Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Excluded from Effectiveness Testing	0
Designated as Hedging Instrument \| Interest Rate Swap \| Interest and other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	(5,369)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings	(398)
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	0
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings	0
Not Designated as Hedging Instrument \| Foreign Exchange Contract \| Interest and other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Excluded from Effectiveness Testing	$ 219

SEGMENT AND ENTERPRISE-WIDE INFORMATION (Tables)

6 Months Ended

Sep. 28, 2019

Segment Reporting [Abstract]

Selected Information by Business Segment

Selected information by reportable segment is presented below:



	Three Months Ended						Six Months Ended
(In thousands)	September 28, 2019			September 29, 2018			September 28, 2019			September 29, 2018
Net revenues
Plasma	$	116,381		$	106,850		$	227,144		$	206,140
Blood Center	83,667			83,513			161,663			163,331
Hospital	49,662			47,431			96,849			93,276
Net revenues by business unit	249,710			237,794			485,656			462,747
Service ⁽¹⁾	5,276			4,737			10,142			9,062
Effect of exchange rates	(2,420		)	(950		)	(4,781		)	(881		)
Net revenues	$	252,566		$	241,581		$	491,017		$	470,928
⁽¹⁾ Reflects revenue for service, maintenance and parts



	Three Months Ended						Six Months Ended
(In thousands)	September 28, 2019			September 29, 2018			September 28, 2019			September 29, 2018
Segment operating income
Plasma	$	56,776		$	44,607		$	110,501		$	86,528
Blood Center	41,208			41,055			78,927			79,527
Hospital	20,851			19,515			39,767			37,843
Segment operating income	118,835			105,177			229,195			203,898
Corporate expenses ⁽¹⁾	(63,580		)	(68,899		)	(125,283		)	(129,949		)
Effect of exchange rates	2,501			2,594			5,270			5,649
Impairment of assets and other related charges	(54		)	—			(51,220		)	(21,170		)
Deal amortization	(5,935		)	(6,236		)	(11,909		)	(12,536		)
PCS2 accelerated depreciation and related costs	(6,534		)	(4,442		)	(12,062		)	(8,381		)
Gain on sale of assets	8,083			—			8,083			—
Restructuring and turnaround costs	(3,757		)	(2,118		)	(5,784		)	(5,467		)
Other	180			—			147			(675		)
Operating income	$	49,739		$	26,076		$	36,437		$	31,369
⁽¹⁾ Reflects shared service expenses including quality and regulatory, customer and field service, research and development, manufacturing and supply chain, as well as other corporate support functions.

Schedule of Revenues by Product Line and Geographic Regions

Net revenues by product line are as follows:



	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
Plasma products and services	$	135,849	$	124,352	$	265,594	$	241,255
Blood Center products and services	65,615		68,243		125,522		132,726
Hospital products and services	51,102		48,986		99,901		96,947
Net revenues	$	252,566	$	241,581	$	491,017	$	470,928

Net revenues generated in the Company's principle operating regions on a reported basis are as follows:



	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
United States	$	161,880	$	152,926	$	318,255	$	295,066
Japan	20,376		17,172		35,843		34,561
Europe	38,074		39,096		74,827		78,098
Asia	30,192		30,575		58,833		59,970
Other	2,044		1,812		3,259		3,233
Net revenues	$	252,566	$	241,581	$	491,017	$	470,928

LEASES (Tables)

6 Months Ended

Sep. 28, 2019

Leases [Abstract]

Operating lease assets and liabilities

The following table presents supplemental balance sheet information related to the Company's operating leases:



(In thousands)	September 28, 2019
Assets
Operating lease right-of-use assets in Other long-term assets	$	19,356
Liabilities
Operating lease liabilities in Other current liabilities	$	4,966
Operating lease liabilities in Other long-term liabilities	$	14,051

Other lease information

The following table presents the weighted average remaining lease term and discount rate information related to our operating leases:



	September 28, 2019
Weighted average remaining lease term	4.8 Years
Weighted average discount rate	5.27	%

Lease cost components

The following table presents supplemental cash flow information related to our operating leases:



(In thousands)	Three Months Ended September 28, 2019		Six Months Ended September 28, 2019
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows used for operating leases	$	1,783	$	3,834

Operating lease liability maturity

The following table presents the maturities of our operating lease liabilities as of September 28, 2019:



Fiscal Year (In thousands)	Operating Leases
2020 (excluding the first half of 2020)	$	3,003
2021	5,746
2022	4,210
2023	3,284
2024	1,853
Thereafter	3,534
Total future minimum operating lease payments	21,630
Less: imputed interest	(2,613		)
Present value of operating lease liabilities	$	19,017

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 28, 2019	Sep. 29, 2018
Cash Flows from Operating Activities:
Net income	$ 29,007	$ 15,907
Non-cash items:
Depreciation and amortization	54,469	51,692
Impairment of assets	48,721	21,170
Share-based compensation expense	9,730	7,961
Deferred tax benefit	(7,290)	0
Provision for losses on accounts receivable and inventory	(1,857)	549
Gain on sale of assets	(8,083)	0
Other non-cash operating activities	140	1,277
Change in operating assets and liabilities:
Change in accounts receivable	7,806	(13,326)
Change in inventories	(59,439)	(3,912)
Change in other assets and other liabilities	(12,204)	3,746
Change in accounts payable and accrued expenses	(28,471)	(4,585)
Net cash provided by operating activities	32,529	80,479
Cash Flows from Investing Activities:
Capital expenditures	(17,722)	(76,002)
Proceeds from divestiture	9,808	0
Proceeds from sale of property, plant and equipment	15,739	656
Net cash provided by (used in) investing activities	7,825	(75,346)
Cash Flows from Financing Activities:
Net increase in short-term loans	25,000	0
Term loan borrowings	0	347,780
Repayment of term loan borrowings	(4,375)	(258,103)
Other	72	0
Proceeds from employee stock purchase plan	1,830	1,780
Proceeds from exercise of stock options	6,046	7,127
Share repurchases	(125,000)	(80,000)
Net cash (used in) provided by financing activities	(96,427)	18,584
Effect of exchange rates on cash and cash equivalents	(1,248)	(4,123)
Net Change in Cash and Cash Equivalents	(57,321)	19,594
Cash and Cash Equivalents at Beginning of Period	169,351	180,169
Cash and Cash Equivalents at End of Period	112,030	199,763
Supplemental Disclosures of Cash Flow Information:
Interest paid	6,260	5,833
Income taxes paid	8,535	5,053
Transfers from inventory to fixed assets for placement of Haemonetics equipment	$ 5,780	$ 12,099

INVENTORIES (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Mar. 30, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 71,683	$ 69,420
Work-in-process	11,628	12,610
Finished goods	161,193	112,307
Inventories, net	$ 244,504	$ 194,337

RESTRUCTURING (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended		30 Months Ended
RESTRUCTURING (Narrative) (Details) $ in Thousands	Sep. 28, 2019 USD ($)	Sep. 29, 2018 USD ($)	Sep. 28, 2019 USD ($) segment	Sep. 29, 2018 USD ($)	Sep. 28, 2019 USD ($)	Mar. 30, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and turnaround costs	$ 3,757	$ 2,118	$ 5,784	$ 5,467
Restructuring liability	4,200		4,200		$ 4,200
Restructuring liability payable in next twelve months	3,700		$ 3,700		3,700
Number of reportable segments \| segment			3
Turnaround costs	2,414	2,151	$ 3,472	5,792
2020 Program
Restructuring Cost and Reserve [Line Items]
Restructuring and turnaround costs	2,900		2,900
Restructuring liability	583		583		583	$ 0
2020 Program \| Minimum
Restructuring Cost and Reserve [Line Items]
Expected cost	60,000		60,000		60,000
2020 Program \| Maximum
Restructuring Cost and Reserve [Line Items]
Expected cost	70,000		70,000		70,000
2018 Program
Restructuring Cost and Reserve [Line Items]
Restructuring and turnaround costs	$ 900	$ 1,900	$ 2,900	$ 5,300	$ 55,200

GOODWILL AND INTANGIBLE ASSETS Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Sep. 28, 2019 USD ($)
Goodwill [Roll Forward]
Goodwill, carrying amount	$ 210,819
Currency translation	222
Goodwill, carrying amount	211,041
Former Europe, APAC and Japan
Goodwill [Roll Forward]
Transfer of goodwill between segments	84,000
Former North America
Goodwill [Roll Forward]
Transfer of goodwill between segments	126,800
Plasma
Goodwill [Roll Forward]
Goodwill, carrying amount	28,828
Currency translation	0
Goodwill, carrying amount	28,828
Blood Center
Goodwill [Roll Forward]
Goodwill, carrying amount	37,319
Currency translation	45
Goodwill, carrying amount	37,364
Hospital
Goodwill [Roll Forward]
Goodwill, carrying amount	144,672
Currency translation	177
Goodwill, carrying amount	$ 144,849

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 7,602	$ 4,311	$ (1,644)	$ 10,445
Reported tax rate	16.90%	18.70%	(6.00%)	39.60%
Discrete tax benefit (expense)	$ 4,400	$ 2,600	$ 9,300	$ (21,200)

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 28, 2019	Jun. 29, 2019	Sep. 29, 2018	Jun. 30, 2018	Sep. 28, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of March 30, 2019		$ (30,380)			$ (30,380)
Other comprehensive income (loss) before reclassifications					(5,883)
Amounts reclassified from Accumulated Other Comprehensive Income (Loss)					157
Net current period other comprehensive loss	$ (2,108)	(3,618)	$ (323)	$ (4,719)	(5,726)
Balance as of September 28, 2019	(36,106)				(36,106)
Foreign Currency
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of March 30, 2019		(25,513)			(25,513)
Other comprehensive income (loss) before reclassifications					(1,970)
Amounts reclassified from Accumulated Other Comprehensive Income (Loss)					0
Net current period other comprehensive loss					(1,970)
Balance as of September 28, 2019	(27,483)				(27,483)
Defined Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of March 30, 2019		(527)			(527)
Other comprehensive income (loss) before reclassifications					0
Amounts reclassified from Accumulated Other Comprehensive Income (Loss)					0
Net current period other comprehensive loss					0
Balance as of September 28, 2019	(527)				(527)
Net Unrealized Gain/Loss on Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of March 30, 2019		$ (4,340)			(4,340)
Other comprehensive income (loss) before reclassifications					(3,913)
Amounts reclassified from Accumulated Other Comprehensive Income (Loss)					157
Net current period other comprehensive loss					(3,756)
Balance as of September 28, 2019	$ (8,096)				$ (8,096)

DIVESTITURE	6 Months Ended
DIVESTITURE	Sep. 28, 2019
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURE	4. DIVESTITURE On May 21, 2019, the Company transferred to CSL Plasma Inc. (“CSL”) substantially all of its tangible assets held relating to the manufacture of anti-coagulant and saline (together, “Liquids”) at its Union, South Carolina facility (“Union”), which consist primarily of property, plant and equipment and inventory, and CSL assumed certain related liabilities (the “Asset Transfer”) pursuant to the terms of a settlement, release and asset transfer agreement between the parties dated May 13, 2019. The Asset Transfer excludes all other assets related to Union, including accounts receivable, customer contracts and the Company's U.S. Food and Drug Administration (“FDA”) product approvals for manufacturing Liquids. At closing, Haemonetics received $9.8 million of proceeds for the Asset Transfer and was concurrently released from its obligations to supply Liquids under a 2014 supply agreement with CSL. In connection with the Asset Transfer, CSL and Haemonetics also entered into related transition services, supply and manufacturing services and quality agreements that, among other things, permit CSL to manufacture Liquids under the Company's FDA product approvals, exclusively for Haemonetics and CSL, until CSL obtains independent product approvals from the FDA to manufacture the Liquids. In connection with the Company's and CSL's entry into the May 13, 2019 agreement for the Asset Transfer, the Company recognized a pre-tax impairment charge of $48.7 million in the first quarter of fiscal 2020, primarily related to the carrying balances of the property, plant and equipment exceeding the consideration received under the terms of the Agreement. The charge will not result in any future cash expenditures.

EARNINGS PER SHARE ("EPS") (Schedule of Earnings Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 28, 2019	Jun. 29, 2019	Sep. 29, 2018	Jun. 30, 2018	Sep. 28, 2019	Sep. 29, 2018
Basic EPS
Net income	$ 37,486	$ (8,479)	$ 18,726	$ (2,819)	$ 29,007	$ 15,907
Weighted average shares (in shares)	50,791,000		51,605,000		50,901,000	51,862,000
Basic income (loss) per share (in dollars per share)	$ 0.74		$ 0.36		$ 0.57	$ 0.31
Diluted EPS
Net income	$ 37,486	$ (8,479)	$ 18,726	$ (2,819)	$ 29,007	$ 15,907
Net effect of common stock equivalents (in shares)	1,255,000		1,533,000		1,273,000	1,503,000
Diluted weighted average shares (in shares)	52,046,000		53,138,000		52,174,000	53,365,000
Diluted income (loss) per share (in dollars per share)	$ 0.72		$ 0.35		$ 0.56	$ 0.30
Anti-dilutive shares (in shares)	12,421		200,000		200,000	100,000

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

6 Months Ended

Sep. 28, 2019

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 March 30, 2019	$	(25,513	)	$	(527	)	$	(4,340	)	$	(30,380	)
Other comprehensive loss before reclassifications⁽¹⁾	(1,970		)	—			(3,913		)	(5,883		)
Amounts reclassified from Accumulated Other Comprehensive Loss⁽¹⁾	—			—			157			157
Net current period other comprehensive loss	(1,970		)	—			(3,756		)	(5,726		)
Balance as of September 28, 2019	$	(27,483	)	$	(527	)	$	(8,096	)	$	(36,106	)

⁽¹⁾ Presented net of income taxes, the amounts of which are insignificant.

EARNINGS PER SHARE ("EPS")

6 Months Ended

Sep. 28, 2019

Earnings Per Share [Abstract]

EARNINGS PER SHARE (EPS)

6. 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				Six Months Ended
(In thousands, except per share amounts)	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
Basic EPS
Net income	$	37,486	$	18,726	$	29,007	$	15,907
Weighted average shares	50,791		51,605		50,901		51,862
Basic income per share	$	0.74	$	0.36	$	0.57	$	0.31
Diluted EPS
Net income	$	37,486	$	18,726	$	29,007	$	15,907
Basic weighted average shares	50,791		51,605		50,901		51,862
Net effect of common stock equivalents	1,255		1,533		1,273		1,503
Diluted weighted average shares	52,046		53,138		52,174		53,365
Diluted income per share	$	0.72	$	0.35	$	0.56	$	0.30

Basic earnings per share is calculated using the Company's weighted-average outstanding common stock. Diluted earnings per share is calculated using its weighted-average outstanding common stock including the dilutive effect of stock awards as determined under the treasury stock method. For the three and six months ended September 28, 2019, weighted average shares outstanding, assuming dilution, excludes the impact of 12,421 shares and 0.2 million anti-dilutive shares, respectively. For the three and six months ended September 29, 2018, weighted average shares outstanding, assuming dilution, excludes the impact of 0.2 million and 0.1 million anti-dilutive shares, respectively.

Share Repurchase Program

In May 2019, the Company's Board of Directors authorized the repurchase of up to $500 million of Haemonetics common shares over the next two years.

In July 2019, the Company completed a $75.0 million repurchase of its common stock pursuant to an accelerated share repurchase agreement ("ASR") entered into with Citibank N.A. ("Citibank") in June 2019. The total number of shares repurchased under the ASR was 0.6 million at an average price per share upon final settlement of $116.33.

In September 2019, the Company entered into an ASR with Morgan Stanley & Co. LLC ("Morgan Stanley") to repurchase $50.0 million of the Company’s common stock. Pursuant to the terms of the ASR, in September 2019, the Company paid Morgan Stanley $50.0 million in cash and received an initial delivery of 0.3 million shares of the Company's common stock based on a closing market price on the New York Stock Exchange on September 10, 2019 of $120.73. This initial delivery of shares represented approximately 80% of the notional amount of the ASR. On October 8, 2019, the ASR was completed and an additional 0.1 million shares were delivered upon settlement. The total number of shares repurchased under the ASR was 0.4 million at an average price per share upon final settlement of $124.37.

As of September 28, 2019, the total remaining authorization for repurchases of the Company's common stock under the share repurchase program was $375 million.

LEASES (Details) $ in Thousands	3 Months Ended	6 Months Ended
LEASES (Details) $ in Thousands	Sep. 28, 2019 USD ($)	Sep. 28, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Renewal term	10 years	10 years
Operating lease right-of-use assets in Other long-term assets	$ 19,356	$ 19,356
Operating lease liabilities in Other current liabilities	4,966	4,966
Operating lease liabilities in Other long-term liabilities	$ 14,051	$ 14,051
Weighted-average remaining lease term (years)	4 years 9 months 18 days	4 years 9 months 18 days
Weighted-average discount rate	5.27%	5.27%
Operating lease cost	$ 2,100	$ 4,600
Operating cash flows used for operating leases	1,783	3,834
2020 (excluding the first half of 2020)	3,003	3,003
2021	5,746	5,746
2022	4,210	4,210
2023	3,284	3,284
2024	1,853	1,853
Thereafter	3,534	3,534
Total future minimum operating lease payments	21,630	21,630
Less: imputed interest	(2,613)	(2,613)
Present value of operating lease liabilities	$ 19,017	$ 19,017
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	30 years	30 years
Office Space
Lessee, Lease, Description [Line Items]
Lease term	22 years	22 years
Present value of operating lease liabilities	$ 98,600	$ 98,600
Operating lease revenue
Lessee, Lease, Description [Line Items]
Concentration risk		3.00%