What does refurbished actually mean?

I'm about  to buy a refurbished Macbook but cannot see any explanation of exactly what has been refurbished? How can I find out this detail?

Apple Certified Refurbished Products
Apple Certified Refurbished Products are pre-owned Apple products that undergo Apple's stringent refurbishment process prior to being offered for sale. While only some units are returned due to technical issues, all units undergo Apple's stringent quality refurbishment process....
From what I've read - most come in a plain outer box rather than the colourful printed one.

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