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Quarterly report pursuant to Section 13 or 15(d)

RESTRUCTURING

v3.20.2
RESTRUCTURING
 6 Months Ended
Sep. 26, 2020
Restructuring and Related Activities [Abstract] Ìý
RESTRUCTURING RESTRUCTURING
The Company typically incurs restructuring charges related to strategic initiatives and cost optimization of business activities, primarily related to severance and employee-related benefits. During the three and six months ended September 2020, ±«ÓãÖ±²¥ recognized $23.4Ìýmillion and $45.8Ìýmillion of restructuring charges, respectively, related to approved initiatives. Of the restructuring charges recognized in the three and six months ended September 2020, $20.2Ìýmillion and $28.7Ìýmillion were reflected in selling, general and administrative expenses, respectively, and $3.2Ìýmillion and $17.1Ìýmillion in cost of goods
sold, respectively. The Company has not recognized any significant incremental costs related to accruals for the year ended March 2020 or prior periods.
Of the $47.3Ìýmillion total restructuring accrual at September 2020, $45.0 million is expected to be paid out within the next 12 months and is classified within accrued liabilities. The remaining $2.3 million will be paid out beyond the next 12 months and thus is classified within other liabilities.
The components of the restructuring charges are as follows:
Three Months Ended September Six Months Ended September
(In thousands) 2020 2019 2020 2019
Severance and employee-related benefits $ 9,883Ìý $ 1,033Ìý $ 28,392Ìý $ 3,257Ìý
Asset impairments 10,557Ìý —Ìý 10,557Ìý —Ìý
Accelerated depreciation 2,857Ìý —Ìý 6,664Ìý —Ìý
Contract termination and other 76Ìý —Ìý 217Ìý 2,121Ìý
Total restructuring charges $ 23,373Ìý $ 1,033Ìý $ 45,830Ìý $ 5,378Ìý
Restructuring costs by business segment are as follows:
Three Months Ended September Six Months Ended September
(In thousands) 2020 2019 2020 2019
Outdoor $ 1,845Ìý $ 515Ìý $ 6,595Ìý $ 4,730Ìý
Active 293Ìý 447Ìý 663Ìý 467Ìý
Work 18,378Ìý 71Ìý 18,807Ìý 181Ìý
Corporate and other 2,857Ìý —Ìý 19,765Ìý —Ìý
Total $ 23,373Ìý $ 1,033Ìý $ 45,830Ìý $ 5,378Ìý
The activity in the restructuring accrual for the six-month period ended September 2020 was as follows:
(In thousands) Severance Other Total
Accrual at March 2020 $ 38,052Ìý $ 2,888Ìý $ 40,940Ìý
Charges 28,392Ìý 217Ìý 28,609Ìý
Cash payments (20,490) (1,368) (21,858)
Adjustments to accruals (50) 189Ìý 139Ìý
Impact of foreign currency (561) 76Ìý (485)
Accrual at September 2020 $ 45,343Ìý $ 2,002Ìý $ 47,345Ìý