±«ÓãÖ±²¥

Quarterly report pursuant to Section 13 or 15(d)

RESTRUCTURING

v3.20.4
RESTRUCTURING
 9 Months Ended
Dec. 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 nine months ended December 2020, ±«ÓãÖ±²¥ recognized $38.2Ìýmillion and $84.0Ìýmillion of restructuring charges, respectively, related to approved initiatives. Of the restructuring charges recognized in the three and nine months ended December 2020, $15.7Ìýmillion and $44.4Ìýmillion were reflected in selling, general and administrative expenses, respectively, and $22.5Ìýmillion and $39.6Ìýmillion 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 $60.0Ìýmillion total restructuring accrual at December 2020, $54.8 million is expected to be paid out within the next 12 months and is classified within accrued liabilities. The remaining $5.2 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 December Nine Months Ended December
(In thousands) 2020 2019 2020 2019
Severance and employee-related benefits $ 24,545Ìý $ 3,859Ìý $ 52,937Ìý $ 7,116Ìý
Asset impairments —Ìý —Ìý 10,557Ìý —Ìý
Accelerated depreciation 3,429Ìý —Ìý 10,093Ìý —Ìý
Inventory write-downs 7,115Ìý —Ìý 7,115Ìý —Ìý
Contract termination and other 3,107Ìý —Ìý 3,324Ìý 2,121Ìý
Total restructuring charges $ 38,196Ìý $ 3,859Ìý $ 84,026Ìý $ 9,237Ìý
Restructuring costs by business segment are as follows:
Three Months Ended December Nine Months Ended December
(In thousands) 2020 2019 2020 2019
Outdoor $ 2,676Ìý $ 1,670Ìý $ 9,271Ìý $ 6,400Ìý
Active 3,275Ìý 322Ìý 3,938Ìý 789Ìý
Work 8,409Ìý 1,460Ìý 27,216Ìý 1,641Ìý
Corporate and other 23,836Ìý 407Ìý 43,601Ìý 407Ìý
Total $ 38,196Ìý $ 3,859Ìý $ 84,026Ìý $ 9,237Ìý
The activity in the restructuring accrual for the nine-month period ended December 2020 was as follows:
(In thousands) Severance Other Total
Accrual at March 2020 $ 38,052Ìý $ 2,888Ìý $ 40,940Ìý
Charges 52,937Ìý 3,693Ìý 56,630Ìý
Cash payments (35,393) (2,392) (37,785)
Adjustments to accruals (166) 189Ìý 23Ìý
Impact of foreign currency 15Ìý 170Ìý 185Ìý
Accrual at December 2020 $ 55,445Ìý $ 4,548Ìý $ 59,993Ìý