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Quarterly report pursuant to Section 13 or 15(d)

RESTRUCTURING

v3.21.2
RESTRUCTURING
 6 Months Ended
Oct. 02, 2021
Restructuring and Related Activities [Abstract] Ìý
RESTRUCTURING RESTRUCTURING
The Company 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 2021, ±«ÓãÖ±²¥ recognized $3.5Ìýmillion and $7.8Ìýmillion, respectively, of restructuring charges, related to approved initiatives. Of the restructuring charges recognized in the three and six months ended September 2021, $3.4Ìýmillion and $6.3Ìýmillion were reflected in selling, general and administrative expenses, respectively, and $0.1Ìýmillion and $1.5Ìýmillion in cost of goods sold, respectively.
The Company has not recognized any significant incremental costs related to accruals for the year ended March 2021 or prior periods.
Of the $43.3Ìýmillion total restructuring accrual at September 2021, $43.0 million is expected to be paid out within the next 12 months and is classified within accrued liabilities. The remaining $0.3 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) 2021 2020 2021 2020
Severance and employee-related benefits $ 1,422Ìý $ 9,883Ìý $ 4,296Ìý $ 28,392Ìý
Asset impairments —Ìý 10,557Ìý —Ìý 10,557Ìý
Accelerated depreciation 2,036Ìý 2,857Ìý 3,467Ìý 6,664Ìý
Contract termination and other —Ìý 76Ìý —Ìý 217Ìý
Total restructuring charges $ 3,458Ìý $ 23,373Ìý $ 7,763Ìý $ 45,830Ìý
Restructuring costs by business segment are as follows:
Three Months Ended September Six Months Ended September
(In thousands) 2021 2020 2021 2020
Outdoor $ 454Ìý $ 1,845Ìý $ 2,677Ìý $ 6,595Ìý
Active 276Ìý 293Ìý 1,008Ìý 663Ìý
Work 788Ìý 18,378Ìý 788Ìý 18,807Ìý
Other 1,940Ìý 2,857Ìý 3,290Ìý 19,765Ìý
Total $ 3,458Ìý $ 23,373Ìý $ 7,763Ìý $ 45,830Ìý
The activity in the restructuring accrual for the six-month period ended September 2021 was as follows:
(In thousands) Severance Other Total
Accrual at March 2021 $ 59,810Ìý $ 6,944Ìý $ 66,754Ìý
Charges 4,296Ìý —Ìý 4,296Ìý
Cash payments and settlements (23,961) (3,666) (27,627)
Adjustments to accruals 2Ìý (40) (38)
Impact of foreign currency (66) (50) (116)
Accrual at September 2021 $ 40,081Ìý $ 3,188Ìý $ 43,269Ìý