±«ÓãÖ±²¥

Quarterly report pursuant to Section 13 or 15(d)

RESTRUCTURING

v3.21.4
RESTRUCTURING
 9 Months Ended
Jan. 01, 2022
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 nine months ended December 2021, ±«ÓãÖ±²¥ recognized $3.6Ìýmillion and $11.4Ìýmillion, respectively, of restructuring charges, related to approved initiatives. Of the restructuring charges recognized in the three and nine months ended December 2021, $3.5Ìýmillion and $9.8Ìýmillion were reflected in selling, general and administrative expenses, respectively, and $0.1Ìýmillion and $1.6Ìýmillion 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 $31.1Ìýmillion total restructuring accrual at December 2021, $30.1 million is expected to be paid out within the next 12 months and is classified within accrued liabilities. The remaining $1.0 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) 2021 2020 2021 2020
Severance and employee-related benefits $ 3,056Ìý $ 24,545Ìý $ 7,352Ìý $ 52,937Ìý
Asset impairments —Ìý —Ìý —Ìý 10,557Ìý
Accelerated depreciation 590Ìý 3,429Ìý 4,057Ìý 10,093Ìý
Inventory write-downs —Ìý 7,115Ìý —Ìý 7,115Ìý
Contract termination and other —Ìý 3,107Ìý —Ìý 3,324Ìý
Total restructuring charges $ 3,646Ìý $ 38,196Ìý $ 11,409Ìý $ 84,026Ìý
Restructuring costs by business segment are as follows:
Three Months Ended December Nine Months Ended December
(In thousands) 2021 2020 2021 2020
Outdoor $ 1,529Ìý $ 2,676Ìý $ 4,206Ìý $ 9,271Ìý
Active —Ìý 3,275Ìý 1,008Ìý 3,938Ìý
Work 1,527Ìý 8,409Ìý 2,315Ìý 27,216Ìý
Other 590Ìý 23,836Ìý 3,880Ìý 43,601Ìý
Total $ 3,646Ìý $ 38,196Ìý $ 11,409Ìý $ 84,026Ìý
The activity in the restructuring accrual for the nine-month period ended December 2021 was as follows:
(In thousands) Severance Other Total
Accrual at March 2021 $ 59,810Ìý $ 6,944Ìý $ 66,754Ìý
Charges 7,352Ìý —Ìý 7,352Ìý
Cash payments and settlements (36,130) (5,680) (41,810)
Adjustments to accruals (970) (40) (1,010)
Impact of foreign currency (155) (80) (235)
Accrual at December 2021 $ 29,907Ìý $ 1,144Ìý $ 31,051Ìý