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Quarterly report pursuant to Section 13 or 15(d)

RESTRUCTURING

v3.22.4
RESTRUCTURING
 9 Months Ended
Dec. 31, 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 2022, ±«ÓãÖ±²¥ recognized $11.1Ìýmillion and $63.0 million, respectively, of restructuring charges, related to approved initiatives. Of the restructuring charges recognized in the three and nine months ended December 2022, $10.4Ìýmillion and $58.9 million were reflected in selling, general and administrative expenses and $0.7Ìýmillion
and $4.1 million in cost of goods sold, respectively. The Company has not recognized any significant incremental costs related to accruals for the year ended March 2022 or prior periods.
Of the $48.9Ìýmillion total restructuring accrual at December 2022, $45.8 million is expected to be paid out within the next 12 months and is classified within accrued liabilities. The remaining $3.1 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) 2022 2021 2022 2021
Severance and employee-related benefits $ 10,607Ìý $ 3,056Ìý $ 50,165Ìý $ 7,352Ìý
Accelerated depreciation 25Ìý 590Ìý 7,276Ìý 4,057Ìý
Contract termination and other 460Ìý —Ìý 5,563Ìý —Ìý
Total restructuring charges $ 11,092Ìý $ 3,646Ìý $ 63,004Ìý $ 11,409Ìý
Restructuring costs by business segment are as follows:
Three Months Ended December Nine Months Ended December
(In thousands) 2022 2021 2022 2021
Outdoor $ 391Ìý $ 1,529Ìý $ 887Ìý $ 4,206Ìý
Active —Ìý —Ìý 1,478Ìý 1,008Ìý
Work —Ìý 1,527Ìý 9Ìý 2,315Ìý
Corporate and other 10,701Ìý 590Ìý 60,630Ìý 3,880Ìý
Total $ 11,092Ìý $ 3,646Ìý $ 63,004Ìý $ 11,409Ìý
The activity in the restructuring accrual for the nine-month period ended December 2022 was as follows:
(In thousands) Severance Other Total
Accrual at March 2022 $ 25,640Ìý $ 1,211Ìý $ 26,851Ìý
Charges 50,165Ìý 5,563Ìý 55,728Ìý
Cash payments and settlements (30,598) (457) (31,055)
Adjustments to accruals (3,205) 53Ìý (3,152)
Impact of foreign currency 192Ìý 363Ìý 555Ìý
Accrual at December 2022 $ 42,194Ìý $ 6,733Ìý $ 48,927Ìý