Annual report pursuant to Section 13 and 15(d)

RESTRUCTURING

v3.22.1
RESTRUCTURING
 12 Months Ended
Apr. 02, 2022
Restructuring and Related Activities [Abstract]  
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.
Of the $20.0 million of restructuring charges recognized in the year ended March 2022, $18.3 million were reflected in selling, general and administrative expenses and $1.7 million in cost of goods sold. Of the $119.0 million of restructuring charges recognized in the year ended March 2021, $75.1 million were reflected in selling, general and administrative expenses and $43.9 million in cost of goods sold. Of the $31.8 million of
restructuring charges recognized in the year ended March 2020, $12.4 million were reflected in selling, general and administrative expenses and $19.4 million in cost of goods sold. The Company has not recognized any significant incremental costs related to the accruals for the year ended March 2022 or prior periods.
Of the total restructuring accrual at March 2022, $26.4 million is expected to be paid out within the next 12 months and is classified within accrued liabilities. The remaining $0.5 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:
Year Ended March
(In thousands) 2022 2021 2020
Severance and employee-related benefits $ 12,283  $ 64,972  $ 21,899 
Asset impairments —  23,087  5,211 
Accelerated depreciation 7,016  11,266  — 
Inventory write-downs —  10,658  1,119 
Contract termination and other 703  9,023  3,618 
Total restructuring charges $ 20,002  $ 119,006  $ 31,847 
Restructuring costs by business segment are as follows:
Year Ended March
(In thousands) 2022 2021 2020
Outdoor $ 4,523  $ 14,081  $ 7,094 
Active 1,008  20,958  3,210 
Work 2,315  31,907  2,193 
Other 12,156  52,060  19,350 
Total $ 20,002  $ 119,006  $ 31,847 
The activity in the restructuring accrual is as follows:
(In thousands) Severance Other Total
Accrual at March 2020 $ 38,052  $ 2,888  $ 40,940 
Charges 64,972  9,393  74,365 
Cash payments and settlements (46,258) (4,285) (50,543)
Adjustments to accruals 3,206  (1,218) 1,988 
Impact of foreign currency (162) 166  4 
Accrual at March 2021 59,810  6,944  66,754 
Charges 12,283  703  12,986 
Cash payments and settlements (43,886) (5,694) (49,580)
Adjustments to accruals (2,320) (647) (2,967)
Impact of foreign currency (247) (95) (342)
Accrual at March 2022 $ 25,640  $ 1,211  $ 26,851