Annual report pursuant to Section 13 and 15(d)

RESTRUCTURING

v3.23.1
RESTRUCTURING
 12 Months Ended
Apr. 01, 2023
Restructuring and Related Activities [Abstract]  
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.
Of the $75.7 million of restructuring charges recognized in the year ended March 2023, $70.9 million were reflected in selling, general and administrative expenses and $4.8 million in cost of goods sold. 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. 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 2023, $43.1 million is expected to be paid out within the next 12 months and is classified within accrued liabilities (Note 13). The remaining $2.2 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:
Year Ended March
(In thousands) 2023 2022 2021
Severance and employee-related benefits $ 57,433  $ 12,283  $ 64,972 
Asset impairments —  —  23,087 
Accelerated depreciation 8,016  7,016  11,266 
Inventory write-downs —  —  10,658 
Contract termination and other 10,289  703  9,023 
Total restructuring charges $ 75,738  $ 20,002  $ 119,006 
Restructuring costs by business segment are as follows:
Year Ended March
(In thousands) 2023 2022 2021
Outdoor $ 1,088  $ 4,523  $ 14,081 
Active 1,478  1,008  20,958 
Work 9  2,315  31,907 
Corporate and other 73,163  12,156  52,060 
Total $ 75,738  $ 20,002  $ 119,006 
The activity in the restructuring accrual was as follows:
(In thousands) Severance Other Total
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 
Charges 57,433  5,190  62,623 
Cash payments and settlements (41,338) (345) (41,683)
Adjustments to accruals (3,236) 40  (3,196)
Impact of foreign currency 222  449  671 
Accrual at March 2023 $ 38,721  $ 6,545  $ 45,266