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Restructuring

12 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

During the first quarter of fiscal year 2019, the Company implemented a restructuring plan to streamline and realign the Company's overall organizational structure and reallocate resources to support long-term growth opportunities. During the first quarter of fiscal year 2020, the Company had substantially completed this restructuring plan.

During the third quarter of fiscal year 2022, as part of the Company's strategic review, the Company decided to cease future product launches under the Jaybird-brand within the Audio & Wearables product category. As a result, the Company recorded pre-tax restructuring charges of $2.1 million during fiscal year 2022, which are included in restructuring charges (credits), net in the consolidated statement of operations.

Total charges related to the exit of Jaybird-branded products were $16.7 million, which included restructuring charges and other costs, for fiscal year 2022. The restructuring charges consisted of $1.3 million, primarily related to costs of production cancellation, and $0.8 million related to cash severance and termination benefits. The Company also recorded $7.6 million in cost of goods sold related to write-offs for excess inventories. In addition, as disclosed in Note 11, the Company recognized a pre-tax impairment charge of $7.0 million, related to intangible assets acquired as part of the Jaybird acquisition. The Company expects to substantially complete this restructuring within the next nine months.

The following table summarizes restructuring-related activities during fiscal years 2022, 2021 and 2020 (in thousands):

						Restructuring - Continuing Operations
						Termination Benefits						Other						Total
Accrual balance at March 31, 2019						$	4,389					$	—					$	4,389
Charges, net						144						—						144
Cash payments						(3,852)						—						(3,852)
Accrual balance at March 31, 2020						$	681					$	—					$	681
Charges, net						(54)						—						(54)
Cash payments						—						—						—
Accrual balance at March 31, 2021						$	627					$	—					$	627
Charges, net						879						1,286						2,165
Cash payments						(945)						(390)						(1,335)
Accrual balance at March 31, 2022						$	561					$	896					$	1,457

The accrual balances are included in accrued and other current liabilities on the Company’s consolidated balance sheets.

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- References

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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