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