Quarterly report pursuant to Section 13 or 15(d)

Restructuring

Restructuring

6 Months Ended

Jun. 30, 2023

NOTE 13. RESTRUCTURING

From time to time, the Company incurs expenses to facilitate long-term sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and contract termination costs. These costs include severance costs, exit costs and inventory write-offs and are included in Restructuring charges in the Condensed Consolidated Statements of Comprehensive Loss. Severance costs primarily consist of severance benefits through payroll continuation, conditional separation costs and employer tax liabilities, while exit costs primarily consist of lease exit and contract termination costs. Write-offs of inventory were distinguishable and directly attributable to the Company’s restructuring initiative and not a result of external market factors associated with the ongoing business.

Pre-tax restructuring charges by segment for the three and six months ended June 30, 2023 were as follows:


	Three and Six Months Ended June 30, 2023
	Outdoor		Precision Sport		Adventure		Corporate		Total
Employee termination benefits	$	134	$	-	$	174	$	163	$	471
Exit costs		65		-		-		-		65
Inventory write-offs		200		-		-		-		200
Total restructuring charges	$	399	$	-	$	174	$	163	$	736

There were no significant accruals recorded as of June 30, 2023 related to the Company’s restructuring initiatives.