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Restructuring Activities | 6 Months Ended
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Jun. 01, 2025
Restructuring and Related Activities [Abstract] |
RESTRUCTURING ACTIVITIES | RESTRUCTURING ACTIVITIES In the first quarter of 2024, the Company’s Board of Directors (the "Board") approved a multi-year global productivity initiative, “Project Fuel”, designed to accelerate the execution of our Brand Led and DTC First strategies while fueling long-term profitable growth. The first phase of the global productivity initiative was completed primarily in the first half of 2024. The two-year initiative is expected to continue through the end of 2025. As this initiative progresses, the Company may incur additional restructuring charges, which could be significant to a future fiscal quarter or year. For the three and six months ended June 1, 2025, the Company recognized restructuring charges of $6.8 million and $13.5 million, respectively, in connection with Project Fuel, consisting primarily of severance and other post-employment benefits, based on separation benefits provided by Company policy or statutory benefit plans as well as contract termination costs and asset impairments and a gain on the sale of a previously closed distribution center. These charges were recorded in “Restructuring charges, net” in the consolidated statements of income. As of June 1, 2025, the restructuring liability was $86.7 million, with $69.2 million and $17.5 million classified as “Other accrued liabilities” and “Long-term employee related benefits and other liabilities”, respectively, within the Company’s consolidated balance sheet. The Company also recognized $4.4 million and $7.5 million of restructuring related charges during the three and six months ended June 1, 2025, respectively, primarily consisting of consulting fees, which were recorded in “Selling, general and administrative expenses” in the consolidated statements of income. For the three and six months ended May 26, 2024, the Company recognized restructuring charges of $55.1 million and $168.2 million, respectively, consisting primarily of severance and other post-employment benefits, based on separation benefits provided by Company policy or statutory benefit plans. These charges were recorded in “Restructuring charges, net” in the consolidated statements of income. The Company also recognized $5.2 million and $15.3 million of restructuring related charges during the three and six months ended May 26, 2024, respectively, consisting primarily of consulting fees, and $5.5 million in goodwill impairment charges related to our footwear business as a result of the decision to discontinue the category during the six months ended May 26, 2024. The charges were recorded in “Selling, general and administrative expenses” in the consolidated statements of income. The following tables summarize the activities associated with restructuring liabilities for the periods presented. "Net Charges (Reversals)" represents the initial charge related to the restructuring activity as well as revisions of estimates related to severance and employee-related benefits and other, "Payments" consists of cash payments for severance and employee-related benefits and other, and "Foreign Currency Fluctuations" includes foreign currency fluctuations.
| Three Months Ended June 1, 2025
| Liabilities |  | Net Charges (Reversals)(1) |  |  |  | Payments |  | Foreign Currency Fluctuations |  | Liabilities
March 2, 2025 |  | June 1, 2025
| (Dollars in millions)
Severance and employee-related benefits | $ | 63.8 |  |  | $ | 7.6 |  |  |  |  | $ | (15.6) |  |  | $ | 2.8 |  |  | $ | 58.6 |
Contract termination costs and other | 21.8 |  |  | 2.1 |  |  |  |  | (0.1) |  |  | 4.3 |  |  | 28.1 |
Total | $ | 85.6 |  |  | $ | 9.7 |  |  |  |  | $ | (15.7) |  |  | $ | 7.1 |  |  | $ | 86.7 |
_____________ (1)Excludes $0.5 million in stock compensation related charges recorded in Additional paid-in capital and $7.2 million of asset impairment charges in connection with the closures of distribution centers, partially offset by a $9.3 million gain on the sale of a previously closed distribution center. Includes $1.4 million of Dockers® restructuring costs reported as discontinued operations.
| Six Months Ended June 1, 2025
| Liabilities |  | Net Charges (Reversals)(1) |  |  |  | Payments |  | Foreign Currency Fluctuations |  | Liabilities
December 1, 2024 |  | June 1, 2025
| (Dollars in millions)
Severance and employee-related benefits | $ | 83.7 |  |  | $ | 11.6 |  |  |  |  | $ | (39.0) |  |  | $ | 2.3 |  |  | $ | 58.6 |
Contract termination costs and other | 20.7 |  |  | 3.7 |  |  |  |  | (0.6) |  |  | 4.3 |  |  | 28.1 |
Total | $ | 104.4 |  |  | $ | 15.3 |  |  |  |  | $ | (39.6) |  |  | $ | 6.6 |  |  | $ | 86.7 |
_____________ (1)Excludes $1.3 million in stock compensation related charges recorded in Additional paid-in capital, $9.2 million of asset impairment charges in connection with the closures of distribution centers, partially offset by a $9.3 million gain on the sale of a previously closed distribution center. Includes $3.2 million of Dockers® restructuring costs reported as discontinued operations.
| Three Months Ended May 26, 2024
| Liabilities |  | Net Charges (Reversals) |  |  |  | Payments |  | Foreign Currency Fluctuations |  | Liabilities
February 25, 2024 |  | May 26, 2024
| (Dollars in millions)
Severance and employee-related benefits | $ | 123.0 |  |  | $ | 32.6 |  |  |  |  | $ | (22.6) |  |  | $ | 0.6 |  |  | $ | 133.6 |
Contract termination costs and other | — |  |  | 22.5 |  |  |  |  | (2.1) |  |  | — |  |  | 20.4 |
Total | $ | 123.0 |  |  | $ | 55.1 |  |  |  |  | $ | (24.7) |  |  | $ | 0.6 |  |  | $ | 154.0 |
| Six Months Ended May 26, 2024
| Liabilities |  | Net Charges (Reversals)(1) |  |  |  | Payments |  | Foreign Currency Fluctuations |  | Liabilities
November 26, 2023 |  | May 26, 2024
| (Dollars in millions)
Severance and employee-related benefits | $ | 17.8 |  |  | $ | 146.0 |  |  |  |  | $ | (31.0) |  |  | $ | 0.8 |  |  | $ | 133.6 |
Contract termination costs and other | 0.2 |  |  | 22.5 |  |  |  |  | (2.2) |  |  | (0.1) |  |  | 20.4 |
Total | $ | 18.0 |  |  | $ | 168.5 |  |  |  |  | $ | (33.2) |  |  | $ | 0.7 |  |  | $ | 154.0 |
_____________ (1)Excludes $2.0 million in stock compensation related charges recorded in Additional paid-in capital and $0.8 million in operating lease termination. Includes $3.1 million of Dockers® restructuring costs reported as discontinued operations.

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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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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