XML 13 R28.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

RESTRUCTURING | 9 Months Ended
--- | ---
Dec. 28, 2019
Restructuring and Related Activities [Abstract] |
RESTRUCTURING | RESTRUCTURING The Company typically incurs restructuring charges related to strategic initiatives and cost optimization of business activities, primarily related to severance and employee-related benefits. During the three and nine months ended December 2019, VF leadership approved $3.9 million and $9.7 million, respectively, of restructuring charges. VF recognized $3.7 million and $7.1 million in selling, general and administrative expenses for the three and nine months ended December 2019, respectively, and $0.2 million and $2.6 million in cost of goods sold for the three and nine months ended December 2019, respectively. The Company has not recognized significant incremental costs related to the actions for the year ended March 2019 or prior periods. Of the $34.9 million total restructuring accrual at December 2019, $34.2 million is expected to be paid out within the next 12 months and is classified within accrued liabilities. The remaining $0.7 million will be paid out beyond the next 12 months and thus is classified within other liabilities. The activity in the restructuring accrual for the nine-month period ended December 2019 was as follows:
(In thousands) | Severance |  | Other |  | Total |
Accrual at March 2019 | $ | 58,106 |  |  | $ | 11,035 |  |  | $ | 69,141 |  |
Charges | 7,116 |  |  | 2,564 |  |  | 9,680 |  |
Cash payments | (33,965 | ) |  | (11,246 | ) |  | (45,211 | ) |
Adjustments to accruals | 3,101 |  |  | 1,144 |  |  | 4,245 |  |
Impact of foreign currency | (2,285 | ) |  | (713 | ) |  | (2,998 | ) |
Accrual at December 2019 | $ | 32,073 |  |  | $ | 2,784 |  |  | $ | 34,857 |  |
Restructuring charges were incurred as follows:
|  | Three Months Ended December |  |  | Nine Months Ended December
(In thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018
Outdoor |  | $ | 1,670 |  |  |  | $ | 2,276 |  |  |  | $ | 6,400 |  |  |  | $ | 15,171 |
Active |  | 322 |  |  |  | 485 |  |  |  | 789 |  |  |  | 3,537 |
Work |  | 1,460 |  |  |  | — |  |  |  | 2,084 |  |  |  | 3,939 |
Corporate and other |  | 407 |  |  |  | 1,045 |  |  |  | 407 |  |  |  | 3,546 |
Total |  | $ | 3,859 |  |  |  | $ | 3,806 |  |  |  | $ | 9,680 |  |  |  | $ | 26,193 |

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration