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RESTRUCTURING | 3 Months Ended
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Jul. 02, 2022
Restructuring and Related Activities [Abstract] |
RESTRUCTURING | RESTRUCTURING The Company incurs restructuring charges related to strategic initiatives and cost optimization of business activities, primarily related to severance and employee-related benefits. During the three months ended June 2022, VF recognized $6.1 million of restructuring charges, related to approved initiatives. Of the restructuring charges recognized in the three months ended June 2022, $4.7 million were reflected in selling, general and administrative expenses and $1.4 million in cost of goods sold. The Company has not recognized any significant incremental costs related to accruals for the year ended March 2022 or prior periods. Of the $21.2 million total restructuring accrual at June 2022, $20.5 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 components of the restructuring charges are as follows:
|  | Three Months Ended June |  |  |
(In thousands) |  | 2022 |  |  | 2021 |  |  |  |  |  |
Severance and employee-related benefits |  | $ | 2,094 |  |  |  | $ | 2,874 |  |  |  |  |  |  |
Accelerated depreciation |  | 3,668 |  |  |  | 1,431 |  |  |  |  |  |  |
Contract termination and other |  | 344 |  |  |  | — |  |  |  |  |  |  |
Total restructuring charges |  | $ | 6,106 |  |  |  | $ | 4,305 |  |  |  |  |  |  |
Restructuring costs by business segment are as follows:
|  | Three Months Ended June |  |  |
(In thousands) |  | 2022 |  |  | 2021 |  |  |  |  |  |
Outdoor |  | $ | — |  |  |  | $ | 2,223 |  |  |  |  |  |  |
Active |  | — |  |  |  | 732 |  |  |  |  |  |  |
Work |  | — |  |  |  | — |  |  |  |  |  |  |
Other |  | 6,106 |  |  |  | 1,350 |  |  |  |  |  |  |
Total |  | $ | 6,106 |  |  |  | $ | 4,305 |  |  |  |  |  |  |
The activity in the restructuring accrual for the three-month period ended June 2022 was as follows:
(In thousands) | Severance |  | Other |  | Total |
Accrual at March 2022 | $ | 25,640 |  |  | $ | 1,211 |  |  | $ | 26,851 |  |
Charges | 2,094 |  |  | 344 |  |  | 2,438 |  |
Cash payments and settlements | (7,773) |  |  | (84) |  |  | (7,857) |  |
Adjustments to accruals | (150) |  |  | 62 |  |  | (88) |  |
Impact of foreign currency | (93) |  |  | (45) |  |  | (138) |  |
Accrual at June 2022 | $ | 19,718 |  |  | $ | 1,488 |  |  | $ | 21,206 |  |

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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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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