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RESTRUCTURING | 3 Months Ended
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Jul. 01, 2023
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 2023, VF recognized $0.7 million of restructuring charges, related to approved initiatives. All restructuring charges recognized in the three months ended June 2023, were reflected in selling, general and administrative expenses. The Company has not recognized any significant incremental costs related to accruals for the year ended March 2023 or prior periods. Of the $30.5 million total restructuring accrual at June 2023, $29.2 million is expected to be paid out within the next 12 months and is classified within accrued liabilities. The remaining $1.3 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) |  | 2023 |  |  | 2022 |  |  |  |  |  |  |  |  |  |  |  |
Severance and employee-related benefits |  | $ | 676 |  |  |  | $ | 2,094 |  |  |  |  |  |  |  |  |  |  |  |  |
Accelerated depreciation |  | — |  |  |  | 3,668 |  |  |  |  |  |  |  |  |  |  |  |  |
Contract termination and other |  | 19 |  |  |  | 344 |  |  |  |  |  |  |  |  |  |  |  |  |
Total restructuring charges |  | $ | 695 |  |  |  | $ | 6,106 |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring costs by business segment are as follows:
|  | Three Months Ended June |  |  |  |  |  |
(In thousands) |  | 2023 |  |  | 2022 |  |  |  |  |  |  |  |  |  |  |  |
Outdoor |  | $ | 242 |  |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |
Active |  | 434 |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Work |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other |  | 19 |  |  |  | 6,106 |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 695 |  |  |  | $ | 6,106 |  |  |  |  |  |  |  |  |  |  |  |  |
The activity in the restructuring accrual for the three-month period ended June 2023 was as follows:
(In thousands) | Severance |  | Other |  | Total |
Accrual at March 2023 | $ | 38,721 |  |  | $ | 6,545 |  |  | $ | 45,266 |  |
Charges | 676 |  |  | — |  |  | 676 |  |
Cash payments and settlements | (9,305) |  |  | (4,041) |  |  | (13,346) |  |
Adjustments to accruals | (1,587) |  |  | (585) |  |  | (2,172) |  |
Impact of foreign currency | 15 |  |  | 16 |  |  | 31 |  |
Accrual at June 2023 | $ | 28,520 |  |  | $ | 1,935 |  |  | $ | 30,455 |  |

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