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RESTRUCTURING | 9 Months Ended
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Sep. 30, 2017
Restructuring and Related Activities [Abstract] |
RESTRUCTURING | RESTRUCTURING The Company implemented a multi-year restructuring program that began in fiscal year 2016 called New World Fossil ("NWF"). As part of NWF, the Company targets to improve operating profit and support sales growth through a leaner infrastructure and an enhanced business model. The Company is working to achieve greater efficiencies from production to distribution through activities such as organizational changes, reducing its overall product assortment, optimizing its base cost structure and consolidating facilities. The Company also intends to build a quicker and more responsive operating platform. The Company is reducing its retail footprint to reflect the evolving shopping habits of today's consumer, which includes restructuring costs, such as store impairment, recorded lease obligations and termination fees and accelerated depreciation. Of the total estimated $150 million restructuring charges, approximately $27.8 million and $41.8 million were recorded during fiscal year 2016 and the Year To Date period, respectively. The Company estimates total fiscal year 2017 NWF restructuring charges of approximately $45 million. The following table shows a rollforward of the accrued liability related to the Company’s restructuring plan (in thousands):
| For the 13 Weeks Ended September 30, 2017
| Liabilities |  |  |  |  |  |  |  | Liabilities
| July 1, 2017 |  | Charges |  | Cash Payments |  | Non-cash Items |  | September 30, 2017
Store closures | $ | 4,893 |  |  | $ | 2,482 |  |  | $ | 4,237 |  |  | $ | 2,320 |  |  | $ | 818 |
Professional services and other | 116 |  |  | 765 |  |  | 48 |  |  | 291 |  |  | 542 |
Severance and employee-related benefits | 1,535 |  |  | 2,522 |  |  | 2,467 |  |  | — |  |  | 1,590 |
Total | $ | 6,544 |  |  | $ | 5,769 |  |  | $ | 6,752 |  |  | $ | 2,611 |  |  | $ | 2,950 |
| For the 13 Weeks Ended October 1, 2016
| Liabilities |  |  |  |  |  |  |  | Liabilities
| July 2, 2016 |  | Charges |  | Cash Payments |  | Non-cash Items |  | October 1, 2016
Store closures | $ | — |  |  | $ | 12,523 |  |  | $ | — |  |  | $ | 12,523 |  |  | $ | — |
Professional services and other | — |  |  | 1,950 |  |  | 1,300 |  |  | — |  |  | 650 |
Severance and employee-related benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | 14,473 |  |  | $ | 1,300 |  |  | $ | 12,523 |  |  | $ | 650 |
| For the 39 Weeks Ended September 30, 2017
| Liabilities |  |  |  |  |  |  |  | Liabilities
| December 31, 2016 |  | Charges |  | Cash Payments |  | Non-cash Items |  | September 30, 2017
Store closures | $ | 4,546 |  |  | $ | 8,223 |  |  | $ | 6,415 |  |  | $ | 5,536 |  |  | $ | 818 |
Professional services and other | 794 |  |  | 2,195 |  |  | 2,156 |  |  | 291 |  |  | 542 |
Severance and employee-related benefits | — |  |  | 31,400 |  |  | 28,606 |  |  | 1,204 |  |  | 1,590 |
Total | $ | 5,340 |  |  | $ | 41,818 |  |  | $ | 37,177 |  |  | $ | 7,031 |  |  | $ | 2,950 |
| For the 39 Weeks Ended October 1, 2016
| Liabilities |  |  |  |  |  |  |  | Liabilities
| January 2, 2016 |  | Charges |  | Cash Payments |  | Non-cash Items |  | October 1, 2016
Store closures | $ | — |  |  | $ | 12,523 |  |  | $ | — |  |  | $ | 12,523 |  |  | $ | — |
Professional services and other | — |  |  | 1,950 |  |  | 1,300 |  |  | — |  |  | 650 |
Severance and employee-related benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | 14,473 |  |  | $ | 1,300 |  |  | $ | 12,523 |  |  | $ | 650 |
Restructuring charges by operating segment were as follows (in thousands):
| For the 13 Weeks Ended September 30, 2017 |  | For the 13 Weeks Ended October 1, 2016
Americas | $ | 2,771 |  |  | $ | 10,548 |
Europe | 1,445 |  |  | 1,639 |
Asia | 1,144 |  |  | 336 |
Corporate | 409 |  |  | 1,950 |
Consolidated | $ | 5,769 |  |  | $ | 14,473 |
| For the 39 Weeks Ended September 30, 2017 |  | For the 39 Weeks Ended October 1, 2016
Americas | $ | 10,567 |  |  | $ | 10,548 |
Europe | 9,127 |  |  | 1,639 |
Asia | 9,283 |  |  | 336 |
Corporate | 12,841 |  |  | 1,950 |
Consolidated | $ | 41,818 |  |  | $ | 14,473 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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