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RESTRUCTURING | 9 Months Ended
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Sep. 29, 2018
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 results in 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, $48.2 million and $41.9 million were recorded during fiscal year 2016, fiscal year 2017 and the Year To Date period, respectively. The Company estimates total fiscal year 2018 NWF restructuring charges of approximately $50 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 29, 2018
| Liabilities |  |  |  |  |  |  |  | Liabilities
| June 30, 2018 |  | Charges |  | Cash Payments |  | Non-cash Items |  | September 29, 2018
Store closures | $ | 5,415 |  |  | $ | 665 |  |  | $ | 810 |  |  | $ | 7 |  |  | $ | 5,263 |
Professional services | 1,518 |  |  | 4,133 |  |  | 3,650 |  |  | — |  |  | 2,001 |
Severance and employee-related benefits | 2,836 |  |  | 1,277 |  |  | 1,271 |  |  | — |  |  | 2,842 |
Total | $ | 9,769 |  |  | $ | 6,075 |  |  | $ | 5,731 |  |  | $ | 7 |  |  | $ | 10,106 |
| 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 39 Weeks Ended September 29, 2018
| Liabilities |  |  |  |  |  |  |  | Liabilities
| December 30, 2017 |  | Charges |  | Cash Payments |  | Non-cash Items |  | September 29, 2018
Store closures | $ | 2,973 |  |  | $ | 15,655 |  |  | $ | 11,413 |  |  | $ | 1,952 |  |  | $ | 5,263 |
Professional services | 185 |  |  | 9,410 |  |  | 7,594 |  |  | — |  |  | 2,001 |
Severance and employee-related benefits | 1,317 |  |  | 16,877 |  |  | 9,894 |  |  | 5,458 |  |  | 2,842 |
Total | $ | 4,475 |  |  | $ | 41,942 |  |  | $ | 28,901 |  |  | $ | 7,410 |  |  | $ | 10,106 |
| 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 |
Restructuring charges by operating segment were as follows (in thousands):
| For the 13 Weeks Ended September 29, 2018 |  | For the 13 Weeks Ended September 30, 2017 |  | For the 39 Weeks Ended September 29, 2018 |  | For the 39 Weeks Ended September 30, 2017
Americas | $ | 444 |  |  | $ | 2,771 |  |  | $ | 16,981 |  |  | $ | 10,567 |
Europe | 1,761 |  |  | 1,445 |  |  | 7,479 |  |  | 9,127 |
Asia | 382 |  |  | 1,144 |  |  | 1,714 |  |  | 9,283 |
Corporate | 3,488 |  |  | 409 |  |  | 15,768 |  |  | 12,841 |
Consolidated | $ | 6,075 |  |  | $ | 5,769 |  |  | $ | 41,942 |  |  | $ | 41,818 |

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