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RESTRUCTURING (Tables) | 6 Months Ended
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Jun. 29, 2024
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring Charges by Operating Segment | The following table shows a summary of TAG plan charges (in thousands):
| For the 13 Weeks Ended June 29, 2024 |  | For the 13 Weeks Ended July 1, 2023 |  | For the 26 Weeks Ended June 29, 2024 |  | For the 26 Weeks Ended July 1, 2023
Cost of sales | $ | — |  |  | $ | 2,911 |  |  | $ | (241) |  |  | $ | 8,174 |
Selling, general and administrative expenses | 16,673 |  |  | 4,632 |  |  | 26,726 |  |  | 11,729 |
Consolidated | $ | 16,673 |  |  | $ | 7,543 |  |  | $ | 26,485 |  |  | $ | 19,903 |
TAG plan restructuring charges by operating segment were as follows (in thousands):
| For the 13 Weeks Ended June 29, 2024 |  | For the 13 Weeks Ended July 1, 2023 |  | For the 26 Weeks Ended June 29, 2024 |  | For the 26 Weeks Ended July 1, 2023
Americas | $ | 262 |  |  | $ | 1,535 |  |  | $ | 626 |  |  | $ | 4,493 |
Europe | 1,869 |  |  | 3,386 |  |  | 5,426 |  |  | 7,342 |
Asia | 93 |  |  | 1,686 |  |  | 1,056 |  |  | 5,953 |
Corporate | 14,449 |  |  | 936 |  |  | 19,377 |  |  | 2,115 |
Consolidated | $ | 16,673 |  |  | $ | 7,543 |  |  | $ | 26,485 |  |  | $ | 19,903 |
Schedule of Liability Incurred On Restructuring Plan | The following table shows a rollforward of the accrued liability related to the Company’s TAG plan (in thousands):
| For the 13 Weeks Ended June 29, 2024
| Liabilities |  |  |  |  |  |  |  | Liabilities
| March 30, 2024 |  | Charges |  | Cash Payments |  | Non-cash Items |  | June 29, 2024
Stores and facilities closures | $ | 1 |  |  | $ | 36 |  |  | $ | 1 |  |  | $ | 36 |  |  | $ | — |
Professional services | 211 |  |  | 11,568 |  |  | 460 |  |  | — |  |  | 11,319 |
Severance and employee-related benefits | 8,479 |  |  | 5,069 |  |  | 4,834 |  |  | 365 |  |  | 8,349 |
Charges related to exits of certain product offerings | 750 |  |  | — |  |  | 450 |  |  | — |  |  | 300 |
Total | $ | 9,441 |  |  | $ | 16,673 |  |  | $ | 5,745 |  |  | $ | 401 |  |  | $ | 19,968 |
| For the 13 Weeks Ended July 1, 2023
| Liabilities |  |  |  |  |  |  |  | Liabilities
| April 1, 2023 |  | Charges |  | Cash Payments |  |  |  | July 1, 2023
Professional services | $ | 20 |  |  | $ | 967 |  |  | $ | 89 |  |  |  |  | $ | 898 |
Severance and employee-related benefits | 4,500 |  |  | 3,666 |  |  | 3,353 |  |  |  |  | 4,813 |
Charges related to exits of certain product offerings | 5,264 |  |  | 2,910 |  |  | 700 |  |  |  |  | 7,474 |
Total | 9,784 |  |  | 7,543 |  |  | 4,142 |  |  |  |  | 13,185 |
| For the 26 Weeks Ended June 29, 2024
| Liabilities |  |  |  |  |  |  |  | Liabilities
| December 30, 2023 |  | Charges |  | Cash Payments |  | Non-cash Items |  | June 29, 2024
Stores and facilities closures | $ | — |  |  | $ | 143 |  |  | $ | 7 |  |  | $ | 136 |  |  | $ | — |
Professional services | 117 |  |  | 14,052 |  |  | 2,850 |  |  | — |  |  | 11,319 |
Severance and employee-related benefits | 8,117 |  |  | 12,531 |  |  | 11,934 |  |  | 365 |  |  | 8,349 |
Charges related to exits of certain product offerings | 3,821 |  |  | (241) |  |  | 3,280 |  |  | — |  |  | 300 |
Total | $ | 12,055 |  |  | $ | 26,485 |  |  | $ | 18,071 |  |  | $ | 501 |  |  | $ | 19,968 |
| For the 26 Weeks Ended July 1, 2023
| Liabilities |  |  |  |  |  |  |  | Liabilities
| December 31, 2022 |  | Charges |  | Cash Payments |  |  |  | July 1, 2023
Professional services | $ | — |  |  | $ | 1,002 |  |  | $ | 104 |  |  |  |  | $ | 898 |
Severance and employee-related benefits | — |  |  | 10,727 |  |  | 5,914 |  |  |  |  | 4,813 |
Charges related to exits of certain product offerings | — |  |  | 8,174 |  |  | 700 |  |  |  |  | 7,474 |
Total | $ | — |  |  | $ | 19,903 |  |  | $ | 6,718 |  |  |  |  | $ | 13,185 |
The following table shows a rollforward of the accrued liability related to the Company’s NWF 2.0 restructuring plan (in thousands):
| For the 13 Weeks Ended July 1, 2023 |  |
| Liabilities |  |  |  |  |  |  |  | Liabilities |  |
| April 1, 2023 |  |  |  | Cash Payments |  |  |  | July 1, 2023 |  |
Professional services | $ | 60 |  |  |  |  | $ | 13 |  |  |  |  | $ | 47 |  |  |
Severance and employee-related benefits | 587 |  |  |  |  | 327 |  |  |  |  | 260 |  |  |
Total | $ | 647 |  |  |  |  | $ | 340 |  |  |  |  | $ | 307 |  |  |
| For the 26 Weeks Ended July 1, 2023
| Liabilities |  |  |  |  |  |  |  | Liabilities
| December 31, 2022 |  |  |  | Cash Payments |  |  |  | July 1, 2023
Professional services | $ | 74 |  |  |  |  | $ | 27 |  |  |  |  | $ | 47 |
Severance and employee-related benefits | 2,821 |  |  |  |  | 2,561 |  |  |  |  | 260 |
Total | $ | 2,895 |  |  |  |  | $ | 2,588 |  |  |  |  | $ | 307 |

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- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.b.2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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