XML 37 R26.htm IDEA: XBRL DOCUMENT v3.22.2
RESTRUCTURING
 3 Months Ended
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)20222021
Severance and employee-related benefits$2,094 $2,874 
Accelerated depreciation3,668 1,431 
Contract termination and other344 — 
Total restructuring charges$6,106 $4,305 
Restructuring costs by business segment are as follows:
Three Months Ended June
(In thousands)20222021
Outdoor$— $2,223 
Active— 732 
Work— — 
Other6,106 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)SeveranceOtherTotal
Accrual at March 2022$25,640 $1,211 $26,851 
Charges2,094 344 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