|3 Months Ended|
Jun. 29, 2019
|Restructuring and Related Activities [Abstract]|
The Company typically 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 2019, VF leadership approved $4.8 million of restructuring charges, of which $3.4 million was recognized in selling, general and administrative expenses and $1.4 million in cost of goods sold. The Company has not recognized significant incremental costs related to the actions for the year ended March 2019 or prior periods.
Of the $57.9 million total restructuring accrual at June 2019, $55.3 million is expected to be paid out within the next 12 months and is classified within accrued liabilities. The remaining $2.6 million will be paid out beyond the next 12 months and thus is classified within other liabilities.
The activity in the restructuring accrual for the three-month period ended June 2019 was as follows:
Restructuring charges were incurred as follows:
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef