|9 Months Ended|
Sep. 26, 2020
|Restructuring and Related Activities [Abstract]|
The Company generally incurs restructuring charges related to cost optimization of business activities, which primarily included severance and impairment charges related to COVID-19 and our VF OutletTM business during the three and nine months ended September 2020.
Of the $2.3 million and $13.9 million of restructuring charges recognized during the three and nine months ended September 2020, respectively, $1.9 million and $13.0 million were reflected within "selling, general and administrative expenses" and $0.4 million and $0.9 million were reflected within "cost of goods sold," respectively.
Of the $24.6 million of restructuring charges recognized during the nine months ended September 2019, $13.8 million were reflected within "selling, general and administrative expenses" and $10.8 million were reflected within "cost of goods sold."
Of the $7.2 million total restructuring accrual reported in the Company's balance sheet at September 2020, $7.0 million is expected to be paid out within the next 12 fiscal months and is classified within "accrued liabilities." The remaining $0.2 million is classified within "other liabilities." All of the $2.2 million total restructuring accrual reported in the Company's balance sheet at December 2019 was classified within "accrued liabilities."
The following table presents the components of restructuring charges:
The following table presents the restructuring costs by business segment:
The following table presents activity in the restructuring accrual for the nine-month period ended September 2020:
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