Restructuring |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring |
Restructuring
In light of the 2016 divestiture of our Contemporary Brands coalition and the ongoing strategic review of our Licensed Sports Group business, the Company reassessed how to best optimize and leverage VF’s strengths to create a more efficient and agile organization. In the fourth quarter of 2016, VF leadership approved restructuring charges related to cost alignment initiatives that are expected to improve profitability in 2017 and beyond. The Company does not expect to recognize additional costs relating to these actions, and expects substantially all of the restructuring activities to be completed by the end of 2017. Of the $58.1 million of restructuring charges recognized in 2016, $34.8 million are reflected in selling, general and administrative expenses and $23.3 million in cost of goods sold.
The components of the restructuring charges in 2016 are as follows:
Restructuring costs by business segment are as follows:
The activity in the restructuring accrual for December 2016 is as follows:
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- References No definition available.
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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