Quarterly report pursuant to Section 13 or 15(d)

RESTRUCTURING

v3.23.3
RESTRUCTURING
 9 Months Ended
Sep. 30, 2023
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
The Company generally incurs restructuring charges related to cost optimization of business activities, primarily related to severance and employee-related benefits. During the second quarter of 2023, the Company took actions to drive efficiencies in our operations through a reduction in our global workforce and to streamline and transfer select production within our internal manufacturing network.
Of the $7.8 million of restructuring charges recognized during the nine months ended September 2023, $5.4 million were reflected within "selling, general and administrative expenses" and $2.4 million were reflected within "cost of goods sold." All of the $13.7 million of restructuring charges recognized during the three and nine months ended September 2022 were reflected within "selling, general and administrative expenses."
All of the $2.2 million restructuring accrual reported in the Company's balance sheet at September 2023 is expected to be paid out within the next 12 months and was classified within "accrued liabilities." All of the $10.7 million restructuring accrual reported in the Company's balance sheet at December 2022 was classified within "accrued liabilities."
The following table presents the components of restructuring charges:
Three Months Ended September Nine Months Ended September
(In thousands)
2023 2022 2023 2022
Severance and employee-related benefits $ —  $ 13,688  $ 6,614  $ 13,688 
Other —  —  1,182  — 
Total restructuring charges $ —  $ 13,688  $ 7,796  $ 13,688 
The following table presents the restructuring costs by business segment:
Three Months Ended September Nine Months Ended September
(In thousands)
2023 2022 2023 2022
Wrangler $ —  $ —  $ 995  $ — 
Lee —  —  187  — 
Corporate and other —  13,688  6,614  13,688 
Total $ —  $ 13,688  $ 7,796  $ 13,688 
The following table presents activity in the restructuring accrual for the nine-month period ended September 2023:
(In thousands) Total
Accrual at December 2022 $ 10,695 
Charges 6,614 
Cash payments (15,018)
Adjustments to accruals (266)
Currency translation 219 
Balance, September 2023 $ 2,244