Annual report [Section 13 and 15(d), not S-K Item 405]

RESTRUCTURING (Tables)

v3.25.0.1
RESTRUCTURING (Tables)
 12 Months Ended
Dec. 28, 2024
Restructuring and Related Activities [Abstract]  
Components of Restructuring Charges
The following table presents the restructuring costs included in the Company's statements of operations:
Year Ended December
(In thousands) 2024 2023 2022
Cost of goods sold $ 15,387  $ 5,780  $ — 
Selling, general and administrative expenses 1,801  5,689  13,688 
Other expense, net —  —  (2,581)
Total $ 17,188  $ 11,469  $ 11,107 
The following table presents the components of restructuring charges:
Year Ended December
(In thousands) 2024 2023 2022
Severance and employee-related benefits $ 4,557  $ 7,223  $ 13,688 
Asset impairments 3,603  3,064  — 
Inventory write-downs 4,310  —  — 
Pension curtailment gain —  —  (2,581)
Other 4,718  1,182  — 
Total restructuring charges $ 17,188  $ 11,469  $ 11,107 
The following table presents the restructuring costs by business segment:
Year Ended December
(In thousands) 2024 2023 2022
Wrangler $ 15,080  $ 4,564  $ — 
Lee 40  43  — 
Corporate and other 2,068  6,862  11,107 
Total $ 17,188  $ 11,469  $ 11,107 
Schedule of Activity in Restructuring Accrual
The following table presents activity in the restructuring accrual, primarily related to severance and employee-related benefits, for the years ended December 2024 and December 2023:
(In thousands)
Accrual at December 2022 $ 10,695 
Charges 7,223 
Cash payments (17,338)
Adjustments to accruals 6 
Currency translation 241 
Accrual at December 2023 $ 827 
Charges 7,717 
Cash payments (6,323)
Adjustments to accruals (318)
Currency translation (8)
Accrual at December 2024 $ 1,895 
Of the $1.9 million total restructuring accrual reported in the Company's balance sheet at December 2024, $1.8 million is expected to be paid out within the next 12 months and was classified within "accrued and other current liabilities," and the remaining $0.1 million was classified within "other liabilities." All of the $0.8 million restructuring accrual reported in the Company's balance sheet at December 2023 was classified within "accrued and other current liabilities."