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

??GOODWILL

v3.25.1
 GOODWILL
 12 Months Ended
Mar. 29, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
 GOODWILL GOODWILL
Changes in goodwill are summarized by reportable segment as follows:
(In thousands) Outdoor Active Work Total
Balance, March 2023 $ 653,787  $ 388,401  $ 113,382  $ 1,155,570 
Impairment charges (445,757) —  (61,809) (507,566)
Foreign currency translation (2,162) (413) (73) (2,648)
Balance, March 2024 205,868  387,988  51,500  645,356 
Impairment charges (38,242) —  —  (38,242)
Foreign currency translation (1,877) (1,851) —  (3,728)
Balance, March 2025 $ 165,749  $ 386,137  $ 51,500  $ 603,386 
During the year ended March 2025, VF recorded impairment charges of $38.2 million related to the Icebreaker reporting unit, which is part of the Outdoor segment. The impairment charges were a result of VF's annual impairment testing of goodwill as of the beginning of the fourth quarter of Fiscal 2025. Refer to Note 24 for additional information on fair value measurements.
During the year ended March 2024, VF recorded impairment charges of $507.6 million related to the Timberland, Dickies and Icebreaker reporting units. During the fourth quarter of Fiscal 2024, VF performed an impairment analysis of the Timberland reporting unit as a result of a triggering event and recorded impairment charges of $211.7 million. As a result of VF's annual impairment testing of goodwill as of the beginning of the fourth quarter of Fiscal 2024, VF recorded impairment charges of $38.8 million related to the Icebreaker reporting unit. During the third
quarter of Fiscal 2024, VF performed interim impairment analyses of the Timberland and Dickies reporting units as a result of triggering events and recorded impairment charges of $195.3 million and $61.8 million, respectively. The Timberland and Icebreaker reporting units are part of the Outdoor segment and the Dickies reporting unit is part of the Work segment.
VF did not record any impairment charges in the year ended March 2023 based on the results of its goodwill impairment testing.
Accumulated impairment charges for the Outdoor segment were $807.2 million and $769.0 million as of March 2025 and 2024, respectively. Accumulated impairment charges for the Work segment were $61.8 million as of March 2025 and 2024.