Quarterly report [Sections 13 or 15(d)]

RESTRUCTURING

v3.25.2
RESTRUCTURING
 3 Months Ended
Jun. 28, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
The Company incurs restructuring charges related to strategic initiatives and cost optimization of business activities. A description of significant restructuring programs and other restructuring charges is provided below.

Reinvent

On October 30, 2023, VF introduced Reinvent, a transformation program to enhance focus on brand-building and to improve operating performance and allow VF to achieve its full potential. All actions related to the program were substantially complete at the end of the first quarter of Fiscal 2026. Of the total charges, 73% related to severance and employee-related benefits and the
remainder primarily related to asset impairments and write-downs. Cash payments are generally expected to be paid within one year of charges incurred. During the three months ended June 2025, $22.5 million of cash payments related to the Reinvent charges were made.
The type of cost and respective location of restructuring charges related to Reinvent within VF's Consolidated Statement of Operations for the three months ended June 2025 and 2024, and the cumulative charges recorded since the inception of Reinvent were as follows:
Three Months Ended June Cumulative Charges
(In thousands) 2025 2024
Type of Cost Location
Severance and employee-related benefits SG&A expenses $ 11,248  $ 11,141  $ 142,072 
Severance and employee-related benefits Cost of goods sold 4,225  181  10,408 
Contract termination and other SG&A expenses 326  737  1,063 
Contract termination and other Cost of goods sold —  157  157 
Asset impairments and write-downs SG&A expenses 2,200  500  50,369 
Pension withdrawal SG&A expenses —  —  3,619 
Curtailment gains Other income (expense), net (531) —  (1,467)
Accelerated depreciation SG&A expenses —  861  1,317 
Accelerated depreciation Cost of goods sold —  17  17 
Total Reinvent Restructuring Charges $ 17,468  $ 13,594  $ 207,555 
All restructuring charges related to Reinvent recognized in the three months ended June 2025 and 2024 were reported within 'Corporate and other' expenses in Note 14, Reportable Segment Information.
Other Restructuring Charges
Other Restructuring Charges are related to various approved initiatives. The type of cost and respective location of Other Restructuring Charges within VF's Consolidated Statement of Operations for the three months ended June 2025 and 2024 were as follows:
Three Months Ended June
(In thousands) 2025 2024
Type of Cost Location
Contract termination and other SG&A expenses $ —  $ 437 
Total Other Restructuring Charges $ —  $ 437 
All restructuring charges related to Other recognized in the three months ended June 2025 and 2024 were reported within 'Corporate and other' expenses in Note 14, Reportable Segment Information.
Consolidated Restructuring Charges
The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges for the three-month period ended June 2025 was as follows:
(In thousands) Severance Other Total
Accrual at March 2025 $ 65,250  $ 337  $ 65,587 
Charges 15,473  —  15,473 
Cash payments and settlements (22,583) —  (22,583)
Adjustments to accruals —  —  — 
Impact of foreign currency 805  —  805 
Accrual at June 2025 $ 58,945  $ 337  $ 59,282 
Of the $59.3 million total restructuring accrual at June 2025, $58.9 million is expected to be paid within the next 12 months and is classified within accrued liabilities. The remaining $0.4 million will be paid beyond the next 12 months and is classified within other liabilities. The Company has not recognized any significant incremental costs related to the accruals for the year ended March 2025 or prior periods.