Quarterly report [Sections 13 or 15(d)]

PENSION PLANS

v3.25.3
PENSION PLANS
 6 Months Ended
Sep. 27, 2025
Retirement Benefits [Abstract]  
PENSION PLANS PENSION PLANS
The components of pension cost for VF’s defined benefit plans were as follows:
  Three Months Ended September Six Months Ended September
(In thousands) 2025 2024 2025 2024
Service cost – benefits earned during the period $ 2,593  $ 2,498  $ 5,106  $ 4,906 
Interest cost on projected benefit obligations 11,178  11,715  22,325  23,395 
Expected return on plan assets (15,039) (15,334) (30,046) (30,630)
Settlement charge 341  —  341  — 
Curtailments —  —  (531) — 
Amortization of deferred amounts:
Net deferred actuarial losses 4,874  5,051  9,745  10,097 
Deferred prior service credits (158) (150) (311) (294)
Net periodic pension cost $ 3,789  $ 3,780  $ 6,629  $ 7,474 
VF has reported the service cost component of net periodic pension cost in operating income and the other components, which include interest cost, expected return on plan assets, settlement charges, curtailments and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item in the Consolidated Statements of Operations.
VF contributed $10.9 million to its defined benefit plans during the six months ended September 2025, and intends to make approximately $6.0 million of contributions during the remainder of Fiscal 2026.
VF recorded a $0.3 million settlement charge in the other income (expense), net line item in the Consolidated Statements of Operations for the three and six months ended September 2025. The settlement charge related to the recognition of deferred actuarial losses resulting from lump-sum payments of retirement benefits in the supplemental defined benefit pension
plan. Actuarial assumptions used in the interim valuation were reviewed and revised as appropriate.
VF recorded $0.5 million in curtailment gains in the other income (expense), net line item in the Consolidated Statement of Operations for the six months ended September 2025, related to employee exits from an international plan resulting from restructuring actions.
In May 2025 VF executed a resolution to terminate the U.S. qualified plan, which is frozen and no longer accrues benefits. As of September 2025, the fair value of the plan's assets exceeded its benefit obligation. The termination of the plan was effective July 31, 2025, is subject to the appropriate regulatory approvals, and is expected to be completed in Fiscal 2026. VF's settlement obligations and related charges will depend upon both the nature and timing of participant settlements and prevailing market conditions. VF currently estimates non-cash settlement charges to be between $200.0 and $300.0 million.