Quarterly report [Sections 13 or 15(d)]

RESTRUCTURING

v3.25.3
RESTRUCTURING
 6 Months Ended
Sep. 27, 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, 74% 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 six months ended September 2025, $49.9 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 Statements of Operations for the three and six months ended September 2025 and 2024, and the cumulative charges recorded since the inception of Reinvent were as follows:
Three Months Ended September Six Months Ended September Cumulative Charges
(In thousands) 2025 2024 2025 2024
Type of Cost Location
Severance and employee-related benefits SG&A expenses $ 4,214  $ 8,158  $ 15,462  $ 19,299  $ 146,286 
Severance and employee-related benefits Cost of goods sold (405) —  3,820  181  10,003 
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 (30) —  2,170  500  50,339 
Pension withdrawal SG&A expenses —  3,619  —  3,619  3,619 
Curtailment gains Other income (expense), net —  —  (531) —  (1,467)
Accelerated depreciation SG&A expenses —  18  —  879  1,317 
Accelerated depreciation Cost of goods sold 322  —  322  17  339 
Total Reinvent Restructuring Charges $ 4,101  $ 11,795  $ 21,569  $ 25,389  $ 211,656 
All restructuring charges related to Reinvent recognized in the three and six months ended September 2025 and 2024 were reported within 'Corporate and other' expenses in Note 15, 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 and six months ended September 2025 and 2024 were as follows:
Three Months Ended September Six Months Ended September
(In thousands) 2025 2024 2025 2024
Type of Cost Location
Severance and employee-related benefits SG&A expenses $ 788  $ —  $ 788  $ — 
Contract termination and other SG&A expenses —  154  —  591 
Total Other Restructuring Charges $ 788  $ 154  $ 788  $ 591 
Other Restructuring Charges by reportable segment were as follows:
Three Months Ended September Six Months Ended September
(In thousands) 2025 2024 2025 2024
Active $ 331  $ —  $ 331  $ — 
Corporate and other 457 154 457 591
Total 788 154 788 591
Consolidated Restructuring Charges
The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges for the six-month period ended September 2025 was as follows:
(In thousands) Severance Other Total
Accrual at March 2025 $ 65,250  $ 337  $ 65,587 
Charges 20,070  —  20,070 
Cash payments and settlements (49,983) —  (49,983)
Adjustments to accruals (16) (337) (353)
Impact of foreign currency 737  —  737 
Accrual at September 2025 $ 36,058  $ —  $ 36,058 
The $36.1 million total restructuring accrual at September 2025, is expected to be paid within the next 12 months and is classified within accrued liabilities. The Company has not recognized any significant incremental costs related to the accruals for the year ended March 2025 or prior periods.