Quarterly report [Sections 13 or 15(d)]

REPORTABLE SEGMENT INFORMATION

v3.25.4
REPORTABLE SEGMENT INFORMATION
 9 Months Ended
Dec. 27, 2025
Segment Reporting [Abstract]  
REPORTABLE SEGMENT INFORMATION REPORTABLE SEGMENT INFORMATION
VF's President and CEO is the Company's CODM. The Company's individual global brands, or in certain cases the combination of global brands, have been determined to be operating segments. The operating segments have been evaluated and aggregated into reportable segments because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance. In the first quarter of Fiscal 2026, VF realigned its reportable segments to reflect a change in how the Timberland® brand is managed and the CODM's key areas of focus. VF began managing its Timberland® and Timberland PRO® brands as one operating segment during the first quarter of Fiscal 2026. This operating segment has been aggregated with The North Face® brand in the Outdoor reportable segment and the Vans®, Kipling®, Eastpak® and JanSport® brands have been aggregated in the Active reportable segment. All other brands that have not been aggregated within the
reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an “All Other” category. This group includes the following brands: Dickies® (through the date of sale), Altra®, Smartwool®, Napapijri® and Icebreaker®. Results for the “All Other” category are included as a reconciling item between the Company's reportable segments and its consolidated results of operations and assets.
Reportable segment results for all prior periods have been recast to reflect the change in reportable segments. These changes had no impact on previously reported consolidated results of operations.
The results of Dickies have been included in the “All Other” category through the November 12, 2025 date of sale.
Below is a description of VF's reportable segments and the brands included within each:
REPORTABLE SEGMENT BRANDS
Outdoor - Outdoor apparel, footwear and equipment
The North Face®
Timberland®
Active - Active apparel, footwear and accessories
Vans®
Kipling®
Eastpak®
JanSport®
All Other - included in the tables below for purposes of reconciliation of revenues, profit and assets, but it is not considered a reportable segment. “All Other” includes the following brands: Dickies® (through the date of sale), Altra®, Smartwool®, Napapijri® and Icebreaker®.
The primary financial measures used by the CODM to assess performance and allocate resources to VF's segments are segment revenues and segment profit. Segment profit comprises the operating income (loss) and other income (expense), net line items of each segment. Segment revenues and segment profit are regularly reviewed by the CODM and compared against historical results, forecast and budget information in order to make decisions about how to allocate capital and other resources to each segment.
Corporate costs (other than common costs allocated to the segments), goodwill and indefinite-lived intangible asset impairment charges and net interest expense are not controlled by segment management and therefore are excluded from the measurement of segment profit. Common costs such as information systems processing, retirement benefits and insurance are allocated from corporate costs to the segments based on appropriate metrics such as usage or employment. Corporate costs that are not allocated to the segments consist of corporate headquarters expenses (including compensation and benefits of corporate management and staff, certain legal and professional fees and administrative and general costs), costs of
corporate programs or corporate-managed decisions, and other expenses which include a portion of defined benefit pension costs, development costs for management information systems, costs of registering, maintaining and enforcing certain of VF’s trademarks and miscellaneous consolidated costs. Defined benefit pension plans in the U.S. are centrally managed. The current year service cost component of pension cost is allocated to the segments, while the remaining pension cost components are reported in corporate and other expenses.
Segment assets are those used directly in or resulting from the operations of each business, which are accounts receivable and inventories. Segment assets included in the “All Other” category represent accounts receivable and inventory balances related to the brands included within the “All Other” category as noted above and segment assets included in the “Corporate and other” category represent receivable balances primarily related to corporate activities, and both are provided for purposes of reconciliation as they are not considered reportable segments. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM at the segment level.
Financial information for VF's segments is as follows:
Three Months Ended December 2025
(In thousands) Outdoor Active Total
Reportable segment revenues $ 1,926,008  $ 671,835  $ 2,597,843 
“All Other” revenues
 277,958 
Total revenues 2,875,801 
Less:
Cost of goods sold 818,631  294,120 
Marketing expenses 172,665  67,728 
Other SG&A expenses 529,680  315,145 
Other segment items (a)
2,694  536 
Segment profit (loss) 407,726  (4,622) 403,104 
Impairment of goodwill (30,716)
Corporate and other income (expenses) (b)
10,030 
Interest expense, net (34,611)
“All Other” profit
 15,052 
Income from continuing operations before income taxes $ 362,859 
(a)For each reportable segment, 'Other segment items' include certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses, which are reported in the other income (expense), net line item in the Consolidated Statement of Operations.
(b)An estimated pre-tax gain on the sale of Dickies of $139.1 million was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the three months ended December 2025. Refer to Note 4 for additional information regarding the divestiture. In addition, a pension settlement charge of $34.0 million related to the termination of the U.S. qualified plan was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the three months ended December 2025. Refer to Note 11 for additional information regarding the settlement charge.
Three Months Ended December 2024
(In thousands) Outdoor Active Total
Reportable segment revenues $ 1,780,276  $ 716,549  $ 2,496,825 
“All Other” revenues
 337,087 
Total revenues 2,833,912 
Less:
Cost of goods sold 767,302  304,205 
Marketing expenses 148,592  81,137 
Other SG&A expenses 481,368  325,120 
Other segment items (a)
6,141  581 
Segment profit 389,155  6,668  395,823 
Impairment of intangible assets (51,000)
Corporate and other expenses (142,202)
Interest expense, net (36,516)
“All Other” profit
 30,564 
Income from continuing operations before income taxes $ 196,669 
(a)For each reportable segment, 'Other segment items' include certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses, which are reported in the other income (expense), net line item in the Consolidated Statement of Operations.
Nine Months Ended December 2025
(In thousands) Outdoor Active Total
Reportable segment revenues $ 4,401,953  $ 2,132,272  $ 6,534,225 
“All Other” revenues
 904,948 
Total revenues 7,439,173 
Less:
Cost of goods sold 2,027,058  917,255 
Marketing expenses 364,246  185,041 
Other SG&A expenses 1,351,291  913,399 
Other segment items (a)
6,838  1,387 
Segment profit 666,196  117,964  784,160 
Impairment of goodwill (30,716)
Corporate and other expenses (b)
(190,202)
Interest expense, net
(121,940)
“All Other” profit
 63,245 
Income from continuing operations before income taxes $ 504,547 
(a)For each reportable segment, 'Other segment items' include certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses, which are reported in the other income (expense), net line item in the Consolidated Statement of Operations.
(b)An estimated pre-tax gain on the sale of Dickies of $139.1 million was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the nine months ended December 2025. Refer to Note 4 for additional information regarding the divestiture. In addition, a pension settlement charge of $34.0 million related to the termination of the U.S. qualified plan was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the nine months ended December 2025. Refer to Note 11 for additional information regarding the settlement charge.
Nine Months Ended December 2024
(In thousands) Outdoor Active Total
Reportable segment revenues $ 4,100,628  $ 2,317,819  $ 6,418,447 
“All Other” revenues
 942,473 
Total revenues 7,360,920 
Less:
Cost of goods sold 1,952,221  969,797 
Marketing expenses 319,774  223,154 
Other SG&A expenses 1,240,957  953,850 
Other segment items (a)
6,730  566 
Segment profit 594,406  171,584  765,990 
Impairment of intangible assets (51,000)
Corporate and other expenses (395,959)
Interest expense, net (b)
(120,151)
“All Other” profit
 62,891 
Income from continuing operations before income taxes $ 261,771 
(a)For each reportable segment, 'Other segment items' include certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses, which are reported in the other income (expense), net line item in the Consolidated Statement of Operations.
(b)Interest expense and the related interest rate swap impact for the DDTL, which totaled $31.1 million for the nine months ended December 2024, were allocated to discontinued operations due to the requirement within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.
(In thousands) December 2025 March 2025 December 2024
Segment assets:
Outdoor $ 1,949,115  $ 1,552,908  $ 1,784,335 
Active 769,821  860,128  781,921 
All Other 335,811  507,223  534,384 
Corporate and other 19,837  28,429  37,163 
Total segment assets 3,074,584  2,948,688  3,137,803 
Cash and cash equivalents 1,466,469  429,382  1,369,376 
Property, plant and equipment, net 687,504  720,879  718,481 
Goodwill and intangible assets, net 2,066,278  2,314,093  2,341,101 
Operating lease right-of-use assets 1,364,407  1,262,319  1,268,425 
Other assets 1,772,387  1,702,175  1,719,036 
Consolidated assets $ 10,431,629  $ 9,377,536  $ 10,554,222 
Three Months Ended December Nine Months Ended December
(In thousands) 2025 2024 2025 2024
Depreciation and amortization:
Outdoor $ 25,700  $ 23,604  $ 77,821  $ 72,163 
Active 15,201  14,319  41,522  41,994 
All Other 1,892  4,859  14,166  15,417 
Corporate and other 36,089  17,290  79,537  56,894 
$ 78,882  $ 60,072  $ 213,046  $ 186,468