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

REPORTABLE SEGMENT INFORMATION

v3.26.1
REPORTABLE SEGMENT INFORMATION
 12 Months Ended
Mar. 28, 2026
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 Company continuously assesses the composition of its portfolio to ensure it is aligned with its strategic objectives and positioned to maximize growth and return to shareholders. In doing so, it evaluates whether changes may need to be made to our internal reporting structure to better support and assess the operations of our business going forward. If changes are made, we will assess the resulting effect, if any, on our reportable segments, operating segments and reporting units.
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 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.
Accounting policies used for internal management reporting at the individual segments are consistent with those in Note 1. 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 was as follows:
Year Ended March 2026
(In thousands) Outdoor Active Total
Reportable segment revenues $ 5,741,792  $ 2,720,967  $ 8,462,759 
“All Other” revenues
 1,142,448 
Total revenues 9,605,207 
Less:
Cost of goods sold
 2,616,156  1,170,484 
Marketing expenses 479,790  242,317 
Other SG&A expenses
 1,811,678  1,206,473 
Other segment items (a)
7,032  1,350 
Segment profit 841,200  103,043  944,243 
Impairment of goodwill (30,716)
Corporate and other expenses (b)
(511,815)
Interest expense, net (148,743)
“All Other” profit
 88,249 
Income from continuing operations before income taxes $ 341,218 
(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)A final pre-tax gain on the sale of Dickies of $127.2 million was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2026. Refer to Note 3 for additional information regarding the divestiture. In addition, a pension settlement charge of $192.1 million and excise taxes of $25.1 million related to the termination of the U.S. qualified plan were recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2026. Refer to Note 17 for additional information regarding the settlement charge and excise taxes.
Year Ended March 2025
(In thousands) Outdoor
Active
 Total
Reportable segment revenues $ 5,311,061  $ 2,914,307  $ 8,225,368 
“All Other” revenues
 1,279,323 
Total revenues 9,504,691 
Less:
Cost of goods sold 2,522,731  1,229,016 
Marketing expenses 416,066  292,395 
Other SG&A expenses 1,676,753  1,259,995 
Other segment items (a)
13,041  1,095 
Segment profit 708,552  133,996  842,548 
Impairment of goodwill and indefinite-lived intangible assets (89,242)
Corporate and other expenses (546,740)
Interest expense, net (b)
(149,243)
“All Other” profit
 87,838 
Income from continuing operations before income taxes $ 145,161 
(a)For each reportable segment, 'Other segment items' includes insurance recoveries, 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 year ended March 2025, 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.
Year Ended March 2024
(In thousands) Outdoor Active Total
Reportable segment revenues $ 5,230,287  $ 3,327,612  $ 8,557,899 
“All Other” revenues 1,357,779 
Total revenues 9,915,678 
Less:
Cost of goods sold 2,594,411  1,436,021 
Marketing expenses 421,401  291,925 
Other SG&A expenses 1,607,562  1,414,074 
Other segment items (a)
592  28,925 
Segment profit 607,505  214,517  822,022 
Impairment of goodwill (507,566)
Corporate and other expenses (469,560)
Interest expense, net (b)
(165,679)
“All Other” profit
 35,862 
Loss from continuing operations before income taxes $ (284,921)
(a)For each reportable segment, 'Other segment items' includes certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses. For the Active reportable segment, 'Other segment items' also includes legal settlement gains of $29.1 million. These are all reported in the other income (expense), net line item in the Consolidated Statement of Operation
(b)Interest expense and the related interest rate swap impact for the DDTL, which totaled $59.1 million for the year ended March 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) March 2026 March 2025 March 2024
Segment assets:
Outdoor $ 1,634,714  $ 1,552,908  $ 1,512,217 
Active 800,316  860,128  879,406 
All Other 306,730  507,223  560,660 
Corporate and other 57,471  28,429  8,869 
Total segment assets 2,799,231  2,948,688  2,961,152 
Cash and cash equivalents 823,943  429,382  656,376 
Property, plant and equipment, net 674,508  720,879  788,992 
Goodwill and intangible assets, net 2,055,247  2,314,093  2,421,838 
Operating lease right-of-use assets 1,320,733  1,262,319  1,255,074 
Other assets 1,616,515  1,702,175  1,703,664 
Assets of discontinued operations —  —  1,825,867 
Consolidated assets $ 9,290,177  $ 9,377,536  $ 11,612,963 
Year Ended March
(In thousands) 2026 2025 2024
Depreciation, amortization and other asset write-downs:
Outdoor $ 105,660  $ 103,411  $ 99,004 
Active 61,218  58,460  78,017 
All Other 18,261  21,671  22,096 
Corporate and other 95,390  76,074  108,411 
$ 280,529  $ 259,616  $ 307,528 
Supplemental information (with revenues by geographic area primarily based on the origin of the shipment) was as follows:
Year Ended March
(In thousands) 2026 2025 2024
Total revenues:
U.S. $ 4,231,822  $ 4,257,971  $ 4,550,988 
Foreign 5,373,385  5,246,720  5,364,690 
$ 9,605,207  $ 9,504,691  $ 9,915,678 
Property, plant and equipment:
U.S. $ 462,716  $ 513,627 
Foreign 211,792  207,252 
$ 674,508  $ 720,879 
No single customer accounted for 10% or more of the Company’s total revenues in the years ended March 2026, 2025 and 2024.