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

RESTRUCTURING

v3.26.1
RESTRUCTURING
 12 Months Ended
Mar. 28, 2026
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, 72% 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 year ended March 2026, $67.7 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 years ended March 2026, 2025 and 2024, and the cumulative charges recorded since the inception of Reinvent were as follows:
Year Ended March
Cumulative Charges
(In thousands) 2026 2025 2024
Type of Cost Location
Severance and employee-related benefits SG&A expenses $ 7,216  $ 66,002  $ 64,822  $ 138,040 
Severance and employee-related benefits Cost of goods sold 3,820  1,673  4,510  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 2,170  8,783  39,386  50,339 
Pension withdrawal SG&A expenses 1,597  3,619  —  5,216 
Curtailment gains Other income (expense), net (531) (936) —  (1,467)
Accelerated depreciation SG&A expenses —  1,317  —  1,317 
Accelerated depreciation Cost of goods sold 322  17  —  339 
Total Reinvent Restructuring Charges $ 14,920  $ 81,369  $ 108,718  $ 205,007 
All restructuring charges related to Reinvent recognized in the years ended March 2026, 2025 and 2024 were reported within 'Corporate and other' expenses in Note 21, 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 Statements of Operations for the years ended March 2026, 2025 and 2024 were as follows:
Year Ended March
(In thousands) 2026 2025 2024
Type of Cost Location
Severance and employee-related benefits SG&A expenses $ 17,169  $ —  $ 676 
Severance and employee-related benefits Cost of goods sold 6,472  —  — 
Accelerated depreciation SG&A expenses 455  —  — 
Contract termination and other SG&A expenses —  591  1,326 
Total Other Restructuring Charges $ 24,096  $ 591  $ 2,002 
Other Restructuring Charges by reportable segment and the “All Other” category were as follows:
Year Ended March
(In thousands) 2026 2025 2024
Outdoor $ 5,183  $ —  $ 242 
Active 3,366  —  — 
All Other 622  —  434 
Corporate and other 14,925  591  1,326 
Total $ 24,096  $ 591  $ 2,002 
Consolidated Restructuring Charges
The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges was as follows:
(In thousands) Severance Other Total
Accrual at March 2024 $ 60,160  $ 345  $ 60,505 
Restructuring charges 67,675  894  68,569 
Cash payments and settlements (55,935) (902) (56,837)
Adjustments to accruals (6,432) —  (6,432)
Impact of foreign currency (218) —  (218)
Accrual at March 2025 65,250  337  65,587 
Restructuring charges 42,923  —  42,923 
Cash payments and settlements (69,146) —  (69,146)
Adjustments to accruals (8,607) (337) (8,944)
Impact of foreign currency 622  —  622 
Accrual at March 2026 $ 31,042  $ —  $ 31,042 
Of the total restructuring accrual at March 2026, $28.9 million is expected to be paid within the next 12 months and is classified within accrued liabilities (Note 14). The remaining $2.1 million will be paid out beyond the next 12 months and thus is classified within other liabilities. During the year ended March 2026, VF recorded adjustments to prior Reinvent accruals to reflect actual attrition rates that differed from original estimates.