Quarterly report [Sections 13 or 15(d)]

RESTRUCTURING

v3.26.1
RESTRUCTURING
 3 Months Ended
Jun. 27, 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. However, in the three months ended June 2026, VF recorded a gain of $17.6 million and an impairment charge of $6.4 million related to the sale of a distribution center and an impairment of a leased distribution center, respectively. These amounts are included in
Reinvent as the actions leading to the gain and the impairment charge were initiated under Reinvent. Of the total Reinvent restructuring charges, 76% 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 three months ended June 2026, $1.8 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 months ended June 2026 and 2025, and the cumulative charges recorded since the inception of Reinvent were as follows:
Three Months Ended June Cumulative Charges
(In thousands) 2026 2025
Type of Cost Location
Severance and employee-related benefits SG&A expenses $ —  $ 11,248  $ 138,040 
Severance and employee-related benefits Cost of goods sold —  4,225  10,003 
Contract termination and other SG&A expenses —  326  1,063 
Contract termination and other Cost of goods sold —  —  157 
Asset impairments and write-downs SG&A expenses 6,397  2,200  56,736 
Gain on the sale of fixed assets SG&A expenses (17,600) —  (17,600)
Pension withdrawal SG&A expenses —  —  5,216 
Curtailment gains Other income (expense), net —  (531) (1,467)
Accelerated depreciation SG&A expenses —  —  1,317 
Accelerated depreciation Cost of goods sold —  —  339 
Total Reinvent Restructuring Charges $ (11,203) $ 17,468  $ 193,804 
All restructuring charges related to Reinvent recognized in the three months ended June 2026 and 2025 were reported within 'Corporate and other' expenses in Note 14, 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 three months ended June 2026 and 2025 were as follows:
Three Months Ended June
(In thousands) 2026 2025
Type of Cost Location
Severance and employee-related benefits SG&A expenses $ 2,363  $ — 
Severance and employee-related benefits Cost of goods sold 45  — 
Total Other Restructuring Charges $ 2,408  $ — 
Other Restructuring Charges by reportable segment and the “All Other” category were as follows:
Three Months Ended June
(In thousands) 2026 2025
Outdoor $ 50  $ — 
Active 1,095  — 
All Other 29  — 
Corporate and other 1,234  — 
Total $ 2,408  $ — 
Consolidated Restructuring Charges
The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges for the three-month period ended June 2026 was as follows:
(In thousands) Severance
Accrual at March 2026 $ 31,042 
Restructuring charges 2,408 
Cash payments and settlements (4,909)
Adjustments to accruals (862)
Impact of foreign currency 46 
Accrual at June 2026 $ 27,725 
Of the total restructuring accrual at June 2026, $26.6 million is expected to be paid within the next 12 months and is classified within accrued liabilities. The remaining $1.1 million will be paid out beyond the next 12 months and thus is classified within other liabilities. During the three months ended June 2026, VF recorded adjustments to prior Reinvent accruals to reflect actual attrition rates that differed from original estimates.