Quarterly report [Sections 13 or 15(d)]

PENSION PLANS

v3.26.3
PENSION PLANS
 6 Months Ended
Sep. 26, 2026
Retirement Benefits [Abstract]  
PENSION PLANS PENSION PLANS
The components of pension cost (income) for VF’s defined benefit plans were as follows:
Three Months Ended September Six Months Ended September
(In thousands) 2026 2025 2026 2025
Service cost – benefits earned during the period $ 2,146  $ 2,593  $ 4,332  $ 5,106 
Interest cost on projected benefit obligations 1,732  11,178  3,483  22,325 
Expected return on plan assets (1,439) (15,039) (2,904) (30,046)
Settlement charge (premium refund) (3,089) 341  (3,089) 341 
Curtailments —  —  —  (531)
Amortization of deferred amounts:
Net deferred actuarial losses 307  4,874  617  9,745 
Deferred prior service credits (156) (158) (315) (311)
Net periodic pension cost (income) $ (499) $ 3,789  $ 2,124  $ 6,629 
In May 2025, VF executed a resolution to terminate the U.S. qualified pension plan, which was previously frozen and no longer accruing benefits. In February 2026, the Company completed the termination of the plan through a combination of lump-sum payments to eligible participants and the purchase of group annuity contracts to settle the remaining benefit obligations.
During the three months ended September 2026, VF received a premium refund of $3.1 million related to the previously completed U.S. qualified pension plan termination. The refund reduced the previously estimated non-cash settlement charges and was recorded in the other income (expense), net line item in the Consolidated Statements of Operations for the three and six months ended September 2026. The related funds were transferred to a qualified replacement plan managed by the Company which will be used to fund future incremental annual Company contributions to VF's U.S. 401(k) program.
VF has reported the service cost component of net periodic pension cost (income) in operating income and the other components, which include interest cost, expected return on plan assets, settlement charges, premium refunds, curtailments
and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item in the Consolidated Statements of Operations.
VF contributed $3.2 million to its defined benefit plans during the six months ended September 2026, and intends to make approximately $11.8 million of contributions during the remainder of Fiscal 2027.
VF recorded a $0.3 million settlement charge in the other income (expense), net line item in the Consolidated Statements of Operations for the three and six months ended September 2025. The settlement charge related to the recognition of deferred actuarial losses resulting from lump-sum payments of retirement benefits in the supplemental defined benefit pension plan. Actuarial assumptions used in the interim valuation were reviewed and revised as appropriate.
VF recorded $0.5 million in curtailment gains in the other income (expense), net line item in the Consolidated Statement of Operations for the six months ended September 2025, related to employee exits from an international plan resulting from restructuring actions.