| Schedule of Restructuring and Related Costs |
The type of cost and respective location of restructuring charges (gains) related to Reinvent within VF’s Consolidated Statements of Operations for the three and six months ended September 2026 and 2025, and the cumulative charges (gains) recorded since the inception of Reinvent were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September |
|
Six Months Ended September |
|
|
|
|
Cumulative Charges (Gains) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
|
|
|
|
|
|
| Type of Cost |
Location |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Severance and employee-related benefits |
SG&A expenses |
|
$ |
— |
|
|
|
$ |
4,214 |
|
|
|
$ |
— |
|
|
|
$ |
15,462 |
|
|
|
|
|
|
|
|
|
$ |
138,040 |
|
|
| Severance and employee-related benefits |
Cost of goods sold |
|
— |
|
|
|
(405) |
|
|
|
— |
|
|
|
3,820 |
|
|
|
|
|
|
|
|
|
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 |
|
— |
|
|
|
(30) |
|
|
|
6,397 |
|
|
|
2,170 |
|
|
|
|
|
|
|
|
|
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 |
|
— |
|
|
|
322 |
|
|
|
— |
|
|
|
322 |
|
|
|
|
|
|
|
|
|
339 |
|
|
| Total Reinvent Restructuring Charges (Gains) |
|
$ |
—
|
|
|
|
$ |
4,101
|
|
|
|
$ |
(11,203) |
|
|
|
$ |
21,569
|
|
|
|
|
|
|
|
|
|
$ |
193,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September |
|
Six Months Ended September |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
| Type of Cost |
Location |
|
|
|
|
|
|
|
|
|
|
|
| Severance and employee-related benefits |
SG&A expenses |
|
$ |
6,417 |
|
|
|
$ |
788 |
|
|
|
$ |
8,780 |
|
|
|
$ |
788 |
|
| Severance and employee-related benefits |
Cost of goods sold |
|
38 |
|
|
|
— |
|
|
|
83 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Other Restructuring Charges |
|
$ |
6,455
|
|
|
|
$ |
788
|
|
|
|
$ |
8,863
|
|
|
|
$ |
788
|
|
Other Restructuring Charges by reportable segment and the “All Other” category were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September |
|
|
Six Months Ended September |
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
| Outdoor |
|
$ |
2,351 |
|
|
|
$ |
— |
|
|
|
$ |
2,401 |
|
|
|
$ |
— |
|
| Active |
|
1,056 |
|
|
|
331 |
|
|
|
2,151 |
|
|
|
331 |
|
| All Other |
|
215 |
|
|
|
— |
|
|
|
244 |
|
|
|
— |
|
| Corporate and other |
|
2,833 |
|
|
|
457 |
|
|
|
4,067 |
|
|
|
457 |
|
| Total |
|
$ |
6,455
|
|
|
|
$ |
788
|
|
|
|
$ |
8,863
|
|
|
|
$ |
788
|
|
|
| Schedule of Activity in Restructuring Accrual |
The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges for the six-month period ended September 2026 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
Severance |
|
|
|
|
|
| Accrual at March 2026 |
$ |
31,042
|
|
|
|
|
|
|
| Restructuring charges |
8,863 |
|
|
|
|
|
|
| Cash payments and settlements |
(12,158) |
|
|
|
|
|
|
| Adjustments to accruals |
(3,199) |
|
|
|
|
|
|
| Impact of foreign currency |
59 |
|
|
|
|
|
|
| Accrual at September 2026 |
$ |
24,607
|
|
|
|
|
|
|
|