V F CORP
For the period ended Jun 28, 2025. Filed Jul 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 28, 2025 · Filed Jul 30, 2025
Contents
Restructuring
NOTE 18 —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,73% 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 2025, $22.5 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 Statement of Operationsfor the three months ended June 2025 and 2024, and the cumulative charges recorded since the inception of Reinvent were as follows:
| Three Months Ended June · Cumulative Charges | |||||||
|---|---|---|---|---|---|---|---|
| (In thousands) · 2025 · 2024 | |||||||
| Type of Cost · Location | |||||||
| Severance and employee-related benefits | SG&A expenses | $11,248 | $11,141 | $142,072 | |||
| Severance and employee-related benefits | Cost of goods sold | 4,225 | 181 | 10,408 | |||
| 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 | 2,200 | 500 | 50,369 | |||
| Pension withdrawal | SG&A expenses | — | — | 3,619 | |||
| Curtailment gains | Other income (expense), net | (531) | — | (1,467) | |||
| Accelerated depreciation | SG&A expenses | — | 861 | 1,317 | |||
| Accelerated depreciation | Cost of goods sold | — | 17 | 17 | |||
| Total Reinvent Restructuring Charges | $17,468 | $13,594 | $207,555 | ||||
All restructuring charges related to Reinvent recognized in the three months ended June 2025 and 2024 were reported within 'Corporate and other' expenses in Note 14, Reportable Segment Information.
VF Corporation Q1 FY26 Form 10-Q 24
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 Statement of Operationsfor the three months ended June 2025 and 2024 were as follows:
| Three Months Ended June | |||||
|---|---|---|---|---|---|
| (In thousands) · 2025 · 2024 | |||||
| Type of Cost · Location | |||||
| Contract termination and other | SG&A expenses | $— | $437 | ||
| Total Other Restructuring Charges | $— | $437 | |||
All restructuring charges related to Other recognized in the three months ended June 2025 and 2024 were reported within 'Corporate and other' expenses in Note 14, Reportable Segment Information.
Consolidated Restructuring Charges
The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges for the three-month period ended June 2025 was as follows:
| (In thousands) | Severance | Other | Total |
|---|---|---|---|
| Accrual at March 2025 | $65,250 | $337 | $65,587 |
| Charges | 15,473 | — | 15,473 |
| Cash payments and settlements | (22,583) | — | (22,583) |
| Adjustments to accruals | — | — | — |
| Impact of foreign currency | 805 | — | 805 |
| Accrual at June 2025 | $58,945 | $337 | $59,282 |
Of the $59.3 million total restructuring accrual at June 2025, $58.9 million is expected to be paid within the next 12 months and is classified within accrued liabilities. The remaining $0.4 million will be paid beyond the next 12 months and is classified within other liabilities. The Company has not recognized any significant incremental costs related to the accruals for the year ended March 2025 or prior periods.
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