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RESTRUCTURING
 12 Months Ended
Mar. 29, 2025
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. The Company currently estimates it will incur approximately $200.0 million to $210.0 million in restructuring charges in connection with Reinvent, and actions are expected to be completed by the end of the first quarter of Fiscal 2026.
Of the total estimated charges, the Company anticipates that approximately 70% will relate to severance and employee-related benefits and the remainder will primarily relate 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 2025, $53.3 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 2025 and 2024, and the cumulative charges recorded since the inception of Reinvent were as follows:
Year Ended March
Cumulative Charges
(In thousands)20252024
Type of CostLocation
Severance and employee-related benefitsSG&A expenses$66,002 $64,822 $130,824 
Severance and employee-related benefitsCost of goods sold1,673 4,510 6,183 
Contract termination and otherSG&A expenses737 — 737 
Contract termination and otherCost of goods sold157 — 157 
Asset impairments and write-downsSG&A expenses8,783 39,386 48,169 
Pension withdrawalSG&A expenses3,619 — 3,619 
Curtailment gainsOther income (expense), net(936)— (936)
Accelerated depreciationSG&A expenses1,317 — 1,317 
Accelerated depreciationCost of goods sold17 — 17 
Total Reinvent Restructuring Charges$81,369 $108,718 $190,087 
All restructuring charges related to Reinvent recognized in the years ended March 2025 and 2024 were reported within 'Corporate and other' expenses in Note 21, Reportable Segment Information.
Other Restructuring Charges
Other Restructuring Charges are related to various approved initiatives. The type of cost and respective location of Other Restructuring Charges within VF's Consolidated Statements of Operations for the years ended March 2025, 2024 and 2023 were as follows:
Year Ended March
(In thousands)202520242023
Type of CostLocation
Severance and employee-related benefitsSG&A expenses$— $676 $52,999 
Severance and employee-related benefitsCost of goods sold— — 3,481 
Accelerated depreciationSG&A expenses— — 6,645 
Accelerated depreciationCost of goods sold— — 1,371 
Contract termination and otherSG&A expenses591 1,326 10,289 
Total Other Restructuring Charges$591 $2,002 $74,785 
Other Restructuring Charges by business segment were as follows:
Year Ended March
(In thousands)202520242023
Outdoor$— $242 $1,088 
Active— 434 1,478 
Work— — 9 
Corporate and other591 1,326 72,210 
Total$591 $2,002 $74,785 
Consolidated Restructuring Charges
The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges was as follows:
(In thousands)SeveranceOtherTotal
Accrual at March 2023$37,768 $6,545 $44,313 
Charges70,008 — 70,008 
Cash payments and settlements(41,902)(5,923)(47,825)
Adjustments to accruals(5,660)(287)(5,947)
Impact of foreign currency(54)10 (44)
Accrual at March 202460,160 345 60,505 
Charges67,675 894 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 
Of the $65.6 million total restructuring accrual at March 2025, $64.9 million is expected to be paid within the next 12 months and is classified within accrued liabilities. The remaining $0.7 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 2024 or prior periods.