| Restructuring and Related Costs |
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:
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Year Ended March |
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Cumulative Charges
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| (In thousands) |
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2025 |
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2024 |
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| Type of Cost |
Location |
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| Severance and employee-related benefits |
SG&A expenses |
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$ |
66,002 |
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$ |
64,822 |
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$ |
130,824 |
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| Severance and employee-related benefits |
Cost of goods sold |
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1,673 |
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4,510 |
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6,183 |
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| Contract termination and other |
SG&A expenses |
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737 |
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— |
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737 |
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| Contract termination and other |
Cost of goods sold |
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157 |
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— |
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157 |
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| Asset impairments and write-downs |
SG&A expenses |
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8,783 |
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39,386 |
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48,169 |
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| Pension withdrawal |
SG&A expenses |
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3,619 |
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— |
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3,619 |
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| Curtailment gains |
Other income (expense), net |
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(936) |
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— |
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(936) |
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| Accelerated depreciation |
SG&A expenses |
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1,317 |
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— |
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1,317 |
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| Accelerated depreciation |
Cost of goods sold |
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17 |
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— |
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17 |
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| Total Reinvent Restructuring Charges |
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$ |
81,369
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$ |
108,718
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$ |
190,087
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Year Ended March |
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| (In thousands) |
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2025 |
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2024 |
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2023 |
| Type of Cost |
Location |
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| Severance and employee-related benefits |
SG&A expenses |
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$ |
— |
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$ |
676 |
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$ |
52,999 |
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| Severance and employee-related benefits |
Cost of goods sold |
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— |
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— |
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3,481 |
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| Accelerated depreciation |
SG&A expenses |
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— |
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— |
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6,645 |
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| Accelerated depreciation |
Cost of goods sold |
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— |
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— |
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1,371 |
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| Contract termination and other |
SG&A expenses |
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591 |
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1,326 |
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10,289 |
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| Total Other Restructuring Charges |
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$ |
591
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$ |
2,002
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$ |
74,785
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Other Restructuring Charges by business segment were as follows:
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Year Ended March |
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| (In thousands) |
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2025 |
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2024 |
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2023 |
| Outdoor |
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$ |
— |
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$ |
242 |
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$ |
1,088 |
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| Active |
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— |
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434 |
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1,478 |
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| Work |
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— |
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— |
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9 |
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| Corporate and other |
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591 |
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1,326 |
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72,210 |
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| Total |
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$ |
591
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$ |
2,002
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$ |
74,785
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| Schedule of Activity in Restructuring Accrual |
The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges was as follows:
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| (In thousands) |
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Severance |
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Other |
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Total |
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| Accrual at March 2023 |
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$ |
37,768
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$ |
6,545
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$ |
44,313
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| Charges |
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70,008 |
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— |
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70,008 |
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| Cash payments and settlements |
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(41,902) |
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(5,923) |
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(47,825) |
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| Adjustments to accruals |
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(5,660) |
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(287) |
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(5,947) |
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| Impact of foreign currency |
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(54) |
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10 |
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(44) |
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| Accrual at March 2024 |
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60,160
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|
345
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60,505
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| Charges |
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67,675 |
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|
894 |
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68,569 |
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| Cash payments and settlements |
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(55,935) |
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(902) |
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(56,837) |
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| Adjustments to accruals |
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(6,432) |
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— |
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(6,432) |
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| Impact of foreign currency |
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(218) |
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— |
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(218) |
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| Accrual at March 2025 |
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$ |
65,250
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$ |
337
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$ |
65,587
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