XML 76 R59.htm IDEA: XBRL DOCUMENT
v3.25.1

RETIREMENT AND SAVINGS BENEFIT PLANS (Tables) | 12 Months Ended
--- | ---
Mar. 29, 2025
Retirement Benefits [Abstract] |
Schedule of Components of Pension Cost | The components of pension cost for VF’s defined benefit plans were as follows:
|  | Year Ended March
(In thousands) |  | 2025 |  |  | 2024 |  | 2023
Service cost — benefits earned during the period |  | $ | 9,796 |  |  |  | $ | 8,924 |  |  | $ | 10,632 |
Interest cost on projected benefit obligations |  | 46,789 |  |  |  | 47,079 |  |  | 44,732 |
Expected return on plan assets |  | (61,225) |  |  |  | (63,569) |  |  | (63,157) |
Settlement charges |  | — |  |  |  | 3,538 |  |  | 93,731 |
Curtailments |  | (936) |  |  |  | — |  |  | — |
Amortization of deferred amounts: |  |  |  |  |  |  |
Net deferred actuarial losses |  | 20,205 |  |  |  | 16,656 |  |  | 16,395 |
Deferred prior service credits |  | (589) |  |  |  | (541) |  |  | (453) |
Net periodic pension cost |  | $ | 14,040 |  |  |  | $ | 12,087 |  |  | $ | 101,880 |
Weighted average actuarial assumptions used to determine pension cost: |  |  |  |  |  |  |
Discount rate in effect for determining service cost |  | 2.05 | % |  |  | 2.50 | % |  | 1.42 | %
Discount rate in effect for determining interest cost |  | 4.59 | % |  |  | 4.85 | % |  | 4.09 | %
Expected long-term return on plan assets |  | 5.90 | % |  |  | 5.99 | % |  | 5.24 | %
Rate of compensation increase (a) |  | 2.15 | % |  |  | 2.19 | % |  | 1.95 | %
(a)Rate of compensation increase is calculated as the weighted average rate of compensation increase for active plans. Frozen plans are excluded from the calculation.
Schedule of Reconciliation of Changes in Fair Value of Defined Benefit Plan Assets and Projected Benefit Obligations | The following provides a reconciliation of the changes in fair value of VF’s defined benefit plan assets and projected benefit obligations for each period, and the funded status at the end of each period:
(In thousands) |  | March 2025 |  |  | March 2024
Fair value of plan assets, beginning of period |  | $ | 1,085,242 |  |  |  | $ | 1,111,710 |
Actual return on plan assets |  | 33,976 |  |  |  | 17,332 |
VF contributions |  | 15,478 |  |  |  | 30,167 |
Participant contributions |  | 5,469 |  |  |  | 5,447 |
Benefits paid |  | (66,132) |  |  |  | (81,150) |
Currency translation |  | 2,982 |  |  |  | 1,736 |
Fair value of plan assets, end of period |  | 1,077,015 |  |  |  | 1,085,242 |
Projected benefit obligations, beginning of period |  | 995,357 |  |  |  | 1,021,333 |
Service cost |  | 9,796 |  |  |  | 8,924 |
Interest cost |  | 46,789 |  |  |  | 47,079 |
Participant contributions |  | 5,469 |  |  |  | 5,447 |
Actuarial gain |  | (12,184) |  |  |  | (7,518) |
Benefits paid |  | (66,132) |  |  |  | (81,150) |
Plan amendments |  | 129 |  |  |  | (489) |
Curtailments |  | (781) |  |  |  | — |
Currency translation |  | 3,563 |  |  |  | 1,731 |
Projected benefit obligations, end of period |  | 982,006 |  |  |  | 995,357 |
Funded status, end of period |  | $ | 95,009 |  |  |  | $ | 89,885 |
Pension benefits are reported in the Consolidated Balance Sheets as a net asset or liability based on the overfunded or underfunded status of the defined benefit plans, assessed on a plan-by-plan basis.
(In thousands) |  | March 2025 |  |  | March 2024
Amounts included in Consolidated Balance Sheets: |  |  |  |  |
Other assets (Note 11) |  | $ | 179,596 |  |  |  | $ | 175,110 |
Accrued liabilities (Note 14) |  | (6,899) |  |  |  | (6,597) |
Other liabilities (Note 16) |  | (77,688) |  |  | (78,628) |
Funded status |  | $ | 95,009 |  |  | $ | 89,885 |
Accumulated other comprehensive loss, pretax: |  |  |  |  |
Net deferred actuarial losses |  | $ | 256,027 |  |  | $ | 260,512 |
Net deferred prior service credits |  | (3,666) |  |  | (4,290) |
Total accumulated other comprehensive loss, pretax |  | $ | 252,361 |  |  | $ | 256,222 |
Accumulated benefit obligations |  | $ | 963,373 |  |  | $ | 976,120 |
Weighted average actuarial assumptions used to determine pension obligations: |  |  |  |  |
Discount rate |  | 5.05 | % |  |  | 4.94 | %
Rate of compensation increase (a) |  | 1.98 | % |  |  | 2.11 | %
(a)Rate of compensation increase is calculated as the weighted average rate of compensation increase for active plans. Frozen plans are excluded from the calculation.
Schedule of Components of Pension Plans with an Accumulated Benefit Obligation and Projected Benefit Obligation in Excess of Plan Assets | The following provides information for VF's defined benefit plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets:
(In thousands) |  | March 2025 |  |  | March 2024
Projected benefit obligations |  | $ | 190,404 |  |  |  | $ | 183,329 |
Accumulated benefit obligations |  | 171,771 |  |  |  | 164,092 |
Fair value of plan assets |  | 105,817 |  |  |  | 98,104 |
The net amount of projected benefit obligations and plan ass ets for underfunded defined benefit plans was $84.6 million and $85.2 million as of March 2025 and 2024, respectively, and was reported in accrued liabilities and other liabilities in the Consolidated Balance Sheets.
Schedule of Fair Value of Investments Held by Pension Plan | The fair value of investments held by VF’s defined benefit plans at March 2025 and March 2024, by asset class, is summarized below. Refer to Note 24 for a description of the three levels of the fair value measurement hierarchy.
| Total Plan Assets |  | Fair Value Measurements |
(In thousands) | Level 1 |  | Level 2 |  | Level 3 |
March 2025 |  |  |  |  |  |  |  |
Plan assets |  |  |  |  |  |  |  |
Cash equivalents | $ | 16,716 |  |  | $ | 16,716 |  |  | $ | — |  |  | $ | — |  |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. Treasury and government agencies | 2 |  |  | — |  |  | 2 |  |  | — |  |
Insurance contracts | 111,992 |  |  | — |  |  | 111,992 |  |  | — |  |
Futures contracts | 1,900 |  |  | 1,900 |  |  | — |  |  | — |  |
Total plan assets in the fair value hierarchy | 130,610 |  |  | $ | 18,616 |  |  | $ | 111,994 |  |  | $ | — |  |
Plan assets measured at net asset value |  |  |  |  |  |  |  |
Cash equivalents | 121,450 |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |
Domestic | 5,109 |  |  |  |  |  |  |  |
International | 27,324 |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |
Corporate and international bonds | 784,724 |  |  |  |  |  |  |  |
Alternative investments | 7,798 |  |  |  |  |  |  |  |
Total plan assets measured at net asset value | 946,405 |  |  |  |  |  |  |  |
Total plan assets | $ | 1,077,015 |  |  |  |  |  |  |  |
| Total Plan Assets |  | Fair Value Measurements
(In thousands) | Level 1 |  | Level 2 |  | Level 3
March 2024 |  |  |  |  |  |  |
Plan assets |  |  |  |  |  |  |
Cash equivalents | $ | 4,428 |  |  | $ | 4,428 |  |  | $ | — |  |  | $ | — |
Fixed income securities: |  |  |  |  |  |  |
U.S. Treasury and government agencies | 2 |  |  | — |  |  | 2 |  |  | — |
Insurance contracts | 103,362 |  |  | — |  |  | 103,362 |  |  | — |
Futures contracts | 2,661 |  |  | 2,661 |  |  | — |  |  | — |
Total plan assets in the fair value hierarchy | 110,453 |  |  | $ | 7,089 |  |  | $ | 103,364 |  |  | $ | — |
Plan assets measured at net asset value |  |  |  |  |  |  |
Cash equivalents | 87,748 |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |
Domestic | 33,510 |  |  |  |  |  |  |
International | 40,933 |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |
Corporate and international bonds | 751,147 |  |  |  |  |  |  |
Alternative investments | 61,451 |  |  |  |  |  |  |
Total plan assets measured at net asset value | 974,789 |  |  |  |  |  |  |
Total plan assets | $ | 1,085,242 |  |  |  |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligations including accumulated benefit obligation and projected benefit obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (e) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAccumulatedAndProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-2 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration