XML 39 R22.htm IDEA: XBRL DOCUMENT
v3.25.1

SHORT-TERM BORROWINGS | 12 Months Ended
--- | ---
Mar. 29, 2025
Debt Disclosure [Abstract] |
SHORT-TERM BORROWINGS | SHORT-TERM BORROWINGS
(In thousands) |  | March 2025 |  |  | March 2024
Commercial paper borrowings |  | $ | — |  |  |  | $ | 250,000 |
International borrowing arrangements |  | 11,916 |  |  |  | 13,938 |
Short-term borrowings |  | $ | 11,916 |  |  |  | $ | 263,938 |
VF maintains a $2.25 billion senior unsecured revolving line of credit (the "Global Credit Facility") that expires in November 2026. VF may request an unlimited number of one-year extensions so long as each extension does not cause the remaining life of the Global Credit Facility to exceed five years, subject to stated terms and conditions; however, granting of any extension is at the discretion of the lenders. The Global Credit Facility may be used to borrow funds in U.S. dollars or any alternative currency (including euros and any other currency that is freely convertible into U.S. dollars, approved at the request of the Company by the lenders) and has a $75.0 million letter of credit sublimit. There were no borrowings under the Global Credit Facility during the years ended March 2025 and 2024. Any borrowings under the Global Credit Facility would currently be priced at a credit spread of 130 basis points over t he appropriate benchmark interest rate based on the forward-looking secured overnight financing rate ("Term SOFR") or the Euro Interbank Offer Rate ("EURIBOR"), plus a credit spread adjustment of 30 basis points for Term SOFR, based on the agreement as amended in August 2024. VF is also required to pay a facility fee to the lenders, currently equal to 20 basis points of the committed amount of the facility. The credit spread and facility fee are subject to adjustment based on VF’s credit ratings. Outstanding short-term balances may vary from period to period depending on the level of corporate requirements. VF has restrictive covenants on its Global Credit Facility, including a consolidated net indebtedness to consolidated net capitalization financial ratio covenant, as defined in the agreement as amended in May 2025. The calculation of consolidated net indebtedness is net of unrestricted cash and cash equivalents and the calculation of consolidated net capitalization permits certain addbacks, including non-cash impairment charges and material impacts resulting from adverse legal rulings, as defined in the amended agreement. The covenant calculation also excludes operating lease liabilities. The agreement requires the pledge of certain assets of VF and certain of its subsidiaries pursuant to the agreement .Additionally, the amended agreement restricts the total amount of cash dividends and share repurchases to $500.0 million annually, on a calendar-year basis. The consolidated net indebtedness to consolidated net capitalization ratio financial covenant, as of the last day of any fiscal quarter, cannot be greater than 0.70 to 1.00 through the last day of the fiscal quarter ended on or about September 30, 2024, then 0.65 to 1.00 through the last day of the fiscal quarter ending on or about September 30, 2025, and 0.60 to 1.00 thereafter. As of March 2025, VF was in compliance with all covenants. The Global Credit Facility also supports VF’s global commercial paper program for short-term, seasonal working capital requirements and general corporate purposes. VF’s global commercial paper program allows for borrowings of up to $2.25 billion to the extent it has borrowing capacity under the Global Credit Facility. Based on VF's current ratings, there is no active market for commercial paper. As of March 2025, there were no U.S. commercial paper borrowings. Outstanding U.S. commercial paper borrowings totaled $250.0 million at March 2024 and had a weighted average interest rate of 6.4%. As of both March 2025 and 2024, there were no o utstanding euro commercial paper borrowings. The euro commercial paper borrowing program was terminated in January 2025. T he Global Credit Facility also had $0.6 million of outstanding standby letters of credit issued on behalf of VF as of March 2025 and 2024, leaving approximately $2.2 billion and $2.0 billion as of March 2025 and 2024, respectively, available for borrowing against this facility, subject to applicable financial covenants. VF has $90.4 million of international lines of credit with various banks, which are uncommitted and may be terminated at any time by either VF or the banks. Total outstanding balances under these arrangements were $11.9 million and $13.9 million at March 2025 and 2024, respectively. Borrowings under these arrangements had a weighted average interest rate of 43.8% and 51.6% at March 2025 and 2024, respectively.

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

X
- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_ShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration