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REPORTABLE SEGMENT INFORMATION | 3 Months Ended
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Jun. 28, 2025
Segment Reporting [Abstract] |
REPORTABLE SEGMENT INFORMATION | REPORTABLE SEGMENT INFORMATION VF's President and Chief Executive Officer is the Company's CODM. The Company's individual global brands, or in certain cases the combination of global brands, have been determined to be operating segments. The operating segments have been evaluated and aggregated into reportable segments because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance. In the first quarter of Fiscal 2026, VF realigned its reportable segments to reflect a change in how the Timberland® brand is managed and the CODM's key areas of focus. VF began managing its Timberland® and Timberland PRO® brands as one operating segment during the first quarter of Fiscal 2026. This operating segment has been aggregated with The North Face® brand in the Outdoor reportable segment and the Vans®, Kipling®, Eastpak® and JanSport® brands have been aggregated in the Active reportable segment. All other brands that have not been aggregated within the reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an "All Other" category. This group includes the Dickies®, Altra®, Smartwool®, Napapijri® and Icebreaker® brands. Results for the "All Other" category are included as a reconciling item between the Company's reportable segments and its consolidated results of operations and assets. Reportable segment results for all prior periods have been recast to reflect the change in reportable segments. These changes had no impact on previously reported consolidated results of operations. Below is a description of VF's reportable segments and the brands included within each:
REPORTABLE SEGMENT |  | BRANDS
Outdoor - Outdoor apparel, footwear and equipment |  | The North Face®
|  | Timberland®
Active - Active apparel, footwear and accessories |  | Vans®
|  | Kipling®
|  | Eastpak®
|  | JanSport®
All Other - included in the tables below for purposes of reconciliation of revenues, profit and assets, but it is not considered a reportable segment. "All Other" includes the Dickies®, Altra®, Smartwool®, Napapijri® and Icebreaker® brands. The primary financial measures used by the CODM to assess performance and allocate resources to VF's segments are segment revenues and segment profit. Segment profit comprises the operating income (loss) and other income (expense), net line items of each segment. Segment revenues and segment profit are regularly reviewed by the CODM and compared against historical results, forecast and budget information in order to make decisions about how to allocate capital and other resources to each segment. Corporate costs (other than common costs allocated to the segments), goodwill and indefinite-lived intangible asset impairment charges and net interest expense are not controlled by segment management and therefore are excluded from the measurement of segment profit. Common costs such as information systems processing, retirement benefits and insurance are allocated from corporate costs to the segments based on appropriate metrics such as usage or employment. Corporate costs that are not allocated to the segments consist of corporate headquarters expenses (including compensation and benefits of corporate management and staff, certain legal and professional fees and administrative and general costs), costs of corporate programs or corporate-managed decisions, and other expenses which include a portion of defined benefit pension costs, development costs for management information systems, costs of registering, maintaining and enforcing certain of VF’s trademarks and miscellaneous consolidated costs. Defined benefit pension plans in the U.S. are centrally managed. The current year service cost component of pension cost is allocated to the segments, while the remaining pension cost components are reported in corporate and other expenses. Segment assets are those used directly in or resulting from the operations of each business, which are accounts receivable and inventories. Segment assets included in the "All Other" category represent accounts receivable and inventory balances related to the brands included within the "All Other" category as noted above and segment assets included in the "Corporate and other" category represent receivable balances primarily related to corporate activities, and both are provided for purposes of reconciliation as they are not considered reportable segments. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM at the segment level. Financial information for VF's segments is as follows:
| Three Months Ended June 2025 |
(In thousands) | Outdoor |  | Active |  | Total |
Reportable segment revenues | $ | 812,466 |  |  | $ | 699,687 |  |  | $ | 1,512,153 |  |
"All Other" revenues |  |  |  |  | 248,513 |  |
Total revenues |  |  |  |  | 1,760,666 |  |
Less: |  |  |  |  |  |
Cost of goods sold | 386,077 |  |  | 298,769 |  |  |  |
Marketing expenses | 71,591 |  |  | 53,117 |  |  |  |
Other SG&A expenses | 398,553 |  |  | 291,280 |  |  |  |
Other segment items (a) | 1,485 |  |  | 317 |  |  |  |
Segment profit (loss) | (42,270) |  |  | 56,838 |  |  | 14,568 |  |
Corporate and other expenses |  |  |  |  | (104,560) |  |
Interest expense, net |  |  |  |  | (41,120) |  |
"All Other" profit |  |  |  |  | 4,519 |  |
Loss from continuing operations before income taxes |  |  |  |  | $ | (126,593) |  |
(a)For each reportable segment, 'Other segment items' includes certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses, which are reported in the other income (expense), net line item in the Consolidated Statement of Operations.
| Three Months Ended June 2024
(In thousands) | Outdoor |  | Active |  | Total
Reportable segment revenues | $ | 753,630 |  |  | $ | 776,734 |  |  | $ | 1,530,364 |
"All Other" revenues |  |  |  |  | 238,696 |
Total revenues |  |  |  |  | 1,769,060 |
Less: |  |  |  |  |
Cost of goods sold | 401,576 |  |  | 330,127 |  |  |
Marketing expenses | 66,389 |  |  | 67,322 |  |  |
Other SG&A expenses | 358,613 |  |  | 307,803 |  |  |
Other segment items (a) | 61 |  |  | (17) |  |  |
Segment profit (loss) | (72,887) |  |  | 71,465 |  |  | (1,422) |
Corporate and other expenses |  |  |  |  | (115,519) |
Interest expense, net (b) |  |  |  |  | (40,947) |
"All Other" loss |  |  |  |  | (7,565) |
Loss from continuing operations before income taxes |  |  |  |  | $ | (165,453) |
(a)For each reportable segment, 'Other segment items' includes certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses, which are reported in the other income (expense), net line item in the Consolidated Statement of Operations. (b)Interest expense and the related interest rate swap im pact for the DDTL, which totaled $14.9 million for the three months ended June 2024, were allocated to discontinued operations due to the requiremen t within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.
(In thousands) |  | June 2025 |  |  | March 2025 |  | June 2024
Segment assets: |  |  |  |  |  |  |
Outdoor |  | $ | 1,791,623 |  |  |  | $ | 1,552,908 |  |  | $ | 1,638,703 |
Active |  | 983,790 |  |  |  | 860,128 |  |  | 936,596 |
All Other |  | 522,127 |  |  |  | 507,223 |  |  | 527,813 |
Corporate and other |  | 10,161 |  |  |  | 28,429 |  |  | 5,984 |
Total segment assets |  | 3,307,701 |  |  |  | 2,948,688 |  |  | 3,109,096 |
Cash and cash equivalents |  | 642,386 |  |  |  | 429,382 |  |  | 625,436 |
Property, plant and equipment, net |  | 720,785 |  |  |  | 720,879 |  |  | 759,811 |
Goodwill and intangible assets, net |  | 2,344,578 |  |  |  | 2,314,093 |  |  | 2,413,985 |
Operating lease right-of-use assets |  | 1,319,142 |  |  |  | 1,262,319 |  |  | 1,260,903 |
Other assets |  | 1,815,905 |  |  |  | 1,702,175 |  |  | 1,714,100 |
Assets of discontinued operations |  | — |  |  |  | — |  |  | 1,658,032 |
Consolidated assets |  | $ | 10,150,497 |  |  |  | $ | 9,377,536 |  |  | $ | 11,541,363 |
|  | Three Months Ended June
(In thousands) |  | 2025 |  |  | 2024
Depreciation and amortization: |  |  |  |  |
Outdoor |  | $ | 25,974 |  |  |  | $ | 24,388 |
Active |  | 13,378 |  |  |  | 14,106 |
All Other |  | 4,942 |  |  |  | 5,290 |
Corporate and other |  | 20,068 |  |  |  | 20,841 |
|  | $ | 64,362 |  |  |  | $ | 64,625 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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