What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2025-05-22 compared with 2024-05-23 · 724 added, 565 removed, 1811 unchanged (42% of the section changed)

19 unchanged sentences

Information regarding compliance with Section 16(a) of the Exchange Act of 1934 is included under the caption “Delinquent Section 16(a) Reports” (to the extent reported therein) in VF’s 2025 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 29, 2025, which information is incorporated herein by reference.

Information regarding the Audit Committee is included under the caption “Corporate Governance at VF — Board Committees and Their Responsibilities — Audit Committee” in VF’s 2024 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 30, 2024, which information is incorporated herein by reference.

Information regarding the Audit Committee is included under the caption “Corporate Governance at VF — Board Committees and Their Primary Responsibilities — Audit Committee” in VF’s 2025 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 29, 2025, which information is incorporated herein by reference.

VF has adopted a written code of ethics, “VF Corporation Code of Business Conduct,” that is applicable to all VF directors, officers and employees, including VF’s chief executive officer, chief financial officer, chief accounting officer and other executive officers identified pursuant to this Item 10 (collectively, the “Selected Officers”).

2 unchanged sentences

The Board of Directors’ Corporate Governance Principles, the Audit Committee, Governance and Corporate Responsibility Committee, Talent and Compensation Committee and Finance Committee charters and other corporate governance information, including the method for interested parties to communicate directly with nonmanagement members of the Board of Directors, are available on VF’s website.

These documents, as well as the VF Corporation Code of Business Conduct, will be provided free of charge to any shareholder upon request directed to the Secretary of VF Corporation at P.O.

These documents, as well as the VF Corporation Code of Business Conduct, will be provided free of charge to any shareholder upon request directed to the Corporate Secretary of VF Corporation at P.O.

Box 13919, Denver, CO 80201.

23 unchanged sentences

NUMBER DESCRIPTION

Stock and Asset Purchase Agreement dated as of July 16, 2024 between V.F.

Corporation and EssilorLuxottica S.A.

(Incorporated by reference to Exhibit 2.1 to Form 8-K filed July 17, 2024)+

Articles of Incorporation, restated as of October 21, 2013 (Incorporated by reference to Exhibit 3(i) to Form 8-K filed October 21, 2013)

9 unchanged sentences

Form of 6.45% Note due 2037 for $350,000,000 (Incorporated by reference to Exhibit 4.4 to Form 8-K filed October 25, 2007)

Third Supplemental Indenture between VF, The Bank of New York Mellon Trust Company, N.A., as Trustee, and The Bank of New York Mellon, London Branch, as Paying Agent, dated as of September 20, 2016 (Incorporated by reference to Exhibit 4.2 to Form 8-K filed September 20, 2016)

Form of 0.625% Senior Notes due 2023 (Incorporated by reference to Exhibit 4.3 to Form 8-K filed September 20, 2016)

Fourth Supplemental Indenture between VF, The Bank of New York Mellon Trust Company, N.A., as Trustee, and The Bank of New York Mellon, London Branch, as Paying Agent dated as of February 25, 2020 (Incorporated by reference to Exhibit 4.2 to Form 8-K filed February 25, 2020)

7 unchanged sentences

Form of 4.125% Senior Notes due 2026 (Incorporated by reference to Exhibit 4.3 to Form 8-K filed March 7, 2023)

VF Corporation Fiscal 2024 Form 10-K 45

NUMBER DESCRIPTION

Form of 4.250% Senior Notes due 2029 (Incorporated by reference to Exhibit 4.4 to Form 8-K filed March 7, 2023)

Description of Securities

VF Corporation Fiscal 2025 Form 10-K 43

NUMBER DESCRIPTION

1996 Stock Compensation Plan, as amended and restated as of February 10, 2015 (Incorporated by reference to Appendix B to the 2015 Proxy Statement filed March 19, 2015)*

1996 Stock Compensation Plan, as amended and restated as of March 12, 2024*

1996 Stock Compensation Plan, as amended and restated as of March 12, 2024 (Incorporated by reference to Exhibit 10.2 to Form 10-K for the year ended March 30, 2024)*

1996 Stock Compensation Plan, as amended and restated as of May 14, 2024 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed July 24, 2024)*

Form of VF Corporation 1996 Stock Compensation Plan Non-Qualified Stock Option Certificate (Incorporated by reference to Exhibit 10(B) to Form 10-K for the year ended January 2, 2010)*

Form of VF Corporation 1996 Stock Compensation Plan Non-Qualified Stock Option Certificate (Incorporated by reference to Exhibit 10.2 to Form 10-Q for the quarter ended June 29, 2024)*

Form of VF Corporation 1996 Stock Compensation Plan Non-Qualified Stock Option Certificate for Non-Employee Directors (Incorporated by reference to Exhibit 10(C) to Form 10-K for the year ended December 31, 2011)*

Form of VF Corporation 1996 Stock Compensation Plan Non-Qualified Stock Option Certificate for Non-Employee Directors (Incorporated by reference to Exhibit 10.3 to Form 10-Q for the quarter ended June 29, 2024)*

Form of Award Certificate for Performance-Based Restricted Stock Units (Incorporated by reference to Exhibit 10.1 to Form 10-Q for the quarter ended September 26, 2020)*

Form of Award Certificate for Restricted Stock Units for Non-Employee Directors (Incorporated by reference to Exhibit 10(F) to Form 10-K for the year ended March 28, 2020)*

Form of Award Certificate for Performance-Based Restricted Stock Units (Incorporated by reference to Exhibit 10.4 to Form 10-Q for the quarter ended June 29, 2024)*

Form of Award Certificate for Stock Units for Non-Employee Directors (Incorporated by reference to Exhibit 10.5 to Form 10-Q for the quarter ended June 29, 2024)*

Form of Award Certificate for Restricted Stock Units (Incorporated by reference to Exhibit 10(K) to Form 10-K for the year ended March 28, 2020)*

Form of Award Certificate for Restricted Stock Units (Incorporated by reference to Exhibit 10.6 to Form 10-Q for the quarter ended June 29, 2024)*

Form of Award Certificate for Restricted Stock Units Special Award (Cliff Vesting) (Incorporated by reference to Exhibit 10(L) to Form 10-K for the year ended March 28, 2020)*

Form of Award Certificate for Restricted Stock Units Special Award (Cliff Vesting) (Incorporated by reference to Exhibit 10.7 to Form 10-Q for the quarter ended June 29, 2024)*

Form of Award Certificate for Restricted Stock Units Special Award (Split Vesting) (Incorporated by reference to Exhibit 10(M) to Form 10-K for the year ended March 28, 2020)*

Form of Award Certificate for Restricted Stock Units Special Award (Split Vesting) (Incorporated by reference to Exhibit 10.8 to Form 10-Q for the quarter ended June 29, 2024)*

Form of Award Certificate for Restricted Stock Special Award (Cliff Vesting) (Incorporated by reference to Exhibit 10(P) to Form 10-K for the year ended March 28, 2020)*

Form of Award Certificate for Restricted Stock Special Award (Split Vesting) (Incorporated by reference to Exhibit 10(Q) to Form 10-K for the year ended March 28, 2020)*

Deferred Compensation Plan, as amended and restated as of December 31, 2001 (Incorporated by reference to Exhibit 10(A) to Form 10-Q for the quarter ended March 30, 2002)*

8 unchanged sentences

Amended and Restated Tenth Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan for Participants in VF’s Mid-Term Incentive Plan (Incorporated by reference to Exhibit 10.8 to Form 10-Q for the quarter ended April 1, 2006)*

44 VF Corporation Fiscal 2025 Form 10-K

NUMBER DESCRIPTION

Eleventh Supplemental Annual Benefit Determination Pursuant to the Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.9 to Form 10-Q for the quarter ended April 1, 2006)*

3 unchanged sentences

2019 Form of Change in Control Agreement with Certain Senior Management of VF or its Subsidiaries (Incorporated by reference to Exhibit 10(HH) to Form 10-K for the year ended March 28, 2020)*

46 VF Corporation Fiscal 2024 Form 10-K

NUMBER DESCRIPTION

Amended and Restated Deferred Savings Plan for Non-Employee Directors (Incorporated by reference to Exhibit 10(W) to Form 10-K for the year ended January 3, 2009)*

1 unchanged sentence

2004 Mid-Term Incentive Plan, a subplan under the 1996 Stock Compensation Plan, as amended and restated as of October 18, 2017 (Incorporated by reference to Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2017)*

2004 Long-Term Incentive Plan, a subplan under the 1996 Stock Compensation Plan, as amended and restated as of March 11, 2024*

Annual Incentive Plan (effective prior to May 15, 2023) (Incorporated by reference to Exhibit 10(HH) to Form 10-K for the year ended April 2, 2022)*

2004 Long-Term Incentive Plan, a subplan under the 1996 Stock Compensation Plan, as amended and restated as of March 11, 2024 (Incorporated by reference to Exhibit 10.30 to Form 10-K for the year ended March 30, 2024)*

2004 Long-Term Incentive Plan, a subplan under the 1996 Stock Compensation Plan, as amended and restated as of May 13, 2024 (Incorporated by reference to Exhibit 10.9 to Form 10-Q for the quarter ended June 29, 2024)*

Annual Incentive Plan (effective May 15, 2023) (Incorporated by reference to Exhibit 10(II) to Form 10-K for the year ended April 1, 2023)*

Form of Non-Competition, Non-Solicitation and Confidentiality Agreement for Equity Plan Participants (Incorporated by reference to Exhibit 10(JJ) to Form 10-K for the year ended April 1, 2023)

Retirement and General Release Agreement dated December 2, 2022 (Incorporated by reference to Exhibit 10.1 to Form 10-Q for the quarter ended December 31, 2022)*

Offer Letter between VF and Bracken Darrell, dated June 20, 2023 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed June 20, 2023)*

14 unchanged sentences

Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, and the Lenders party thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed April 26, 2024)

Amendment No.

4 to Revolving Credit Agreement, dated as of August 2, 2024, by and among V.F.

Corporation, JPMorgan Chase Bank, N.A., as the Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed August 6, 2024)

Term Loan Agreement by and among V.F.

5 unchanged sentences

Corporation, as borrower, JP Morgan Chase Bank, N.A., as Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.2 to Form 8-K filed February 16, 2023)

Amendment No.

2 to Term Loan Agreement, dated as of August 2, 2024, by and among V.F.

Corporation, JPMorgan Chase Bank, N.A., as the Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.2 to Form 8-K filed August 6, 2024)

Separation and Distribution Agreement dated May 22, 2019 (Incorporated by reference to Exhibit 2.1 to Form 8-K filed May 23, 2019)

VF Corporation Fiscal 2025 Form 10-K 45

NUMBER DESCRIPTION

Tax Matters Agreement dated May 22, 2019 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed May 23, 2019)

3 unchanged sentences

Employee Matters Agreement dated May 22, 2019 (Incorporated by reference to Exhibit 10.5 to Form 8-K filed May 23, 2019)

Insider Trading Policy

Insider Trading Policy (Incorporated by reference to Exhibit 19.1 to Form 10-K for the year ended March 30, 2024)

Subsidiaries of the Corporation

1 unchanged sentence

Power of attorney

VF Corporation Fiscal 2024 Form 10-K 47

NUMBER DESCRIPTION

Certification of the principal executive officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

4 unchanged sentences

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Policy for the Recovery of Erroneously Awarded Compensation

Policy for the Recovery of Erroneously Awarded Compensation (Incorporated by reference to Exhibit 97.1 to Form 10-K for the year ended March 30, 2024)

101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

5 unchanged sentences

Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

All other exhibits for which provision is made in the applicable regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore have been omitted.

+ Certain schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K.

VF hereby agrees to furnish a copy of any omitted schedule or exhibit to the SEC upon request.

* Management compensation plans

FORM 10-K SUMMARY.

5 unchanged sentences

(Principal Executive Officer)

/s/ Matthew H.

/s/ Paul Vogel

Executive Vice President and Chief Financial Officer

4 unchanged sentences

Carucci* Chair of the Board and Director

Brown* Director

Cho* Director

Chugg* Director

Benno Dorer* Director

Edwards* Director

Mindy Grossman* Director

Hoplamazian* Director

Lang* Director

Rodney McMullen* Director

Clarence Otis, Jr.* Director

1 unchanged sentence

Shattock* Director

Kirk Tanner* Director

/s/ Jennifer S.

2 unchanged sentences

VF CORPORATION

Index to Consolidated Financial Statements

and Financial Statement Schedule

Index to Consolidated Financial Statements and Financial Statement Schedule

Management’s Report on Internal Control Over Financial Reporting

18 unchanged sentences

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of V.

Corporation and its subsidiaries (the “Company”) as of March 30, 2024 and April 1, 2023, and the related consolidated statements of operations, of comprehensive income (loss), of stockholders’ equity and of cash flows for each of the three years in the period ended March 30, 2024, including the related notes and schedule of valuation and qualifying accounts for each of the three years in the period ended March 30, 2024 listed in the index appearing under Item 15(a)2 (collectively referred to as the “consolidated financial statements”).

We have audited the accompanying consolidated balance sheets of V.F.

Corporation and its subsidiaries (the "Company") as of March 29, 2025 and March 30, 2024, and the related consolidated statements of operations, of comprehensive income (loss), of stockholders’ equity and of cash flows for each of the three years in the period ended March 29, 2025, including the related notes and schedule of valuation and qualifying accounts for each of the three years in the period ended March 29, 2025, appearing under Item 15 (collectively referred to as the "consolidated financial statements").

We also have audited the Company's internal control over financial reporting as of March 29, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of March 30, 2024 and April 1, 2023, and the results of its operations and its cash flows for each of the three years in the period ended March 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of March 29, 2025 and March 30, 2024, and the results of its operations and its cash flows for each of the three years in the period ended March 29, 2025 in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 29, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

20 unchanged sentences

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

VF Corporation Fiscal 2025 Form 10-K F-3

Interim and Annual Goodwill and Indefinite-Lived Intangible Asset Impairment Analyses – Supreme and Timberland Reporting Units and Supreme Indefinite-Lived Trademark Intangible Asset

As described in Notes 1, 8, 9, and 24 to the consolidated financial statements, the goodwill and indefinite-lived trademark intangible asset balances were $1,460.4 million and $2,553.5 million as of March 30, 2024, respectively, of which the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset makes up a portion of each of the consolidated balances, while the Timberland reporting unit goodwill was fully impaired as of March 30, 2024.

Management evaluates indefinite-lived intangible assets and goodwill for possible impairment as of the beginning of the fourth quarter of each fiscal year, or whenever events or changes in circumstances indicate that the fair value of such assets may be below their carrying amount.

If management determines that it is more likely than not that the fair value of an asset or reporting unit is less than its carrying value, it is quantitatively evaluated for possible impairment by comparing the estimated fair value with its carrying value.

An impairment charge is recorded if the carrying value exceeds its estimated fair value.

As disclosed by management, triggering events in the third and fourth quarters of the year ended March 30, 2024 caused management to perform quantitative impairment analyses of the Timberland reporting unit goodwill resulting in goodwill impairment charges of $195.3 million and $211.7 million, respectively, for the year ended March 30, 2024.

During the annual goodwill and indefinite-lived intangible asset impairment analysis, management performed a quantitative impairment analysis of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset, resulting in no impairment.

Management estimates the fair value of the reporting units using both income-based and market-based valuation methods and the fair value of the indefinite-lived trademark intangible asset is based on an income approach using the relief-from-royalty method.

The income-based fair value methodology requires management to make assumptions and judgments and is based on management’s estimate of financial projections and future cash flows, which include significant assumptions related to revenue growth and profitability improvement throughout the forecast period, terminal growth rates, tax rates, royalty rates and market-based discount rates.

The principal considerations for our determination that performing procedures relating to the interim impairment analyses for the Timberland reporting unit goodwill, and the annual goodwill and indefinite-lived intangible asset impairment analyses for the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset is a critical audit matter are (i) the significant judgment by management when developing the fair value estimates of the reporting units and the indefinite-lived trademark intangible asset;

(ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to revenue growth throughout the forecast period and market-based discount rates for the Supreme and Timberland reporting units and Supreme indefinite-lived trademark intangible asset, and royalty rates for the Supreme indefinite-lived trademark intangible asset;

Interim Indefinite-Lived Intangible Asset Impairment Analysis – Dickies Trademark

As described in Notes 1, 8, and 24 to the consolidated financial statements, the indefinite-lived intangible assets balance was $1,648.9 million as of March 29, 2025, of which the Dickies trademark makes up a portion of the consolidated balance.

Management evaluates indefinite-lived intangible assets for possible impairment as of the beginning of the fourth quarter of each fiscal year, or whenever events or changes in circumstances indicate that the fair value of such assets may be below their carrying amount.

An indefinite-lived intangible asset is quantitatively evaluated for possible impairment by comparing the estimated fair value of the asset with its carrying value.

An impairment charge is recorded if the carrying value of the asset exceeds its estimated fair value.

Management estimates the fair value of the indefinite-lived trademark intangible assets using the relief-from-royalty method.

During the third quarter of fiscal 2025, management determined a triggering event occurred that required management to perform a quantitative impairment analysis of the Dickies trademark.

Key assumptions developed by management and used in the quantitative analysis include revenue projections, tax rates, royalty rate, and a market-based discount rate.

The carrying value of the indefinite-lived trademark intangible asset at the interim testing date was $290.0 million.

As a result of the impairment testing performed, the Company recorded an impairment charge of $51.0 million related to the Dickies trademark.

The principal considerations for our determination that performing procedures relating to the interim indefinite-lived intangible asset impairment analysis for the Dickies trademark is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the Dickies trademark;

(ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to revenue projections, royalty rate, and discount rate;

and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These procedures included testing the effectiveness of controls relating to management’s goodwill and indefinite-lived trademark intangible asset impairment analyses, including controls over the valuation of the Supreme and Timberland reporting units and the Supreme indefinite-lived trademark intangible asset.

These procedures also included, among others (i) testing management’s process for developing the fair value estimates of the Timberland and Supreme reporting units, and the Supreme indefinite-lived trademark intangible asset;

(ii) evaluating the appropriateness of the income-based valuation methods for the reporting units and the indefinite-lived trademark intangible asset;

(iii) testing the completeness and accuracy of underlying data used in the income-based valuation methods;

and (iv) evaluating the reasonableness of the significant assumptions used by management related to revenue growth throughout the forecast period and market-based discount rates for the Supreme and Timberland reporting units and the Supreme indefinite-lived trademark intangible asset, and royalty rates for the Supreme indefinite-lived trademark intangible asset.

Evaluating management’s assumptions related to the revenue growth throughout the forecast period involved evaluating whether the assumptions used by management were reasonable considering (i) the current and past performance of the Supreme and Timberland reporting units and products sold with the Supreme trademarks;

These procedures included testing the effectiveness of controls relating to management’s indefinite-lived intangible asset impairment analysis, including controls over the valuation of the Dickies trademark.

These procedures also included, among others (i) testing management’s process for developing the fair value estimate of the Dickies trademark;

(ii) evaluating the appropriateness of the relief-from-royalty method used by management;

(iii) testing the completeness and accuracy of underlying data used in the relief-from-royalty method;

and (iv) evaluating the reasonableness of the significant assumptions used by management related to revenue projections, royalty rate, and discount rate.

Evaluating management’s assumption related to revenue projections involved evaluating whether the assumption used by management was reasonable considering (i) the current and past performance of the brand;

(ii) the consistency with external market and industry data;

and (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit.

Professionals with specialized skill and knowledge were used to assist in the evaluation of (i) the appropriateness of the Company’s income-based valuation methods for the reporting units and the indefinite-lived trademark intangible asset and (ii) the reasonableness of the royalty rate and market-based discount rate significant assumptions.

and (iii) whether the assumption was consistent with evidence obtained in other areas of the audit.

Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the relief-from-royalty method and (ii) the reasonableness of the royalty rate and discount rate assumptions.

/s/ PricewaterhouseCoopers LLP

7 unchanged sentences

Current assets

Cash and equivalents

Cash and cash equivalents

$ 429,382 $ 656,376

6 unchanged sentences

408,028 493,194

Current assets of discontinued operations

Total current assets 3,786,098 4,226,947

7 unchanged sentences

1,294,147 1,210,470

Other assets of discontinued operations

TOTAL ASSETS $ 9,377,536 $ 11,612,963

9 unchanged sentences

1,355,788 1,323,982

Current liabilities of discontinued operations

Total current liabilities 2,697,853 3,456,979

5 unchanged sentences

687,492 636,090

Other liabilities of discontinued operations

Total liabilities 7,890,177 9,954,598

13 unchanged sentences

( 977,740 ) ( 1,064,331 )

Retained earnings (accumulated deficit)

Accumulated deficit

( 1,173,011 ) ( 974,584 )

7 unchanged sentences

(In thousands, except per share amounts) 2025 2024 2023

Net revenues $ 10,454,667 $ 11,612,475 $ 11,841,840

Revenues $ 9,504,691 $ 9,915,678 $ 11,089,359

Costs and operating expenses

6 unchanged sentences

Interest expense ( 174,136 ) ( 185,925 ) ( 152,520 )

Loss on debt extinguishment — — ( 3,645 )

Other income (expense), net ( 9,369 ) 24,693 ( 117,287 )

3 unchanged sentences

Income (loss) from continuing operations 69,324 ( 1,018,477 ) 755,734

Income from discontinued operations, net of tax — — 170,672

Income (loss) from discontinued operations, net of tax ( 259,040 ) 49,595 ( 637,150 )

Net income (loss) $ ( 189,716 ) $ ( 968,882 ) $ 118,584

20 unchanged sentences

Losses arising during the period ( 29,868 ) ( 1,491 ) ( 106,527 )

Reclassification of foreign currency translation losses 75,293 — —

Income tax effect 1,825 ( 7,297 ) ( 1,492 )

Defined benefit pension plans

Current period actuarial gains (losses), including plan amendments ( 38,230 ) ( 25,211 ) 12,927

Current period actuarial losses, including plan amendments and curtailments ( 14,413 ) ( 38,230 ) ( 25,211 )

Amortization of net deferred actuarial losses 20,205 16,656 16,395

1 unchanged sentence

Reclassification of net actuarial loss from settlement charges — 3,538 93,731

Reclassification of deferred prior service cost due to curtailments ( 936 ) — —

Income tax effect ( 1,981 ) 3,936 ( 21,864 )

14 unchanged sentences

Net income (loss) $ ( 189,716 ) $ ( 968,882 ) $ 118,584

Income from discontinued operations, net of tax — — 170,672

Income (loss) from discontinued operations, net of tax ( 259,040 ) 49,595 ( 637,150 )

Income (loss) from continuing operations, net of tax 69,324 ( 1,018,477 ) 755,734

8 unchanged sentences

Write-off of income tax receivables and interest — 921,409 —

Loss on extinguishment of debt — — 3,645

Other, net ( 9,515 ) ( 2,138 ) ( 39,090 )

8 unchanged sentences

Cash provided (used) by operating activities - continuing operations 438,489 884,714 ( 653,984 )

Cash provided by operating activities - discontinued operations — — 6,090

Cash provided (used) by operating activities - discontinued operations 26,747 129,867 ( 1,811 )

Cash provided (used) by operating activities 465,236 1,014,581 ( 655,795 )

INVESTING ACTIVITIES

Business acquisitions, net of cash received — — 3,760

Proceeds from sale of businesses, net of cash sold 1,506,223 — —

Proceeds from sale of assets 88,234 26,525 99,481

Proceeds from sale of short-term investments — — 598,806

Capital expenditures ( 86,274 ) ( 135,762 ) ( 151,990 )

10 unchanged sentences

Proceeds from long-term debt — — 2,058,341

Share repurchases — — ( 350,004 )

Cash dividends paid ( 140,165 ) ( 303,140 ) ( 702,846 )

11 unchanged sentences

Net change in cash, cash equivalents and restricted cash ( 245,482 ) ( 139,361 ) ( 460,764 )

Cash, cash equivalents and restricted cash — beginning of period 816,318 1,277,082 851,205

Cash, cash equivalents and restricted cash — end of period $ 676,957 $ 816,318 $ 1,277,082

Cash, cash equivalents and restricted cash — beginning of year 676,957 816,318 1,277,082

Cash, cash equivalents and restricted cash — end of year $ 431,475 $ 676,957 $ 816,318

Balances per Consolidated Balance Sheets:

1 unchanged sentence

Other current assets 2,093 2,221 1,305

Current and other assets of discontinued operations — 18,351 15,563

Other assets — 9 9

4 unchanged sentences

Consolidated Statements of Stockholders' Equity

Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings (Accumulated Deficit) Total

Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total

(In thousands, except share amounts) Shares Amounts

3 unchanged sentences

— — ( 203,394 ) — ( 499,452 ) ( 702,846 )

Share repurchases ( 4,805,093 ) ( 1,201 ) — — ( 348,803 ) ( 350,004 )

Stock-based compensation, net 367,156 91 62,989 — ( 5,521 ) 57,559

39 unchanged sentences

Reportable Segment Information

Earning s ( Loss) Per Share

Earnings (Loss) Per Share

Fair Value Measurements

2 unchanged sentences

Restructuring

Subsequent Event

Subsequent Events

VF Corporation Fiscal 2025 Form 10-K F-11

3 unchanged sentences

Description of Business

VF Corporation (together with its subsidiaries, collectively known as “VF” or the "Company”) is a global apparel, footwear and accessories company based in the United States.

VF designs, procures, markets and distributes a variety of branded products, including outerwear, footwear, apparel, backpacks, luggage and accessories for consumers of all ages.

VF Corporation (together with its subsidiaries, collectively known as “VF” or the "Company”) is a global apparel, footwear and accessories company headquartered in the United States.

VF designs, procures, markets and distributes a variety of branded products, including apparel, footwear, backpacks, luggage and accessories for consumers of all ages.

Products are marketed under VF-owned brand names.

2 unchanged sentences

The consolidated financial statements include the accounts of VF and its controlled subsidiaries, after elimination of intercompany transactions and balances.

On June 28, 2021, VF completed the sale of its Occupational Workwear business.

The Occupational Workwear business was comprised primarily of the following brands and businesses:

Red Kap ® , VF Solutions ® , Bulwark ® , Workrite ® , Walls ® , Terra ® , Kodiak ® , Work Authority ® and Horace Small ® .

The business also included the license of certain Dickies ® occupational workwear products that have historically been sold through the business-to-business channel.

The results of the Occupational Workwear business and the related cash flows have been reported as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale.

On July 16, 2024, VF entered into a definitive Stock and Asset Purchase Agreement (the "Purchase Agreement") with EssilorLuxottica S.A.

to sell the Supreme ® brand business ("Supreme").

On October 1, 2024, VF completed the sale of Supreme.

During the second quarter of Fiscal 2025, the Company determined that Supreme met the held-for-sale and discontinued operations accounting criteria.

Accordingly, VF has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale.

The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale.

These changes have been applied to all periods presented.

2 unchanged sentences

VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year.

VF's current fiscal year ran from April 2, 2023 through March 30, 2024 ("Fiscal 2024").

All references to the periods ended March 2024, March 2023 and March 2022 relate to the 52-week fiscal years ended March 30, 2024, April 1, 2023 ("Fiscal 2023") and April 2, 2022 ("Fiscal 2022"), respectively.

VF's current fiscal year ran from March 31, 2024 through March 29, 2025 ("Fiscal 2025").

All references to the periods ended March 2025, March 2024 and March 2023 relate to the 52-week fiscal years ended March 29, 2025, March 30, 2024 ("Fiscal 2024") and April 1, 2023 ("Fiscal 2023"), respectively.

Certain foreign subsidiaries reported using a March 31 year-end for Fiscal 2025, 2024 and 2023 due to local statutory requirements.

The impact to VF's consolidated financial statements is not material.

Recent Development

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 first announced steps in this transformation cover the following priorities:

improve North America results, deliver the Vans ® turnaround, reduce costs and strengthen the balance sheet.

Refer to Note 27 for additional information on the program.

Use of Estimates

In preparing the consolidated financial statements in accordance with GAAP, management makes estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes.

Actual results may differ from those estimates.

Actual results may differ from those estimates due to risks and uncertainties, including the impact of the recently imposed reciprocal tariffs on foreign imports by the U.S.

The high level of uncertainty regarding these tariffs may result in estimates and assumptions that have the

potential for more variability and are more subjective, including those applied in the Company's forecasted results of operations and cash flows, which are used in the determination of fair value for goodwill and indefinite-lived intangible asset impairment testing.

While estimates and assumptions made by management are based upon currently available information, actual results could materially differ given the uncertainty of these factors and may require future changes to such estimates and assumptions.

Foreign Currency Translation and Transaction

15 unchanged sentences

During the measurement period, which is up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill.

Cash and Equivalents

Cash and equivalents are demand deposits, receivables from third-party credit card processors and highly liquid investments that mature within three months of their purchase dates.

Cash and Cash Equivalents

Cash and cash equivalents are demand deposits, receivables from third-party credit card processors and highly liquid investments that mature within three months of their purchase dates.

Highly liquid investments considered cash equivalents were $ 91.8 million and $ 226.8 million at March 2025 and 2024, respectively, consisting of money market funds and short-term time deposits.

33 unchanged sentences

Other intangible assets determined to have a finite life primarily consist of customer relationships, which are amortized over their estimated useful lives ranging from 11 to 24 years using an accelerated method consistent with the timing of benefits expected to be received.

Depreciation and amortization expense related to obtaining finished goods inventories is included in cost of goods sold, and other depreciation and amortization expense is included in selling, general and administrative expenses.

VF’s policy is to review property, plant and equipment and amortizable intangible assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable.

37 unchanged sentences

The corresponding lease entered into with the buyer-lessor is accounted for as an operating lease.

During the year ended March 2023, the Company entered into a sale leaseback transaction for certain office real estate and related assets.

The transaction qualified as a sale, and thus the Company recognized a gain of $ 13.2 million in the selling, general and administrative expenses line item in VF's Consolidated Statement of Operations for the year ended March 2023.

During the years ended March 2025 and 2023, the Company entered into sale leaseback transactions for certain warehouse, retail store and office real estate, and related assets.

The transactions qualified as sales, and thus the Company recognized gains of $ 17.4 million and $ 13.2 million in the SG&A expenses line item in VF's Consolidated Statements of Operations for the years ended March 2025 and 2023, respectively.

Defined Benefit Pension Plans

5 unchanged sentences

The changes in funded status of defined benefit pension plans, primarily related to actuarial gains and losses arising from differences between actual experience and actuarial assumptions, are recognized in the year in which the changes occur and reported in the Consolidated Statements of Comprehensive Income (Loss).

VF reports the service component of net periodic pension cost (income) within operating income (loss) and the other components of net periodic pension cost, which include interest cost, expected return on plan assets, settlement charges, curtailments and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item of the Consolidated Statements of Operations.

VF reports the service component of net periodic pension cost within operating income (loss) and the other components of net periodic pension cost, which include interest cost, expected return on plan assets, settlement charges, curtailments and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item of the Consolidated Statements of Operations.

Derivative Financial Instruments

1 unchanged sentence

Unrealized gains and losses are recognized as assets and liabilities, respectively, and classified as current or noncurrent based on the derivatives’ maturity dates.

The accounting for changes in the fair value of derivative instruments (i.e., gains and losses) depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply

The accounting for changes in the fair value of derivative instruments (i.e., gains and losses) depends on the intended use of the derivative, whether the Company has elected

F-14 VF Corporation Fiscal 2025 Form 10-K

1 unchanged sentence

Notes to Consolidated Financial Statements

hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.

to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.

To qualify for hedge accounting treatment, all hedging relationships must be formally documented at the inception of the hedges and must be highly effective in offsetting changes to future cash flows of hedged transactions.

18 unchanged sentences

The timing of revenue recognition within the wholesale channel occurs either on shipment or delivery of goods based on contractual terms with the customer.

The timing of revenue recognition in the direct-to-consumer channel generally occurs at the point of sale within VF-operated or concession retail stores and either on shipment or delivery of goods for e-commerce transactions based on contractual terms with the customer.

products shipped directly to customers from our suppliers, the Company's promise to the customer is a performance obligation to provide the specified goods, and thus the Company is the principal in the arrangement and revenue is recognized on a gross basis at the transaction price.

based on contractual terms with the customer.

For finished products shipped directly to customers from our suppliers, the Company's promise to the customer is a performance obligation to provide the specified goods, and thus the Company is the principal in the arrangement and revenue is recognized on a gross basis at the transaction price.

The duration of contractual arrangements with our customers in the wholesale and direct-to-consumer channels is typically less than one year .

12 unchanged sentences

The deferred amount is recorded as a contract liability, and is recognized as revenue when the points are redeemed or when the likelihood of redemption is remote.

The Company has elected to treat all shipping and handling activities as fulfillment costs and recognize the costs as selling, general and administrative expenses at the time the related revenue is recognized.

Shipping and handling costs billed to customers are included in net revenues.

The Company has elected to treat all shipping and handling activities as fulfillment costs and recognize the costs as SG&A expenses at the time the related revenue is recognized.

Shipping and handling costs billed to customers are included in revenues.

Sales taxes and value added taxes collected from customers and remitted directly to governmental authorities are excluded from the transaction price.

13 unchanged sentences

For product lines with a warranty, a provision for estimated future repair or replacement costs, based on historical and anticipated trends, is recorded when these products are sold.

Selling, General and Administrative Expenses

Selling, general and administrative expenses include costs of product development, selling, marketing and advertising, VF-operated retail stores, concession retail stores, warehousing, distribution, shipping and handling, licensing and administration.

SG&A Expenses

SG&A expenses include costs of product development, selling, marketing and advertising, VF-operated retail stores, concession retail stores, warehousing, distribution, shipping and handling, licensing and administration.

Advertising costs are expensed as incurred and totaled $ 818.8 million, $ 820.6 million and $ 844.8 million in the years ended March 2025, 2024 and 2023, respectively.

35 unchanged sentences

Diluted earnings per share assumes conversion of potentially dilutive securities such as stock options, restricted stock units and restricted stock.

In periods of a net loss, all potentially dilutive securities are excluded from diluted loss per share, as their inclusion would be anti-dilutive.

In periods of a loss from continuing operations, all potentially dilutive securities are excluded from diluted loss per share, as their inclusion would be anti-dilutive.

Concentration of Risks

1 unchanged sentence

Products are sold at a range of price points through various wholesale and direct-to-consumer channels.

VF’s ten largest customers accounted for approximately 14 % of Fiscal 2024 total revenues.

Sales to VF’s largest customer accounted for approximat ely 2 % of Fiscal 2024 total revenues.

Sales are generally made on an unsecured basis under customary terms that may vary by product, channel of distribution or geographic region.

VF’s ten largest customers accounted for app roximately 15 % of Fiscal 2025 total revenues.

Sales to VF’s largest customer accounted for approximately 2 % of Fiscal 2025 total revenues.

S ales are generally made on an unsecured basis under customary terms that may vary by product, channel of distribution or geographic region.

VF continuously monitors the creditworthiness of its customers and has established internal policies regarding customer credit limits.

8 unchanged sentences

Recently Adopted Accounting Standards

In March 2020, January 2021 and December 2022, the Financial Accounting Standards Board (" FASB") issued Accounting Standards Update (" ASU") No.

2020-04, " Reference Rate Reform (Topic 848):

Facilitation of the Effects of Reference Rate Reform on Financial Reporting ", ASU No.

2021-01, " Reference Rate Reform (Topic 848):

Scope " and ASU No.

2022-06, " Reference Rate Reform (Topic 848):

Deferral of the Sunset Date of Topic 848 ", respectively.

This guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met.

The guidance is provided to ease the potential burden of accounting for reference rate reform.

During the first quarter of Fiscal 2024, the Company amended the terms of its $ 2.25 billion senior unsecured revolving line of credit (the “Global Credit

Facility”), which replaced the LIBOR benchmark interest rate with a benchmark interest rate based on the forward-looking secured overnight financing rate ("Term SOFR").

This guidance was adopted in the first quarter of Fiscal 2024, but did not impact VF's consolidated financial statements.

In September 2022, the FASB issued ASU No.

In September 2022, the Financial Accounting Standards Board (" FASB") issued A ccounting Standards Update ("ASU") No.

2022-04, " Liabilities — Supplier Finance Programs (Subtopic 405-50):

1 unchanged sentence

This guidance requires companies with supplier finance programs to disclose sufficient qualitative and quantitative information about the program to allow a user of the financial statements to understand the nature of, activity in, and potential magnitude of the program.

The guidance became effective for VF in the first quarter of Fiscal 2024, except for the rollforward information that will be effective for annual periods beginning in Fiscal 2025 on a prospective basis.

Early adoption is permitted.

The Company adopted the required guidance in the first quarter of Fiscal 2024 and is evaluating the impact of adopting the guidance related to the rollforward information.

Refer to Note 12 for disclosures related to the Company's s upply chain financing program.

Recently Issued Accounting Standards

The guidance became effective for VF in the first quarter of Fiscal 2024, except for the rollforward information that was effective for annual periods beginning in Fiscal 2025 on a prospective basis.

The C ompany adopted the required guidance in the first quarter of Fiscal 2024 and disclosed the rollforward information in its Fiscal 2025 Annual Report on Form

Refer to Note 12 for disclosures related to the Company's supply chain financing program.

In November 2023, the FASB issued ASU No.

2 unchanged sentences

The guidance also requires disclosure of the title and position of the CODM and how reported measures of segment profit or loss are used to assess performance and allocate resources.

The guidance will be effective for annual disclosures beginning in Fiscal 2025, and has expanded requirements to include all disclosures about a reportable segment's profit or loss and assets in subsequent interim periods.

Early adoption is permitted.

The guidance was effective for annual disclosures beginning in Fiscal 2025, and has expanded requirements to include all disclosures about a reportable segment's profit or loss and assets in subsequent interim periods.

The guidance requires retrospective application to all prior periods presented in the financial statements.

The Company is evaluating the impact that adopting this guidance will have on VF's disclosures.

The Company adopted this guidance for its Fiscal 2025 Annual Report on Form 10-K and applied it retrospectively for all periods presented, refer to Note 21 for additional disclosures.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU No.

8 unchanged sentences

The Company is evaluating the impact that adopting this guidance will have on VF's disclosures.

In November 2024, the FASB issued ASU No.

2024-03, " Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses" , which is intended to enhance expense disclosures by requiring additional disaggregation of certain costs and expenses, on an interim and annual basis, within the footnotes to the financial statements.

The guidance will be effective for annual disclosures beginning in Fiscal 2028 and subsequent interim periods.

Early adoption is permitted and the amendments may be applied either prospectively or retrospectively.

The Company is evaluating the impact that adopting this guidance will have on VF's disclosures.

VF Corporation Fiscal 2025 Form 10-K F-17

16 unchanged sentences

(b) Included in the accrued liabilities line item in the Consolidated Balance Sheets.

For the year ended March 2024 , the Company recognized $ 253.6 million of revenue, which included the majority of the contract liability balance at the beginning of the year, and amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were satisfied during the year, including order deposits from customers.

For the year ended March 2025 , the Company rec ognized $ 214.8 million of revenue, which included the majority of the contract liability balance at the beginning of the year, and amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were satisfied during the year, including order deposits from customers.

The change in the contract asset and contract liability balances primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.

Performance Obligations

As of March 2024, the Company expects to recognize $ 78.5 million of fixed consideration related to the future minimum guarantees in effect under its licensing agreements

and expects such amounts to be recognized over time based on the contractual terms through March 2031.

As of March 2024 , there were no arrangements with transaction price allocated to remaining performance obligations other than contracts for which the Company has applied the practical expedients and the fixed consideration related to future minimum guarantees discussed above.

As of March 2025, the Company expects to recognize $ 64.3 million of fixed consideration related to the future minimum guara ntees in effect under its licensing agreements and expects such amounts to be recognized over time based on the contractual terms through March 2031.

As of March 2025 , there wer e no arrangements with transaction price allocated to remaining perform ance obligations other than contracts for which the Company has applied the practical expedients and the fixed consideration related to future minimum guarantees discussed above.

Disaggregation of Revenue

1 unchanged sentence

Year Ended March 2025

(In thousands) Outdoor Active Work Other Total

(In thousands) Outdoor Active Work Total

Channel revenues

12 unchanged sentences

Year Ended March 2024

(In thousands) Outdoor Active Work Other Total

(In thousands) Outdoor Active Work Total

Channel revenues

22 unchanged sentences

The Company continuously assesses the composition of its portfolio to ensure it is aligned with its strategic objectives and positioned to maximize growth and return to shareholders.

Occupational Workwear Business

On January 21, 2020, VF announced its decision to explore the divestiture of its Occupational Workwear business.

The Occupational Workwear business was comprised primarily of the following brands and businesses:

Red Kap ® , VF Solutions ® , Bulwark ® , Workrite ® , Walls ® , Terra ® , Kodiak ® , Work Authority ® and Horace Small ® .

The business also included the license of certain Dickies ® occupational workwear products that have historically been sold through the business-to-business channel.

As of March 28, 2020, the Occupational Workwear business met the held-for-sale and discontinued operations accounting criteria.

Accordingly, the Company has reported the results of the Occupational Workwear business and the related cash flows as

discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale.

On June 28, 2021, VF completed the sale of the Occupational Workwear business.

The Company received proceeds of $ 616.9 million, n et of cash sold, resulting in a final after-tax gain on sale of $ 146.0 million, which was included in the income from discontinued operations, n et of tax line item in the Consolidated Statement of Operations for the year ended March 2022.

The results of the Occupational Workwear business were previously reported in the Work segment.

The results of the Occupational Workwear business recorded in the income from discontinued operations, net of tax line item in the Consolidated Statement of Operations was income of $ 170.7 million (including a final after-tax gain on sale of $ 146.0 million) for the year ended March 2022.

On July 16, 2024, VF entered into a Purchase Agreement with EssilorLuxottica S.A.

to sell Supreme for an aggregate base purchase price of $ 1.500 billion, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses as more fully set forth in the Purchase Agreement.

On October 1, 2024, VF completed the sale of Supreme.

VF received proceeds of $ 1.506 billion, net of cash sold, resulting in a final after-tax loss on sale of $ 126.6 million, which is included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statement of Operations for the year ended March 2025.

VF used a portion of the net cash proceeds to prepay $ 1.0 billion of its delayed draw Term Loan ("DDTL") pursuant to the terms of the DDTL Agreement, as amended, which required repayment within ten business days of VF’s receipt of the net cash proceeds from the sale of Supreme, and to repay $ 450.0 million of commercial

paper borrowings upon maturity during the third quarter of Fiscal 2025.

During the second quarter of Fiscal 2025, the Company determined that Supreme met the held-for-sale and discontinued operations accounting criteria.

Accordingly, the Company has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale.

The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale.

These changes have been applied to all periods presented.

The results of Supreme were previously reported in the Active segment.

The results of Supreme recorded in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations were a loss of $ 259.0 million (including a final after-tax loss on sale of $ 126.6 million and goodwill and intangible asset impairment charges of $ 145.0 million), income of $ 49.6 million and a loss of $ 637.2 million (including goodwill and intangible asset impairment charges of

VF Corporation Fiscal 2025 Form 10-K F-19

1 unchanged sentence

Notes to Consolidated Financial Statements

$ 735.0 million ) for the years ended March 2025, 2024 and 2023, respectively.

During the first quarter of Fiscal 2025, VF determined that a triggering event had occurred requiring impairment testing of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset.

As a result of the impairment testing performed, VF recorded impairment charges of $ 94.0 million and $ 51.0 million to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset, respectively.

During the year ended March 2023, VF recorded impairment charges of $ 394.1 million and $ 340.9 million to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset, respectively.

During the second quarter of Fiscal 2023, VF determined that a triggering event had occurred requiring quantitative analysis of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset.

As a result of the impairment testing performed, VF recorded impairment charges of $ 229.0 million and $ 192.9 million to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset, respectively.

During the fourth quarter of Fiscal 2023, in connection with its annual impairment testing, VF performed a quantitative analysis of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset.

As a result of the

impairment testing performed, VF recorded additional impairment charges of $ 165.1 million and $ 148.0 million to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset, respectively.

Under the terms of a transition services agreement, the Company will provide certain post-closing accounting, tax, treasury, digital technology, supply chain and human resource services on a transitional basis for periods generally up to 12 months from the closing date of the transaction.

Under the terms of a secondment agreement, certain employees associated with the Supreme business remained employees of VF and worked exclusively in support of Supreme, and at Supreme's expense, through the end of Fiscal 2025.

Certain corporate overhead costs and segment costs previously allocated to the Supreme brand for segment reporting purposes did not qualify for classification within discontinued operations and have been allocated to continuing operations.

In addition, interest expense and the related interest rate swap impact for the DDTL were allocated to discontinued operations due to the requirement within the DDTL Agreement, as amended, that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.

Summarized Discontinued Operations Financial Information

The following table summarizes the major line items for the Occupational Workwear business that are included in the income from discontinued operations, net of tax line item in the Consolidated Statements of Operations:

The following table summarizes the major line items for Supreme that are included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations:

Year Ended March

(In thousands) 2024 (a)

Net revenues $ — $ — $ 181,424

(In thousands) 2025 2024 2023

Revenues $ 244,524 $ 538,989 $ 523,116

Cost of goods sold 95,529 214,067 222,869

Selling, general and administrative expenses — — 38,735

Interest income, net — — 194

Other income (expense), net — — 6

Income from discontinued operations before income taxes — — 25,696

Gain on the sale of discontinued operations before income taxes — — 133,970

Total income from discontinued operations before income taxes — — 159,666

Income tax benefit (b)

SG&A expenses 109,641 215,049 236,282

Impairment of goodwill and intangible assets 145,000 — 735,009

Interest expense, net (a)

( 30,767 ) ( 57,729 ) ( 20,972 )

Income from discontinued operations, net of tax $ — $ — $ 170,672

(a) There was no activity during the years ended March 2024 and 2023.

(b) Income tax benefit for the year ended March 2022 included $ 12.0 million of deferred tax benefit related to capital and other losses realized upon the sale of the Occupational Workwear business.

Other income (expense), net ( 17 ) ( 908 ) ( 2,487 )

Income (loss) from discontinued operations before income taxes ( 136,430 ) 51,236 ( 694,503 )

Loss on the sale of discontinued operations before income taxes ( 134,225 ) — —

Total income (loss) from discontinued operations before income taxes ( 270,655 ) 51,236 ( 694,503 )

Income tax expense (benefit) ( 11,615 ) 1,641 ( 57,353 )

Income (loss) from discontinued operations, net of tax $ ( 259,040 ) $ 49,595 $ ( 637,150 )

(a) As noted above, interest expense and the related interest rate swap impact for the DDTL were allocated to discontinued operations.

F-20 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations as of March 2024:

(In thousands) March 2024

Cash and cash equivalents $ 18,229

Accounts receivable, net 10,636

Inventories 68,543

Other current assets 18,817

Property, plant and equipment, net 34,894

Intangible assets, net 852,000

Goodwill 815,058

Operating lease right-of-use assets 75,287

Other assets 19,882

Deferred income tax assets (a)

Total assets of discontinued operations $ 1,825,867

Accounts payable $ 28,651

Accrued liabilities 51,210

Operating lease liabilities 69,554

Other liabilities 2,387

Total liabilities of discontinued operations $ 151,802

(a) Deferred income tax balances reflect VF’s consolidated netting by jurisdiction.

NOTE 4 — ACCOUNTS RECEIVABLE

11 unchanged sentences

Total inventories $ 1,627,025 $ 1,697,823

F-20 VF Corporation Fiscal 2024 Form 10-K

VF Corporation Fiscal 2025 Form 10-K F-21

VF CORPORATION

5 unchanged sentences

Right of return assets 47,815 71,926

Assets held-for-sale 55,082 14,769

Derivative financial instruments (Note 25) 32,290 28,701

1 unchanged sentence

Investments held for deferred compensation plans (Note 17) 11,900 10,771

Assets held-for-sale — 55,082

Other 12,196 19,294

27 unchanged sentences

Intangible assets, net $ 1,776,482

VF Corporation Fiscal 2024 Form 10-K F-21

VF CORPORATION

Notes to Consolidated Financial Statements

VF did not record any intangible asset impairment charges in the years ended March 2024 or March 2022.

VF recorded impairment charges of $ 340.9 million in the year ended March 2023 related to the Supreme ® indefinite-lived trademark intangible asset.

During the year ended March 2025, VF recorded impairment charges of $ 51.0 million related to the Dickies indefinite-lived trademark intangible asset as a result of a triggering event during the third quarter of Fiscal 2025.

Refer to Note 24 for additional information on fair value measurements.

VF did not record any intangible asset impairment charges in the years ended March 2024 or March 2023.

Amortization expense for the years ended March 2025, 2024 and 2023 was $ 13.2 million , $ 13.8 million and $ 14.1 million, respectively.

Estimated amortization expense for the next five fiscal y ears is $ 13.2 million, $ 12.3 million, $ 11.8 million, $ 10.8 million and $ 9.8 million, respect ively.

Estimated amortization expense for the next five fis cal years is $ 12.2 million, $ 11.7 million, $ 10.8 million, $ 9.8 million and $ 7.8 million, respectively.

F-22 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 9 — GOODWILL

8 unchanged sentences

Balance, March 2025 $ 165,749 $ 386,137 $ 51,500 $ 603,386

During the year ended March 2025 , VF recorded impairment charges of $ 38.2 million rel ated to the Icebreaker reporting unit, which is part of the Outdoor segment.

The impairment charges were a result of VF's annual impairment testing of goodwill as of the beginning of the fourth quarter of Fiscal 2025 .

Refer to Note 24 for additional information on fair value measurements.

During the year ended March 2024 , VF recorded impairment charges of $ 507.6 million related to the Timberland, Dickies and Icebreaker reporting units.

1 unchanged sentence

As a result of VF's annual impairment testing of goodwill as of the beginning of the fourth quarter of Fiscal 2024 , VF recorded impairment charges of $ 38.8 million related to the Icebreaker reporting unit.

During the third quarter of Fiscal 2024, VF performed interim impairment analyses of the Timberland and Dickies reporting units as a result of triggering events and recorded impairment charges of $ 195.3 million and $ 61.8 million, respectively .

During the third

quarter of Fiscal 2024, VF performed interim impairment analyses of the Timberland and Dickies reporting units as a result of triggering events and recorded impairment charges of $ 195.3 million and $ 61.8 million, respectively .

The Timberland and Icebreaker reporting units are part of the Outdoor segment and the Dickies reporting unit is part of the Work segment.

Refer to Note 24 for additional information on fair value measurements.

During the year ended March 2023, VF recorded impairment charges of $ 394.1 million related to the Supreme reporting unit, which is part of the Active segment.

VF did not record any impairment charges in the year ended March 2022 based on the results of its goodwill impairment testing.

Accumulated impairment charges for the Outdoor, Active and Work segments were $ 769.0 million, $ 394.1 million and $ 61.8 million as of March 2024, respectively, and $ 323.2 million and $ 394.1 million for the Outdoor and Active segments as of March 2023, respectively.

F-22 VF Corporation Fiscal 2024 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

VF d id not r ecord any impairment charges in the year ended March 2023 based on the results of its goodwill impairment testing.

Accumulated impairment charges for the Outdoor segment we re $ 807.2 million and $ 769.0 million as of March 2025 and 2024, respectively.

Accumulated impairment charges for the Work segment we re $ 61.8 million as of March 2025 and 2024.

NOTE 10 — LEASES

9 unchanged sentences

Total lease liabilities $ 1,402,973 $ 1,398,498

VF Corporation Fiscal 2025 Form 10-K F-23

VF CORPORATION

Notes to Consolidated Financial Statements

The components of lease costs were as follows:

19 unchanged sentences

Finance leases — — —

VF Corporation Fiscal 2024 Form 10-K F-23

VF CORPORATION

Notes to Consolidated Financial Statements

Lease terms and discount rates were as follows:

17 unchanged sentences

Present value of lease liabilities $ 1,387,923 $ 15,050 $ 1,402,973

The Company excluded approximately $ 82.3 million of leases (undiscounted basis) that have not yet commenced.

These leases will commence primarily in Fisc al 2025 wit h lease terms of 1 to 15 years.

The Company excluded approximate ly $ 130.2 million of l eases (undiscounted basis) that have not yet commenced.

These leases will commence primarily in Fiscal 2026 with lease terms of 2 to 15 years.

F-24 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 11 — OTHER ASSETS

1 unchanged sentence

Deferred income taxes (Note 20)

$ 575,546 $ 477,262

Computer software, net of accumulated amortization of:

3 unchanged sentences

Pension assets (Note 17)

Investments held for deferred compensation plans (Note 17) 86,623 120,423

179,596 175,110

Income taxes receivable and prepaid income taxes 78,934 42,993

Investments held for deferred compensation plans (Note 17)

67,744 86,623

Other investments 38,486 39,764

7 unchanged sentences

Other assets $ 1,294,147 $ 1,210,470

F-24 VF Corporation Fiscal 2024 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 12 — SUPPLY CHAIN FINANCING PROGRAM

6 unchanged sentences

At March 2025 and 2024, the accounts payable line item in VF's Consolidated Balance Sheets included total outstanding obligations of $ 481.7 million and $ 485.0 million, respectively, due to suppliers that are eligible to participate in the SCF program.

The following table presents a rollforward of total outstanding obligations due to suppliers that are eligible to participate in the SCF program:

(In thousands)

Balance, March 2024 $ 484,983

Invoices confirmed during the year 3,117,901

Confirmed invoices paid during the year ( 3,121,334 )

Impact of foreign currency 102

Balance, March 2025 $ 481,652

NOTE 13 — SHORT-TERM BORROWINGS

3 unchanged sentences

Short-term borrowings $ 11,916 $ 263,938

VF maintains a $ 2.25 billion 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;

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.

1 unchanged sentence

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.

dollars, approved at the

VF Corporation Fiscal 2025 Form 10-K F-25

VF CORPORATION

Notes to Consolidated Financial Statements

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 122.5 basis points over the appropriate benchmark interest rate based on Term SOFR or the Euro Interbank Offer Rate ("EURIBOR"), plus a credit spread adjustment of 22.5 basis points for Term SOFR, based on the agreement as amended in April 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.

1 unchanged sentence

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 April 2024.

The calculation of consolidated net indebtedness to consolidated net capitalization ratio permits certain addbacks, including non-cash impairment charges and material impacts resulting from adverse legal rulings, as defined in the amended agreement.

Additionally, as amended, 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 ending 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.

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.

1 unchanged sentence

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 %.

There were no U.S.

commercial paper borrowings as of March 2023.

In addition to the U.S.

commercial paper program, VF commenced a euro commercial paper borrowing program during the second quarter of Fiscal 2024.

As of March 2024, there were no outstanding euro commercial paper borrowings under this program.

The Company designates its euro commercial paper borrowings as a net investment hedge of VF's investment in certain foreign operations.

Refer to Note 25 for additional information.

T he Global Credit Facility also had $ 0.6 million and $ 7.7 million of outstanding standby letters of credit issued on behalf of VF as of March 2024 and 2023, respectively, leaving approximately $ 2.0 billion and $ 2.2 billion as of March 2024 and 2023, respectively, available for borrowing against this facility.

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.

1 unchanged sentence

Borrowings under these arrangements had a weighted average interest rate of 43.8 % an d 51.6 % at March 2025 and 2024, respectively.

VF Corporation Fiscal 2024 Form 10-K F-25

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 14 — ACCRUED LIABILITIES

1 unchanged sentence

Current portion of operating lease liabilities (Note 10)

$ 308,741 $ 295,035

Customer discounts and allowances 239,980 270,272

Other taxes 145,226 151,621

Compensation 161,811 124,632

Other taxes 135,361 138,710

Income taxes 96,040 110,632

Contract liabilities (Note 2)

78,421 66,130

Restructuring (Note 27)

64,852 52,294

Interest 37,297 46,398

Derivative financial instruments (Note 25) 35,578 59,995

Freight, duties and postage 36,150 31,732

Derivative financial instruments (Note 25)

19,810 35,578

Insurance 13,556 16,621

Product warranty claims (Note 16)

12,928 12,893

Deferred compensation (Note 17)

11,900 10,771

Advertising 11,335 8,775

2 unchanged sentences

Accrued liabilities $ 1,355,788 $ 1,323,982

F-26 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 15 — LONG-TERM DEBT

(In thousands) March 2025 March 2024

0.625 % notes, due September 2023 ("2023 notes")

$ — $ 923,354

Delayed Draw Term Loan Agreement, due December 2024 999,740 999,269

DDTL Agreement, due December 2024 $ — $ 999,740

2.400 % notes, due April 2025 ("2025 notes")

748,385 746,933

4.125 % notes, due March 2026 ("2026 notes")

19 unchanged sentences

Term Debt Facility

In August 2022, the Company entered into a delayed draw Term Loan Agreement (the “DDTL Agreement”).

In August 2022, the Company entered into the DDTL Agreement.

Under the DDTL Agreement, the lenders agreed to provide up to three separate delayed draw term loans (each, a "Delayed Draw”) to the Company in an aggregate principal amount of up to $ 1.0 billion (which may be increased to $ 1.1 billion subject to the terms and conditions of the DDTL Agreement).

The DDTL Agreement has a termination date of December 14, 2024.

Subject to the terms and conditions of the DDTL Agreement, the Company may request extensions of the termination date.

Interest on the borrowings under the DDTL Agreement will generally be at Term SOFR, plus a 10 basis point credit spread adjustment, plus a margin.

The margin ranges from 0.70 % to 0.875 % per annum based on the Company’s credit ratings.

The Company is permitted at any time to prepay outstanding Delayed Draws without premium or penalty.

F-26 VF Corporation Fiscal 2024 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

During the third quarter of Fiscal 2023 , VF completed two draws under the DDTL Agreement totaling $ 1.0 billion, all of which will mature in December 2024.

Interest on the borrowings under the DDTL Agreement were generally at Term SOFR, plus a 10 basis point credit spread adjustment, plus a margin.

The margin ranged from 0.70 % to 0.875 % per annum based on the Company’s credit ratings.

The Company was permitted at any time to prepay outstanding Delayed Draws without premium or penalty.

During the third quarter of Fiscal 2023 , VF completed two draws under the DDTL Agreement totaling $ 1.0 billion, all of which matured in December 2024.

In connection with the draws, VF elected a base rate of one-month Term SOFR.

The weighted average interest rate at March 2024 and 2023 was 6.30 % and 5.73 % , respectively.

The DDTL Agreement is subject to restrictive covenants as defined in the amendment as of February 2023.

Debt Issuance

In March 2023, VF issued € 500.0 million of 4.125 % euro-denominated fixed-rate notes maturing in March 2026 and € 500.0 million of 4.250 % euro-denominated fixed-rate notes maturing in March 2029.

The 2029 notes were issued as a green bond, and thus an amount equal to the net proceeds has been dedicated to projects that focus on VF's key environmental sustainability initiatives.

Maturity and Redemption

In September 2023, VF repaid € 850.0 million ($ 907.1 million) in aggregate principal amount of its outstanding 0.625 % Senior Notes due in September 2023, in accordance with the terms of the notes.

In December 2021, VF completed an early redemption of $ 500.0 million in aggregate principal amount of its outstanding 2.050 % Senior Notes due April 2022.

The redemption price was equal to the sum of the present value of the remaining scheduled payments of principal and interest discounted to the redemption date at 38.7 basis points, which resulted in a make-whole premium of $ 3.2 million.

Additionally, in connection with the redemption, $ 0.5 million of unamortized original issue discount and debt issuance costs were recognized.

The make-whole premium and amortization were recorded in the loss on debt extinguishment line item in the Consolidated Statement of Operations in the year ended March 2022.

In April 2022, VF repaid the remaining $ 500.0 million in aggregate principal amount of its outstanding 2.050 % Senior Notes due April 2022, in accordance with the terms of the notes.

The weighted average interest rate at March 2024 was 6.30 % .

The DDTL Agreement was subject to restrictive covenants as defined in the amendment as of August 2024.

O n October 4, 2024, VF made an aggregate $ 1.0 billion prepayment of the DDTL using the net cash proceeds from the sale of Supreme, pursuant to the terms of the DDTL Agreement, as amended.

Redemption and Maturity

In March 2025, VF completed an early redemption of $ 750.0 million in aggregate principal amount of its outstanding 2.400 % Senior Notes due in April 2025 .

The redemption price was equal to 100 % of the principal amount of the Notes to be redeemed.

In September 2023, VF repaid € 850.0 million ($ 907.1 million) in aggregate principal amount of its outstanding 0.625 % Senior

Notes due in September 2023, in accordance with the terms of the notes.

Other Information

3 unchanged sentences

For the other notes, the cross-acceleration trigger is $ 100.0 million.

If VF fails in the performance of any covenant under the indentures that govern

the respective notes, the trustee or lenders may declare the principal due and payable immediately.

If VF fails in the performance of any covenant under the indentures that govern the respective notes, the trustee or lenders may declare the principal due and payable immediately.

As of March 2025, VF was in compliance with all covenants.

2 unchanged sentences

The change of control provision applies to all notes, except for the 2033 notes.

VF may redeem its notes, in whole or in part, at a price equal to the greater of (i) 100 % of the principal amount, plus accrued interest to the redemption date, or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted to the redemption date at an adjusted treasury rate, as defined, plus 15 basis points for the 2028, 2032 and 2033 notes, 25 basis points for the 2026 and 2037 notes, 30 basis points for the 2029 notes, 35 basis points for the 2025 notes and 40 basis points for the 2027 and 2030 notes, plus accrued interest to the redemption date.

In addition, the 2029, 2030 and 2032 notes can be redeemed at 100 % of the principal amount plus accrued interest to the redemption date within the three months prior to maturity, the 2027 and 2028 notes can be redeemed at 100 % of the principal amount plus accrued interest to the redemption date within two months prior to maturity and the 2025 and 2026 notes can be redeemed at 100 % of the principal amount plus accrued interest to the redemption date within one month prior to maturity.

The 2025, 2027 and 2030 notes have a principal balance of $ 750.0 million, $ 500.0 million and $ 750.0 million, respectively, and are recorded net of unamortized original issue discounts and debt issuance costs.

VF may redeem its notes, in whole or in part, at a price equal to the greater of (i) 100 % of the principal amount, plus accrued interest to the redemption date, or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted to the redemption date at an adjusted treasury rate, as defined, plus 15 basis points for the 2028, 2032 and 2033 notes, 25 basis points for the 2026 and 2037 notes, 30 basis points for the 2029 notes and 40 basis points for the 2027 and 2030 notes, plus accrued interest to the redemption date.

VF Corporation Fiscal 2025 Form 10-K F-27

VF CORPORATION

Notes to Consolidated Financial Statements

amount plus accrued interest to the redemption date within two months prior to maturity and the 2026 note can be redeemed at 100 % of the principal amount plus accrued interest to the redemption date within one month prior to maturity.

The 2027 and 2030 notes have a principal balance of $ 500.0 million and $ 750.0 million, respectively, and are recorded net of unamortized original issue discounts and debt issuance costs.

Interest expense on the 2027 and 2030 notes is recorded at an effective annual interest rate of 2.953 % and 3.071 %, respectively.

The 2026, 2028, 2029 and 2032 notes each have a principal balance of € 500.0 million and are recorded net of unamortized original issue discounts and debt issuance costs.

Interest expense on the 2026, 2028, 2029 and 2032 notes is recorded at an effective annual interest rate of 4.339 %, 0.388 %, 4.409 % and 0.789 %, respectively.

expense on the 2026, 2028, 2029 and 2032 notes is recorded at an effective annual interest rate of 4.339 %, 0.388 %, 4.409 % and 0.789 %, respectively.

The Company has designated these notes as a net investment hedge of VF's investment in certain foreign operations.

3 unchanged sentences

Interest payments are due annually on the 2026, 2028, 2029 and 2032 notes and semiannually on all other notes.

VF Corporation Fiscal 2024 Form 10-K F-27

VF CORPORATION

Notes to Consolidated Financial Statements

The scheduled payments of long-term debt, excluding finance leases (Note 10), at the end of Fiscal 2025 for the next five fiscal years and thereafter are summarized as follows:

2 unchanged sentences

2028 1,041,037

2028 1,039,450

Thereafter 1,854,926

7 unchanged sentences

Income taxes $ 417,186 $ 355,576

Deferred compensation (Note 17) 81,103 77,428

Pension liabilities (Note 17)

77,688 78,628

Deferred compensation (Note 17)

63,007 81,103

Product warranty claims 49,885 48,373

3 unchanged sentences

Other liabilities $ 687,492 $ 636,090

F-28 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

VF accrues warranty costs, as cost of goods sold, at the time revenue is recognized.

9 unchanged sentences

Less current portion (Note 14)

12,928 12,893 11,308

Long-term portion $ 49,885 $ 48,373 $ 41,111

F-28 VF Corporation Fiscal 2024 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 17 — RETIREMENT AND SAVINGS BENEFIT PLANS

11 unchanged sentences

As of December 31, 2018, the U.S.

qualified defined benefit pension plan and supplemental defined benefit pension plan were frozen for all future benefit accruals.

qualified plan and the U.S.

nonqualified plan were frozen for all future benefit accruals.

qualified and nonqualified plans comprise 85 % of VF’s total defined benefit plan assets and 80 % of VF’s total projected benefit obligations at March 2025, and the remainder relates to non-U.S.

2 unchanged sentences

The amounts reported in these disclosures have not been segregated between continuing and discontinued operations.

The components of pension cost (income) for VF’s defined benefit plans were as follows:

The components of pension cost for VF’s defined benefit plans were as follows:

Year Ended March

4 unchanged sentences

Settlement charges — 3,538 93,731

Curtailments ( 936 ) — —

Amortization of deferred amounts:

1 unchanged sentence

Deferred prior service credits ( 589 ) ( 541 ) ( 453 )

Net periodic pension cost (income) $ 12,087 $ 101,880 $ ( 7,274 )

Weighted average actuarial assumptions used to determine pension cost (income):

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 %

5 unchanged sentences

Frozen plans are excluded from the calculation.

VF recorded $ 3.5 million, $ 1.9 million and $ 7.5 million of settlement charges in the other income (expense), net line item in the Consolidated Statements of Operations for the years ended March 2024, 2023 and 2022, respectively.

VF Corporation Fiscal 2025 Form 10-K F-29

VF CORPORATION

Notes to Consolidated Financial Statements

VF recorded $ 0.9 million in curtailment gains in the other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2025, related to employee exits from an international plan resulting from restructuring actions.

VF recorded $ 3.5 million and $ 1.9 million of settlement charges in the other income (expense), net line item in the Consolidated Statements of Operations for the years ended March 2024 and 2023, respectively.

These settlement charges related to the recognition of deferred actuarial losses resulting from lump-sum payments of retirement benefits in the U.S.

nonqualified plan.

Additionally, in the year ended March 2023, VF entered into an agreement with The Prudential Insurance Company of America (“Prudential”) to purchase an irrevocable group annuity contract relating to approximately $ 330.0 million of the U.S.

qualified defined benefit pension plan obligations.

Additionally, in the year ended March 2023, VF entered into an agreement with The Prudential Insurance Company of America

(“Prudential”) to purchase an irrevocable group annuity contract relating to approximately $ 330.0 million of the U.S.

qualified plan obligations.

The transaction closed on June 30, 2022 and was funded entirely by existing assets of the plan.

Under the group annuity contract, Prudential assumed

responsibility for benefit payments and annuity administration for approximately 17,700 retirees and beneficiaries.

Under the group annuity contract, Prudential assumed responsibility for benefit payments and annuity administration for approximately 17,700 retirees and beneficiaries.

The transaction did not change the amount or timing of monthly retirement benefit payments.

1 unchanged sentence

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:

VF Corporation Fiscal 2024 Form 10-K F-29

VF CORPORATION

Notes to Consolidated Financial Statements

(In thousands) March 2025 March 2024

3 unchanged sentences

Participant contributions 5,469 5,447

Settlement — ( 328,412 )

Benefits paid ( 66,132 ) ( 81,150 )

6 unchanged sentences

Actuarial gain ( 12,184 ) ( 7,518 )

Settlement — ( 328,412 )

Benefits paid ( 66,132 ) ( 81,150 )

Plan amendments 129 ( 489 )

Curtailments ( 781 ) —

Currency translation 3,563 1,731

Projected benefit obligations, end of period (a)

Projected benefit obligations, end of period

982,006 995,357

Funded status, end of period $ 95,009 $ 89,885

(a) The change in projected benefit obligations in the year ended March 2023 was driven by actuarial gains, primarily as a result of changes in discount rates and the purchase of an irrevocable group annuity contract relating to approximately $ 330.0 million of the U.S.

qualified defined benefit pension plan obligations.

F-30 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

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.

2 unchanged sentences

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

10 unchanged sentences

Frozen plans are excluded from the calculation.

F-30 VF Corporation Fiscal 2024 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

The actuarial model utilizes discount rates, which are used to estimate the present value of future cash outflows necessary to meet the projected benefit obligations for VF's defined benefit plans.

8 unchanged sentences

resulting from differences between expected amounts for a year using actuarial assumptions and the actual results for that year.

These amounts are deferred as a component of accumulated OCL and amortized to pension cost (income) in future years.

These amounts are deferred as a component of accumulated OCL and amortized to pension cost in future years.

qualified plan, amounts in excess of 20 % of projected benefit obligations at the beginning of the year are amortized over five years ;

2 unchanged sentences

nonqualified plan, amounts in excess of 10 % of the pension benefit obligations are amortized on a straight-line basis over the expected average life expectancy of all participants.

Deferred prior service credits related to plan amendments are also recorded in accumulated OCL and amortized to pension cost (income) on a straight-line basis over the average remaining years of service for active employees.

Deferred prior service credits related to plan amendments are also recorded in accumulated OCL and amortized to pension cost on a straight-line basis over the average remaining years of service for active employees.

The following provides information for VF's defined benefit plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets:

4 unchanged sentences

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.

VF Corporation Fiscal 2025 Form 10-K F-31

VF CORPORATION

Notes to Consolidated Financial Statements

Management’s investment objectives are to invest plan assets in a diversified portfolio of securities to provide long-term growth, minimize the volatility of the value of plan assets relative to plan liabilities, and to ensure plan assets are sufficient to pay the benefit obligations.

2 unchanged sentences

The majority of the Company's plan assets relate to the U.S.

qualified plan, which generally targets above 90 % asset allocation to liability-hedging asset classes, primarily in fixed-income investments.

Plan assets are primarily composed of common collective trust funds that invest in liquid securities diversified across equity, fixed-income and other asset classes.

Fund assets are allocated

among independent investment managers who have full discretion to manage their portion of the fund’s assets, subject to strategy and risk guidelines established with each manager.

qualified plan, which are 100 % positioned in liability-hedging asset classes, primarily in fixed-income investments.

Plan assets, across all plans, are primarily composed of common collective trust funds that invest in liquid securities diversified across equity, fixed-income and other asset classes.

Fund assets are allocated among independent investment managers who have full discretion to manage their portion of the fund’s assets, subject to strategy and risk guidelines established with each manager.

The overall strategy, the resulting allocations of plan assets and the performance of funds and individual investment managers are continually monitored.

4 unchanged sentences

Inputs from various investment advisors on long-term capital market returns and other variables were also considered where appropriate.

VF Corporation Fiscal 2024 Form 10-K F-31

VF CORPORATION

Notes to Consolidated Financial Statements

The fair value of investments held by VF’s defined benefit plans at March 2025 and March 2024, by asset class, is summarized below.

18 unchanged sentences

Total plan assets $ 1,077,015

F-32 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

Assets Fair Value Measurements

16 unchanged sentences

Total plan assets $ 1,085,242

F-32 VF Corporation Fiscal 2024 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

Cash equivalents include cash held by individual investment managers of other asset classes for liquidity purposes (Level 1), and an institutional fund that invests primarily in short-term U.S.

4 unchanged sentences

Equity and fixed-income securities generally represent institutional funds measured at their daily net asset value derived from quoted prices of the underlying investments.

Alternative investments are primarily in funds of hedge funds (“FoHFs”), which are comprised of different and independent hedge funds with various investment strategies.

The administrators of the FoHFs utilize unobservable inputs to calculate the net asset value of the FoHFs on a monthly basis.

Alternative investments as of March 2024 were primarily in fund of hedge funds ("FoHFs"), which were comprised of different and independent hedge funds with various investment strategies.

The administrators of the FoHFs utilized unobservable inputs to calculate the net asset value of the FoHFs on a monthly basis.

plan further de-risked its investment strategy during Fiscal 2025, FoHFs were redeemed with investments reallocated to liability hedging assets.

As of March 2025, alternative investments are primarily investments in gold, insurance-linked securities and derivatives.

VF makes contributions to its defined benefit plans sufficient to meet minimum funding requirements under applicable laws, plus discretionary amounts as determined by management.

6 unchanged sentences

Participants earn a return on their deferred compensation based on their selection of a hypothetical portfolio of publicly traded mutual funds.

Changes in the fair value of the participants’ hypothetical investments are recorded as an adjustment to deferred compensation liabilities and

compensation expense.

Expense under this plan was $ 0.4 million, $ 0.8 million and $ 1.3 million in the years ended March 2024, 2023 and 2022, respectively.

Changes in the fair value of the participants’ hypothetical investments are recorded as an adjustment to deferred compensation liabilities and compensation expense.

Expense under this plan was $ 0.3 million, $ 0.4 million and $ 0.8 million in th e years ended March 2025, 2024 and 2023, respectively.

Deferred compensation, including accumulated earnings, is distributable in cash at participant-specified dates upon retirement, death, disability or termination of employment.

3 unchanged sentences

VF has purchased (i) publicly traded mutual funds in the same amounts as most of the participant-directed hypothetical investments underlying the deferred compensation liabilities, and (ii) variable life insurance contracts that invest in institutional funds that are substantially the same as the participant-directed hypothetical investments.

These investment securities and earnings thereon are intended to provide a source of funds to meet the deferred compensation obligations, and serve as an economic hedge of the financial impact of changes in deferred compensation liabilities.

These investment securities and earnings thereon are intended to provide a source of funds to meet the deferred compensation obligations, and

VF Corporation Fiscal 2025 Form 10-K F-33

VF CORPORATION

Notes to Consolidated Financial Statements

serve as an economic hedge of the financial impact of changes in deferred compensation liabilities.

They are held in an irrevocable trust but are subject to claims of creditors in the event of VF’s insolvency.

VF also has assets related to deferred compensation plans of acquired companies, which are primarily invested in life insurance contracts.

At March 2024, the value of investments held for all deferred compensation plans was $ 97.4 million, of which $ 10.8 million was recorded in other current assets (Note 6) and $ 86.6 million was recorded in other assets (Note 11).

Realized and unrealized gains and losses on these deferred compensation assets are recorded in compensation expense in the Consolidated Statements of Operations and substantially offset losses and gains resulting from changes in deferred compensation liabilities to participants.

At March 2025, the value of investments held for all deferred compensation plans wa s $ 79.6 million, of which $ 11.9 million was recorded in other current assets (Note 6) and $ 67.7 million was recorded in other assets (Note 11).

Realized and unrealized gains and losses on these deferred

compensation assets are recorded in compensation expense in the Consolidated Statements of Operations and substantially offset losses and gains resulting from changes in deferred compensation liabilities to participants.

VF sponsors 401(k) plans as well as other domestic and foreign retirement and savings plans.

2 unchanged sentences

During the years ended March 2025, 2024 and 2023, the Company did not purchase shares of Common Stock in open market transactions under its share repurchase program authorized by VF’s Board of Directors.

During the year ended March 2022, the Company purchased 4.8 million shares of Common Stock in open market transactions for $ 350.0 million under its share repurchase program authorized by VF's Board of Directors.

These purchases were treated as treasury stock transactions.

These are treated as treasury stock transactions when shares are repurchased.

Common Stock outstanding is net of shares held in treasury which are, in substance, retired.

During the year ended March 2022, VF restored 4.8 million treasury shares to an unissued status, after which they were no longer recognized as shares held in treasury.

There were no shares held in treasury at the end of March 2025, 2024 or 2023.

The excess of the cost of treasury shares acquired over the $ 0.25 per share stated value of Common Stock is deducted from retained earnings.

VF Corporation Fiscal 2024 Form 10-K F-33

VF CORPORATION

Notes to Consolidated Financial Statements

The excess of the cost of treasury shares acquired over the $ 0.25 per share stated value of Common Stock is deducted from retained earnings (accumulated deficit).

Accumulated Other Comprehensive Loss

32 unchanged sentences

2025 2024 2023

Losses on foreign currency translation and other:

Sale of Supreme Income (loss) from discontinued operations, net of tax (a)

$ ( 75,293 ) $ — $ —

Total before tax ( 75,293 ) — —

Income tax effect — — —

Net of tax ( 75,293 ) — —

Amortization of defined benefit pension plans:

1 unchanged sentence

Deferred prior service credits Other income (expense), net 589 541 453

Pension settlement charges Other income (expense), net ( 3,538 ) ( 93,731 ) ( 7,466 )

Pension curtailment gains and settlement charges Other income (expense), net 936 ( 3,538 ) ( 93,731 )

Total before tax ( 18,680 ) ( 19,653 ) ( 109,673 )

Tax benefit 5,355 28,479 4,426

Income tax effect 4,764 5,355 28,479

Net of tax ( 13,916 ) ( 14,298 ) ( 81,194 )

Gains (losses) on derivative financial instruments:

Foreign exchange contracts Net revenues ( 5,004 ) ( 6,843 ) ( 27,382 )

Foreign exchange contracts Revenues ( 29,941 ) ( 5,004 ) ( 6,843 )

Foreign exchange contracts Cost of goods sold ( 3,192 ) 15,703 120,438

Foreign exchange contracts Selling, general and administrative expenses 3,437 6,695 ( 487 )

Foreign exchange contracts SG&A expenses ( 518 ) 3,437 6,695

Foreign exchange contracts Other income (expense), net ( 1,688 ) ( 253 ) ( 10,365 )

Interest rate contracts Interest expense 445 108 108

Interest rate contracts Income (loss) from discontinued operations, net of tax 2,299 4,130 127

Total before tax ( 32,595 ) 18,121 110,160

Tax (expense) benefit ( 3,180 ) ( 17,663 ) 7,656

Income tax effect 5,568 ( 3,180 ) ( 17,663 )

Net of tax ( 27,027 ) 14,941 92,497

Total reclassifications for the period, net of tax $ ( 116,236 ) $ 643 $ 11,303

(a) Foreign currency translation losses related to Supreme were included in the carrying value of the disposal group used in determining the estimated loss on sale recorded during the second quarter of Fiscal 2025.

Upon completion of the sale of Supreme on October 1, 2024, these amounts were reclassified out of accumulated OCL into the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations for the year ended March 2025 and offset against the derecognition of the previously recorded allowance on the disposal group.

NOTE 19 — STOCK-BASED COMPENSATION

Pursuant to the amended and restated 1996 Stock Compensation Plan approved by stockholders, VF is authorized to grant nonqualified stock options, restricted stock units (“RSUs”) and restricted stock to officers, key employees and nonemployee members of VF’s Board of Directors.

Pursuant to the amended and restated 1996 Stock Compensation Plan approved by stockholders, VF is authorized to grant nonqualified stock options, restricted stock units (“RSUs”), stock units and restricted stock to officers, key employees and nonemployee members of VF’s Board of Directors.

Substantially all stock-based compensation awards are classified as equity awards, which are accounted for in stockholders’ equity in the Consolidated Balance Sheets.

4 unchanged sentences

Awards that do not vest are forfeited.

Total stock-based compensation cost and the associated income tax benefits recognized in the Consolidated Statements of Operations are as follows:

VF Corporation Fiscal 2025 Form 10-K F-35

VF CORPORATION

Notes to Consolidated Financial Statements

Total stock-based compensation cost and the associated income tax benefits recognized in the Consolidated Statements of Operations, on a continuing operations basis, are as follows:

Year Ended March

2 unchanged sentences

Income tax benefits 16,299 12,849 9,072

At the end of March 2024, there wa s $ 64.5 million of t otal unrecognized compensation cost, net of estimated forfeitures, related to all stock-based compensation arrangements that will be recognized over a weighted average period of 1.5 years.

At the end of March 2024, there w ere 5,422,693 shares available for future grants of stock options and stock awards under the 1996 Stock Compensation Plan.

At the end of March 2025, there was $ 83.8 million of total unrecognized compensation cost, net of estimated forfeitures, related to all stock-based compensation arrangements that will be recognized over a weighted average period of 1.5 years.

At the end of Marc h 2025, there were 38,032,793 shares available for future grants of stock options and stock awards under the 1996 Stock Compensation Plan.

Shares for option exercises are issued from VF’s authorized but unissued Common Stock.

VF Corporation Fiscal 2024 Form 10-K F-35

VF CORPORATION

Notes to Consolidated Financial Statements

Stock Options

32 unchanged sentences

Exercisable, March 2025 7,584,683 $ 53.51 5.3 $ 102

The total fair value of stock options that vested during the years ended March 2024, 2023 and 2022 was $ 21.8 million, $ 23.2 million and $ 16.6 million, respectively .

The total intrinsic value of stock options exercised during the years ended March 2024, 2023 and 2022, was $ 0.0 million , $ 0.4 million and $ 22.9 million, respectively.

F-36 VF Corporation Fiscal 2025 Form 10-K

1 unchanged sentence

Notes to Consolidated Financial Statements

Restricted Stock Units

The total fair value of stock options that vested during the years ended March 2025, 2024 and 2023 w as $ 22.9 million, $ 21.8 million and $ 23.2 million, respectively .

The total intrinsic value of stock options exercised during the years ended March 2025, 2024 and 2023, was $ 0.9 million, $ 0.0 million and $ 0.4 million, respectively.

Restricted Stock Units and Stock Units

VF grants performance-based RSUs that enable employees to receive shares of VF Common Stock at the end of a three-year performance cycle.

Each performance-based RSU has a potential final payout ranging from zero to two and one-quarter shares of VF Common Stock.

The number of shares earned by participants, if any, is based on achievement of three-year financial and relative total shareholder return ("TSR") targets set by the Talent and Compensation Committee of the Board of Directors.

The number of shares earned by participants, if any, is based on the achievement of financial targets and relative total shareholder return ("TSR") targets set by the Talent and Compensation Committee of the Board of Directors.

Shares are issued to participants in the year following the conclusion of each three-year performance period.

For performance-based RSUs granted in Fiscal 2024 and 2023, the financial targets include 50 % weighting based on VF's revenue growth and 50 % weighting based on VF's gross margin performance over the three-year period compared to financial targets.

For performance-based RSUs granted in Fiscal 2025, t he financial targets are based on the average, for the three years of the performance cycle, of the annual levels of achievement of VF's total revenue, weighted 50 %, and the average, for the three years of the performance cycle, of the annual levels of achievement of VF's gross margin, weighted 50 %.

Furthermore, the actual number of shares earned may be adjusted upward or downward by 25 % of the target award, based on how VF's TSR over the three-year period compares to the TSR for companies included in the Standard & Poor's 600 Consumer Discretionary Sector Index, resulting in a maximum payout of 225 % of the target award.

For performance-based RSUs granted in Fiscal 2024 and 2023, the financial targets include 50 % weighting based on VF's

revenue growth and 50 % weighting based on VF's gross margin performance over the three-year period compared to financial targets.

Furthermore, the actual number of shares earned may be adjusted upward or downward by 25 % of the target award, based on how VF's TSR over the three-year period compares to the TSR for companies included in the Standard & Poor's 500 Consumer Discretionary Index, resulting in a maximum payout of 225 % of the target award.

The grant date fair value of the TSR-based adjustment related to the performance-based RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $ 0.35 and $ 3.46 per share for the performance-based RSU grants in the years ended March 2024 and 2023, respectively.

For performance-based RSUs granted in Fiscal 2022, the financial targets include 50 % weighting based on VF's revenue

growth over the three-year period compared to a group of industry peers and 50 % weighting based on VF's TSR over the three-year period compared to the TSR for companies included in the Standard & Poor's 500 Consumer Discretionary Index.

The grant date fair value of the TSR portion of the performance-based RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $ 101.56 per share.

Additionally, the actual number of performance-based RSUs earned may be adjusted upward or downward by 25 % of the target award, based on VF's gross margin performance over the three-year period, resulting in a maximum payout of 225 % of the target award.

VF also grants nonperformance-based RSUs to employees as part of its stock compensation program and to nonemployee members of the Board of Directors.

Each nonperformance-based RSU entitles the holder to one share of VF Common Stock.

VF also grants nonperformance-based RSUs to employees as part of its stock compensation program and nonperformance-based stock units to nonemployee members of the Board of Directors.

Each nonperformance-based RSU or stock unit entitles the holder to one share of VF Common Stock.

The employee nonperformance-based RSUs generally vest over periods of up to four years from the date of grant.

The nonperformance-based RSUs granted to nonemployee members of the Board of Directors vest upon grant and will be settled in shares of VF Common Stock one year from the date of grant.

Dividend equivalents on the RSUs accrue without compounding and are payable in additional shares of VF Common Stock when the RSUs vest.

The stock units granted to nonemployee members of the Board of Directors vest upon grant and will be settled in shares of VF Common Stock one year from the date of grant.

Dividend equivalents on the RSUs and stock units accrue without compounding and are payable in additional shares of VF Common Stock when the RSUs vest or stock units are settled.

Dividend equivalents are subject to the same risk of forfeiture as the RSUs.

RSU activity for the year ended March 2024 is summarized as follows:

RSU and stock unit activity for the year ended March 2025 is summarized as follows:

Performance-based Nonperformance-based

5 unchanged sentences

Issued as Common Stock — — ( 980,773 ) 37.79

Forfeited/cancelled (b)

( 427,911 ) 63.12 ( 496,331 ) 26.95

Forfeited/cancelled ( 275,230 ) 86.13 ( 997,448 ) 19.91

Outstanding, March 2025 2,401,772 $ 19.60 6,011,850 $ 18.70

1 unchanged sentence

(a) Reflects activity at target level of awards and has not been adjusted for performance and market conditions, except for awards issued during the period.

(b) Includes adjustment for performance and market conditions for awards issued during the period.

The weighted average fair value of performance-based RSUs granted during the years ended March 2024 and March 2023 was $ 18.29 and $ 45.23 per share, respectively, based on the fair market value of the underlying VF Common Stock on each grant date.

The weighted average fair value of performance-based RSUs granted during the year ended March 2022 was $ 89.65 per share, based on the weighting of the TSR and the fair market value of the underlying VF Common Stock on each grant date.

The weighted average fair value of performance-based RSUs granted during the years ended March 2025, 2024 and 2023 was $ 16.61 , $ 18.29 and $ 45.23 per share, respectively, based on the fair market value of the underlying VF Common Stock on each grant date.

The total market value of awards outstanding at the end of March 2025 was $ 37.7 million.

Awards earned and vested for the three-year performance period ended in March 2023 and

distributed in early Fiscal 2024 totaled 13,033 shares of VF Common Stock having a value of $ 0.3 million.

Awards earned and vested for the three-year performance period ended in March 2024 and distributed in early Fiscal 2025 totaled zero shares of VF

Common Stock having a value of $ 0.0 million.

Similarly, 13,033 shares of VF Common Stock having a value of $ 0.3 million were earned for the performance period ended in March 2023 and distributed in early Fiscal 2024.

The weighted average fair value of nonperformance-based RSUs granted during the years ended March 2024, 2023 and 2022 was $ 17.09 , $ 38.31 and $ 75.29 per share, respectively, which was equal to the fair market value of the underlying VF Common Stock on each grant date.

The total market value of awards outstanding at the end of March 2024 was $ 66.0 million.

The weighted average fair value of nonperformance-based RSUs and stock units granted during the years ended March 2025, 2024 and 2023 was $ 17.13 , $ 17.09 and $ 38.31 per share,

VF Corporation Fiscal 2025 Form 10-K F-37

1 unchanged sentence

Notes to Consolidated Financial Statements

respectively, which was equal to the fair market value of the underlying VF Common Stock on each grant date.

market value of awards outstanding at the end of March 2025 was $ 94.3 million.

Restricted Stock

4 unchanged sentences

restricted shares and are subject to the same risk of forfeiture as the restricted stock.

Restricted stock activity during Fiscal 2024 included vesting of a portion of the shares of VF Common Stock deposited in escrow in connection with the Supreme acquisition, which for accounting purposes, are considered stock-based compensation.

Restricted stock activity during Fiscal 2025 included vesting of the remaining portion of the shares of VF Common Stock deposited in escrow in connection with the Supreme acquisition.

Restricted stock activity for the year ended March 2025 is summarized below:

8 unchanged sentences

NOTE 20 — INCOME TAXES

The provision for income taxes was computed based on the following amounts of income from continuing operations before income taxes:

The provision for income taxes was computed based on the following amounts of income (loss) from continuing operations before income taxes:

Year Ended March

2 unchanged sentences

Foreign 778,287 663,580 1,076,428

Income (loss) before income taxes $ ( 233,685 ) $ 43,287 $ 1,523,250

Income (loss) from continuing operations before income taxes $ 145,161 $ ( 284,921 ) $ 737,790

The provision for income taxes consisted of:

22 unchanged sentences

Stock compensation 4,230 3,908 2,304

Non-taxable contingent consideration adjustments — — ( 28,090 )

Interest on tax receivable — 11,972 ( 11,972 )

1 unchanged sentence

Income tax expense (benefit) $ 75,837 $ 733,556 $ ( 17,944 )

Income tax expense (benefit) includes tax benefits of $ 34.7 million, $ 10.6 million and $ 2.2 million in the years ended March 2024, 2023 and 2022, respectively, from other favorable audit outcomes on certain tax matters and from expiration of statutes of limitations.

Income tax expense (benefit) includes tax benefits of $ 16.5 million, $ 34.7 million and $ 10.6 million in the years ended March 2025, 2024 and 2023, respectively, from other favorable a udit outcomes on certain tax matters and from expiration of statutes of limitations.

Income tax expense (benefit) in the year ended March 2023 also includes a $ 94.9 million favorable adjustment to VF’s transition tax liability under the U.S.

Tax Act pursuant to the Internal Revenue Service ("IRS") examinations for tax year 2017 and short-tax year 2018.

On May 19, 2019, Switzerland voted to approve the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Act").

In Fiscal 2022, $ 67.4 million net tax expense was recorded due to changes to the related deferred tax assets.

VF was granted a ruling which lowered the effective income tax rate on taxable earnings for years 2010 through 2014 under Belgium’s excess profit tax regime.

During 2015, the European Union Commission ("EU") investigated and announced its decision that these rulings were illegal and ordered the tax benefits to be collected from affected companies, including VF.

During 2017 and 2018, VF Europe BVBA was assessed and paid € 35.0 million in tax and interest, which was recorded as an income tax receivable and was included in the other current assets line item in VF's Consolidated Balance Sheets, based on the expected success of the requests for annulment.

During 2017 and 2018, VF Europe BVBA was assessed and paid € 35.0 million in tax and interest, which was recorded as an

income tax receivable and was included in the other current assets line item in VF's Consolidated Balance Sheets, based on the expected success of the requests for annulment.

After subsequent annulments and appeals, the General Court confirmed the decision of the EU on September 20, 2023.

As a result, VF wrote off the related income tax receivable and recorded a benefit for the associated foreign tax credit, resulting in $ 26.1 million of net income tax expense in the second quarter of Fiscal 2024.

In addition, VF has been granted a lower effective income tax rate on taxable earnings in one foreign jurisdiction that will expire in March 2026.

This lower rate, when compared with the country statutory rate, resulted in income tax reductions of $ 44.2 million ($ 0.11 per diluted share) in the year ended March 2024, $ 57.8 million ($ 0.15 per diluted share) in the year ended March 2023 and $ 0.4 million ($ 0.00 per diluted share) in the year ended March 2022.

In addition, VF has been granted a lower effective income tax rate on taxable earnings in one foreign jurisdiction that expired at the end of March 2025.

This lower rate, when compared with the jurisdiction's statutory rate, resulted in income tax reductions of $ 48.5 million ($ 0.12 per diluted share) in the year ended March 2025, $ 44.2 million ($ 0.11 per diluted share) in the year ended March 2024 and $ 57.8 million ($ 0.15 per diluted share) in the year ended March 2023.

VF Corporation Fiscal 2025 Form 10-K F-39

18 unchanged sentences

Deferred income tax liabilities:

Depreciation and capitalized research and development — 26,303

Intangible assets 27,456 13,700

7 unchanged sentences

Other assets (Note 11)

$ 575,546 $ 477,262

Other liabilities (Note 16)

( 14,551 ) ( 9,972 )

At the end of Fiscal 2024, the Company is not asserting indefinite reinvestment with regards to short-term liquid assets of its foreign subsidiaries.

$ 560,995 $ 467,290

At the end of Fiscal 2025, the Company i s not ass erting indefinite reinvestment with regards to short-term liquid assets of its foreign subsidiaries.

All other foreign earnings, including basis differences of certain foreign subsidiaries, continue to be considered indefinitely reinvested.

1 unchanged sentence

VF has potential tax benefits totaling $ 301.7 million for foreign operating loss carryforwards, of which $ 81.6 million have an unlimited carryforward life.

There are $ 153.8 million of potential tax benefits for capital loss carryforwards that begin to expire in 2026 and $ 48.7 million of foreign tax credit carryforwards that begin to expire in 2030 and $ 5.3 million of general business credit carryforwards that begin to expire in 2044.

Additionally, there are $ 49.9 million of potential tax benefits for state operating loss and credit carryforwards that expire between 2025 and 2040.

There are $ 266.9 million of potential tax benefits for capital loss carryforwards that begin to expire in 2027 an d $ 55.1 million of foreign tax credit carryforwards that begin to expire in 2030 and $ 9.4 million of general business credit carryforwards that b egin to expire in 2044.

Additio nally, there are $ 65.8 million of potential tax benefits for state operating loss and credit carryforwards that expire between 2026 and 2055.

A valuation allowance has been provided where it is more likely than not that the deferred tax assets related to those operating loss carryforwards will not be realized.

Valuation allowances totaled $ 218.1 million for available foreign operating loss carryforwards, $ 150.3 million for available capital loss carryforwards, $ 48.7 million for foreign tax credit carryforwards, $ 18.2 million for available state operating loss and credit carryforwards, and $ 0.7 million for other foreign deferred income tax assets.

During Fiscal 2024, VF had a net decrease in valuation allowances of $ 1.2 million related to capital loss carryforwards, a net increase of $ 48.7 million related to foreign tax credit carryforwards, a net increase of $ 8.2 million related to state operating loss and credit carryforwards and a decrease of $ 44.6 million related to foreign operating loss carryforwards and other foreign deferred tax assets, inclusive of foreign currency effects.

Valuation allowances totaled $ 215.3 million for available foreign operating loss

carryforwards, $ 238.2 million for available capital loss carryforwards, $ 55.1 million for foreign tax credit carryforwards, and $ 22.4 million for available state operating loss and credit carryforwards.

During Fiscal 2025, VF had a net increase in valuation allowances of $ 87.9 million related to capital loss carryforwards, a net increase of $ 6.4 million related to foreign tax credit carryforwards, a net increase of $ 4.2 million related to state operating loss and credit carryforwards and a decrease of $ 3.5 million related to foreign operating loss carryforwards and other foreign deferred tax assets, inclusive of forei gn currency effects.

The realization of a significant portion of the Company’s net deferred tax assets is dependent on future U.S.

pre-tax earnings.

The Company has experienced pre-tax losses in the U.S.

over the last three fiscal years, including a portion of the costs associated with its Reinvent turnaround program.

One of the initial priorities of Reinvent is to improve North America results.

While there can be no assurances that this program will be effective, the Company has a history of pre-tax income in the U.S.

and we believe that it is more likely than not the Company will realize the benefits of existing deferred tax assets, net of valuation allowances.

F-40 VF Corporation Fiscal 2025 Form 10-K

9 unchanged sentences

Additions for current year tax positions 22,319 — 22,319

Additions for prior year tax positions (a)

112,850 32,642 145,492

Additions for prior year tax positions 13,324 20,577 33,901

Reductions for prior year tax positions ( 3,747 ) ( 951 ) ( 4,698 )

1 unchanged sentence

Payments in settlement ( 3,847 ) ( 1,608 ) ( 5,455 )

Decrease due to divestiture ( 506 ) ( 340 ) ( 846 )

Currency translation ( 172 ) ( 10 ) ( 182 )

1 unchanged sentence

Additions for current year tax positions 15,982 — 15,982

Additions for prior year tax positions 13,324 20,577 33,901

Additions for prior year tax positions (a)

165,426 78,133 243,559

Reductions for prior year tax positions ( 36,943 ) ( 3,809 ) ( 40,752 )

Reductions due to statute expirations ( 1,436 ) ( 383 ) ( 1,819 )

Payments in settlement ( 3,847 ) ( 1,608 ) ( 5,455 )

Payments in settlement (b)

( 210,874 ) ( 74,659 ) ( 285,533 )

Currency translation ( 11 ) ( 4 ) ( 15 )

1 unchanged sentence

Additions for current year tax positions 17,978 — 17,978

Additions for prior year tax positions (b)

165,426 78,133 243,559

Additions for prior year tax positions 36,190 27,372 63,562

Reductions for prior year tax positions ( 15,135 ) ( 755 ) ( 15,890 )

Reductions due to statute expirations ( 530 ) ( 520 ) ( 1,050 )

Payments in settlement (c)

( 210,874 ) ( 74,659 ) ( 285,533 )

Payments in settlement ( 914 ) ( 91 ) ( 1,005 )

Decrease due to divestiture ( 472 ) ( 72 ) ( 544 )

Currency translation ( 21 ) ( 16 ) ( 37 )

Balance, March 2025 $ 317,410 $ 109,803 $ 427,213

(a) The year ended March 2022 included an increase resulting from updated estimates related to intellectual property transfers completed in a prior period.

(b) The year ended March 2024 includes an increase due to uncertainty in the application of court decisions upheld upon appeal.

(c) The year ended March 2024 includes a settlement with the tax authorities related to intellectual property transfers completed in a prior period.

(a) The year ended March 2024 includes an increase due to uncertainty in the application of court decisions upheld upon appeal.

(b) The year ended March 2024 includes a settlement with the tax authorities related to intellectual property transfers completed in a prior period.

(In thousands) March 2025 March 2024

10 unchanged sentences

Tax Court (the "Tax Court") to resolve an IRS dispute regarding the timing of income inclusion associated with VF’s acquisition of The Timberland Company in September 2011.

While the IRS argued that all such income should have been immediately included in 2011, VF reported periodic income inclusions in subsequent tax years.

While the IRS argued that all such

income should have been immediately included in 2011, VF reported periodic income inclusions in subsequent tax years.

In Fiscal 2023, the Tax Court issued its final decision in favor of the IRS, which was appealed by VF.

On October 19, 2022, VF paid

VF Corporation Fiscal 2024 Form 10-K F-41

VF CORPORATION

Notes to Consolidated Financial Statements

$ 875.7 million related to the 2011 taxes and interest being disputed, which was recorded as an income tax receivable and began to accrue interest income.

On October 19, 2022, VF paid $ 875.7 million related to the 2011 taxes and interest being disputed, which was recorded as an income tax receivable and began to accrue interest income.

These amounts were included in the other assets line item in VF's Consolidated Balance Sheet, based on our assessment of the position under the more-likely-than-not standard of the accounting literature.

1 unchanged sentence

Court of Appeals for the First Circuit (“Appeals Court”) upheld the Tax Court’s decision in favor of the IRS.

As a result of the Appeals Court decision, VF determined that its position no longer met the more-likely-than-not threshold, and thus wrote off the related income tax receivable and associated interest and recorded $ 690.0 million of income tax expense in the second quarter of Fiscal 2024.

As a result of the Appeals Court decision, VF determined that its

VF Corporation Fiscal 2025 Form 10-K F-41

VF CORPORATION

Notes to Consolidated Financial Statements

position no longer met the more-likely-than-not threshold, and thus wrote off the related income tax receivable and associated interest and recorded $ 690.0 million of income tax expense in the second quarter of Fiscal 2024.

This amount included the reversal of $ 19.6 million of interest income, of which $ 7.5 million was recorded in the first quarter of Fiscal 2024.

This amount reflects the total estimated net impact to VF’s tax expense, which includes the expected reduction in taxes paid on the periodic inclusions that VF has reported, release of related

deferred tax liabilities, and consideration of indirect tax effects resulting from the decision.

This amount reflects the total estimated net impact to VF’s tax expense, which includes the expected reduction in taxes paid on the periodic inclusions that VF has reported, release of related deferred tax liabilities, and consideration of indirect tax effects resulting from the decision.

The estimated impact is subject to future adjustments based on finalization with tax authorities.

In addition, VF is currently subject to examination by various state and international tax authorities.

Management regularly assesses the potential outcomes of both ongoing and future examinations for the current and prior years and has concluded that VF’s provision for income taxes is adequate.

Management regularly

assesses the potential outcomes of both ongoing and future examinations for the current and prior years and has concluded that VF’s provision for income taxes is adequate.

The outcome of any one examination is not expected to have a material impact on VF’s consolidated financial statements.

Management believes that some of these audits and negotiations will conclude during the next 12 months.

Management also believes that it is reasonably possible that the amount of unrecognized income tax benefits may decrease by $ 4.6 million within the next 12 months due to settlement of audits and expiration of statutes of limitations of which $ 1.6 million would reduce income tax expense.

Management also believes that it is reasonably possible that the amount of unrecognized income tax benefits may decrease b y $ 26.2 million within the next 12 months due to settlement of audits and expiration of statutes of limitations of which $ 23.2 million would reduce income tax expense.

NOTE 21 — REPORTABLE SEGMENT INFORMATION

VF's President and Chief Executive Officer, who is considered the Company's CODM, allocates resources and assesses performance based on a global brand view which represents VF's operating segments.

VF's President and Chief Executive Officer is the Company's CODM.

The Company's individual global brands have been determined to be operating segments.

The operating segments have been evaluated and combined into reportable segments because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance.

6 unchanged sentences

Active - Active apparel, footwear and accessories

Work - Work and work-inspired lifestyle apparel and footwear

Work - Performance and lifestyle workwear apparel and footwear

Timberland PRO ®

Other - included in the tables below for purposes of reconciliation of revenues and profit, but it is not considered a reportable segment.

Other - included in the table below for purposes of reconciliation of revenues and profit for the year ended March 2023, but it is not considered a reportable segment.

Other primarily includes sourcing activities related to transition services.

1 unchanged sentence

In doing so, it evaluates whether changes may need to be made to our internal reporting structure to better support and assess the operations of our business going forward.

If changes are made, we will assess the resulting effect on our reportable segments, operating segments and reporting units, if any.

The primary financial measures used by management to evaluate the financial results of VF's reportable segments are segment revenues and segment profit.

Segment profit comprises the

operating income and other income (expense), net line items of each segment.

Accounting policies used for internal management reporting at the individual segments are consistent with those in Note 1, except as stated below.

Corporate costs (other than common costs allocated to the segments), goodwill and indefinite-lived intangible asset impairment charges, net interest expense and loss on debt extinguishment 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

If changes are made, we will assess the resulting effect, if any, on our reportable segments, operating segments and reporting units.

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 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.

Accounting policies used for internal management reporting at the individual segments are consistent with those in Note 1.

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,

F-42 VF Corporation Fiscal 2025 Form 10-K

1 unchanged sentence

Notes to Consolidated Financial Statements

from corporate costs to the segments based on appropriate metrics such as usage or employment.

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, for internal management purposes, are those used directly in or resulting from the operations of each business, which are accounts receivable and inventories.

Segment assets included in the Other category represent balances primarily related to corporate activities, and are provided for purposes of reconciliation as the Other category is not considered a reportable segment.

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

Segment assets included in the Other category represent receivable balances primarily related to corporate activities, and are provided for purposes of reconciliation as the Other category is not considered a reportable segment.

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.

1 unchanged sentence

Year Ended March 2025

(In thousands) 2024 2023 2022

Segment revenues:

Outdoor $ 5,501,399 $ 5,647,526 $ 5,327,568

Active 4,061,729 4,904,622 5,380,338

Work 891,539 1,060,179 1,133,149

Other — 148 785

Total segment revenues $ 10,454,667 $ 11,612,475 $ 11,841,840

Segment profit (loss):

Outdoor $ 602,708 $ 785,431 $ 795,523

(In thousands) Outdoor Active Work Total

Revenues $ 5,576,301 $ 3,095,292 $ 833,098 $ 9,504,691

Cost of goods sold

2,627,678 1,312,186 479,116

Work 17,647 121,157 193,492

Other — ( 536 ) ( 586 )

Total segment profit 972,603 1,560,743 1,968,175

SG&A expenses

2,238,974 1,631,356 301,753

Other segment items (a)

14,748 1,092 918

Segment profit 724,397 152,842 53,147 930,386

Impairment of goodwill and indefinite-lived intangible assets ( 89,242 )

Corporate and other expenses ( 546,740 )

Interest expense, net ( 223,408 ) ( 164,632 ) ( 131,463 )

Loss on debt extinguishment — — ( 3,645 )

Income (loss) from continuing operations before income taxes $ ( 233,685 ) $ 43,287 $ 1,523,250

(a) Includes legal settlement gains of $ 29.1 million in the year ended March 2024.

Interest expense, net (b)

Income from continuing operations before income taxes $ 145,161

(a) For each reportable segment, 'Other segment items' includes insurance recoveries, 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 totale d $ 31.1 million for the year ended March 2025 , 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.

Year Ended March 2024

(In thousands) Outdoor Active

Revenues $ 5,501,399 $ 3,522,740 $ 891,539 $ 9,915,678

Cost of goods sold 2,725,279 1,526,110 549,459

SG&A expenses 2,174,041 1,788,074 324,488

Other segment items (a)

629 28,973 55

Segment profit 602,708 237,529 17,647 857,884

Impairment of goodwill ( 507,566 )

Corporate and other expenses ( 469,560 )

Interest expense, net (b)

Loss from continuing operations before income taxes $ ( 284,921 )

(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.

For the Active reportable segment, 'Other segment items' also includes legal settlement gains of $ 29.1 million.

These are all 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 $ 59.1 million for the year ended March 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.

VF Corporation Fiscal 2025 Form 10-K F-43

1 unchanged sentence

Notes to Consolidated Financial Statements

(In thousands) March 2024 March 2023

Year Ended March 2023

(In thousands) Outdoor Active Work Total

Segment revenues $ 5,647,526 $ 4,381,506 $ 1,060,179 $ 11,089,211

Other revenues 148

Total revenues 11,089,359

Cost of goods sold 2,832,821 1,850,371 601,148

SG&A expenses 2,024,617 1,954,213 337,596

Other segment items (a)

( 4,657 ) ( 1,376 ) ( 278 )

Segment profit 785,431 575,546 121,157 1,482,134

Other profit (loss) ( 536 )

Corporate and other expenses ( 600,148 )

Interest expense, net (b)

Income from continuing operations before income taxes $ 737,790

(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 $ 21.9 million for the year ended March 2023 , 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) March 2025 March 2024 March 2023

Segment assets:

4 unchanged sentences

Total segment assets 2,948,688 2,961,152 3,833,533

Cash and equivalents 674,605 814,887

Cash and cash equivalents 429,382 656,376 799,441

Property, plant and equipment, net 720,879 788,992 910,938

Intangible assets and goodwill 4,088,896 4,621,234

Goodwill and intangible assets, net 2,314,093 2,421,838 2,946,391

Operating lease right-of-use assets 1,262,319 1,255,074 1,306,199

Other assets 1,702,175 1,703,664 2,288,643

Assets of discontinued operations — 1,825,867 1,905,343

Consolidated assets $ 9,377,536 $ 11,612,963 $ 13,990,488

7 unchanged sentences

$ 259,616 $ 307,528 $ 251,926

F-44 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

Supplemental information (with revenues by geographic area primarily based on the origin of the shipment) is as follows:

9 unchanged sentences

$ 720,879 $ 788,992

No single customer accounted for 10% or more of the Company’s total revenues in the years ended March 2024, 2023 and 2022.

F-44 VF Corporation Fiscal 2024 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

No sin gle customer accounted for 10% or more of the Company’s total revenues in the years ended March 2025, 2024 and 2023.

NOTE 22 — COMMITMENTS

2 unchanged sentences

In the ordinary course of business, VF has entered into purchase commitments for finished products and raw materials.

Total payments required under these agreements, which primarily relate to finished products, are $ 2.3 billion, $ 73.2 million and $ 3.0 million for Fiscal 2025 through 2027, respectively, and no commitments thereafter.

Total payments required under these agreements, which primarily relate to finished products, are $ 1.9 billion, $ 68.3 million, $ 2.7 million, $ 0.4 million and $ 0.5 million for Fiscal 2026 through 2030, respectively, and no commitments thereafter.

VF has entered into commitments for (i) capital spending, (ii) service and maintenance agreements related to its

16 unchanged sentences

Earnings (loss) per share from continuing operations $ 0.18 $ ( 2.62 ) $ 1.95

In the year ended March 2024, the dilutive impacts of all outstanding stock options and other dilutive securities were excluded from dilutive shares as a result of the Company's net loss for the period and, as such, their inclusion would have been anti-dilutive.

As a result, a total of 19.0 million potentially dilutive shares related to stock options and other dilutive securities were excluded from the diluted loss per share calculation for the year ended March 2024.

Outstanding stock options and other dilutive securities of approximately 9.7 million and 3.3 million shares were excluded

from the calculations of diluted earnings per share for the years ended March 2023 and 2022, respectively, because the effect of their inclusion would have been anti-dilutive to those years.

Outstanding stock options and other dilutive securities of approximately 11.8 million and 9.7 million shares were excluded from the calculations of diluted earnings per share for the years ended March 2025 and 2023, respectively, because the effect of their inclusion would have been anti-dilutive to those years.

In addition, 1.9 million and 0.6 million shares of performance-based RSUs were excluded from the calculations of diluted earnings per share for the years ended March 2025 and 2023, respectively, because these units were not considered to be contingent outstanding shares in those years.

In the year ended March 2024, the dilutive impacts of all outstanding stock options and other dilutive securities were excluded from dilutive shares as a result of the Company's loss from continuing operations for the period and, as such, their inclusion would have been anti-dilutive.

VF Corporation Fiscal 2025 Form 10-K F-45

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 24 — FAIR VALUE MEASUREMENTS

8 unchanged sentences

These inputs would normally be VF’s own data and judgments about assumptions that market participants would use in pricing the asset or liability.

VF Corporation Fiscal 2024 Form 10-K F-45

VF CORPORATION

Notes to Consolidated Financial Statements

RECURRING FAIR VALUE MEASUREMENTS

11 unchanged sentences

Deferred compensation 75,046 — 75,046 —

Contingent consulting fees 23,900 — — 23,900

Value Fair Value Measurement Using (a)

9 unchanged sentences

Deferred compensation 90,804 — 90,804 —

(a) There were no transfers among the levels within the fair value hierarchy during the years ended March 2024 or 2023.

(a) There wer e no tran sfers among the levels within the fair value hierarchy during the years ended March 2025 or 2024.

VF’s cash equivalents include money market funds and time deposits with maturities within three months of their purchase dates, that approximate fair value based on Level 1 measurements.

The fair value of derivative financial instruments, which consist of foreign exchange forward contracts and interest rate swap contracts , is determined based on observable market inputs (Level 2), including spot and forward exchange rates for foreign currencies and interest rate forward curves, and considers the credit risk of the Company and its counterparties.

The fair value of derivative financial instruments, which consist of foreign exchange forward contracts and interest rate swap contracts (through their settlement in the year ended March 2025 ) , is determined based on observable market inputs (Level 2), including spot and

forward exchange rates for foreign currencies and interest rate forward curves, and considers the credit risk of the Company and its counterparties.

VF’s deferred compensation assets primarily represent investments held within plan trusts as an economic hedge of the related deferred compensation liabilities (Note 17).

These investments primarily include mutual funds (Level 1) that are valued based on quoted prices in active markets.

Liabilities related to VF’s deferred compensation plans are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments.

In connection with the Supreme acquisition on December 28, 2020, the fair value of the related contingent consideration liability was initially estimated at $ 207.0 million (Level 3).

During Fiscal 2022, the contingent consideration liability was remeasured at fair value based on the probability-weighted

present value of various future cash payment outcomes resulting from the estimated achievement levels of the financial targets, with changes of $ 150.0 million recognized in the selling, general and administrative expenses line item in the Consolidated Statement of Operations in the year ended March 2022.

As of March 2022, the estimated fair value of the contingent consideration liability was $ 57.0 million and was paid during Fiscal 2023.

All other significant financial assets and financial liabilities are recorded in the consolidated financial statements at cost, except life insurance contracts which are recorded at cash surrender value.

These other financial assets and financial liabilities include cash held as demand deposits, accounts receivable, short-term borrowings, accounts payable and accrued liabilities.

At March 2024 and 2023, their carrying values approximated their fair values.

Additionally, at March 2024 and 2023, the carrying values of VF’s long-term debt, including the current portion, were $ 5,703.0 million and $ 6,635.3 million, respectively, compared with fair values of $ 5,263.3 million a nd $ 6,244.4 million at those respective dates.

Fair value for long-term debt is a Level 2 estimate based on quoted market prices or values of comparable borrowings.

Liabilities related to VF’s deferred compensation plans

F-46 VF Corporation Fiscal 2025 Form 10-K

1 unchanged sentence

Notes to Consolidated Financial Statements

are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments.

During the second quarter of Fiscal 2025, VF entered into a contract with a consulting firm to support Reinvent, VF's transformation program.

Fees related to this contract could be up to $ 141.0 million, which includes $ 66.0 million of fixed fees and $ 75.0 million of contingent fees tied to increases in VF's stock price.

The contingent fees are accounted for under Accounting Standards Codification Topic 718 — Stock Compensation ("ASC 718") as a liability award to a non-employee.

Accordingly, VF has utilized the Monte Carlo valuation model (Level 3) to estimate the fair value of the award at its inception, and will adjust such fair value on a quarterly basis over the measurement period, which concludes on June 30, 2027.

Changes in the fair value are recognized in the SG&A expenses line item in the Consolidated Statements of Operations over the relevant service period.

The valuation includes the effects of market conditions that are based upon VF's stock price performance relative to stock price targets and a minimum

payout dependent on the Standard & Poor's 500 Index return and VF's TSR versus that of peer companies over the measurement period.

As of March 2025 , the total fair value of the contingent fees wa s $ 27.8 million , with $ 23.9 million recognized in the year ended March 2025 .

These other financial assets and financial liabilities include cash held as demand deposits, accounts receivable, short-term borrowings, accounts payable and accrued liabilities.

At March 2025 and 2024, their carrying values approximated their fair values.

Additionally, at March 2025 and 2024, the carrying values of VF’s long-term debt, including the current portion, were $ 3,966.2 million and $ 5,703.0 million, respectively, compared with fair values of $ 3,628.8 million and $ 5,263.3 million at those respective dates.

Fair value for lo ng-term debt is a Level 2 estimate based on quoted market prices or values of comparable borrowings.

NONRECURRING FAIR VALUE MEASUREMENTS

2 unchanged sentences

In the event an impairment is required, the asset is adjusted to its estimated fair value, using market-based assumptions.

The Company recorded $ 39.4 million, $ 3.0 million and $ 6.4 million of impairments in the years ended March 2024, 2023 and

2022, respectively, related to retail store assets, lease right-of-use assets and other fixed assets.

These impairments were recorded in the selling, general and administrative expenses line item in the Consolidated Statements of Operations.

The Company recorded $ 507.6 million and $ 735.0 million of impairments in the years ended March 2024 and 2023, respectively, related to goodwill and indefinite-lived trademark intangible assets.

No impairment charges of goodwill or indefinite-lived trademark intangible assets were recorded in the year ended March 2022.

The Company recorded $ 10.4 million, $ 39.4 million and $ 3.0 million o f impairments in the years ended March 2025, 2024 and 2023, respectively, related to retail store assets, lease right-of-use assets and other fixed assets.

These impairments were recorded in the S G&A expenses line item in the Consolidated Statements of Operations.

In addition, VF has certain equity investments included within the other assets line item in VF's Consolidated Balance Sheets .

During the year ended March 2025, the Company recorded $ 15.6 million of impairments related to these investments.

These impairments were recorded in the other income (expense), net line item in the Consolidated Statement of Operations.

There were no impairment losses of equity investments in the years ended March 2024 or 2023.

The Company recorded $ 89.2 million a nd $ 507.6 million of impairments in the years ended March 2025 and 2024, respectively, related to goodwill and indefinite-lived trademark intangible assets.

No im pairment charges of goodwill or indefinite-lived trademark intangible assets were recorded in the year ended March 2023.

Refer to additional discussion of management's goodwill and indefinite-lived intangible asset impairment testing below.

Fiscal 2025 Goodwill and Intangible Asset Impairment Testing

Dickies Indefinite-Lived Intangible Asset Impairment Analysis

During the third quarter of Fiscal 2025, management determined that the continued downturn in the Dickies financial results and projections, combined with expectations of a slower recovery than previously anticipated, was a triggering event that required management to perform a quantitative impairment analysis of the Dickies indefinite-lived trademark intangible asset.

The carrying value of the indefinite-lived trademark intangible asset at the November 23, 2024 testing date was $ 290.0 million.

As a result of the impairment testing performed, VF recorded an impairment charge of $ 51.0 million to write down the Dickies indefinite-lived trademark intangible asset to its estimated fair value.

The Dickies ® brand is included in the Work reportable segment.

Management's revenue forecasts used in the Dickies indefinite-lived trademark intangible asset valuation considered recent and historical performance, strategic initiatives, industry trends and

macroeconomic factors.

Assumptions used in the valuation were similar to those that would be used by market participants performing independent valuations of the business.

Key assumptions developed by management and used in the quantitative analysis of the Dickies indefinite-lived trademark intangible asset include:

• Revenue projections, including a base year that considered recent actual results lower than previous internal forecasts, continued weakness in certain key accounts and markets, slower recovery from the recent downturn, a return to moderate revenue growth by the end of the projection period that reflects the long-term strategy for the business, and a terminal growth rate based on the expected long-term growth rate of the business;

• Tax rates based on the statutory rates for the countries in which the related intellectual property is domiciled;

VF Corporation Fiscal 2025 Form 10-K F-47

VF CORPORATION

Notes to Consolidated Financial Statements

• A reduced royalty rate based on market data and current performance of the brand as well as active license agreements for the Dickies ® brand and similar VF brands;

• Market-based discount rate.

The valuation model used by management in the impairment testing assumes an extended recovery period from the recent downturn in the brand's operating results and a return to moderate revenue growth by the end of the projection period.

If the brand is unable to achieve the financial projections, royalty rates decrease, or if market-based discount rates increase, additional impairment of the indefinite-lived trademark intangible asset could occur in the future.

Icebreaker Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2025 , management performed a quantitative impairment analysis of the Icebreaker reporting unit goodwill and indefinite-lived trademark intangible asset.

The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on results from management's prior testing, combined with a downward revision to the latest Fiscal 2025 forecast and forward-looking financial projections.

The carrying values of the Icebreaker reporting unit goodwill and indefinite-lived trademark intangible asset at the testing date were $ 38.2 million and $ 59.1 million , respectively.

As a result of the annual impairment testing, VF concluded that the Icebreaker reporting unit goodwill was fully impaired and thus recorded an impairment charge of $ 38.2 million in the Consolidated Statement of Operations for the year ended March 2025 .

Based on the analysis, management concluded that the indefinite-lived trademark intangible asset was not impaired and the estimated fair value exceeded its carrying value by a significant amount.

The Icebreaker reporting unit is included in the Outdoor reportable segment.

Management's revenue and profitability forecasts used in the Icebreaker reporting unit and indefinite-lived trademark intangible asset valuations considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors.

Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business.

Key assumptions developed by management and used in the quantitative analysis of the Icebreaker reporting unit and indefinite-lived trademark intangible asset include:

• Financial projections and future cash flows, including a base year that considered recent actual results lower than previous internal forecasts, slower recovery from the recent downturn, with moderate revenue growth and improved profitability throughout the forecast period that reflects the long-term strategy for the business, and terminal growth rates based on the expected long-term growth rate of the business;

• Tax rates based on the statutory rates for the countries in which the brand operates and the related intellectual property is domiciled;

• Royalty rate based on market data as well as active license agreements for other VF brands;

• Market-based discount rates.

The valuation model used by management in the impairment testing assumes recovery from the recent downturn in the brand's operating results and the return to revenue growth and improved profitability over the projection period.

If the brand is unable to achieve the financial projections, impairment of the indefinite-lived trademark intangible asset could occur in the future.

Timberland PRO Reporting Unit Impairment Analysis

The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on results from management's prior testing, combined with recent actual financial results lower than previous internal forecasts and a downward revision to forward-looking financial projections.

Based on the analysis, management concluded the Timberland PRO reporting unit goodwill was not impaired.

The estimated fair value of the reporting unit exceeded the carrying value by 18 %.

The carrying value of the Timberland PRO reporting unit goodwill at the testing date was $ 51.5 million.

The Timberland PRO reporting unit is included in the Work reportable segment.

Management's revenue and profitability forecasts used in the Timberland PRO reporting unit valuation considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors.

Assumptions used in the valuation were similar to those that would be used by market participants performing independent valuations of the business.

Key assumptions developed by management and used in the quantitative analysis of the Timberland PRO reporting unit include:

• Financial projections and future cash flows, including the current year that considered actual results lower than previous internal forecasts, with consistent revenue growth and improved profitability throughout the forecast period that reflects the long-term strategy for the business and is in-line with historical financial results, and terminal growth rates based on the expected long-term growth rate of the business;

• Tax rates based on the statutory rates for the countries in which the brand operates;

• Royalty rate assumption consistent with that used in prior Timberland reporting unit analyses;

• Market-based discount rate.

F-48 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

The valuation model used by management in the impairment testing assumes a return to consistent revenue growth and improved profitability over the projection period in line with historical results.

If the brand is unable to achieve the financial projections, an impairment of the reporting unit goodwill could occur in the future.

Management performed a sensitivity analysis on the impairment model used to test the Timberland PRO reporting unit goodwill.

In doing so, management determined that a 20 % reduction in the annual growth assumption for earnings before interest, taxes, depreciation and amortization ("EBITDA") used in the projections, combined with a 50 basis point increase in the discount rate used in the discounted cash flow model resulted in the estimated fair value of the reporting unit to be below its carrying value, which would result in goodwill impairment.

Smartwool Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2025 , management performed a quantitative impairment analysis of the Smartwool reporting unit goodwill and indefinite-lived trademark intangible asset.

The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on the current year decline in revenue and a downward revision to the profit margins included in the forward-looking financial projections.

Based on the analysis, management concluded the Smartwool reporting unit goodwill and indefinite-lived trademark intangible asset were not impaired.

For goodwill, the estimated fair value of the reporting unit exceeded the carrying value by a significant amount .

The estimated fair value of the indefinite-lived trademark intangible asset also exceeded its carrying value by a significant amount .

The carrying values of the Smartwool reporting unit goodwill and indefinite-lived trademark intangible asset at the testing date were $ 53.5 million and $ 75.4 million , respectively.

The Smartwool reporting unit is included in the Outdoor reportable segment.

Management's revenue and profitability forecasts used in the Smartwool reporting unit and indefinite-lived trademark intangible asset valuations considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors.

Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business.

Key assumptions developed by management and used in the quantitative analysis of the Smartwool reporting unit and indefinite-lived trademark intangible asset include:

• Financial projections and future cash flows, including a base year that considered recent actual results, moderate revenue growth and improved profitability throughout the forecast period that reflects the long-term strategy for the business, and terminal growth rates based on the expected long-term growth rate of the business;

• Tax rates based on the statutory rates for the countries in which the brand operates and the related intellectual property is domiciled;

• Royalty rate based on market data as well as active license agreements for other VF brands;

• Market-based discount rates.

The valuation model used by management in the impairment testing assumes a return to consistent revenue growth and improved profitability over the projection period.

If the brand is unable to achieve the financial projections, an impairment of the reporting unit goodwill or indefinite-lived trademark intangible asset could occur in the future.

Indefinite-Lived Intangible Assets - Significant Assumptions

The impairment testing of indefinite-lived trademark intangible assets during Fiscal 2025 used significant unobservable inputs to estimate fair values.

The discount rates used in the testing ranged from 12.5 % to 15.5 %, with a weighted average of 14.2 % based on relative fair value.

The royalty rates used in the testing ranged from 4.0 % to 5.0 %, with a weighted average of 4.3 % based on relative f air value.

The long-term revenue growth rates used in the testing were 2.0 %.

Other Reporting Units and Indefinite-Lived Intangible Assets - Qualitative Impairment Analysis

For the remaining reporting units and indefinite-lived intangible assets, VF elected to perform a qualitative assessment during the annual goodwill and indefinite-lived intangible asset impairment testing, as of the beginning of the fourth quarter of Fiscal 2025, to determine whether it was more likely than not that the goodwill and indefinite-lived trademark intangible assets in those reporting units were impaired.

The carrying values of the reporting unit goodwill and indefinite-lived trademark intangible assets subject to qualitative assessment at the testing date were $ 491.2 million and $ 1.5 billion, respectively.

In this qualitative assessment, VF considered relevant events and circumstances for each reporting unit, including (i) current year results and performance versus management's plans, (ii) financial outlook based on the latest internal financial plan, (iii) changes in the reporting unit carrying value since prior year and the amounts relative to the size of the respective business, (iv) industry and market conditions in which the reporting unit operates, (v) macroeconomic conditions, including discount rate and foreign exchange rate changes, and (vi) changes in products or services offered by the reporting unit.

If applicable, performance in recent years was compared to forecasts included in prior valuations.

Based on the results of the qualitative assessment, VF concluded it was more likely than not that the carrying values of the goodwill and indefinite-lived trademark intangible assets were less than their fair values, and that further quantitative testing was not necessary.

VF Corporation Fiscal 2025 Form 10-K F-49

VF CORPORATION

Notes to Consolidated Financial Statements

Fiscal 2024 Goodwill and Intangible Asset Impairment Testing

Timberland Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

12 unchanged sentences

Key assumptions developed by management and used in the quantitative analysis of the Timberland reporting unit and indefinite-lived trademark intangible asset include:

• Financial projections and future cash flows that considered recent actual results lower than previous internal forecasts, slower recovery from the recent downturn, with moderate revenue growth and profitability improvement throughout the forecast period that reflects the long-term strategy for the business, and terminal growth rates based on the expected long-term growth rate of the business;

growth rates based on the expected long-term growth rate of the business;

• Tax rates based on the statutory rates for the countries in which the brand operates and the related intellectual property is domiciled;

4 unchanged sentences

Management performed a sensitivity analysis on the impairment model used to test the Timberland indefinite-lived trademark intangible asset.

In doing so, management determined that a 40 % decrease in the annual growth rate assumption for revenues used in the projections, combined with a 100 basis point increase in the discount rate used in the relief-from-royalty model resulted in the estimated fair value of the

VF Corporation Fiscal 2024 Form 10-K F-47

VF CORPORATION

Notes to Consolidated Financial Statements

indefinite-lived trademark intangible asset to be below its carrying value, which would result in impairment.

Dickies Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

7 unchanged sentences

The carrying values of the goodwill and indefinite-lived trademark intangible asset at the testing date were $ 61.8 million and $ 290.0 million , respectively.

Based on the analysis, management concluded that the Dickies reporting unit goodwill was fully impaired and thus recorded an impairment charge of $ 61.8 million in the third quarter of Fiscal 2024.

Based on the analysis, management concluded that

F-50 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

the Dickies reporting unit goodwill was fully impaired and thus recorded an impairment charge of $ 61.8 million in the third quarter of Fiscal 2024.

Based on the analysis, management concluded that the indefinite-lived trademark intangible asset was not impaired and the estimated fair value exceeded its carrying value by a significant amount.

13 unchanged sentences

Management performed a sensitivity analysis on the impairment model used to test the Dickies indefinite-lived trademark intangible asset.

In doing so, management determined that a 50 % decrease in the annual growth rate assumption for revenues used in the projections, combined with a 200 basis point increase in the discount rate used in the relief-from-royalty model resulted in the estimated fair value of the indefinite-lived trademark intangible asset to be below its carrying value, which would result in impairment.

In doing so, management determined that a 50 % decrease in the annual growth rate assumption for revenues used in the projections, combined with a 200 basis

point increase in the discount rate used in the relief-from-royalty model resulted in the estimated fair value of the indefinite-lived trademark intangible asset to be below its carrying value, which would result in impairment.

Icebreaker Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

4 unchanged sentences

Based on the analysis, management concluded that the indefinite-lived trademark intangible asset was not impaired and the estimated fair value exceeded its carrying value by a significant amount.

F-48 VF Corporation Fiscal 2024 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

The Icebreaker reporting unit is included in the Outdoor reportable segment.

7 unchanged sentences

If the brand is unable to achieve the financial projections, additional impairment of the reporting unit goodwill or impairment of the indefinite-lived trademark intangible asset could occur in the future.

Supreme Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2024, management performed a quantitative impairment analysis of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset.

The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on the impairment results from management's prior year testing and the overall significance of the related assets.

Based on the analysis, management concluded the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset were not impaired.

For goodwill, the estimated fair value of the reporting unit exceeded the carrying value by 8 % .

The estimated fair value of the indefinite-lived trademark intangible asset exceeded its carrying value by 3 % .

The carrying values of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset at the testing date were $ 819.7 million and $ 852.0 million , respectively.

The Supreme reporting unit is included in the Active reportable segment.

Management's revenue and profitability forecasts used in the Supreme reporting unit and indefinite-lived trademark intangible asset valuations considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors.

Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business.

Key assumptions developed by management and used in the quantitative analysis of the Supreme reporting unit and indefinite-lived trademark intangible asset include:

• Financial projections and future cash flows that are comparable to those used in the prior year testing, as the brand is executing on its strategy and delivered strong profitability growth in the current year, with moderate revenue growth and a continued improvement in profitability throughout the forecast period that reflects the long-term strategy for the business, and terminal growth rates based on the expected long-term growth rate of the business;

• Tax rates based on the statutory rates for the countries in which the brand operates and the related intellectual property is domiciled;

• Royalty rates based on market data as well as active license agreements with similar VF brands;

• Market-based discount rates that are slightly lower than prior testing due to overall market conditions;

• Market approach reflecting improved recent historical financial measures for Supreme.

The valuation model used by management in the impairment testing assumes continued recovery in the brand's operating results with revenue growth and improved profitability over the projection period.

If the brand is unable to achieve the financial projections, additional impairment of the reporting unit goodwill and indefinite-lived trademark intangible asset could occur in the future.

Management performed a sensitivity analysis on the impairment models used to test the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset.

In doing so, management determined that individual changes of either a 20 % reduction in the annual growth assumption for earnings before interest, taxes, depreciation and amortization (“EBITDA”) used in the projections, or a 100 basis point increase in the discount rate used in the discounted cash flow model resulted in the estimated fair value of the reporting unit to be below its carrying value, which would result in goodwill impairment.

Management also determined that individual changes of either a 10 % decrease in the annual growth rate assumption for revenues used in the projections, or a 50 basis point increase in the discount rate used in the relief-from-royalty model resulted in the estimated fair value of the indefinite-lived trademark intangible asset to be below its carrying value, which would result in impairment.

Timberland PRO Reporting Unit Impairment Analysis

In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2024, management performed a

If the brand is unable to achieve the financial projections, additional

VF Corporation Fiscal 2025 Form 10-K F-51

1 unchanged sentence

Notes to Consolidated Financial Statements

quantitative impairment analysis of the Timberland PRO reporting unit goodwill.

impairment of the reporting unit goodwill or impairment of the indefinite-lived trademark intangible asset could occur in the future.

Timberland PRO Reporting Unit Impairment Analysis

The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on current year declines in revenue and segment profit and reductions to recent financial projections.

13 unchanged sentences

Management performed a sensitivity analysis on the impairment model used to test the Timberland PRO reporting unit goodwill.

In doing so, management determined that individual changes of either a 20 % reduction in the annual growth assumption for EBITDA used in the projections, or a 200 basis point increase in the discount rate used in the discounted cash flow model resulted in the estimated fair value of the reporting unit to be below its carrying value, which would result in goodwill impairment.

In doing so, management determined that individual changes of either a 20 % reduction in the annual growth assumption for EBITDA used in the projections, or a 200 basis point increase in

the discount rate used in the discounted cash flow model resulted in the estimated fair value of the reporting unit to be below its carrying value, which would result in goodwill impairment.

Altra Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

14 unchanged sentences

If the brand is unable to achieve the financial projections, an impairment of the reporting unit goodwill or indefinite-lived trademark intangible asset could occur in the future.

Management performed a sensitivity analysis on the impairment model used to test the Altra reporting unit goodwill.

In doing so, management determined that individual changes of either a 10 % reduction in the annual growth assumption for EBITDA used in

If the brand is unable to achieve the financial projections, an impairment of the

F-52 VF Corporation Fiscal 2025 Form 10-K

1 unchanged sentence

Notes to Consolidated Financial Statements

the projections, or a 200 basis point increase in the discount rate used in the discounted cash flow model resulted in the estimated fair value of the reporting unit to be below its carrying value, which would result in goodwill impairment.

reporting unit goodwill or indefinite-lived trademark intangible asset could occur in the future.

Management performed a sensitivity analysis on the impairment model used to test the Altra reporting unit goodwill.

In doing so, management determined that individual changes of either a 10 % reduction in the annual growth assumption for EBITDA used in the projections, or a 200 basis point increase in the discount rate used in the discounted cash flow model resulted in the estimated fair value of the reporting unit to be below its carrying value, which would result in goodwill impairment.

Smartwool Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

6 unchanged sentences

The Smartwool reporting unit is included in the Outdoor reportable segment.

macroeconomic factors.

Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business.

10 unchanged sentences

The royalty rates used in the testing ranged from 4.0 % to 7.0 %, with a weighted average of 6.3 % based on relative fair value.

The long-term revenue growth rates used in the testing ranged from 2.0 % to 3.5 %, with a weighted average of 2.3 % based on relative fair value.

Other Reporting Units and Indefinite-Lived Intangible Assets - Qualitative Impairment Analysis

For the remaining reporting units and indefinite-lived intangible assets, VF elected to perform a qualitative assessment during the annual goodwill and indefinite-lived intangible asset impairment testing, as of the beginning of the fourth quarter of Fiscal 2024, to determine whether it was more likely than not that the goodwill and indefinite-lived trademark intangible assets in those reporting units were impaired.

The carrying values of the reporting unit goodwill and indefinite-lived trademark intangible assets subject to qualitative assessment at the testing date were $ 443.5 million and $ 522.3 million, respectively.

If applicable, performance in recent years was compared to forecasts included in prior valuations.

Fiscal 2023 Goodwill and Intangible Asset Impairment Testing

Supreme Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

During the second quarter of Fiscal 2023, due to continued increases in the federal funds rate and strengthening of the U.S.

dollar relative to other currencies, management performed a

quantitative impairment analysis of both the Supreme reporting unit goodwill and the indefinite-lived trademark intangible asset.

The carrying values of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset at the testing date were $ 1.21 billion and $ 1.19 billion, respectively.

As a result of

VF Corporation Fiscal 2024 Form 10-K F-51

VF CORPORATION

Notes to Consolidated Financial Statements

the interim impairment testing performed, VF recorded impairment charges of $ 229.0 million and $ 192.9 million related to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset, respectively, in the Consolidated Statement of Operations for the year ended March 2023.

The impairment related to an increase in the market-based discount rates used in the valuations and the negative impact of foreign currency exchange rate changes on financial projections.

Management’s revenue and profitability forecasts used in the Supreme reporting unit and indefinite-lived trademark intangible asset valuations considered recent and historical performance, strategic initiatives and industry trends.

Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business.

Key assumptions developed by management and used in the interim quantitative analysis of the Supreme reporting unit and indefinite-lived trademark intangible asset included:

• Financial projections and future cash flows reflecting results lower than prior forecasts primarily driven by the negative impacts of foreign currency exchange rate changes.

The projections assumed revenue growth and profitability improvement throughout the forecast period reflecting the long-term strategy for the business which was largely unchanged from the business combination valuation, and terminal growth rates based on the expected long-term growth rate of the business;

• Tax rates based on the statutory rates for the countries in which the brand operates and the related intellectual property is domiciled;

• Royalty rates based on market data as well as active license agreements with similar VF brands;

• Market-based discount rates reflecting increases in the federal funds rate;

• Market approach reflecting lower recent historical financial measures for Supreme and valuation multiples.

In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2023, management performed a quantitative impairment analysis of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset.

T he decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on the recent impairment results from the interim quantitative analysis, weakness in recent Supreme

financial performance including the results from the latest season and the overall significance of the related assets.

As a result of the annual impairment testing, VF recorded additional impairment charges of $ 165.1 million and $ 148.0 million to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset, respectively, in the Consolidated Statement of Operations for the year ended March 2023.

The remaining carrying values of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset, after the impairment charges, were $ 825.9 million and $ 852.0 million, respectively.

The impairment related to lower financial projections and increased risk of achieving management's forecasts.

The Supreme reporting unit is included in the Active reportable segment.

Management's revenue and profitability forecasts used in the Supreme reporting unit and indefinite-lived trademark intangible asset valuations considered historical performance, strategic initiatives and industry trends.

Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business.

Key assumptions developed by management and used in the quantitative analysis of the Supreme reporting unit and indefinite-lived trademark intangible asset included:

• Financial pro jections and future cash flows, including a base year reflecting actual results lower than forecasts used in the second quarter of Fiscal 2023, primarily driven by weakness in the North America region, and a longer recovery timeline, revenue growth and profitability improvement throughout the forecast period that reflects the long-term strategy for the business, including geographic expansion, and terminal growth rates based on the expected long-term growth rate of the business;

• Tax rates based on the statutory rates for the countries in which the brand operates and the related intellectual property is domiciled;

• Royalty rates based on market data as well as active license agreements with similar VF brands;

• Market-based discount rates, including consideration of additional risk of achievement of the financial projections based on recent financial performance;

• Market approach reflecting lower recent historical financial measures for Supreme.

The long-term revenue growth rates used in the testing were 2.0 %.

Methodology and Management's Use of Estimates and Assumptions

3 unchanged sentences

The income approach is based on projected future (debt-free) cash flows that are discounted to present value.

The appropriate discount rate is based on the reporting unit’s weighted average cost of capital

(“WACC”) that takes market participant assumptions into consideration.

The appropriate discount rate is based on the reporting unit’s weighted average cost of capital (“WACC”) that takes market participant assumptions into consideration.

For the market approach, management uses both the guideline company and similar transaction methods.

The guideline company method analyzes market multiples of revenues and EBITDA for a group of comparable public companies.

The market multiples used in the valuation are based on the relative strengths and weaknesses of the reporting unit compared to the selected guideline companies.

Under the similar transactions method, valuation multiples are calculated utilizing actual transaction prices and revenue/EBITDA data from

F-52 VF Corporation Fiscal 2024 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

target companies deemed similar to the reporting unit.

The market multiples used in the valuation are based on the relative strengths and weaknesses of the reporting

unit compared to the selected guideline companies.

Under the similar transactions method, valuation multiples are calculated utilizing actual transaction prices and revenue/EBITDA data from target companies deemed similar to the reporting unit.

Management typically assigns more weight to the income-based valuation method.

2 unchanged sentences

The royalty rate is selected based on consideration of (i) royalty rates included in active license agreements, if applicable, (ii) royalty rates received by market participants in the apparel or footwear industry, and (iii) the current performance of the reporting unit.

The estimated after-tax royalty revenue stream is then discounted to present value using the reporting unit’s WACC adjusted, as appropriate, to factor in the risk of the intangible asset.

Management’s revenue and profitability forecasts used in the reporting unit and intangible asset valuations were developed in conjunction with management’s forecast and plan review, which includes management's overall assessment of events and circumstances, including macroeconomic conditions and industry and market considerations, and the resulting outlook for the businesses, considering recent performance, trends and strategic initiatives.

The estimated after-tax royalty revenue stream is then discounted to present

VF Corporation Fiscal 2025 Form 10-K F-53

VF CORPORATION

Notes to Consolidated Financial Statements

value using the reporting unit’s WACC adjusted, as appropriate, to factor in the risk of the intangible asset.

Management’s revenue and profitability forecasts used in the reporting unit and intangible asset valuations were developed in conjunction with management’s forecast and budget review, which includes management's overall assessment of events and circumstances, including macroeconomic conditions and industry and market considerations, and the resulting outlook for the businesses, considering recent performance, trends and strategic initiatives.

Assumptions used in the valuations are similar to those that would be used by market participants performing independent valuations of these businesses.

Management's Use of Estimates and Assumptions

Management made its estimates based on information available as of the date of our assessments, using assumptions we believe

market participants would use in performing an independent valuation of the business.

Although management believes the estimates and assumptions used in the impairment testing are reasonable and appropriate, it is possible that VF's assumptions and conclusions regarding impairment or recoverability of goodwill or indefinite-lived trademark intangible assets in any reporting unit could change in future periods.

There can be no assurance the estimates and assumptions, particularly our long-term financial projections, used in our goodwill and indefinite-lived intangible asset impairment testing will prove to be accurate predictions of the future, if, for example, (i) the businesses do not perform as projected, (ii) overall economic conditions in Fiscal 2025 or future years vary from current assumptions (including changes in discount rates, royalty rates and foreign currency exchange rates), (iii) business conditions or strategies change from current assumptions, including loss of major customers or channels, (iv) investors require higher rates of return on equity investments in the marketplace, or (v) enterprise values of comparable publicly traded companies, or actual sales transactions of comparable companies, were to decline, resulting in lower multiples of revenues and EBITDA.

A future impairment charge of goodwill or indefinite-lived intangible assets could have a material effect on VF’s consolidated financial position and results of operations.

Management made its estimates based on information available as of the date of our assessments, using assumptions we believe market participants would use in performing an independent valuation of the business.

goodwill or indefinite-lived trademark intangible assets in any reporting unit could change in future periods.

There can be no assurance the estimates and assumptions, particularly our long-term financial projections, used in our goodwill and indefinite-lived intangible asset impairment testing will prove to be accurate predictions of the future, if, for example, (i) the businesses do not perform as projected, (ii) overall economic conditions in Fiscal 2026 or future years vary from current assumptions (including changes in discount rates, royalty rates, foreign currency exchange rates and tariffs), (iii) business conditions or strategies change from current assumptions, including loss of major customers or channels, (iv) investors require higher rates of return on equity investments in the marketplace, or (v) enterprise values of comparable publicly traded companies, or actual sales transactions of comparable companies, were to decline, resulting in lower multiples of revenues and EBITDA.

Changes in these estimates and assumptions could result in a future impairment charge of goodwill or indefinite-lived intangible assets and such charges could have a material effect on VF’s consolidated financial position and results of operations.

NOTE 25 — DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

Summary of Derivative Financial Instruments

VF’s outstanding derivative financial instruments include foreign currency exchange forward contracts and interest rate swap contracts.

All of VF’s outstanding derivative financial instruments at March 2025 are foreign currency exchange forward contracts.

Although derivatives meet the criteria for hedge accounting at the inception of the hedging relationship, a limited number of derivative contracts intended to hedge assets and liabilities are not designated as hedges for accounting purposes.

The notional amounts of all outstanding foreign currency exchange forward contracts were $ 3.1 billion and $ 3.4 billion at March 2024 and 2023, respectively, consisting primarily of

contracts hedging exposures to the euro, British pound, Canadian dollar, Swiss franc, Mexican peso, South Korean won, Swedish krona, Polish zloty, Chinese renminbi and Japanese yen.

The notional amounts of all outstanding foreign currency exchange forward contracts was $ 3.1 billion at March 2025 and 2024, consisting primarily of contracts hedging exposures to the euro, British pound, Canadian dollar, Swiss franc, Mexican peso,

Chinese renminbi, Polish zloty, Swedish krona, South Korean won and Japanese yen.

These derivative contracts have maturities up to 20 months.

The notional amount of VF's outstanding interest rate swap contracts was $ 500.0 million at March 2024 and 2023 .

These contracts hedge the cash flow risk of interest payments on VF's variable-rate DDTL Agreement.

During the year ended March 2025, VF settled interest rate swap contracts that were in place to hedge the cash flow risk of interest payments on the variable-rate DDTL Agreement.

The DDTL was prepaid on October 4, 2024.

The notional amount of VF's outstanding interest rate swap contracts was $ 500.0 million at March 2024 .

The following table presents outstanding derivatives on an individual contract basis:

10 unchanged sentences

Total derivatives $ 34,371 $ 32,548 $ ( 30,003 ) $ ( 40,234 )

VF Corporation Fiscal 2024 Form 10-K F-53

F-54 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

18 unchanged sentences

Interest rate contracts Other current assets (Note 6) — 2,335

Interest rate contracts Other liabilities (Note 16) — ( 1,140 )

Cash Flow Hedges

VF primarily uses foreign currency exchange forward contracts to hedge a portion of the exchange risk for its forecasted sales, inventory purchases, operating costs and certain intercompany transactions, including sourcing and management fees and royalties.

The Company also uses interest rate swap contracts to hedge against a portion of the exposure related to its interest payments on its variable-rate debt.

The Company also used interest rate swap contracts to hedge against a portion of the exposure related to its interest payments on its variable-rate debt, which was prepaid on October 4, 2024.

The effects of cash flow hedging included in VF’s Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Operations are summarized as follows:

10 unchanged sentences

Cash Flow Hedging Relationships Location of Gain (Loss) 2025 2024 2023

Foreign exchange contracts Net revenues $ ( 5,004 ) $ ( 6,843 ) $ ( 27,382 )

Foreign exchange contracts Revenues $ ( 29,941 ) $ ( 5,004 ) $ ( 6,843 )

Foreign exchange contracts Cost of goods sold ( 3,192 ) 15,703 120,438

Foreign exchange contracts Selling, general and administrative expenses 3,437 6,695 ( 487 )

Foreign exchange contracts SG&A expenses ( 518 ) 3,437 6,695

Foreign exchange contracts Other income (expense), net ( 1,688 ) ( 253 ) ( 10,365 )

Interest rate contracts Interest expense 445 108 108

Interest rate contracts Income (loss) from discontinued operations, net of tax 2,299 4,130 127

Total $ ( 32,595 ) $ 18,121 $ 110,160

F-54 VF Corporation Fiscal 2024 Form 10-K

VF Corporation Fiscal 2025 Form 10-K F-55

VF CORPORATION

8 unchanged sentences

Accordingly, the Company reclassified amounts from accumulated OCL and recognized an $ 8.8 million loss in cost of goods sold during the year ended March 2024.

There were no material reclassifications in the other periods presented.

The changes in the fair value of derivative contracts not designated as hedges, recognized as gains or losses in VF's Consolidated Statements of Operations were not material for the years ended March 2025, 2024 and 2023.

Other Derivative Information

At March 2024, accumulated OCL include d $ 29.8 million of pre-tax net deferred losses for foreign currency exchange contracts

and a $ 2.3 million pre-tax deferred gain for interest rate swap contracts, which are expected to be reclassified to earnings during the next 12 months.

The amounts ultimately reclassified to earnings will depend on exchange rates and interest rates in effect when outstanding derivative contracts are settled.

At March 2025, accumulated OCL inclu ded $ 29.4 million of pre-tax net deferred gains for foreign currency exchange contracts that are expected to be reclassified to earnings during the next 12 months.

The amounts ultimately reclassified to earnings will depend on exchange rates in effect when outstanding derivative contracts are settled.

Net Investment Hedge

The Company has designated its euro-denominated fixed-rate notes and euro commercial paper borrowings, which represented € 2.0 billion in aggregate principal as of March 2024 , as a net investment hedge of VF’s investment in certain foreign operations.

The Company has designated its euro-denominated fixed-rate notes, which represented € 2.0 billion in aggregate principal as of March 2025 , as a net investment hedge of VF’s investment in certain foreign operations.

Because this debt qualified as a nonderivative hedging instrument, foreign currency transaction gains or losses of the debt are deferred in the foreign currency translation and other component of accumulated OCL as an offset to the foreign currency translation adjustments on the hedged investments.

During the years ended March 2024, 2023 and 2022, the Company recognized after-tax gains of $ 21.6 million, $ 5.2 million and $ 99.5 million, respectively, in other comprehensive income (loss) related to the net investment hedge transaction.

During the years ended March 2025, 2024 and 2023, the Company recognized an after-tax loss of $ 4.6 million, and after-tax gains of $ 21.6 million and $ 5.2 million, respectively, in other comprehensive income (loss) related to the net investment hedge transaction.

Any amounts deferred in accumulated OCL will remain until the hedged investment is sold or substantially liquidated.

15 unchanged sentences

The Company incurs restructuring charges related to strategic initiatives and cost optimization of business activities.

Beginning in the third quarter of Fiscal 2024, restructuring costs include charges related to 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 $ 130.0 million to $ 150.0 million in restructuring and restructuring-related charges in connection with Reinvent, and that substantially all actions will be completed by the end of Fiscal 2025.

Of the total estimated charges, the Company anticipates that more than one-half will relate to severance and employee-related benefits and the remainder will relate to asset impairments and other non-cash write-downs.

Cash payments are generally expected to be paid within one year of charges

During the year ended March 2024, VF recorded $ 108.7 million of charges in connection with Reinvent, of which $ 69.3 million related to severance and employee-related benefits and $ 39.4 million related to non-cash asset write-downs.

As of March 2024, $ 19.0 million of cash payments related to the Reinvent charges have been made.

During the years ended March 2024, 2023 and 2022, VF recognized $ 110.7 million, $ 75.7 million and $ 20.0 million, respectively, of total restructuring charges related to approved initiatives.

Of the restructuring charges recognized in the year ended March 2024, $ 106.2 million were reflected in selling, general and administrative expenses and $ 4.5 million in cost of goods sold.

Of the restructuring charges recognized in the year ended March 2023, $ 70.9 million were reflected in selling,

VF Corporation Fiscal 2024 Form 10-K F-55

A description of significant restructuring programs and other restructuring charges is provided below.

On October 30, 2023, VF introduced Reinvent, a transformati on 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.

Ca sh 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.

F-56 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

general and administrative expenses and $ 4.8 million in cost of goods sold.

Of the restructuring charges recognized in the year ended March 2022, $ 18.3 million were reflected in selling, general and administrative expenses and $ 1.7 million in cost of goods sold.

The Company has not recognized any significant incremental costs related to the accruals for the year ended March 2023 or prior periods.

Of the total restructuring accrual at March 2024, $ 52.5 million is expected to be paid out within the next 12 months and is classified within accrued liabilities (Note 14).

The remaining $ 8.2 million will be paid out beyond the next 12 months and thus is classified within other liabilities.

The components of the restructuring charges are as follows:

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) 2025 2024

Type of Cost Location

Severance and employee-related benefits SG&A expenses $ 66,002 $ 64,822 $ 130,824

Severance and employee-related benefits Cost of goods sold 1,673 4,510 6,183

Contract termination and other SG&A expenses 737 — 737

Contract termination and other Cost of goods sold 157 — 157

Asset impairments and write-downs SG&A expenses 8,783 39,386 48,169

Pension withdrawal SG&A expenses 3,619 — 3,619

Curtailment gains Other income (expense), net ( 936 ) — ( 936 )

Accelerated depreciation SG&A expenses 1,317 — 1,317

Accelerated depreciation Cost of goods sold 17 — 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) 2025 2024 2023

Severance and employee-related benefits $ 70,008 $ 57,433 $ 12,283

Asset impairments and write-downs 39,386 — —

Accelerated depreciation — 8,016 7,016

Contract termination and other 1,326 10,289 703

Total restructuring charges $ 110,720 $ 75,738 $ 20,002

Restructuring costs by business segment are as follows:

Type of Cost Location

Severance and employee-related benefits SG&A expenses $ — $ 676 $ 52,999

Severance and employee-related benefits Cost of goods sold — — 3,481

Accelerated depreciation SG&A expenses — — 6,645

Accelerated depreciation Cost of goods sold — — 1,371

Contract termination and other SG&A expenses 591 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

2 unchanged sentences

Active — 434 1,478

Work — 9 2,315

Corporate and other 591 1,326 72,210

Total $ 591 $ 2,002 $ 74,785

The activity in the restructuring accrual was as follows:

VF Corporation Fiscal 2025 Form 10-K F-57

VF CORPORATION

Notes to Consolidated Financial Statements

Consolidated Restructuring Charges

The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges was as follows:

(In thousands) Severance Other Total

10 unchanged sentences

Accrual at March 2025 $ 65,250 $ 337 $ 65,587

NOTE 28 — SUBSEQUENT EVENT

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.

NOTE 28 — SUBSEQUENT EVENTS

On May 14, 2025, VF’s Board of Directors declared a quarterly cash dividend of $ 0.09 per share, payable on June 18, 2025 to shareholders of record on June 10, 2025.

In May 2025 VF executed a resolution to terminate the U.S.

qualified plan, which is frozen and no longer accrues benefits.

As of March 2025, the fair value of the plan's assets exceeded its benefit obligation.

The termination of the plan is anticipated to be effective in July 2025, is subject to the appropriate regulatory approvals, and is expected to be completed in Fiscal 2026.

VF's settlement obligations and related charges will depend upon both the nature and timing of participant settlements and prevailing market conditions.

VF currently estimates settlement charges to be between $ 200.0 and $ 300.0 million.

On May 21, 2025, VF entered into an amendment to its Global Credit Facility.

The amended agreement requires the pledge of certain assets of VF and certain of its subsidiaries pursuant to the agreement, and defines restrictive covenants, including a consolidated net indebtedness to consolidated net capitalization financial ratio covenant.

The calculation of consolidated net indebtedness is net of unrestricted cash 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.

F-58 VF Corporation Fiscal 2025 Form 10-K

9 unchanged sentences

Allowance for doubtful accounts 28,075 11,170 — 12,876 (a) 26,369

Valuation allowance for deferred income tax assets 616,533 — — 191,601 (c) 424,932

Valuation allowance for deferred income tax assets 424,932 — 11,115 (b) — 436,047

Year Ended March 2023

Allowance for doubtful accounts 27,959 3,532 — 3,416 (a) 28,075

Valuation allowance for deferred income tax assets 500,601 — 115,932 (b) — 616,533

Valuation allowance for deferred income tax assets 616,533 — — 191,601 (c) 424,932

(a) Deductions include accounts written off, net of recoveries, the effects of foreign currency translation and reclassifications.

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures