v3.26.1
LEASES
 12 Months Ended
Mar. 28, 2026
Leases [Abstract]  
LEASES LEASES
The Company leases certain retail locations, office space, distribution facilities, machinery and equipment, and vehicles. All of these leases are operating leases. VF previously had one finance lease for a distribution center that was sold in Fiscal 2026 as part of the Dickies divestiture.
The assets and liabilities related to operating and finance leases were as follows:
(In thousands)Location in Consolidated Balance SheetMarch 2026March 2025
Assets:
Operating lease assetsOperating lease right-of-use assets$1,320,733 $1,262,319 
Finance lease assetsProperty, plant and equipment, net— 10,584 
Total lease assets$1,320,733 $1,272,903 
Liabilities:
Current
Operating lease liabilitiesCurrent portion of operating lease liabilities$333,469 $308,741 
Finance lease liabilitiesCurrent portion of long-term debt— 1,011 
Noncurrent
Operating lease liabilitiesLong-term portion of operating lease liabilities1,119,876 1,079,182 
Finance lease liabilitiesLong-term debt— 14,039 
Total lease liabilities$1,453,345 $1,402,973 
The components of lease costs were as follows:
Year Ended March
(In thousands)202620252024
Operating lease cost$411,339 $403,734 $410,427 
Finance lease cost – amortization of right-of-use assets370 917 917 
Finance lease cost – interest on lease liabilities233 428 457 
Short-term lease cost21,868 19,014 25,227 
Variable lease cost127,077 135,721 132,453 
Impairment5,095 — 12,958 
Gain recognized from sale-leaseback transaction— (17,434)— 
Total lease cost$565,982 $542,380 $582,439 
Supplemental cash flow information related to leases was as follows:

Year Ended March
(In thousands)202620252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases$420,411 $420,156 $424,646 
Operating cash flows – finance leases233 428 457 
Financing cash flows – finance leases663 1,109 1,079 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases393,824 374,707 337,980 
Lease terms and discount rates were as follows:
March 2026March 2025March 2024
Weighted average remaining lease term:
Operating leases6.25 years6.01 years6.20 years
Finance leasesN/A11.51 years12.51 years
Weighted average discount rate:
Operating leases4.22 %3.72 %3.34 %
Finance leasesN/A2.71 %2.71 %
Maturities of operating lease liabilities for the next five fiscal years and thereafter as of March 2026 were as follows:
(In thousands)Operating Leases
2027$385,808 
2028317,664 
2029229,933 
2030178,417 
2031136,392 
Thereafter407,194 
Total lease payments1,655,408 
Less: present value adjustment202,063 
Present value of lease liabilities$1,453,345 
The Company excluded approximately $103.4 million of leases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fiscal 2027 with lease terms of 2 to 12 years.
LEASES LEASES
The Company leases certain retail locations, office space, distribution facilities, machinery and equipment, and vehicles. All of these leases are operating leases. VF previously had one finance lease for a distribution center that was sold in Fiscal 2026 as part of the Dickies divestiture.
The assets and liabilities related to operating and finance leases were as follows:
(In thousands)Location in Consolidated Balance SheetMarch 2026March 2025
Assets:
Operating lease assetsOperating lease right-of-use assets$1,320,733 $1,262,319 
Finance lease assetsProperty, plant and equipment, net— 10,584 
Total lease assets$1,320,733 $1,272,903 
Liabilities:
Current
Operating lease liabilitiesCurrent portion of operating lease liabilities$333,469 $308,741 
Finance lease liabilitiesCurrent portion of long-term debt— 1,011 
Noncurrent
Operating lease liabilitiesLong-term portion of operating lease liabilities1,119,876 1,079,182 
Finance lease liabilitiesLong-term debt— 14,039 
Total lease liabilities$1,453,345 $1,402,973 
The components of lease costs were as follows:
Year Ended March
(In thousands)202620252024
Operating lease cost$411,339 $403,734 $410,427 
Finance lease cost – amortization of right-of-use assets370 917 917 
Finance lease cost – interest on lease liabilities233 428 457 
Short-term lease cost21,868 19,014 25,227 
Variable lease cost127,077 135,721 132,453 
Impairment5,095 — 12,958 
Gain recognized from sale-leaseback transaction— (17,434)— 
Total lease cost$565,982 $542,380 $582,439 
Supplemental cash flow information related to leases was as follows:

Year Ended March
(In thousands)202620252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases$420,411 $420,156 $424,646 
Operating cash flows – finance leases233 428 457 
Financing cash flows – finance leases663 1,109 1,079 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases393,824 374,707 337,980 
Lease terms and discount rates were as follows:
March 2026March 2025March 2024
Weighted average remaining lease term:
Operating leases6.25 years6.01 years6.20 years
Finance leasesN/A11.51 years12.51 years
Weighted average discount rate:
Operating leases4.22 %3.72 %3.34 %
Finance leasesN/A2.71 %2.71 %
Maturities of operating lease liabilities for the next five fiscal years and thereafter as of March 2026 were as follows:
(In thousands)Operating Leases
2027$385,808 
2028317,664 
2029229,933 
2030178,417 
2031136,392 
Thereafter407,194 
Total lease payments1,655,408 
Less: present value adjustment202,063 
Present value of lease liabilities$1,453,345 
The Company excluded approximately $103.4 million of leases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fiscal 2027 with lease terms of 2 to 12 years.