V F CORPVFC
V F CORP Debt Disclosure
LONG-TERM DEBT
| (In thousands) | March 2026 | March 2025 | |||||||||||||||
4.125% notes, due March 2026 (“2026 notes”) | $ | — | $ | 539,568 | |||||||||||||
2.800% notes, due April 2027 (“2027 notes”) | 499,190 | 498,465 | |||||||||||||||
0.250% notes, due February 2028 (“2028 notes”) | 573,814 | 538,345 | |||||||||||||||
4.250% notes, due March 2029 (“2029 notes”) | 572,540 | 537,115 | |||||||||||||||
2.950% notes, due April 2030 (“2030 notes”) | 746,534 | 745,748 | |||||||||||||||
0.625% notes, due February 2032 (“2032 notes”) | 569,542 | 534,261 | |||||||||||||||
6.000% notes, due October 2033 (“2033 notes”) | 273,069 | 272,650 | |||||||||||||||
6.450% notes, due November 2037 (“2037 notes”) | 285,181 | 285,027 | |||||||||||||||
| Finance leases | — | 15,050 | |||||||||||||||
| Total long-term debt | 3,519,870 | 3,966,229 | |||||||||||||||
| Less current portion | — | 540,579 | |||||||||||||||
| Long-term debt, due beyond one year | $ | 3,519,870 | $ | 3,425,650 | |||||||||||||
Senior Notes
Redemption
In February 2026, VF completed an early redemption of €500.0 million ($582.2 million) in aggregate principal amount of its outstanding 2026 Notes. The redemption price was equal to 100% of the principal amount of the Notes to be redeemed.
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.
Other Information
All notes, along with any amounts outstanding under the ABL Credit Facility (Note 13), rank equally as senior unsecured obligations of VF. All notes contain customary covenants and events of default, including limitations on liens and sale-leaseback transactions and a cross-acceleration event of default. The cross-acceleration provision of the 2033 notes is triggered if more than $50.0 million of other debt is in default and has been accelerated by the lenders. 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. As of March 2026, VF was in compliance with all covenants. None of the long-term debt agreements contain acceleration of maturity clauses based solely on changes in credit ratings. However, if there were a change in control of VF and, as a result of the change in control, the notes were rated below investment grade by recognized rating agencies, then VF would be obligated to repurchase those notes at 101% of the aggregate principal amount plus any accrued interest. 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 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. 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.
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 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 2028, 2029 and 2032 notes is recorded at an effective annual interest rate of 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. Refer to Note 25 for additional information.
The 2033 and 2037 notes have a principal balance of $277.0 million and $286.9 million, respectively, and are recorded net of unamortized original issue discounts and debt issuance costs. Interest expense on the 2033 and 2037 notes is recorded at an effective annual interest rate of 6.19% and 6.57% respectively.
Interest payments are due annually on the 2028, 2029 and 2032 notes and semiannually on all other notes.
The scheduled payments of long-term debt at the end of Fiscal 2026 for the next five fiscal years and thereafter are summarized as follows:
| (In thousands) | Notes and Other | ||||||||||
| 2027 | $ | — | |||||||||
| 2028 | 1,075,679 | ||||||||||
| 2029 | 575,650 | ||||||||||
| 2030 | — | ||||||||||
| 2031 | 750,000 | ||||||||||
| Thereafter | 1,139,576 | ||||||||||
| 3,540,905 | |||||||||||
| Less unamortized debt discount | 10,094 | ||||||||||
| Less unamortized debt issuance costs | 10,941 | ||||||||||
| Total long-term debt | 3,519,870 | ||||||||||
| Less current portion | — | ||||||||||
| Long-term debt, due beyond one year | $ | 3,519,870 | |||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 20, 2026 | Showing above |
| 2022 | May 26, 2022 | |
| 2021 | May 27, 2021 | |
| 2020 | May 27, 2020 | |
| 2019 | May 24, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Mar 1, 2017 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.