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As Of Filer Filing For·On·As Docs:Size 2/08/23 V F Corp. 10-Q 12/31/22 101:15M |
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Contract Assets and Contract HTML 32K Liabilities (Details) 58: R47 REVENUES - Additional Information (Details) HTML 29K 59: R48 REVENUES - Additional Information, Remaining HTML 29K Performance Obligation (Details) 60: R49 REVENUES - Disaggregation of Revenues (Details) HTML 88K 61: R50 DISCONTINUED OPERATIONS - Additional Information HTML 49K (Details) 62: R51 DISCONTINUED OPERATIONS - Summary of Major Line HTML 65K Items included in Income (Loss) (Details) 63: R52 Inventories (Details) HTML 39K 64: R53 INTANGIBLE ASSETS - Schedule of Intangible Assets HTML 44K (Details) 65: R54 INTANGIBLE ASSETS - Additional Information HTML 46K (Details) 66: R55 GOODWILL - Changes in Goodwill (Details) HTML 46K 67: R56 GOODWILL - Additional Information (Details) HTML 38K 68: R57 LEASES - Lease Costs (Details) HTML 33K 69: R58 LEASES - Additional Information (Details) HTML 31K 70: R59 Long-Term Debt (Details) HTML 51K 71: R60 PENSION PLANS - Components of Pension Cost HTML 52K (Details) 72: R61 PENSION PLANS - 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vfc-20221231 |
i Pennsylvania | i 23-1180120 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
(Title of each class) | (Trading Symbol(s)) | (Name of each exchange on which registered) | ||||||
i Common Stock, without par value, stated capital, $0.25 per share | i VFC | i New York Stock Exchange | ||||||
i 0.625% Senior Notes due 2023 | i VFC23 | i New York Stock Exchange | ||||||
i 0.250% Senior Notes due 2028 | i VFC28 | i New York Stock Exchange | ||||||
i 0.625% Senior Notes due 2032 | i VFC32 | i New York Stock Exchange |
i Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | |||||||||||||||||
Emerging growth company | i ☐ | |||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ | ||||||||||||||||||||
PAGE NUMBER | |||||
Consolidated Balance Sheets: December
2022, March 2022 and December 2021 | |||||
Consolidated Statements of Cash Flows: Nine
months ended December 2022 and December 2021 | |||||
ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED). |
(In thousands, except share amounts) | December 2022 | March 2022 | December 2021 | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets | |||||||||||||||||||||||
Cash
and equivalents | $ | i 571,347 | $ | i 1,275,943 | $ | i 1,333,839 | |||||||||||||||||
Accounts
receivable, less allowance for doubtful accounts of: December 2022 - $ i 29,087; March 2022 - $ i 27,959;
December 2021 - $ i 33,363 | i 1,564,957 | i 1,467,842 | i 1,495,859 | ||||||||||||||||||||
Inventories | i 2,591,915 | i 1,418,673 | i 1,287,210 | ||||||||||||||||||||
Other
current assets | i 515,763 | i 425,622 | i 483,738 | ||||||||||||||||||||
Total current assets | i 5,243,982 | i 4,588,080 | i 4,600,646 | ||||||||||||||||||||
Property,
plant and equipment, net | i 932,663 | i 1,041,777 | i 1,049,691 | ||||||||||||||||||||
Intangible
assets, net | i 2,790,512 | i 3,000,351 | i 3,010,517 | ||||||||||||||||||||
Goodwill | i 2,142,401 | i 2,393,807 | i 2,409,260 | ||||||||||||||||||||
Operating
lease right-of-use assets | i 1,293,041 | i 1,247,056 | i 1,302,545 | ||||||||||||||||||||
Other
assets | i 1,910,698 | i 1,071,137 | i 1,163,663 | ||||||||||||||||||||
TOTAL ASSETS | $ | i 14,313,297 | $ | i 13,342,208 | $ | i 13,536,322 | |||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Short-term borrowings | $ | i 901,668 | $ | i 335,462 | $ | i 106,010 | |||||||||||||||||
Current
portion of long-term debt | i 910,616 | i 501,051 | i 500,915 | ||||||||||||||||||||
Accounts
payable | i 906,340 | i 562,992 | i 559,716 | ||||||||||||||||||||
Accrued
liabilities | i 1,827,610 | i 1,915,892 | i 2,057,237 | ||||||||||||||||||||
Total current liabilities | i 4,546,234 | i 3,315,397 | i 3,223,878 | ||||||||||||||||||||
Long-term
debt | i 4,617,441 | i 4,584,261 | i 4,646,379 | ||||||||||||||||||||
Operating
lease liabilities | i 1,068,744 | i 1,023,759 | i 1,093,013 | ||||||||||||||||||||
Other
liabilities | i 761,246 | i 888,436 | i 919,652 | ||||||||||||||||||||
Total liabilities | i 10,993,665 | i 9,811,853 | i 9,882,922 | ||||||||||||||||||||
Commitments
and contingencies | i | i | i | ||||||||||||||||||||
Stockholders’ equity | |||||||||||||||||||||||
Preferred Stock, par value $ i i i 1 / / ;
shares authorized, i i i 25,000,000 / / ;
i i i no / /
shares outstanding at December 2022, March 2022 or December 2021 | i — | i — | i — | ||||||||||||||||||||
Common
Stock, stated value $ i i i 0.25 / / ;
shares authorized, i i i 1,200,000,000 / / ;
shares outstanding at December 2022 - i 388,660,385; March 2022 - i 388,298,375; December 2021 - i 388,885,032 | i 97,165 | i 97,075 | i 97,221 | ||||||||||||||||||||
Additional
paid-in capital | i 3,766,304 | i 3,916,384 | i 3,884,935 | ||||||||||||||||||||
Accumulated
other comprehensive income (loss) | ( i 929,588) | ( i 926,579) | ( i 937,457) | ||||||||||||||||||||
Retained
earnings | i 385,751 | i 443,475 | i 608,701 | ||||||||||||||||||||
Total stockholders’ equity | i 3,319,632 | i 3,530,355 | i 3,653,400 | ||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | i 14,313,297 | $ | i 13,342,208 | $ | i 13,536,322 |
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net
revenues | $ | i 3,530,667 | $ | i 3,624,384 | $ | i 8,872,862 | $ | i 9,017,176 | |||||||||||||||||||||||||||||||||||||||||||||
Costs
and operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | i 1,593,048 | i 1,592,604 | i 4,134,207 | i 4,027,601 | |||||||||||||||||||||||||||||||||||||||||||||||||
Selling,
general and administrative expenses | i 1,421,586 | i 1,353,338 | i 3,828,157 | i 3,549,763 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impairment
of goodwill and intangible assets | i — | i — | i 421,922 | i — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total
costs and operating expenses | i 3,014,634 | i 2,945,942 | i 8,384,286 | i 7,577,364 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating
income | i 516,033 | i 678,442 | i 488,576 | i 1,439,812 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest
income | i 3,914 | i 606 | i 6,020 | i 4,266 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest
expense | ( i 54,144) | ( i 33,994) | ( i 121,415) | ( i 104,799) | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss
on debt extinguishment | i — | ( i 3,645) | i — | ( i 3,645) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other
income (expense), net | ( i 9,901) | ( i 95) | ( i 113,895) | i 16,495 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income
from continuing operations before income taxes | i 455,902 | i 641,314 | i 259,286 | i 1,352,129 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income
tax expense (benefit) | ( i 51,966) | i 123,513 | ( i 74,190) | i 216,303 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income
from continuing operations | i 507,868 | i 517,801 | i 333,476 | i 1,135,826 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income
from discontinued operations, net of tax | i — | i — | i — | i 170,273 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net
income | $ | i 507,868 | $ | i 517,801 | $ | i 333,476 | $ | i 1,306,099 | |||||||||||||||||||||||||||||||||||||||||||||
Earnings
per common share - basic | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | i 1.31 | $ | i 1.33 | $ | i 0.86 | $ | i 2.90 | |||||||||||||||||||||||||||||||||||||||||||||
Discontinued
operations | i — | i — | i — | i 0.44 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total
earnings per common share - basic | $ | i 1.31 | $ | i 1.33 | $ | i 0.86 | $ | i 3.34 | |||||||||||||||||||||||||||||||||||||||||||||
Earnings
per common share - diluted | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | i 1.31 | $ | i 1.32 | $ | i 0.86 | $ | i 2.89 | |||||||||||||||||||||||||||||||||||||||||||||
Discontinued
operations | i — | i — | i — | i 0.43 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total
earnings per common share - diluted | $ | i 1.31 | $ | i 1.32 | $ | i 0.86 | $ | i 3.32 | |||||||||||||||||||||||||||||||||||||||||||||
Weighted
average shares outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | i 387,739 | i 390,430 | i 387,663 | i 391,187 | |||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | i 388,192 | i 392,495 | i 388,357 | i 393,547 | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net
income | $ | i 507,868 | $ | i 517,801 | $ | i 333,476 | $ | i 1,306,099 | |||||||||||||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation and other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains
(losses) arising during the period | ( i 1,506) | ( i 15,757) | ( i 74,924) | i 5,100 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income
tax effect | i 43,475 | ( i 9,954) | ( i 15,321) | ( i 17,758) | |||||||||||||||||||||||||||||||||||||||||||||||||
Defined
benefit pension plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period actuarial gains (losses) | ( i 1,307) | i 514 | ( i 15,449) | ( i 3,938) | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization
of net deferred actuarial losses | i 3,858 | i 2,858 | i 11,532 | i 8,569 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization
of deferred prior service credits | ( i 112) | ( i 117) | ( i 335) | ( i 352) | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification
of net actuarial loss from settlement charges | i 695 | i 5,660 | i 93,597 | i 6,684 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income
tax effect | ( i 935) | ( i 2,251) | ( i 23,401) | ( i 2,187) | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative
financial instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) arising during the period | ( i 119,635) | i 14,185 | i 82,480 | i 43,983 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income
tax effect | i 17,970 | ( i 2,224) | ( i 13,761) | ( i 8,010) | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification
of net (gains) losses realized | ( i 32,905) | i 12,439 | ( i 56,053) | i 45,984 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income
tax effect | i 4,979 | ( i 1,976) | i 8,626 | ( i 6,532) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss) | ( i 85,423) | i 3,377 | ( i 3,009) | i 71,543 | |||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive
income | $ | i 422,445 | $ | i 521,178 | $ | i 330,467 | $ | i 1,377,642 |
Nine Months Ended December | |||||||||||||||||
(In thousands) | 2022 | 2021 | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | i 333,476 | $ | i 1,306,099 | |||||||||||||
Income
from discontinued operations, net of tax | i — | i 170,273 | |||||||||||||||
Income
from continuing operations, net of tax | i 333,476 | i 1,135,826 | |||||||||||||||
Adjustments
to reconcile net income to cash provided (used) by operating activities: | |||||||||||||||||
Impairment of goodwill and intangible assets | i 421,922 | i — | |||||||||||||||
Depreciation
and amortization | i 192,174 | i 199,652 | |||||||||||||||
Reduction
in the carrying amount of right-of-use assets | i 280,845 | i 309,588 | |||||||||||||||
Stock-based
compensation | i 47,714 | i 65,833 | |||||||||||||||
Provision
for doubtful accounts | i 1,231 | i 3,143 | |||||||||||||||
Pension
expense in excess of (less than) contributions | i 83,278 | ( i 27,514) | |||||||||||||||
Loss
on extinguishment of debt | i — | i 3,645 | |||||||||||||||
Other,
net | i 10,740 | ( i 291,054) | |||||||||||||||
Changes
in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | ( i 120,081) | ( i 214,644) | |||||||||||||||
Inventories | ( i 1,200,438) | ( i 237,285) | |||||||||||||||
Accounts
payable | i 352,047 | i 99,565 | |||||||||||||||
Income
taxes | ( i 1,178,547) | i 219,097 | |||||||||||||||
Accrued
liabilities | i 173,148 | i 250,170 | |||||||||||||||
Operating
lease right-of-use assets and liabilities | ( i 290,679) | ( i 342,322) | |||||||||||||||
Other
assets and liabilities | i 59,698 | ( i 382,410) | |||||||||||||||
Cash
provided (used) by operating activities - continuing operations | ( i 833,472) | i 791,290 | |||||||||||||||
Cash
provided by operating activities - discontinued operations | i — | i 6,090 | |||||||||||||||
Cash
provided (used) by operating activities | ( i 833,472) | i 797,380 | |||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Business acquisitions, net of cash received | i — | i 3,760 | |||||||||||||||
Proceeds
from sale of businesses, net of cash sold | i — | i 616,529 | |||||||||||||||
Proceeds
from sale of short-term investments | i — | i 598,806 | |||||||||||||||
Capital
expenditures | ( i 130,214) | ( i 214,220) | |||||||||||||||
Software
purchases | ( i 75,460) | ( i 63,758) | |||||||||||||||
Other,
net | ( i 1,159) | i 12,819 | |||||||||||||||
Cash
provided (used) by investing activities - continuing operations | ( i 206,833) | i 953,936 | |||||||||||||||
Cash
used by investing activities - discontinued operations | i — | ( i 525) | |||||||||||||||
Cash
provided (used) by investing activities | ( i 206,833) | i 953,411 | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Contingent consideration payment | ( i 56,976) | i — | |||||||||||||||
Net
increase in short-term borrowings | i 566,206 | i 94,958 | |||||||||||||||
Payments
on long-term debt | ( i 500,786) | ( i 503,943) | |||||||||||||||
Payment
of debt issuance costs | ( i 819) | ( i 2,415) | |||||||||||||||
Proceeds
from long-term debt | i 1,000,000 | i — | |||||||||||||||
Share
repurchases | i — | ( i 299,999) | |||||||||||||||
Cash
dividends paid | ( i 586,335) | ( i 579,194) | |||||||||||||||
Proceeds
from issuance of Common Stock, net of (payments) for tax withholdings | ( i 2,571) | i 32,929 | |||||||||||||||
Cash
provided (used) by financing activities | i 418,719 | ( i 1,257,664) | |||||||||||||||
Effect
of foreign currency rate changes on cash, cash equivalents and restricted cash | ( i 82,512) | ( i 9,339) | |||||||||||||||
Net
change in cash, cash equivalents and restricted cash | ( i 704,098) | i 483,788 | |||||||||||||||
Cash,
cash equivalents and restricted cash – beginning of year | i 1,277,082 | i 851,205 | |||||||||||||||
Cash,
cash equivalents and restricted cash – end of period | $ | i 572,984 | $ | i 1,334,993 |
Nine Months Ended December | |||||||||||||||||
(In thousands) | 2022 | 2021 | |||||||||||||||
Balances per Consolidated Balance Sheets: | |||||||||||||||||
Cash and cash equivalents | $ | i 571,347 | $ | i 1,333,839 | |||||||||||||
Other current assets | i 1,511 | i 1,124 | |||||||||||||||
Other assets | i 126 | i 30 | |||||||||||||||
Total cash, cash equivalents and restricted cash | $ | i 572,984 | $ | i 1,334,993 |
Three Months Ended December 2022 | ||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
(In thousands, except share amounts) | Shares | Amounts | Total | |||||||||||||||||||||||||||||||||||
Balance, September 2022 | i 388,569,062 | $ | i 97,142 | $ | i 3,952,786 | $ | ( i 844,165) | $ | ( i 120,127) | $ | i 3,085,636 | |||||||||||||||||||||||||||
Net
income | — | — | — | — | i 507,868 | i 507,868 | ||||||||||||||||||||||||||||||||
Dividends
on Common Stock ($ i 0.51 per share) | — | — | ( i 198,051) | — | — | ( i 198,051) | ||||||||||||||||||||||||||||||||
Stock-based
compensation, net | i 91,323 | i 23 | i 11,569 | — | ( i 1,990) | i 9,602 | ||||||||||||||||||||||||||||||||
Foreign
currency translation and other | — | — | — | i 41,969 | — | i 41,969 | ||||||||||||||||||||||||||||||||
Defined
benefit pension plans | — | — | — | i 2,199 | — | i 2,199 | ||||||||||||||||||||||||||||||||
Derivative
financial instruments | — | — | — | ( i 129,591) | — | ( i 129,591) | ||||||||||||||||||||||||||||||||
Balance, December 2022 | i 388,660,385 | $ | i 97,165 | $ | i 3,766,304 | $ | ( i 929,588) | $ | i 385,751 | $ | i 3,319,632 | |||||||||||||||||||||||||||
Three Months Ended December 2021 | ||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
(In thousands, except share amounts) | Shares | Amounts | Total | |||||||||||||||||||||||||||||||||||
Balance, September 2021 | i 392,758,016 | $ | i 98,190 | $ | i 3,854,687 | $ | ( i 940,834) | $ | i 586,438 | $ | i 3,598,481 | |||||||||||||||||||||||||||
Net
income | — | — | — | — | i 517,801 | i 517,801 | ||||||||||||||||||||||||||||||||
Dividends
on Common Stock ($ i 0.50 per share) | — | — | — | — | ( i 194,767) | ( i 194,767) | ||||||||||||||||||||||||||||||||
Share
repurchases | ( i 4,029,722) | ( i 1,007) | — | — | ( i 298,992) | ( i 299,999) | ||||||||||||||||||||||||||||||||
Stock-based
compensation, net | i 156,738 | i 38 | i 30,248 | — | ( i 1,779) | i 28,507 | ||||||||||||||||||||||||||||||||
Foreign
currency translation and other | — | — | — | ( i 25,711) | — | ( i 25,711) | ||||||||||||||||||||||||||||||||
Defined
benefit pension plans | — | — | — | i 6,664 | — | i 6,664 | ||||||||||||||||||||||||||||||||
Derivative
financial instruments | — | — | — | i 22,424 | — | i 22,424 | ||||||||||||||||||||||||||||||||
Balance, December 2021 | i 388,885,032 | $ | i 97,221 | $ | i 3,884,935 | $ | ( i 937,457) | $ | i 608,701 | $ | i 3,653,400 |
Nine Months Ended December 2022 | ||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
(In thousands, except share amounts) | Shares | Amounts | Total | |||||||||||||||||||||||||||||||||||
Balance, March 2022 | i 388,298,375 | $ | i 97,075 | $ | i 3,916,384 | $ | ( i 926,579) | $ | i 443,475 | $ | i 3,530,355 | |||||||||||||||||||||||||||
Net income | — | — | — | — | i 333,476 | i 333,476 | ||||||||||||||||||||||||||||||||
Dividends
on Common Stock ($ i 1.51 per share) | — | — | ( i 203,394) | — | ( i 382,941) | ( i 586,335) | ||||||||||||||||||||||||||||||||
Stock-based compensation, net | i 362,010 | i 90 | i 53,314 | — | ( i 8,259) | i 45,145 | ||||||||||||||||||||||||||||||||
Foreign currency translation and other | — | — | — | ( i 90,245) | — | ( i 90,245) | ||||||||||||||||||||||||||||||||
Defined benefit pension plans | — | — | — | i 65,944 | — | i 65,944 | ||||||||||||||||||||||||||||||||
Derivative financial instruments | — | — | — | i 21,292 | — | i 21,292 | ||||||||||||||||||||||||||||||||
Balance, December 2022 | i 388,660,385 | $ | i 97,165 | $ | i 3,766,304 | $ | ( i 929,588) | $ | i 385,751 | $ | i 3,319,632 | |||||||||||||||||||||||||||
Nine Months Ended December 2021 | ||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
(In thousands, except share amounts) | Shares | Amounts | Total | |||||||||||||||||||||||||||||||||||
Balance, March 2021 | i 391,941,477 | $ | i 97,985 | $ | i 3,777,645 | $ | ( i 1,009,000) | $ | i 189,534 | $ | i 3,056,164 | |||||||||||||||||||||||||||
Net income | — | — | — | — | i 1,306,099 | i 1,306,099 | ||||||||||||||||||||||||||||||||
Dividends
on Common Stock ($ i 1.48 per share) | — | — | ( i 2,597) | — | ( i 576,597) | ( i 579,194) | ||||||||||||||||||||||||||||||||
Share repurchases | ( i 4,029,722) | ( i 1,007) | — | — | ( i 298,992) | ( i 299,999) | ||||||||||||||||||||||||||||||||
Stock-based compensation, net | i 973,277 | i 243 | i 109,887 | — | ( i 11,343) | i 98,787 | ||||||||||||||||||||||||||||||||
Foreign currency translation and other | — | — | — | ( i 12,658) | — | ( i 12,658) | ||||||||||||||||||||||||||||||||
Defined benefit pension plans | — | — | — | i 8,776 | — | i 8,776 | ||||||||||||||||||||||||||||||||
Derivative financial instruments | — | — | — | i 75,425 | — | i 75,425 | ||||||||||||||||||||||||||||||||
Balance, December 2021 | i 388,885,032 | $ | i 97,221 | $ | i 3,884,935 | $ | ( i 937,457) | $ | i 608,701 | $ | i 3,653,400 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | PAGE NUMBER | |||||||
NOTE 1 | ||||||||
NOTE 2 | ||||||||
NOTE 3 | ||||||||
NOTE 4 | ||||||||
NOTE 5 | ||||||||
NOTE 6 | ||||||||
NOTE 7 | ||||||||
NOTE 8 | ||||||||
NOTE 9 | ||||||||
NOTE 10 | ||||||||
NOTE 11 | ||||||||
NOTE 12 | ||||||||
NOTE 13 | ||||||||
NOTE 14 | ||||||||
NOTE 15 | ||||||||
NOTE 16 | ||||||||
NOTE 17 | ||||||||
NOTE 18 | ||||||||
NOTE 19 | ||||||||
NOTE 20 |
(In thousands) | December 2022 | March 2022 | December 2021 | ||||||||||||||||||||
Contract assets (a) | $ | i 1,273 | $ | i 1,065 | $ | i 1,425 | |||||||||||||||||
Contract
liabilities (b) | i 80,456 | i 71,067 | i 73,890 |
Three Months Ended December 2022 | ||||||||||||||||||||||||||||||||
(In thousands) | Outdoor | Active | Work | Other | Total | |||||||||||||||||||||||||||
Channel revenues | ||||||||||||||||||||||||||||||||
Wholesale | $ | i 973,292 | $ | i 401,521 | $ | i 198,956 | $ | i — | $ | i 1,573,769 | ||||||||||||||||||||||
Direct-to-consumer | i 1,023,428 | i 850,167 | i 63,773 | i — | i 1,937,368 | |||||||||||||||||||||||||||
Royalty | i 6,325 | i 6,994 | i 6,211 | i — | i 19,530 | |||||||||||||||||||||||||||
Total | $ | i 2,003,045 | $ | i 1,258,682 | $ | i 268,940 | $ | i — | $ | i 3,530,667 | ||||||||||||||||||||||
Geographic revenues | ||||||||||||||||||||||||||||||||
Americas | $ | i 1,110,134 | $ | i 766,394 | $ | i 217,408 | $ | i — | $ | i 2,093,936 | ||||||||||||||||||||||
Europe | i 643,740 | i 312,857 | i 26,752 | i — | i 983,349 | |||||||||||||||||||||||||||
Asia-Pacific | i 249,171 | i 179,431 | i 24,780 | i — | i 453,382 | |||||||||||||||||||||||||||
Total | $ | i 2,003,045 | $ | i 1,258,682 | $ | i 268,940 | $ | i — | $ | i 3,530,667 |
Three Months Ended December 2021 | |||||||||||||||||||||||||||||
(In thousands) | Outdoor | Active | Work | Other | Total | ||||||||||||||||||||||||
Channel revenues | |||||||||||||||||||||||||||||
Wholesale | $ | i 960,020 | $ | i 448,690 | $ | i 215,023 | $ | i 279 | $ | i 1,624,012 | |||||||||||||||||||
Direct-to-consumer | i 964,016 | i 956,393 | i 61,077 | i — | i 1,981,486 | ||||||||||||||||||||||||
Royalty | i 4,391 | i 5,494 | i 9,001 | i — | i 18,886 | ||||||||||||||||||||||||
Total | $ | i 1,928,427 | $ | i 1,410,577 | $ | i 285,101 | $ | i 279 | $ | i 3,624,384 | |||||||||||||||||||
Geographic revenues | |||||||||||||||||||||||||||||
Americas | $ | i 1,040,827 | $ | i 862,524 | $ | i 229,109 | $ | i 279 | $ | i 2,132,739 | |||||||||||||||||||
Europe | i 651,252 | i 333,415 | i 18,631 | i — | i 1,003,298 | ||||||||||||||||||||||||
Asia-Pacific | i 236,348 | i 214,638 | i 37,361 | i — | i 488,347 | ||||||||||||||||||||||||
Total | $ | i 1,928,427 | $ | i 1,410,577 | $ | i 285,101 | $ | i 279 | $ | i 3,624,384 |
Nine Months Ended December 2022 | ||||||||||||||||||||||||||||||||
(In thousands) | Outdoor | Active | Work | Other | Total | |||||||||||||||||||||||||||
Channel revenues | ||||||||||||||||||||||||||||||||
Wholesale | $ | i 2,602,744 | $ | i 1,524,712 | $ | i 608,972 | $ | i 148 | $ | i 4,736,576 | ||||||||||||||||||||||
Direct-to-consumer | i 1,710,437 | i 2,226,870 | i 145,274 | i — | i 4,082,581 | |||||||||||||||||||||||||||
Royalty | i 13,816 | i 21,155 | i 18,734 | i — | i 53,705 | |||||||||||||||||||||||||||
Total | $ | i 4,326,997 | $ | i 3,772,737 | $ | i 772,980 | $ | i 148 | $ | i 8,872,862 | ||||||||||||||||||||||
Geographic revenues | ||||||||||||||||||||||||||||||||
Americas | $ | i 2,325,405 | $ | i 2,282,005 | $ | i 625,565 | $ | i 148 | $ | i 5,233,123 | ||||||||||||||||||||||
Europe | i 1,447,353 | i 994,783 | i 68,255 | i — | i 2,510,391 | |||||||||||||||||||||||||||
Asia-Pacific | i 554,239 | i 495,949 | i 79,160 | i — | i 1,129,348 | |||||||||||||||||||||||||||
Total | $ | i 4,326,997 | $ | i 3,772,737 | $ | i 772,980 | $ | i 148 | $ | i 8,872,862 |
Nine Months Ended December 2021 | |||||||||||||||||||||||||||||
(In thousands) | Outdoor | Active | Work | Other | Total | ||||||||||||||||||||||||
Channel revenues | |||||||||||||||||||||||||||||
Wholesale | $ | i 2,426,963 | $ | i 1,600,238 | $ | i 693,910 | $ | i 557 | $ | i 4,721,668 | |||||||||||||||||||
Direct-to-consumer | i 1,614,783 | i 2,488,454 | i 144,029 | i — | i 4,247,266 | ||||||||||||||||||||||||
Royalty | i 11,056 | i 16,126 | i 21,060 | i — | i 48,242 | ||||||||||||||||||||||||
Total | $ | i 4,052,802 | $ | i 4,104,818 | $ | i 858,999 | $ | i 557 | $ | i 9,017,176 | |||||||||||||||||||
Geographic revenues | |||||||||||||||||||||||||||||
Americas | $ | i 2,139,763 | $ | i 2,412,228 | $ | i 689,191 | $ | i 557 | $ | i 5,241,739 | |||||||||||||||||||
Europe | i 1,406,329 | i 1,051,301 | i 58,247 | i — | i 2,515,877 | ||||||||||||||||||||||||
Asia-Pacific | i 506,710 | i 641,289 | i 111,561 | i — | i 1,259,560 | ||||||||||||||||||||||||
Total | $ | i 4,052,802 | $ | i 4,104,818 | $ | i 858,999 | $ | i 557 | $ | i 9,017,176 |
Nine Months Ended December | |||||||||||||||||
(In thousands) | 2022 | 2021 | |||||||||||||||
Net revenues | $ | i — | $ | i 181,424 | |||||||||||||
Cost
of goods sold | i — | i 117,193 | |||||||||||||||
Selling,
general and administrative expenses | i — | i 38,735 | |||||||||||||||
Interest
income, net | i — | i 194 | |||||||||||||||
Other
income (expense), net | i — | i 6 | |||||||||||||||
Income
from discontinued operations before income taxes | i — | i 25,696 | |||||||||||||||
Gain
on the sale of discontinued operations before income taxes | i — | i 133,571 | |||||||||||||||
Total
income from discontinued operations before income taxes | i — | i 159,267 | |||||||||||||||
Income
tax benefit (a) | i — | ( i 11,006) | |||||||||||||||
Income
from discontinued operations, net of tax (b) | $ | i — | $ | i 170,273 |
(In thousands) | December 2022 | March 2022 | December 2021 | ||||||||||||||||||||
Finished products | $ | i 2,535,759 | $ | i 1,353,483 | $ | i 1,218,099 | |||||||||||||||||
Work-in-process | i 41,307 | i 50,774 | i 49,933 | ||||||||||||||||||||
Raw materials | i 14,849 | i 14,416 | i 19,178 | ||||||||||||||||||||
Total inventories | $ | i 2,591,915 | $ | i 1,418,673 | $ | i 1,287,210 |
December 2022 | March 2022 | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Weighted Average Amortization Period | Amortization Method | Cost | Accumulated Amortization | Net Carrying Amount | Net Carrying Amount | ||||||||||||||||||||||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||||||||||||||||||||||
Customer relationships and other | i 19 years | Accelerated | $ | i 261,365 | $ | i 169,401 | $ | i 91,964 | $ | i 103,703 | ||||||||||||||||||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||||||||||||||||||||
Trademarks and trade names | i 2,698,548 | i 2,896,648 | ||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | $ | i 2,790,512 | $ | i 3,000,351 |
(In thousands) | Outdoor | Active | Work | Total | ||||||||||||||||||||||
Balance, March 2022 | $ | i 660,786 | $ | i 1,619,121 | $ | i 113,900 | $ | i 2,393,807 | ||||||||||||||||||
Impairment charge | i — | ( i 229,044) | i — | ( i 229,044) | ||||||||||||||||||||||
Currency translation | ( i 7,017) | ( i 14,507) | ( i 838) | ( i 22,362) | ||||||||||||||||||||||
Balance, December 2022 | $ | i 653,769 | $ | i 1,375,570 | $ | i 113,062 | $ | i 2,142,401 |
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Operating lease cost | $ | i 103,127 | $ | i 105,888 | $ | i 306,259 | $ | i 329,548 | |||||||||||||||||||||||||||
Other lease cost | i 37,784 | i 34,092 | i 104,960 | i 84,522 | |||||||||||||||||||||||||||||||
Total lease cost | $ | i 140,911 | $ | i 139,980 | $ | i 411,219 | $ | i 414,070 |
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Service cost – benefits earned during the period | $ | i 2,632 | $ | i 3,547 | $ | i 7,904 | $ | i 10,737 | |||||||||||||||||||||||||||||||||||||||||||||
Interest cost on projected benefit obligations | i 10,754 | i 9,332 | i 34,065 | i 28,174 | |||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( i 14,752) | ( i 19,347) | ( i 48,364) | ( i 58,100) | |||||||||||||||||||||||||||||||||||||||||||||||||
Settlement charges | i 695 | i 5,660 | i 93,597 | i 6,684 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred amounts: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deferred actuarial losses | i 3,858 | i 2,858 | i 11,532 | i 8,569 | |||||||||||||||||||||||||||||||||||||||||||||||||
Deferred prior service credits | ( i 112) | ( i 117) | ( i 335) | ( i 352) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension cost (income) | $ | i 3,075 | $ | i 1,933 | $ | i 98,399 | $ | ( i 4,288) |
(In thousands) | December 2022 | March 2022 | December 2021 | ||||||||||||||||||||
Foreign currency translation and other | $ | ( i 841,877) | $ | ( i 751,632) | $ | ( i 712,831) | |||||||||||||||||
Defined benefit pension plans | ( i 164,346) | ( i 230,290) | ( i 248,971) | ||||||||||||||||||||
Derivative financial instruments | i 76,635 | i 55,343 | i 24,345 | ||||||||||||||||||||
Accumulated other comprehensive income (loss) | $ | ( i 929,588) | $ | ( i 926,579) | $ | ( i 937,457) |
Three Months Ended December 2022 | ||||||||||||||||||||||||||
(In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total | ||||||||||||||||||||||
Balance, September 2022 | $ | ( i 883,846) | $ | ( i 166,545) | $ | i 206,226 | $ | ( i 844,165) | ||||||||||||||||||
Other
comprehensive income (loss) before reclassifications | i 41,969 | ( i 850) | ( i 101,665) | ( i 60,546) | ||||||||||||||||||||||
Amounts
reclassified from accumulated other comprehensive income (loss) | i — | i 3,049 | ( i 27,926) | ( i 24,877) | ||||||||||||||||||||||
Net
other comprehensive income (loss) | i 41,969 | i 2,199 | ( i 129,591) | ( i 85,423) | ||||||||||||||||||||||
Balance, December 2022 | $ | ( i 841,877) | $ | ( i 164,346) | $ | i 76,635 | $ | ( i 929,588) |
Three Months Ended December 2021 | ||||||||||||||||||||||||||
(In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total | ||||||||||||||||||||||
Balance, September 2021 | $ | ( i 687,120) | $ | ( i 255,635) | $ | i 1,921 | $ | ( i 940,834) | ||||||||||||||||||
Other
comprehensive income (loss) before reclassifications | ( i 25,711) | i 383 | i 11,961 | ( i 13,367) | ||||||||||||||||||||||
Amounts
reclassified from accumulated other comprehensive income (loss) | i — | i 6,281 | i 10,463 | i 16,744 | ||||||||||||||||||||||
Net
other comprehensive income (loss) | ( i 25,711) | i 6,664 | i 22,424 | i 3,377 | ||||||||||||||||||||||
Balance, December 2021 | $ | ( i 712,831) | $ | ( i 248,971) | $ | i 24,345 | $ | ( i 937,457) |
Nine Months Ended December 2022 | ||||||||||||||||||||||||||
(In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total | ||||||||||||||||||||||
Balance, March 2022 | $ | ( i 751,632) | $ | ( i 230,290) | $ | i 55,343 | $ | ( i 926,579) | ||||||||||||||||||
Other
comprehensive income (loss) before reclassifications | ( i 90,245) | ( i 11,226) | i 68,719 | ( i 32,752) | ||||||||||||||||||||||
Amounts
reclassified from accumulated other comprehensive income (loss) | i — | i 77,170 | ( i 47,427) | i 29,743 | ||||||||||||||||||||||
Net
other comprehensive income (loss) | ( i 90,245) | i 65,944 | i 21,292 | ( i 3,009) | ||||||||||||||||||||||
Balance, December 2022 | $ | ( i 841,877) | $ | ( i 164,346) | $ | i 76,635 | $ | ( i 929,588) | ||||||||||||||||||
Nine Months Ended December 2021 | ||||||||||||||||||||||||||
(In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total | ||||||||||||||||||||||
Balance, March 2021 | $ | ( i 700,173) | $ | ( i 257,747) | $ | ( i 51,080) | $ | ( i 1,009,000) | ||||||||||||||||||
Other
comprehensive income (loss) before reclassifications | ( i 12,658) | ( i 2,355) | i 35,973 | i 20,960 | ||||||||||||||||||||||
Amounts
reclassified from accumulated other comprehensive income (loss) | i — | i 11,131 | i 39,452 | i 50,583 | ||||||||||||||||||||||
Net
other comprehensive income (loss) | ( i 12,658) | i 8,776 | i 75,425 | i 71,543 | ||||||||||||||||||||||
Balance, December 2021 | $ | ( i 712,831) | $ | ( i 248,971) | $ | i 24,345 | $ | ( i 937,457) |
(In thousands) | Three Months Ended December | Nine Months Ended December | |||||||||||||||||||||||||||||||||||||||
Details About Accumulated Other Comprehensive Income (Loss) Components | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension plans: | |||||||||||||||||||||||||||||||||||||||||
Net deferred actuarial losses | Other income (expense), net | $ | ( i 3,858) | $ | ( i 2,858) | $ | ( i 11,532) | $ | ( i 8,569) | ||||||||||||||||||||||||||||||||
Deferred
prior service credits | Other income (expense), net | i 112 | i 117 | i 335 | i 352 | ||||||||||||||||||||||||||||||||||||
Pension
settlement charges | Other income (expense), net | ( i 695) | ( i 5,660) | ( i 93,597) | ( i 6,684) | ||||||||||||||||||||||||||||||||||||
Total before tax | ( i 4,441) | ( i 8,401) | ( i 104,794) | ( i 14,901) | |||||||||||||||||||||||||||||||||||||
Tax benefit | i 1,392 | i 2,120 | i 27,624 | i 3,770 | |||||||||||||||||||||||||||||||||||||
Net
of tax | ( i 3,049) | ( i 6,281) | ( i 77,170) | ( i 11,131) | |||||||||||||||||||||||||||||||||||||
Gains (losses) on derivative financial instruments: | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net revenues | ( i 2,759) | ( i 9,284) | ( i 18,243) | ( i 16,045) | ||||||||||||||||||||||||||||||||||||
Foreign
exchange contracts | Cost of goods sold | i 27,019 | ( i 3,974) | i 44,780 | ( i 26,644) | ||||||||||||||||||||||||||||||||||||
Foreign
exchange contracts | Selling, general and administrative expenses | i 1,816 | i 688 | i 5,380 | ( i 418) | ||||||||||||||||||||||||||||||||||||
Foreign
exchange contracts | Other income (expense), net | i 6,802 | i 104 | i 24,055 | ( i 2,958) | ||||||||||||||||||||||||||||||||||||
Interest
rate contracts | Interest expense | i 27 | i 27 | i 81 | i 81 | ||||||||||||||||||||||||||||||||||||
Total
before tax | i 32,905 | ( i 12,439) | i 56,053 | ( i 45,984) | |||||||||||||||||||||||||||||||||||||
Tax (expense)
benefit | ( i 4,979) | i 1,976 | ( i 8,626) | i 6,532 | |||||||||||||||||||||||||||||||||||||
Net
of tax | i 27,926 | ( i 10,463) | i 47,427 | ( i 39,452) | |||||||||||||||||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | i 24,877 | $ | ( i 16,744) | $ | ( i 29,743) | $ | ( i 50,583) |
Nine Months Ended December 2022 | |||||||||||
Expected volatility | i 30% to i 45% | ||||||||||
Weighted average expected volatility | i 39% | ||||||||||
Expected term (in years) | i 6.0 to i 7.8 | ||||||||||
Weighted average dividend yield | i 2.9% | ||||||||||
Risk-free interest rate | i 1.53% to
i 4.75% | ||||||||||
Weighted average fair value at date of grant | $ i 13.48 |
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Segment revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Outdoor | $ | i 2,003,045 | $ | i 1,928,427 | $ | i 4,326,997 | $ | i 4,052,802 | |||||||||||||||||||||||||||||||||||||||||||||
Active | i 1,258,682 | i 1,410,577 | i 3,772,737 | i 4,104,818 | |||||||||||||||||||||||||||||||||||||||||||||||||
Work | i 268,940 | i 285,101 | i 772,980 | i 858,999 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | i — | i 279 | i 148 | i 557 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total segment revenues | $ | i 3,530,667 | $ | i 3,624,384 | $ | i 8,872,862 | $ | i 9,017,176 | |||||||||||||||||||||||||||||||||||||||||||||
Segment profit (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Outdoor | $ | i 457,027 | $ | i 450,432 | $ | i 670,615 | $ | i 662,761 | |||||||||||||||||||||||||||||||||||||||||||||
Active | i 146,885 | i 254,497 | i 541,171 | i 809,708 | |||||||||||||||||||||||||||||||||||||||||||||||||
Work | i 18,487 | i 47,672 | i 92,989 | i 150,649 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | ( i 134) | ( i 44) | ( i 516) | ( i 696) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total segment profit | i 622,265 | i 752,557 | i 1,304,259 | i 1,622,422 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impairment
of goodwill and intangible assets | i — | i — | ( i 421,922) | i — | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate
and other expenses | ( i 116,133) | ( i 74,210) | ( i 507,656) | ( i 166,115) | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | ( i 50,230) | ( i 33,388) | ( i 115,395) | ( i 100,533) | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss on debt extinguishment | i — | ( i 3,645) | i — | ( i 3,645) | |||||||||||||||||||||||||||||||||||||||||||||||||
Income
from continuing operations before income taxes | $ | i 455,902 | $ | i 641,314 | $ | i 259,286 | $ | i 1,352,129 |
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Earnings
per share – basic: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | $ | i 507,868 | $ | i 517,801 | $ | i 333,476 | $ | i 1,135,826 | |||||||||||||||||||||||||||||||||||||||||||||
Weighted
average common shares outstanding | i 387,739 | i 390,430 | i 387,663 | i 391,187 | |||||||||||||||||||||||||||||||||||||||||||||||||
Earnings
per share from continuing operations | $ | i 1.31 | $ | i 1.33 | $ | i 0.86 | $ | i 2.90 | |||||||||||||||||||||||||||||||||||||||||||||
Earnings
per share – diluted: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | $ | i 507,868 | $ | i 517,801 | $ | i 333,476 | $ | i 1,135,826 | |||||||||||||||||||||||||||||||||||||||||||||
Weighted
average common shares outstanding | i 387,739 | i 390,430 | i 387,663 | i 391,187 | |||||||||||||||||||||||||||||||||||||||||||||||||
Incremental
shares from stock options and other dilutive securities | i 453 | i 2,065 | i 694 | i 2,360 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted
weighted average common shares outstanding | i 388,192 | i 392,495 | i 388,357 | i 393,547 | |||||||||||||||||||||||||||||||||||||||||||||||||
Earnings
per share from continuing operations | $ | i 1.31 | $ | i 1.32 | $ | i 0.86 | $ | i 2.89 |
Total Fair Value | Fair Value Measurement Using (a) | |||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
December 2022 | ||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ | i 37,237 | $ | i 37,237 | $ | i — | $ | i — | ||||||||||||||||||
Time deposits | i 60,572 | i 60,572 | i — | i — | ||||||||||||||||||||||
Derivative financial instruments | i 84,918 | i — | i 84,918 | i — | ||||||||||||||||||||||
Deferred compensation | i 98,221 | i 98,221 | i — | i — | ||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Derivative financial instruments | i 58,776 | i — | i 58,776 | i — | ||||||||||||||||||||||
Deferred compensation | i 98,905 | i — | i 98,905 | i — | ||||||||||||||||||||||
Total Fair Value | Fair Value Measurement Using (a) | |||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
March 2022 | ||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ | i 324,868 | $ | i 324,868 | $ | i — | $ | i — | ||||||||||||||||||
Time deposits | i 1,100 | i 1,100 | i — | i — | ||||||||||||||||||||||
Derivative financial instruments | i 79,046 | i — | i 79,046 | i — | ||||||||||||||||||||||
Deferred compensation | i 125,323 | i 125,323 | i — | i — | ||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Derivative financial instruments | i 27,723 | i — | i 27,723 | i — | ||||||||||||||||||||||
Deferred compensation | i 129,078 | i — | i 129,078 | i — | ||||||||||||||||||||||
Contingent consideration | i 56,976 | i — | i — | i 56,976 |
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Beginning Balance | $ | i — | $ | i 99,000 | $ | i 56,976 | $ | i 207,000 | |||||||||||||||||||||||||||
Change in fair value | i — | ( i 50,000) | i — | ( i 158,000) | |||||||||||||||||||||||||||||||
Cash payout | i — | i — | ( i 56,976) | i — | |||||||||||||||||||||||||||||||
Ending Balance | $ | i — | $ | i 49,000 | $ | i — | $ | i 49,000 |
Fair
Value of Derivatives with Unrealized Gains | Fair Value of Derivatives with Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | December 2022 | March 2022 | December 2021 | December 2022 | March 2022 | December 2021 | |||||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | i 80,435 | $ | i 79,046 | $ | i 55,000 | $ | ( i 58,455) | $ | ( i 27,678) | $ | ( i 32,660) | |||||||||||||||||||||||||||||||||||
Interest rate contracts | i 422 | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | i 80,857 | i 79,046 | i 55,000 | ( i 58,455) | ( i 27,678) | ( i 32,660) | |||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | i 4,061 | i — | i 2,466 | ( i 321) | ( i 45) | ( i 327) | |||||||||||||||||||||||||||||||||||||||||
Total
derivatives | $ | i 84,918 | $ | i 79,046 | $ | i 57,466 | $ | ( i 58,776) | $ | ( i 27,723) | $ | ( i 32,987) |
December 2022 | March 2022 | December 2021 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | Derivative Asset | Derivative Liability | Derivative Asset | Derivative Liability | Derivative Asset | Derivative Liability | |||||||||||||||||||||||||||||||||||
Gross
amounts presented in the Consolidated Balance Sheets | $ | i 84,918 | $ | ( i 58,776) | $ | i 79,046 | $ | ( i 27,723) | $ | i 57,466 | $ | ( i 32,987) | |||||||||||||||||||||||||||||
Gross
amounts not offset in the Consolidated Balance Sheets | ( i 24,024) | i 24,024 | ( i 18,721) | i 18,721 | ( i 22,964) | i 22,964 | |||||||||||||||||||||||||||||||||||
Net
amounts | $ | i 60,894 | $ | ( i 34,752) | $ | i 60,325 | $ | ( i 9,002) | $ | i 34,502 | $ | ( i 10,023) |
(In thousands) | December 2022 | March 2022 | December 2021 | |||||||||||||||||||||||
Derivative Instruments | Balance Sheet Location | |||||||||||||||||||||||||
Foreign exchange contracts | Other current assets | $ | i 79,862 | $ | i 71,910 | $ | i 50,298 | |||||||||||||||||||
Foreign exchange contracts | Accrued liabilities | ( i 42,274) | ( i 24,267) | ( i 28,326) | ||||||||||||||||||||||
Foreign exchange contracts | Other assets | i 4,634 | i 7,136 | i 7,168 | ||||||||||||||||||||||
Foreign exchange contracts | Other liabilities | ( i 16,502) | ( i 3,456) | ( i 4,661) | ||||||||||||||||||||||
Interest rate contracts | Other assets | i 422 | i — | i — |
(In thousands) | Gain (Loss) on Derivatives Recognized in OCI Three Months Ended December | Gain (Loss) on Derivatives Recognized in OCI Nine Months Ended December | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedging Relationships | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | ( i 120,057) | $ | i 14,185 | $ | i 82,058 | $ | i 43,983 | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | i 422 | i — | i 422 | i — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | ( i 119,635) | $ | i 14,185 | $ | i 82,480 | $ | i 43,983 |
(In thousands) | Gain (Loss) Reclassified from Accumulated OCI into Income Three Months Ended December | Gain (Loss) Reclassified from Accumulated OCI into Income Nine Months Ended December | ||||||||||||||||||||||||||||||||||||
Cash Flow Hedging Relationships | Location of Gain (Loss) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net revenues | $ | ( i 2,759) | $ | ( i 9,284) | $ | ( i 18,243) | $ | ( i 16,045) | |||||||||||||||||||||||||||||
Foreign exchange contracts | Cost of goods sold | i 27,019 | ( i 3,974) | i 44,780 | ( i 26,644) | |||||||||||||||||||||||||||||||||
Foreign exchange contracts | Selling, general and administrative expenses | i 1,816 | i 688 | i 5,380 | ( i 418) | |||||||||||||||||||||||||||||||||
Foreign exchange contracts | Other income (expense), net | i 6,802 | i 104 | i 24,055 | ( i 2,958) | |||||||||||||||||||||||||||||||||
Interest rate contracts | Interest expense | i 27 | i 27 | i 81 | i 81 | |||||||||||||||||||||||||||||||||
Total | $ | i i 32,905 / | $ | ( i 12,439) | $ | i i 56,053 / | $ | ( i 45,984) |
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Severance and employee-related benefits | $ | i 10,607 | $ | i 3,056 | $ | i 50,165 | $ | i 7,352 | |||||||||||||||||||||||||||||||||||||||||||||
Accelerated depreciation | i 25 | i 590 | i 7,276 | i 4,057 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contract termination and other | i 460 | i — | i 5,563 | i — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total restructuring charges | $ | i 11,092 | $ | i 3,646 | $ | i 63,004 | $ | i 11,409 |
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Outdoor | $ | i 391 | $ | i 1,529 | $ | i 887 | $ | i 4,206 | |||||||||||||||||||||||||||||||||||||||||||||
Active | i — | i — | i 1,478 | i 1,008 | |||||||||||||||||||||||||||||||||||||||||||||||||
Work | i — | i 1,527 | i 9 | i 2,315 | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate and other | i 10,701 | i 590 | i 60,630 | i 3,880 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 11,092 | $ | i 3,646 | $ | i 63,004 | $ | i 11,409 |
(In thousands) | Severance | Other | Total | |||||||||||||||||
Accrual at March 2022 | $ | i 25,640 | $ | i 1,211 | $ | i 26,851 | ||||||||||||||
Charges | i 50,165 | i 5,563 | i 55,728 | |||||||||||||||||
Cash payments and settlements | ( i 30,598) | ( i 457) | ( i 31,055) | |||||||||||||||||
Adjustments to accruals | ( i 3,205) | i 53 | ( i 3,152) | |||||||||||||||||
Impact of foreign currency | i 192 | i 363 | i 555 | |||||||||||||||||
Accrual at December 2022 | $ | i 42,194 | $ | i 6,733 | $ | i 48,927 |
ITEM 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
RECENT DEVELOPMENTS |
HIGHLIGHTS OF THE THIRD QUARTER OF FISCAL 2023 |
ANALYSIS OF RESULTS OF OPERATIONS |
Consolidated Statements of Operations |
(In millions) | Three Months Ended December | Nine Months Ended December | |||||||||||||||
Net revenues — 2021 | $ | 3,624.4 | $ | 9,017.2 | |||||||||||||
Organic | 93.5 | 333.7 | |||||||||||||||
Impact of foreign currency | (187.2) | (478.0) | |||||||||||||||
Net revenues — 2022 | $ | 3,530.7 | $ | 8,872.9 |
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Gross margin (net revenues less cost of goods sold) | 54.9 | % | 56.1 | % | 53.4 | % | 55.3 | % | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 40.3 | 37.4 | 43.1 | 39.3 | |||||||||||||||||||||||||||||||
Impairment of goodwill and intangible assets | — | — | 4.8 | — | |||||||||||||||||||||||||||||||
Operating margin | 14.6 | % | 18.7 | % | 5.5 | % | 16.0 | % |
Information by Reportable Segment |
Three Months Ended December | ||||||||||||||||||||||||||||||||
(In millions) | Outdoor | Active | Work | Other | Total | |||||||||||||||||||||||||||
Segment revenues — 2021 | $ | 1,928.4 | $ | 1,410.6 | $ | 285.1 | $ | 0.3 | $ | 3,624.4 | ||||||||||||||||||||||
Organic | 190.4 | (88.7) | (7.9) | (0.3) | 93.5 | |||||||||||||||||||||||||||
Impact of foreign currency | (115.8) | (63.2) | (8.3) | — | (187.2) | |||||||||||||||||||||||||||
Segment revenues — 2022 | $ | 2,003.0 | $ | 1,258.7 | $ | 268.9 | $ | — | $ | 3,530.7 | ||||||||||||||||||||||
Nine Months Ended December | ||||||||||||||||||||||||||||||||
(In millions) | Outdoor | Active | Work | Other | Total | |||||||||||||||||||||||||||
Segment revenues — 2021 | $ | 4,052.8 | $ | 4,104.8 | $ | 859.0 | $ | 0.6 | $ | 9,017.2 | ||||||||||||||||||||||
Organic | 535.8 | (136.9) | (64.8) | (0.5) | 333.7 | |||||||||||||||||||||||||||
Impact of foreign currency | (261.6) | (195.2) | (21.2) | — | (478.0) | |||||||||||||||||||||||||||
Segment revenues — 2022 | $ | 4,327.0 | $ | 3,772.7 | $ | 773.0 | $ | 0.1 | $ | 8,872.9 |
Three Months Ended December | ||||||||||||||||||||||||||||||||
(In millions) | Outdoor | Active | Work | Other | Total | |||||||||||||||||||||||||||
Segment profit (loss) — 2021 | $ | 450.4 | $ | 254.5 | $ | 47.7 | $ | — | $ | 752.6 | ||||||||||||||||||||||
Organic | 39.2 | (93.5) | (28.5) | (0.2) | (82.9) | |||||||||||||||||||||||||||
Impact of foreign currency | (32.6) | (14.1) | (0.7) | 0.1 | (47.4) | |||||||||||||||||||||||||||
Segment profit (loss) — 2022 | $ | 457.0 | $ | 146.9 | $ | 18.5 | $ | (0.1) | $ | 622.3 | ||||||||||||||||||||||
Nine Months Ended December | ||||||||||||||||||||||||||||||||
(In millions) | Outdoor | Active | Work | Other | Total | |||||||||||||||||||||||||||
Segment profit (loss) — 2021 | $ | 662.8 | $ | 809.7 | $ | 150.6 | $ | (0.7) | $ | 1,622.4 | ||||||||||||||||||||||
Organic | 59.4 | (224.0) | (55.2) | 0.1 | (219.6) | |||||||||||||||||||||||||||
Impact of foreign currency | (51.6) | (44.5) | (2.4) | 0.1 | (98.5) | |||||||||||||||||||||||||||
Segment profit (loss) — 2022 | $ | 670.6 | $ | 541.2 | $ | 93.0 | $ | (0.5) | $ | 1,304.3 |
Top Brand Revenues: | ||||||||||||||||||||||||||||||||
Three Months Ended December 2022 | ||||||||||||||||||||||||||||||||
(In millions) | Vans® | The North Face® | Timberland® (a) | Dickies® | Total | |||||||||||||||||||||||||||
Americas | $ | 625.6 | $ | 731.8 | $ | 330.7 | $ | 125.4 | $ | 1,813.5 | ||||||||||||||||||||||
Europe | 185.1 | 417.8 | 195.0 | 26.8 | 824.7 | |||||||||||||||||||||||||||
Asia-Pacific | 116.2 | 171.6 | 69.8 | 24.8 | 382.4 | |||||||||||||||||||||||||||
Global | $ | 926.9 | $ | 1,321.2 | $ | 595.5 | $ | 177.0 | $ | 3,020.6 | ||||||||||||||||||||||
Three Months Ended December 2021 | ||||||||||||||||||||||||||||||||
(In millions) | Vans® | The North Face® | Timberland® (a) | Dickies® | Total | |||||||||||||||||||||||||||
Americas | $ | 717.0 | $ | 678.3 | $ | 304.1 | $ | 155.5 | $ | 1,854.9 | ||||||||||||||||||||||
Europe | 194.6 | 415.7 | 204.6 | 18.6 | 833.5 | |||||||||||||||||||||||||||
Asia-Pacific | 148.9 | 146.4 | 84.6 | 37.4 | 417.3 | |||||||||||||||||||||||||||
Global | $ | 1,060.4 | $ | 1,240.3 | $ | 593.4 | $ | 211.5 | $ | 3,105.6 | ||||||||||||||||||||||
Nine Months Ended December 2022 | ||||||||||||||||||||||||||||||||
(In millions) | Vans® | The North Face® | Timberland® (a) | Dickies® | Total | |||||||||||||||||||||||||||
Americas | $ | 1,859.9 | $ | 1,511.9 | $ | 737.7 | $ | 386.3 | $ | 4,495.8 | ||||||||||||||||||||||
Europe | 608.3 | 874.1 | 485.8 | 68.3 | 2,036.5 | |||||||||||||||||||||||||||
Asia-Pacific | 357.6 | 367.1 | 165.6 | 79.2 | 969.5 | |||||||||||||||||||||||||||
Global | $ | 2,825.9 | $ | 2,753.2 | $ | 1,389.1 | $ | 533.7 | $ | 7,501.9 | ||||||||||||||||||||||
Nine Months Ended December 2021 | ||||||||||||||||||||||||||||||||
(In millions) | Vans® | The North Face® | Timberland® (a) | Dickies® | Total | |||||||||||||||||||||||||||
Americas | $ | 2,008.2 | $ | 1,334.8 | $ | 734.1 | $ | 470.9 | $ | 4,548.0 | ||||||||||||||||||||||
Europe | 669.6 | 852.4 | 472.2 | 58.2 | 2,052.4 | |||||||||||||||||||||||||||
Asia-Pacific | 492.9 | 303.1 | 181.8 | 111.6 | 1,089.4 | |||||||||||||||||||||||||||
Global | $ | 3,170.7 | $ | 2,490.2 | $ | 1,388.2 | $ | 640.7 | $ | 7,689.8 |
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | Percent Change | 2022 | 2021 | Percent Change | |||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | 2,003.0 | $ | 1,928.4 | 3.9 | % | $ | 4,327.0 | $ | 4,052.8 | 6.8 | % | |||||||||||||||||||||||||||||||||||
Segment profit | 457.0 | 450.4 | 1.5 | % | 670.6 | 662.8 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||
Operating margin | 22.8 | % | 23.4 | % | 15.5 | % | 16.4 | % |
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | Percent Change | 2022 | 2021 | Percent Change | |||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | 1,258.7 | $ | 1,410.6 | (10.8) | % | $ | 3,772.7 | $ | 4,104.8 | (8.1) | % | |||||||||||||||||||||||||||||||||||
Segment profit | 146.9 | 254.5 | (42.3) | % | 541.2 | 809.7 | (33.2) | % | |||||||||||||||||||||||||||||||||||||||
Operating margin | 11.7 | % | 18.0 | % | 14.3 | % | 19.7 | % |
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | Percent Change | 2022 | 2021 | Percent Change | |||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | 268.9 | $ | 285.1 | (5.7) | % | $ | 773.0 | $ | 859.0 | (10.0) | % | |||||||||||||||||||||||||||||||||||
Segment profit | 18.5 | 47.7 | (61.2) | % | 93.0 | 150.6 | (38.3) | % | |||||||||||||||||||||||||||||||||||||||
Operating margin | 6.9 | % | 16.7 | % | 12.0 | % | 17.5 | % |
Reconciliation
of Segment Profit to Income Before Income Taxes |
Three Months Ended December | Nine Months Ended December | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | Percent Change | 2022 | 2021 | Percent Change | |||||||||||||||||||||||||||||||||||||||||
Impairment of goodwill and intangible assets | $ | — | $ | — | — | % | $ | 421.9 | $ | — | 100.0 | % | |||||||||||||||||||||||||||||||||||
Corporate and other expenses | 116.1 | 74.2 | 56.5 | % | 507.7 | 166.1 | 205.6 | % | |||||||||||||||||||||||||||||||||||||||
Interest expense, net | 50.2 | 33.4 | 50.4 | % | 115.4 | 100.5 | 14.8 | % | |||||||||||||||||||||||||||||||||||||||
Loss on debt extinguishment | — | 3.6 | (100.0) | % | — | 3.6 | (100.0) | % |
International Operations |
Direct-to-Consumer Operations |
ANALYSIS OF FINANCIAL CONDITION |
Consolidated Balance Sheets |
Liquidity and Capital Resources |
December | March | December | |||||||||||||||||||||
(Dollars in millions) | 2022 | 2022 | 2021 | ||||||||||||||||||||
Working capital | $697.7 | $1,272.7 | $1,376.8 | ||||||||||||||||||||
Current ratio | 1.2 to 1 | 1.4 to 1 | 1.4 to 1 | ||||||||||||||||||||
Net debt to total capital | 68.7% | 61.0% | 59.4% |
Nine Months Ended December | |||||||||||||||||
(In thousands) | 2022 | 2021 | |||||||||||||||
Cash provided (used) by operating activities | $ | (833,472) | $ | 791,290 | |||||||||||||
Cash provided (used) by investing activities | (206,833) | 953,936 | |||||||||||||||
Cash provided (used) by financing activities | 418,719 | (1,257,664) |
Recent
Accounting Pronouncements |
Critical Accounting Policies and Estimates |
Cautionary
Statement on Forward-looking Statements |
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
ITEM 4 — CONTROLS AND PROCEDURES. |
ITEM 1 — LEGAL PROCEEDINGS. |
ITEM 1A — RISK FACTORS. |
BUSINESS AND OPERATIONAL RISKS |
LEGAL, REGULATORY AND COMPLIANCE
RISKS |
FINANCIAL
RISKS |
ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
Third Quarter Fiscal 2023 | Total Number of Shares Purchased | Weighted Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Dollar Value of Shares that May Yet be Purchased Under the Program | ||||||||||||||||||||||
October 2 - October 29, 2022 | — | $ | — | — | $ | 2,486,971,057 | ||||||||||||||||||||
October 30 - November 26, 2022 | — | — | — | 2,486,971,057 | ||||||||||||||||||||||
November 27 - December 31, 2022 | — | — | — | 2,486,971,057 | ||||||||||||||||||||||
Total | — | — |
ITEM 6 — EXHIBITS. |
Retirement and General Release Agreement dated December 2, 2022 | ||||||||
Certification of Chief Executive Officer, pursuant to 15 U.S.C. Section 10A, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of Chief Financial Officer, pursuant to 15 U.S.C. Section 10A, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
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 | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | 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 |
V.F. CORPORATION | |||||||||||
(Registrant) | |||||||||||
By: | /s/ Matthew H. Puckett | ||||||||||
Matthew H. Puckett | |||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||
Date: February 8, 2023 | By: | /s/ Bryan H. McNeill | |||||||||
Bryan H. McNeill | |||||||||||
Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/24 | ||||
12/14/24 | ||||
4/1/23 | ||||
3/21/23 | ||||
3/10/23 | ||||
Filed on: | 2/8/23 | |||
2/2/23 | SC 13G | |||
1/28/23 | ||||
For Period end: | 12/31/22 | |||
12/2/22 | 8-K | |||
11/26/22 | ||||
10/29/22 | ||||
10/19/22 | ||||
10/7/22 | ||||
10/1/22 | 10-Q | |||
8/16/22 | ||||
8/11/22 | 8-K | |||
7/14/22 | ||||
6/30/22 | ||||
4/25/22 | ||||
4/3/22 | ||||
4/2/22 | 10-K | |||
1/31/22 | SC 13G/A | |||
1/1/22 | 10-Q | |||
6/28/21 | ||||
3/28/20 | 10-K, 5 | |||
1/21/20 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/25/23 V F Corp. 10-K 4/01/23 159:22M 2/27/23 V F Corp. 424B5 2:706K Donnelley … Solutions/FA 2/21/23 V F Corp. 424B3 1:654K Donnelley … Solutions/FA |