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As Of Filer Filing For·On·As Docs:Size 10/28/20 V F Corp. 10-Q 9/26/20 102:13M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.33M 2: EX-10.1 Material Contract HTML 57K 3: EX-31.1 Certification -- §302 - SOA'02 HTML 32K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 32K 5: EX-32.1 Certification -- §906 - SOA'02 HTML 29K 6: EX-32.2 Certification -- §906 - SOA'02 HTML 29K 13: R1 Cover Page HTML 91K 14: R2 Consolidated Balance Sheets (Unaudited) HTML 135K 15: R3 Consolidated Balance Sheets (Unaudited) HTML 43K (Parenthetical) 16: R4 Consolidated Statements of Operations (Unaudited) HTML 117K 17: R5 Consolidated Statements of Comprehensive Income HTML 86K (Loss) (Unaudited) 18: R6 Consolidated Statements of Cash Flows (Unaudited) HTML 132K 19: R7 Consolidated Statements of Cash Flows (Unaudited) HTML 42K (Parenthetical) 20: R8 Consolidated Statements of Stockholders' Equity HTML 88K (Unaudited) 21: R9 Consolidated Statements of Stockholders' Equity HTML 45K (Unaudited) (Parenthetical) 22: R10 Basis of Presentation HTML 40K 23: R11 Recently Adopted and Issued Accounting Standards HTML 44K 24: R12 Revenues HTML 152K 25: R13 Discontinued Operations HTML 108K 26: R14 Inventories HTML 39K 27: R15 Intangible Assets HTML 51K 28: R16 Goodwill HTML 41K 29: R17 Leases HTML 62K 30: R18 Short-Term Borrowings and Long-Term Debt HTML 42K 31: R19 Pension Plans HTML 57K 32: R20 Capital and Accumulated Other Comprehensive Income HTML 166K (Loss) 33: R21 Stock-Based Compensation HTML 41K 34: R22 Income Taxes HTML 37K 35: R23 Reportable Segment Information HTML 74K 36: R24 Earnings Per Share HTML 60K 37: R25 Fair Value Measurements HTML 76K 38: R26 Derivative Financial Instruments and Hedging HTML 111K Activities 39: R27 Restructuring HTML 80K 40: R28 Contincencies HTML 31K 41: R29 Subsequent Event HTML 29K 42: R30 Basis of Presentation (Policies) HTML 54K 43: R31 Revenues (Tables) HTML 149K 44: R32 Discontinued Operations (Tables) HTML 93K 45: R33 Inventories (Tables) HTML 40K 46: R34 Intangible Assets (Tables) HTML 75K 47: R35 Goodwill (Tables) HTML 41K 48: R36 Leases (Tables) HTML 43K 49: R37 Short-Term Borrowings and Long-Term Debt (Tables) HTML 42K 50: R38 Pension Plans (Tables) HTML 52K 51: R39 Capital and Accumulated Other Comprehensive Income HTML 165K (Loss) (Tables) 52: R40 Stock-Based Compensation (Tables) HTML 35K 53: R41 Reportable Segment Information (Tables) HTML 70K 54: R42 Earnings Per Share (Tables) HTML 58K 55: R43 Fair Value Measurements (Tables) HTML 70K 56: R44 Derivative Financial Instruments and Hedging HTML 133K Activities (Tables) 57: R45 Restructuring (Tables) HTML 79K 58: R46 REVENUES - Contract Assets and Liabilities HTML 35K (Details) 59: R47 REVENUES - Additional Information (Details) HTML 29K 60: R48 REVENUES - Additional Information, Remaining HTML 34K Performance Obligation (Details) 61: R49 REVENUES - Disaggregation of Revenue (Details) HTML 82K 62: R50 DISCONTINUED OPERATIONS - Additional Information HTML 83K (Details) 63: R51 DISCONTINUED OPERATIONS - Summary of Major Line HTML 61K Items included in Income (Loss) (Details) 64: R52 DISCONTINUED OPERATIONS - Summary of Carrying HTML 78K Amounts of Assets and Liabilities (Details) 65: R53 Inventories (Details) HTML 37K 66: R54 INTANGIBLE ASSETS - Schedule of Intangible Assets HTML 51K (Details) 67: R55 INTANGIBLE ASSETS - Additional Information HTML 41K (Details) 68: R56 GOODWILL - Changes in Goodwill (Details) HTML 39K 69: R57 GOODWILL - Additional Information (Details) HTML 34K 70: R58 LEASES - Lease Costs (Details) HTML 33K 71: R59 LEASES - Cash Flow Information (Details) HTML 34K 72: R60 SHORT-TERM BORROWINGS AND LONG-TERM DEBT - 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Schedule of Earnings Per HTML 54K Share Basic and Diluted (Details) 85: R73 EARNINGS PER SHARE - Additional Information HTML 35K (Details) 86: R74 FAIR VALUE MEASUREMENTS - Measured on Recurring HTML 72K Basis (Details) 87: R75 FAIR VALUE MEASUREMENTS - Additional Information HTML 39K (Details) 88: R76 DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING HTML 45K ACTIVITIES - Additional Information (Details) 89: R77 DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING HTML 40K ACTIVITIES - Outstanding Derivatives on Individual Contract Basis at Gross Amounts (Details) 90: R78 DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING HTML 47K ACTIVITIES - Fair Value of Derivative Assets and Liabilities in Balance Sheet (Details) 91: R79 DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING HTML 35K ACTIVITIES - Derivatives Classified as Current or Noncurrent Based on Maturity Dates (Details) 92: R80 DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING HTML 50K ACTIVITIES - Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Details) 93: R81 RESTRUCTURING - Additional Information (Details) HTML 42K 94: R82 RESTRUCTURING - Restructuring Charges (Details) HTML 40K 95: R83 RESTRUCTURING - Restructuring costs by business HTML 40K segment (Details) 96: R84 RESTRUCTURING - Activity in Restructuring Accrual HTML 47K (Details) 97: R85 Contingencies (Details) HTML 31K 98: R86 Subsequent Event (Details) HTML 31K 100: XML IDEA XML File -- Filing Summary XML 187K 12: XML XBRL Instance -- vfc-20200926_htm XML 3.53M 99: EXCEL IDEA Workbook of Financial Reports XLSX 123K 8: EX-101.CAL XBRL Calculations -- vfc-20200926_cal XML 302K 9: EX-101.DEF XBRL Definitions -- vfc-20200926_def XML 749K 10: EX-101.LAB XBRL Labels -- vfc-20200926_lab XML 1.78M 11: EX-101.PRE XBRL Presentations -- vfc-20200926_pre XML 1.11M 7: EX-101.SCH XBRL Schema -- vfc-20200926 XSD 181K 101: JSON XBRL Instance as JSON Data -- MetaLinks 455± 661K 102: ZIP XBRL Zipped Folder -- 0000103379-20-000018-xbrl Zip 419K
vfc-20200926 |
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 | |||||
ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED). |
(In thousands, except share amounts) | September 2020 | March 2020 | September 2019 | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets | |||||||||||||||||||||||
Cash
and equivalents | $ | i 1,877,398 | $ | i 1,369,028 | $ | i 469,912 | |||||||||||||||||
Accounts
receivable, less allowance for doubtful accounts of: September 2020 - $ i 36,121; March 2020 - $ i 37,099;
September 2019 - $ i 19,930 | i 1,606,479 | i 1,308,051 | i 1,881,374 | ||||||||||||||||||||
Inventories | i 1,434,843 | i 1,293,912 | i 1,590,027 | ||||||||||||||||||||
Short-term
investments | i 800,000 | i — | i — | ||||||||||||||||||||
Other
current assets | i 408,809 | i 444,886 | i 391,678 | ||||||||||||||||||||
Current
assets of discontinued operations | i 552,677 | i 611,139 | i 442,216 | ||||||||||||||||||||
Total current assets | i 6,680,206 | i 5,027,016 | i 4,775,207 | ||||||||||||||||||||
Property,
plant and equipment, net | i 933,990 | i 954,406 | i 832,237 | ||||||||||||||||||||
Intangible
assets, net | i 1,851,093 | i 1,854,545 | i 1,857,868 | ||||||||||||||||||||
Goodwill | i 1,173,514 | i 1,156,019 | i 1,479,755 | ||||||||||||||||||||
Operating
lease right-of-use assets | i 1,385,121 | i 1,273,514 | i 1,231,638 | ||||||||||||||||||||
Other
assets | i 917,342 | i 867,751 | i 905,993 | ||||||||||||||||||||
Other
assets of discontinued operations | i — | i — | i 187,657 | ||||||||||||||||||||
TOTAL ASSETS | $ | i 12,941,266 | $ | i 11,133,251 | $ | i 11,270,355 | |||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Short-term borrowings | $ | i 13,237 | $ | i 1,228,812 | $ | i 484,321 | |||||||||||||||||
Current
portion of long-term debt | i 1,127 | i 1,018 | i 4,986 | ||||||||||||||||||||
Accounts
payable | i 450,109 | i 407,021 | i 483,207 | ||||||||||||||||||||
Accrued
liabilities | i 1,505,703 | i 1,260,252 | i 1,331,495 | ||||||||||||||||||||
Current
liabilities of discontinued operations | i 114,356 | i 126,781 | i 100,329 | ||||||||||||||||||||
Total current liabilities | i 2,084,532 | i 3,023,884 | i 2,404,338 | ||||||||||||||||||||
Long-term
debt | i 5,679,440 | i 2,608,269 | i 2,090,922 | ||||||||||||||||||||
Operating
lease liabilities | i 1,129,840 | i 1,020,651 | i 997,456 | ||||||||||||||||||||
Other
liabilities | i 1,102,216 | i 1,123,113 | i 1,106,791 | ||||||||||||||||||||
Other
liabilities of discontinued operations | i — | i — | i 23,229 | ||||||||||||||||||||
Total liabilities | i 9,996,028 | i 7,775,917 | i 6,622,736 | ||||||||||||||||||||
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 September 2020, March 2020 or September 2019 | i — | i — | i — | ||||||||||||||||||||
Common
Stock, stated value $ i i i 0.25 / / ;
shares authorized, i i i 1,200,000,000 / / ;
shares outstanding at September 2020 - i 389,964,718; March 2020 - i 388,812,158; September 2019 - i 398,865,790 | i 97,491 | i 97,203 | i 99,716 | ||||||||||||||||||||
Additional
paid-in capital | i 3,852,358 | i 4,183,780 | i 4,072,640 | ||||||||||||||||||||
Accumulated
other comprehensive income (loss) | ( i 959,658) | ( i 930,958) | ( i 930,725) | ||||||||||||||||||||
Retained
earnings (accumulated deficit) | ( i 44,953) | i 7,309 | i 1,405,988 | ||||||||||||||||||||
Total stockholders’ equity | i 2,945,238 | i 3,357,334 | i 4,647,619 | ||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | i 12,941,266 | $ | i 11,133,251 | $ | i 11,270,355 |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Net
revenues | $ | i 2,608,324 | $ | i 3,179,758 | $ | i 3,684,617 | $ | i 5,230,412 | |||||||||||||||||||||||||||
Costs
and operating expenses | |||||||||||||||||||||||||||||||||||
Cost of goods sold | i 1,282,406 | i 1,456,317 | i 1,789,357 | i 2,352,601 | |||||||||||||||||||||||||||||||
Selling,
general and administrative expenses | i 1,005,970 | i 1,174,879 | i 1,822,121 | i 2,233,284 | |||||||||||||||||||||||||||||||
Total
costs and operating expenses | i 2,288,376 | i 2,631,196 | i 3,611,478 | i 4,585,885 | |||||||||||||||||||||||||||||||
Operating
income | i 319,948 | i 548,562 | i 73,139 | i 644,527 | |||||||||||||||||||||||||||||||
Interest
income | i 3,176 | i 4,424 | i 4,489 | i 10,968 | |||||||||||||||||||||||||||||||
Interest
expense | ( i 34,107) | ( i 20,810) | ( i 63,369) | ( i 42,937) | |||||||||||||||||||||||||||||||
Other
income (expense), net | i 4,644 | ( i 1,771) | ( i 33,543) | i 3,783 | |||||||||||||||||||||||||||||||
Income
(loss) from continuing operations before income taxes | i 293,661 | i 530,405 | ( i 19,284) | i 616,341 | |||||||||||||||||||||||||||||||
Income
tax expense (benefit) | i 50,415 | ( i 94,972) | i 15,212 | ( i 74,309) | |||||||||||||||||||||||||||||||
Income
(loss) from continuing operations | i 243,246 | i 625,377 | ( i 34,496) | i 690,650 | |||||||||||||||||||||||||||||||
Income
from discontinued operations, net of tax | i 13,476 | i 23,624 | i 5,605 | i 7,572 | |||||||||||||||||||||||||||||||
Net
income (loss) | $ | i 256,722 | $ | i 649,001 | $ | ( i 28,891) | $ | i 698,222 | |||||||||||||||||||||||||||
Earnings
(loss) per common share - basic | |||||||||||||||||||||||||||||||||||
Continuing operations | $ | i 0.62 | $ | i 1.57 | $ | ( i 0.09) | $ | i 1.74 | |||||||||||||||||||||||||||
Discontinued
operations | i 0.03 | i 0.06 | i 0.01 | i 0.02 | |||||||||||||||||||||||||||||||
Total
earnings (loss) per common share - basic | $ | i 0.66 | $ | i 1.63 | $ | ( i 0.07) | $ | i 1.76 | |||||||||||||||||||||||||||
Earnings
(loss) per common share - diluted | |||||||||||||||||||||||||||||||||||
Continuing operations | $ | i 0.62 | $ | i 1.55 | $ | ( i 0.09) | $ | i 1.72 | |||||||||||||||||||||||||||
Discontinued
operations | i 0.03 | i 0.06 | i 0.01 | i 0.02 | |||||||||||||||||||||||||||||||
Total
earnings (loss) per common share - diluted | $ | i 0.66 | $ | i 1.61 | $ | ( i 0.07) | $ | i 1.74 | |||||||||||||||||||||||||||
Weighted
average shares outstanding | |||||||||||||||||||||||||||||||||||
Basic | i 389,219 | i 397,751 | i 388,957 | i 397,239 | |||||||||||||||||||||||||||||||
Diluted | i 391,180 | i 402,261 | i 390,986 | i 402,088 | |||||||||||||||||||||||||||||||
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net
income (loss) | $ | i 256,722 | $ | i 649,001 | $ | ( i 28,891) | $ | i 698,222 | |||||||||||||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation and other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses
arising during the period | ( i 33,483) | ( i 70,473) | ( i 29,629) | ( i 57,644) | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification
of foreign currency translation losses | i — | i — | i 42,364 | i — | |||||||||||||||||||||||||||||||||||||||||||||||||
Income
tax effect | i 18,582 | ( i 8,912) | i 24,837 | ( i 5,969) | |||||||||||||||||||||||||||||||||||||||||||||||||
Defined
benefit pension plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period actuarial losses | ( i 8,853) | ( i 14,610) | ( i 8,853) | ( i 14,610) | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization
of net deferred actuarial losses | i 2,898 | i 4,014 | i 5,761 | i 8,033 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization
of deferred prior service costs (credits) | ( i 17) | i 12 | ( i 34) | i 25 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification
of net actuarial loss from settlement charge | i 572 | i 519 | i 572 | i 519 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income
tax effect | i 386 | i 2,207 | i 722 | i 499 | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative
financial instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) arising during the period | ( i 39,731) | i 51,396 | ( i 47,326) | i 66,170 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income
tax effect | i 7,197 | ( i 7,048) | i 8,727 | ( i 10,922) | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification
of net gains realized | ( i 11,379) | ( i 23,688) | ( i 31,659) | ( i 34,183) | |||||||||||||||||||||||||||||||||||||||||||||||||
Income
tax effect | i 1,711 | i 3,244 | i 5,818 | i 6,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss) | ( i 62,117) | ( i 63,339) | ( i 28,700) | ( i 42,082) | |||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive
income (loss) | $ | i 194,605 | $ | i 585,662 | $ | ( i 57,591) | $ | i 656,140 |
Six Months Ended September | |||||||||||||||||
(In thousands) | 2020 | 2019 | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income (loss) | $ | ( i 28,891) | $ | i 698,222 | |||||||||||||
Income
from discontinued operations, net of tax | i 5,605 | i 7,572 | |||||||||||||||
Income
(loss) from continuing operations, net of tax | ( i 34,496) | i 690,650 | |||||||||||||||
Adjustments
to reconcile net income (loss) to cash provided (used) by operating activities: | |||||||||||||||||
Depreciation and amortization | i 138,853 | i 125,159 | |||||||||||||||
Reduction
in the carrying amount of right-of-use assets | i 205,635 | i 186,327 | |||||||||||||||
Stock-based
compensation | i 26,113 | i 70,146 | |||||||||||||||
Provision
for doubtful accounts | i 15,727 | i 5,767 | |||||||||||||||
Pension
expense less than contributions | ( i 7,953) | ( i 6,125) | |||||||||||||||
Other,
net | i 15,852 | ( i 99,823) | |||||||||||||||
Changes
in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | ( i 275,436) | ( i 542,150) | |||||||||||||||
Inventories | ( i 115,515) | ( i 433,360) | |||||||||||||||
Accounts
payable | i 36,019 | ( i 169) | |||||||||||||||
Income
taxes | ( i 40,770) | ( i 47,964) | |||||||||||||||
Accrued
liabilities | i 161,785 | ( i 123,369) | |||||||||||||||
Operating
lease right-of-use assets and liabilities | ( i 150,170) | ( i 224,750) | |||||||||||||||
Other
assets and liabilities | i 63,866 | i 26,915 | |||||||||||||||
Cash
provided (used) by operating activities - continuing operations | i 39,510 | ( i 372,746) | |||||||||||||||
Cash
provided by operating activities - discontinued operations | i 43,298 | i 7,268 | |||||||||||||||
Cash
provided (used) by operating activities | i 82,808 | ( i 365,478) | |||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Purchases of short-term investments | ( i 800,000) | i — | |||||||||||||||
Capital
expenditures | ( i 112,501) | ( i 104,988) | |||||||||||||||
Software
purchases | ( i 38,345) | ( i 24,712) | |||||||||||||||
Other,
net | ( i 3,839) | i 59,558 | |||||||||||||||
Cash
used by investing activities - continuing operations | ( i 954,685) | ( i 70,142) | |||||||||||||||
Cash
used by investing activities - discontinued operations | ( i 2,693) | ( i 7,270) | |||||||||||||||
Cash
used by investing activities | ( i 957,378) | ( i 77,412) | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Net decrease in short-term borrowings | ( i 1,215,575) | ( i 168,421) | |||||||||||||||
Payments
on long-term debt | ( i 768) | ( i 2,868) | |||||||||||||||
Payment
of debt issuance costs | ( i 21,430) | i — | |||||||||||||||
Proceeds
from long-term debt | i 2,996,090 | i — | |||||||||||||||
Cash
dividends paid | ( i 373,638) | ( i 373,604) | |||||||||||||||
Cash
received from Kontoor Brands, net of cash transferred of $ i 126.8 million | i — | i 906,148 | |||||||||||||||
Proceeds
from issuance of Common Stock, net of (payments) for tax withholdings | ( i 7,221) | i 50,659 | |||||||||||||||
Cash
provided by financing activities | i 1,377,458 | i 411,914 | |||||||||||||||
Effect
of foreign currency rate changes on cash, cash equivalents and restricted cash | ( i 8,082) | ( i 5,385) | |||||||||||||||
Net
change in cash, cash equivalents and restricted cash | i 494,806 | ( i 36,361) | |||||||||||||||
Cash,
cash equivalents and restricted cash – beginning of year | i 1,411,322 | i 556,587 | |||||||||||||||
Cash,
cash equivalents and restricted cash – end of period | $ | i 1,906,128 | $ | i 520,226 |
Six Months Ended September | |||||||||||||||||
(In thousands) | 2020 | 2019 | |||||||||||||||
Balances per Consolidated Balance Sheets: | |||||||||||||||||
Cash and cash equivalents | $ | i 1,877,398 | $ | i 469,912 | |||||||||||||
Other current assets | i 1,301 | i 2,748 | |||||||||||||||
Current assets of discontinued operations | i 26,846 | i 37,693 | |||||||||||||||
Other assets | i 583 | i 9,873 | |||||||||||||||
Total cash, cash equivalents and restricted cash | $ | i 1,906,128 | $ | i 520,226 |
Three Months Ended September 2020 | ||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
(In thousands, except share amounts) | Shares | Amounts | Total | |||||||||||||||||||||||||||||||||||
Balance, June 2020 | i 389,641,245 | $ | i 97,410 | $ | i 4,010,817 | $ | ( i 897,541) | $ | ( i 298,088) | $ | i 2,912,598 | |||||||||||||||||||||||||||
Net
income | — | — | — | — | i 256,722 | i 256,722 | ||||||||||||||||||||||||||||||||
Dividends
on Common Stock ($ i 0.48 per share) | — | — | ( i 186,892) | — | — | ( i 186,892) | ||||||||||||||||||||||||||||||||
Stock-based
compensation, net | i 323,473 | i 81 | i 28,433 | — | ( i 3,587) | i 24,927 | ||||||||||||||||||||||||||||||||
Foreign
currency translation and other | — | — | — | ( i 14,901) | — | ( i 14,901) | ||||||||||||||||||||||||||||||||
Defined
benefit pension plans | — | — | — | ( i 5,014) | — | ( i 5,014) | ||||||||||||||||||||||||||||||||
Derivative
financial instruments | — | — | — | ( i 42,202) | — | ( i 42,202) | ||||||||||||||||||||||||||||||||
Balance, September 2020 | i 389,964,718 | $ | i 97,491 | $ | i 3,852,358 | $ | ( i 959,658) | $ | ( i 44,953) | $ | i 2,945,238 | |||||||||||||||||||||||||||
Three Months Ended September 2019 | ||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
(In thousands, except share amounts) | Shares | Amounts | Total | |||||||||||||||||||||||||||||||||||
Balance, June 2019 | i 397,922,120 | $ | i 99,481 | $ | i 3,988,385 | $ | ( i 867,386) | $ | i 931,134 | $ | i 4,151,614 | |||||||||||||||||||||||||||
Net
income | — | — | — | — | i 649,001 | i 649,001 | ||||||||||||||||||||||||||||||||
Dividends
on Common Stock ($ i 0.43 per share) | — | — | — | — | ( i 171,066) | ( i 171,066) | ||||||||||||||||||||||||||||||||
Stock-based
compensation, net | i 943,670 | i 235 | i 84,255 | — | ( i 3,081) | i 81,409 | ||||||||||||||||||||||||||||||||
Foreign
currency translation and other | — | — | — | ( i 79,385) | — | ( i 79,385) | ||||||||||||||||||||||||||||||||
Defined
benefit pension plans | — | — | — | ( i 7,858) | — | ( i 7,858) | ||||||||||||||||||||||||||||||||
Derivative
financial instruments | — | — | — | i 23,904 | — | i 23,904 | ||||||||||||||||||||||||||||||||
Balance, September 2019 | i 398,865,790 | $ | i 99,716 | $ | i 4,072,640 | $ | ( i 930,725) | $ | i 1,405,988 | $ | i 4,647,619 |
Six Months Ended September 2020 | ||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
(In thousands, except share amounts) | Shares | Amounts | Total | |||||||||||||||||||||||||||||||||||
Balance, March 2020 | i 388,812,158 | $ | i 97,203 | $ | i 4,183,780 | $ | ( i 930,958) | $ | i 7,309 | $ | i 3,357,334 | |||||||||||||||||||||||||||
Net
loss | — | — | — | — | ( i 28,891) | ( i 28,891) | ||||||||||||||||||||||||||||||||
Dividends
on Common Stock ($ i 0.96 per share) | — | — | ( i 373,638) | — | i — | ( i 373,638) | ||||||||||||||||||||||||||||||||
Stock-based
compensation, net | i 1,152,560 | i 288 | i 42,216 | — | ( i 23,371) | i 19,133 | ||||||||||||||||||||||||||||||||
Foreign
currency translation and other | — | — | — | i 37,572 | — | i 37,572 | ||||||||||||||||||||||||||||||||
Defined
benefit pension plans | — | — | — | ( i 1,832) | — | ( i 1,832) | ||||||||||||||||||||||||||||||||
Derivative
financial instruments | — | — | — | ( i 64,440) | — | ( i 64,440) | ||||||||||||||||||||||||||||||||
Balance, September 2020 | i 389,964,718 | $ | i 97,491 | $ | i 3,852,358 | $ | ( i 959,658) | $ | ( i 44,953) | $ | i 2,945,238 | |||||||||||||||||||||||||||
Six Months Ended September 2019 | ||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
(In thousands, except share amounts) | Shares | Amounts | Total | |||||||||||||||||||||||||||||||||||
Balance, March 2019 | i 396,824,662 | $ | i 99,206 | $ | i 3,921,784 | $ | ( i 902,075) | $ | i 1,179,601 | $ | i 4,298,516 | |||||||||||||||||||||||||||
Adoption
of new accounting standard, ASU 2016-02 | — | — | — | — | ( i 2,491) | ( i 2,491) | ||||||||||||||||||||||||||||||||
Adoption
of new accounting standard, ASU 2018-02 | — | — | — | ( i 61,861) | i 61,861 | i — | ||||||||||||||||||||||||||||||||
Net
income | — | — | — | — | i 698,222 | i 698,222 | ||||||||||||||||||||||||||||||||
Dividends
on Common Stock ($ i 0.94 per share) | — | — | — | — | ( i 373,604) | ( i 373,604) | ||||||||||||||||||||||||||||||||
Stock-based
compensation, net | i 2,041,128 | i 510 | i 150,856 | — | ( i 27,393) | i 123,973 | ||||||||||||||||||||||||||||||||
Foreign
currency translation and other | — | — | — | ( i 63,613) | — | ( i 63,613) | ||||||||||||||||||||||||||||||||
Defined
benefit pension plans | — | — | — | ( i 5,534) | — | ( i 5,534) | ||||||||||||||||||||||||||||||||
Derivative
financial instruments | — | — | — | i 27,065 | — | i 27,065 | ||||||||||||||||||||||||||||||||
Spin-off
of Jeans Business | — | — | — | i 75,293 | ( i 130,208) | ( i 54,915) | ||||||||||||||||||||||||||||||||
Balance, September 2019 | i 398,865,790 | $ | i 99,716 | $ | i 4,072,640 | $ | ( i 930,725) | $ | i 1,405,988 | $ | i 4,647,619 |
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) | September 2020 | March 2020 | September 2019 | ||||||||||||||||||||
Accounts receivable, net | $ | i 1,606,479 | $ | i 1,308,051 | $ | i 1,881,374 | |||||||||||||||||
Contract
assets (a) | i 2,573 | i 1,181 | i 2,433 | ||||||||||||||||||||
Contract
liabilities (b) | i 44,010 | i 37,498 | i 39,346 |
Three Months Ended September 2020 | ||||||||||||||||||||||||||||||||
(In thousands) | Outdoor | Active | Work | Other | Total | |||||||||||||||||||||||||||
Channel revenues | ||||||||||||||||||||||||||||||||
Wholesale | $ | i 823,954 | $ | i 664,868 | $ | i 208,902 | $ | i — | $ | i 1,697,724 | ||||||||||||||||||||||
Direct-to-consumer | i 329,661 | i 530,231 | i 40,028 | i 164 | i 900,084 | |||||||||||||||||||||||||||
Royalty | i 792 | i 5,103 | i 4,621 | i — | i 10,516 | |||||||||||||||||||||||||||
Total | $ | i 1,154,407 | $ | i 1,200,202 | $ | i 253,551 | $ | i 164 | $ | i 2,608,324 | ||||||||||||||||||||||
Geographic revenues | ||||||||||||||||||||||||||||||||
United States | $ | i 522,676 | $ | i 586,377 | $ | i 161,458 | $ | i — | $ | i 1,270,511 | ||||||||||||||||||||||
International | i 631,731 | i 613,825 | i 92,093 | i 164 | i 1,337,813 | |||||||||||||||||||||||||||
Total | $ | i 1,154,407 | $ | i 1,200,202 | $ | i 253,551 | $ | i 164 | $ | i 2,608,324 |
Three Months Ended September 2019 | |||||||||||||||||||||||||||||
(In thousands) | Outdoor | Active | Work | Other | Total | ||||||||||||||||||||||||
Channel revenues | |||||||||||||||||||||||||||||
Wholesale | $ | i 1,175,422 | $ | i 709,770 | $ | i 186,482 | $ | i 15,172 | $ | i 2,086,846 | |||||||||||||||||||
Direct-to-consumer | i 347,684 | i 697,627 | i 30,453 | i 2,898 | i 1,078,662 | ||||||||||||||||||||||||
Royalty | i 2,831 | i 6,237 | i 5,182 | i — | i 14,250 | ||||||||||||||||||||||||
Total | $ | i 1,525,937 | $ | i 1,413,634 | $ | i 222,117 | $ | i 18,070 | $ | i 3,179,758 | |||||||||||||||||||
Geographic revenues | |||||||||||||||||||||||||||||
United States | $ | i 737,255 | $ | i 711,541 | $ | i 149,523 | $ | i — | $ | i 1,598,319 | |||||||||||||||||||
International | i 788,682 | i 702,093 | i 72,594 | i 18,070 | i 1,581,439 | ||||||||||||||||||||||||
Total | $ | i 1,525,937 | $ | i 1,413,634 | $ | i 222,117 | $ | i 18,070 | $ | i 3,179,758 |
Six Months Ended September 2020 | ||||||||||||||||||||||||||||||||
(In thousands) | Outdoor | Active | Work | Other | Total | |||||||||||||||||||||||||||
Channel revenues | ||||||||||||||||||||||||||||||||
Wholesale | $ | i 982,460 | $ | i 906,032 | $ | i 326,506 | $ | i 1,275 | $ | i 2,216,273 | ||||||||||||||||||||||
Direct-to-consumer | i 509,675 | i 854,432 | i 80,643 | i 208 | i 1,444,958 | |||||||||||||||||||||||||||
Royalty | i 3,500 | i 11,054 | i 8,832 | i — | i 23,386 | |||||||||||||||||||||||||||
Total | $ | i 1,495,635 | $ | i 1,771,518 | $ | i 415,981 | $ | i 1,483 | $ | i 3,684,617 | ||||||||||||||||||||||
Geographic revenues | ||||||||||||||||||||||||||||||||
United States | $ | i 675,153 | $ | i 851,884 | $ | i 276,090 | $ | i — | $ | i 1,803,127 | ||||||||||||||||||||||
International | i 820,482 | i 919,634 | i 139,891 | i 1,483 | i 1,881,490 | |||||||||||||||||||||||||||
Total | $ | i 1,495,635 | $ | i 1,771,518 | $ | i 415,981 | $ | i 1,483 | $ | i 3,684,617 |
Six Months Ended September 2019 | |||||||||||||||||||||||||||||
(In thousands) | Outdoor | Active | Work | Other | Total | ||||||||||||||||||||||||
Channel revenues | |||||||||||||||||||||||||||||
Wholesale | $ | i 1,517,178 | $ | i 1,369,912 | $ | i 350,762 | $ | i 17,980 | $ | i 3,255,832 | |||||||||||||||||||
Direct-to-consumer | i 614,026 | i 1,263,514 | i 63,972 | i 6,352 | i 1,947,864 | ||||||||||||||||||||||||
Royalty | i 5,353 | i 12,334 | i 9,029 | i — | i 26,716 | ||||||||||||||||||||||||
Total | $ | i 2,136,557 | $ | i 2,645,760 | $ | i 423,763 | $ | i 24,332 | $ | i 5,230,412 | |||||||||||||||||||
Geographic revenues | |||||||||||||||||||||||||||||
United States | $ | i 1,040,307 | $ | i 1,422,746 | $ | i 292,154 | $ | i — | $ | i 2,755,207 | |||||||||||||||||||
International | i 1,096,250 | i 1,223,014 | i 131,609 | i 24,332 | i 2,475,205 | ||||||||||||||||||||||||
Total | $ | i 2,136,557 | $ | i 2,645,760 | $ | i 423,763 | $ | i 24,332 | $ | i 5,230,412 |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Net
revenues | $ | i 162,310 | $ | i 213,510 | $ | i 287,643 | $ | i 769,538 | |||||||||||||||||||||||||||
Cost
of goods sold | i 113,147 | i 140,990 | i 214,617 | i 483,944 | |||||||||||||||||||||||||||||||
Selling,
general and administrative expenses | i 34,911 | i 42,017 | i 68,167 | i 238,483 | |||||||||||||||||||||||||||||||
Interest
income, net | i 180 | i 559 | i 473 | i 592 | |||||||||||||||||||||||||||||||
Other
income (expense), net | i 79 | ( i 41) | i 79 | ( i 664) | |||||||||||||||||||||||||||||||
Income
from discontinued operations before income taxes | i 14,511 | i 31,021 | i 5,411 | i 47,039 | |||||||||||||||||||||||||||||||
Income
tax expense (benefit) (a) | i 1,035 | i 7,397 | ( i 194) | i 39,467 | |||||||||||||||||||||||||||||||
Income
from discontinued operations, net of tax | $ | i 13,476 | $ | i 23,624 | $ | i 5,605 | $ | i 7,572 |
(In thousands) | September 2020 | March 2020 | September 2019 | ||||||||||||||||||||
Cash and equivalents | $ | i 26,846 | $ | i 39,752 | $ | i 37,693 | |||||||||||||||||
Accounts
receivable, net | i 82,520 | i 83,650 | i 94,780 | ||||||||||||||||||||
Inventories | i 241,519 | i 294,000 | i 300,689 | ||||||||||||||||||||
Other
current assets | i 7,773 | i 6,701 | i 9,054 | ||||||||||||||||||||
Property,
plant and equipment, net | i 47,964 | i 44,863 | i 39,364 | ||||||||||||||||||||
Intangible
assets, net | i 54,471 | i 54,471 | i 61,902 | ||||||||||||||||||||
Goodwill | i 43,530 | i 43,530 | i 49,630 | ||||||||||||||||||||
Operating
lease right-of-use assets | i 42,445 | i 38,941 | i 32,265 | ||||||||||||||||||||
Other
assets | i 5,609 | i 5,231 | i 4,496 | ||||||||||||||||||||
Total
assets of discontinued operations | $ | i 552,677 | $ | i 611,139 | $ | i 629,873 | |||||||||||||||||
Accounts
payable | $ | i 46,493 | $ | i 63,380 | $ | i 67,493 | |||||||||||||||||
Accrued
liabilities | i 32,322 | i 29,699 | i 32,836 | ||||||||||||||||||||
Operating
lease liabilities | i 34,688 | i 35,867 | i 30,907 | ||||||||||||||||||||
Other
liabilities | i 5,177 | i 2,270 | i 2,572 | ||||||||||||||||||||
Deferred
income tax liabilities (a) | ( i 4,324) | ( i 4,435) | ( i 10,250) | ||||||||||||||||||||
Total
liabilities of discontinued operations | $ | i 114,356 | $ | i 126,781 | $ | i 123,558 |
(In thousands) | September 2020 | March 2020 | September 2019 | ||||||||||||||||||||
Finished products | $ | i 1,358,593 | $ | i 1,201,562 | $ | i 1,500,803 | |||||||||||||||||
Work-in-process | i 59,855 | i 67,603 | i 64,585 | ||||||||||||||||||||
Raw materials | i 16,395 | i 24,747 | i 24,639 | ||||||||||||||||||||
Total inventories | $ | i 1,434,843 | $ | i 1,293,912 | $ | i 1,590,027 |
September 2020 | March 2020 | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Weighted Average Amortization Period | Amortization Method | Cost | Accumulated Amortization | Net Carrying Amount | Net Carrying Amount | ||||||||||||||||||||||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | i 19 years | Accelerated | $ | i 266,350 | $ | i 142,442 | $ | i 123,908 | $ | i 137,017 | ||||||||||||||||||||||||||||||||||
License agreements | i 19 years | Accelerated | i 7,766 | i 5,216 | i 2,550 | i 2,548 | ||||||||||||||||||||||||||||||||||||||
Other | i 8 years | Straight-line | i 8,296 | i 5,936 | i 2,360 | i 2,909 | ||||||||||||||||||||||||||||||||||||||
Amortizable intangible assets, net | i 128,818 | i 142,474 | ||||||||||||||||||||||||||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||||||||||||||||||||
Trademarks and trade names | i 1,722,275 | i 1,712,071 | ||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | $ | i 1,851,093 | $ | i 1,854,545 |
(In thousands) | Outdoor | Active | Work | Total | ||||||||||||||||||||||
Balance, March 2020 | $ | i 653,433 | $ | i 389,848 | $ | i 112,738 | $ | i 1,156,019 | ||||||||||||||||||
Currency translation | i 7,000 | i 9,917 | i 578 | i 17,495 | ||||||||||||||||||||||
Balance, September 2020 | $ | i 660,433 | $ | i 399,765 | $ | i 113,316 | $ | i 1,173,514 |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease cost | $ | i 106,679 | $ | i 107,023 | $ | i 215,531 | $ | i 206,611 | |||||||||||||||||||||||||||||||||||||||||||||
Other lease costs | i 19,572 | i 31,202 | i 34,570 | i 49,106 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total lease cost | $ | i 126,251 | $ | i 138,225 | $ | i 250,101 | $ | i 255,717 |
(Dollars in thousands) | ||||||||||||||||||||
Scheduled Maturity | Aggregate Principal | Effective Annual Interest Rate | Interest Payments | |||||||||||||||||
i 2.050%
notes, due 2022 | $ | i 1,000,000 | i 2.277 | % | Semiannually | |||||||||||||||
i 2.400%
notes, due 2025 | i 750,000 | i 2.603 | % | Semiannually | ||||||||||||||||
i 2.800%
notes, due 2027 | i 500,000 | i 2.953 | % | Semiannually | ||||||||||||||||
i 2.950%
notes, due 2030 | i 750,000 | i 3.071 | % | Semiannually | ||||||||||||||||
Total Issuance | $ | i 3,000,000 |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Service cost – benefits earned during the period | $ | i 3,783 | $ | i 3,410 | $ | i 7,415 | $ | i 6,791 | |||||||||||||||||||||||||||
Interest cost on projected benefit obligations | i 11,981 | i 14,743 | i 23,929 | i 29,504 | |||||||||||||||||||||||||||||||
Expected return on plan assets | ( i 20,571) | ( i 23,151) | ( i 41,110) | ( i 46,329) | |||||||||||||||||||||||||||||||
Settlement charges | i 572 | i 519 | i 572 | i 519 | |||||||||||||||||||||||||||||||
Amortization of deferred amounts: | |||||||||||||||||||||||||||||||||||
Net deferred actuarial losses | i 2,898 | i 4,014 | i 5,761 | i 8,033 | |||||||||||||||||||||||||||||||
Deferred prior service costs (credits) | ( i 17) | i 12 | ( i 34) | i 25 | |||||||||||||||||||||||||||||||
Net periodic pension cost (income) | $ | ( i 1,354) | $ | ( i 453) | $ | ( i 3,467) | $ | ( i 1,457) |
(In thousands) | September 2020 | March 2020 | September 2019 | ||||||||||||||||||||
Foreign currency translation and other | $ | ( i 700,137) | $ | ( i 737,709) | $ | ( i 715,286) | |||||||||||||||||
Defined benefit pension plans | ( i 264,304) | ( i 262,472) | ( i 298,326) | ||||||||||||||||||||
Derivative financial instruments | i 4,783 | i 69,223 | i 82,887 | ||||||||||||||||||||
Accumulated other comprehensive income (loss) | $ | ( i 959,658) | $ | ( i 930,958) | $ | ( i 930,725) |
Three Months Ended September 2020 | ||||||||||||||||||||||||||
(In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total | ||||||||||||||||||||||
Balance, June 2020 | $ | ( i 685,236) | $ | ( i 259,290) | $ | i 46,985 | $ | ( i 897,541) | ||||||||||||||||||
Other
comprehensive income (loss) before reclassifications | ( i 14,901) | ( i 7,629) | ( i 32,534) | ( i 55,064) | ||||||||||||||||||||||
Amounts
reclassified from accumulated other comprehensive income (loss) | i — | i 2,615 | ( i 9,668) | ( i 7,053) | ||||||||||||||||||||||
Net
other comprehensive income (loss) | ( i 14,901) | ( i 5,014) | ( i 42,202) | ( i 62,117) | ||||||||||||||||||||||
Balance, September 2020 | $ | ( i 700,137) | $ | ( i 264,304) | $ | i 4,783 | $ | ( i 959,658) |
Three Months Ended September 2019 | |||||||||||||||||||||||
(In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total | |||||||||||||||||||
Balance, June 2019 | $ | ( i 635,901) | $ | ( i 290,468) | $ | i 58,983 | $ | ( i 867,386) | |||||||||||||||
Other
comprehensive income (loss) before reclassifications | ( i 79,385) | ( i 10,896) | i 44,348 | ( i 45,933) | |||||||||||||||||||
Amounts
reclassified from accumulated other comprehensive income (loss) | i — | i 3,038 | ( i 20,444) | ( i 17,406) | |||||||||||||||||||
Net
other comprehensive income (loss) | ( i 79,385) | ( i 7,858) | i 23,904 | ( i 63,339) | |||||||||||||||||||
Balance, September 2019 | $ | ( i 715,286) | $ | ( i 298,326) | $ | i 82,887 | $ | ( i 930,725) |
Six Months Ended September 2020 | ||||||||||||||||||||||||||
(In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total | ||||||||||||||||||||||
Balance, March 2020 | $ | ( i 737,709) | $ | ( i 262,472) | $ | i 69,223 | $ | ( i 930,958) | ||||||||||||||||||
Other
comprehensive income (loss) before reclassifications | ( i 4,792) | ( i 6,642) | ( i 38,599) | ( i 50,033) | ||||||||||||||||||||||
Amounts
reclassified from accumulated other comprehensive income (loss) | i 42,364 | i 4,810 | ( i 25,841) | i 21,333 | ||||||||||||||||||||||
Net
other comprehensive income (loss) | i 37,572 | ( i 1,832) | ( i 64,440) | ( i 28,700) | ||||||||||||||||||||||
Balance, September 2020 | $ | ( i 700,137) | $ | ( i 264,304) | $ | i 4,783 | $ | ( i 959,658) |
Six Months Ended September 2019 | |||||||||||||||||||||||
(In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total | |||||||||||||||||||
Balance, March 2019 | $ | ( i 725,679) | $ | ( i 243,184) | $ | i 66,788 | $ | ( i 902,075) | |||||||||||||||
Adoption
of new accounting standard, ASU 2018-02 | ( i 9,088) | ( i 50,402) | ( i 2,371) | ( i 61,861) | |||||||||||||||||||
Other
comprehensive income (loss) before reclassifications | ( i 63,613) | ( i 11,719) | i 55,248 | ( i 20,084) | |||||||||||||||||||
Amounts
reclassified from accumulated other comprehensive income (loss) | i — | i 6,185 | ( i 28,183) | ( i 21,998) | |||||||||||||||||||
Spin-off
of Jeans Business | i 83,094 | i 794 | ( i 8,595) | i 75,293 | |||||||||||||||||||
Net
other comprehensive income (loss) | i 10,393 | ( i 55,142) | i 16,099 | ( i 28,650) | |||||||||||||||||||
Balance, September 2019 | $ | ( i 715,286) | $ | ( i 298,326) | $ | i 82,887 | $ | ( i 930,725) |
(In thousands) | Three Months Ended September | Six Months Ended September | |||||||||||||||||||||||||||||||||||||||
Details About Accumulated Other Comprehensive Income (Loss) Components | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||
Losses on foreign currency translation and other: | |||||||||||||||||||||||||||||||||||||||||
Liquidation of foreign entities | Other income (expense), net | $ | i — | $ | i — | $ | ( i 42,364) | $ | i — | ||||||||||||||||||||||||||||||||
Total
before tax | i — | i — | ( i 42,364) | i — | |||||||||||||||||||||||||||||||||||||
Tax
(expense) benefit | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||
Net
of tax | i — | i — | ( i 42,364) | i — | |||||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension plans: | |||||||||||||||||||||||||||||||||||||||||
Net deferred actuarial losses | Other income (expense), net | ( i 2,898) | ( i 4,014) | ( i 5,761) | ( i 8,033) | ||||||||||||||||||||||||||||||||||||
Deferred
prior service (costs) credits | Other income (expense), net | i 17 | ( i 12) | i 34 | ( i 25) | ||||||||||||||||||||||||||||||||||||
Pension
settlement charges | Other income (expense), net | ( i 572) | ( i 519) | ( i 572) | ( i 519) | ||||||||||||||||||||||||||||||||||||
Total before tax | ( i 3,453) | ( i 4,545) | ( i 6,299) | ( i 8,577) | |||||||||||||||||||||||||||||||||||||
Tax benefit | i 838 | i 1,507 | i 1,489 | i 2,392 | |||||||||||||||||||||||||||||||||||||
Net
of tax | ( i 2,615) | ( i 3,038) | ( i 4,810) | ( i 6,185) | |||||||||||||||||||||||||||||||||||||
Gains (losses) on derivative financial instruments: | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net revenues | i 2,135 | ( i 2,814) | i 2,306 | ( i 5,719) | ||||||||||||||||||||||||||||||||||||
Foreign
exchange contracts | Cost of goods sold | i 8,443 | i 22,727 | i 25,148 | i 33,832 | ||||||||||||||||||||||||||||||||||||
Foreign
exchange contracts | Selling, general and administrative expenses | i 741 | i 1,382 | i 2,348 | i 2,098 | ||||||||||||||||||||||||||||||||||||
Foreign
exchange contracts | Other income (expense), net | i 33 | i 3,696 | i 1,803 | i 6,568 | ||||||||||||||||||||||||||||||||||||
Interest
rate contracts | Interest expense | i 27 | ( i 1,303) | i 54 | ( i 2,596) | ||||||||||||||||||||||||||||||||||||
Total
before tax | i 11,379 | i 23,688 | i 31,659 | i 34,183 | |||||||||||||||||||||||||||||||||||||
Tax expense | ( i 1,711) | ( i 3,244) | ( i 5,818) | ( i 6,000) | |||||||||||||||||||||||||||||||||||||
Net
of tax | i 9,668 | i 20,444 | i 25,841 | i 28,183 | |||||||||||||||||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | i 7,053 | $ | i 17,406 | $ | ( i 21,333) | $ | i 21,998 |
Six Months Ended September 2020 | |||||||||||
Expected volatility | i 28% to i 48% | ||||||||||
Weighted average expected volatility | i 37% | ||||||||||
Expected term (in years) | i 6.2 to i 8.0 | ||||||||||
Weighted average dividend yield | i 2.4% | ||||||||||
Risk-free interest rate | i 0.1% to
i 0.7% | ||||||||||
Weighted average fair value at date of grant | $ i 15.78 |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Segment revenues: | |||||||||||||||||||||||||||||||||||
Outdoor | $ | i 1,154,407 | $ | i 1,525,937 | $ | i 1,495,635 | $ | i 2,136,557 | |||||||||||||||||||||||||||
Active | i 1,200,202 | i 1,413,634 | i 1,771,518 | i 2,645,760 | |||||||||||||||||||||||||||||||
Work | i 253,551 | i 222,117 | i 415,981 | i 423,763 | |||||||||||||||||||||||||||||||
Other | i 164 | i 18,070 | i 1,483 | i 24,332 | |||||||||||||||||||||||||||||||
Total segment revenues | $ | i 2,608,324 | $ | i 3,179,758 | $ | i 3,684,617 | $ | i 5,230,412 | |||||||||||||||||||||||||||
Segment profit (loss): | |||||||||||||||||||||||||||||||||||
Outdoor | $ | i 132,475 | $ | i 256,382 | $ | ( i 28,236) | $ | i 176,112 | |||||||||||||||||||||||||||
Active | i 259,123 | i 388,200 | i 266,259 | i 695,766 | |||||||||||||||||||||||||||||||
Work | i 8,173 | i 14,547 | ( i 3,228) | i 30,018 | |||||||||||||||||||||||||||||||
Other | ( i 2,526) | i 2,381 | ( i 4,887) | i 765 | |||||||||||||||||||||||||||||||
Total segment profit | i 397,245 | i 661,510 | i 229,908 | i 902,661 | |||||||||||||||||||||||||||||||
Corporate
and other expenses (a) | ( i 72,653) | ( i 114,719) | ( i 190,312) | ( i 254,351) | |||||||||||||||||||||||||||||||
Interest expense, net | ( i 30,931) | ( i 16,386) | ( i 58,880) | ( i 31,969) | |||||||||||||||||||||||||||||||
Income
(loss) from continuing operations before income taxes | $ | i 293,661 | $ | i 530,405 | $ | ( i 19,284) | $ | i 616,341 |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Earnings
(loss) per share – basic: | |||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | i 243,246 | $ | i 625,377 | $ | ( i 34,496) | $ | i 690,650 | |||||||||||||||||||||||||||
Weighted
average common shares outstanding | i 389,219 | i 397,751 | i 388,957 | i 397,239 | |||||||||||||||||||||||||||||||
Earnings
(loss) per share from continuing operations | $ | i 0.62 | $ | i 1.57 | $ | ( i 0.09) | $ | i 1.74 | |||||||||||||||||||||||||||
Earnings
(loss) per share – diluted: | |||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | i 243,246 | $ | i 625,377 | $ | ( i 34,496) | $ | i 690,650 | |||||||||||||||||||||||||||
Weighted
average common shares outstanding | i 389,219 | i 397,751 | i 388,957 | i 397,239 | |||||||||||||||||||||||||||||||
Incremental
shares from stock options and other dilutive securities | i 1,961 | i 4,510 | i 2,029 | i 4,849 | |||||||||||||||||||||||||||||||
Adjusted
weighted average common shares outstanding | i 391,180 | i 402,261 | i 390,986 | i 402,088 | |||||||||||||||||||||||||||||||
Earnings
(loss) per share from continuing operations | $ | i 0.62 | $ | i 1.55 | $ | ( i 0.09) | $ | i 1.72 |
Total Fair Value | Fair
Value Measurement Using (a) | |||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
September 2020 | ||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ | i 948,543 | $ | i 948,543 | $ | i — | $ | i — | ||||||||||||||||||
Time deposits | i 11,872 | i 11,872 | i — | i — | ||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||
Managed income fund | i 600,000 | i 600,000 | i — | i — | ||||||||||||||||||||||
Time deposits | i 200,000 | i 200,000 | i — | i — | ||||||||||||||||||||||
Derivative financial instruments | i 33,176 | i — | i 33,176 | i — | ||||||||||||||||||||||
Deferred compensation | i 122,956 | i 122,956 | i — | i — | ||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Derivative financial instruments | i 32,318 | i — | i 32,318 | i — | ||||||||||||||||||||||
Deferred compensation | i 132,094 | i — | i 132,094 | i — | ||||||||||||||||||||||
Total Fair Value | Fair Value Measurement Using (a) | |||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
March 2020 | ||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ | i 1,211,887 | $ | i 1,211,887 | $ | i — | $ | i — | ||||||||||||||||||
Time deposits | i 1,932 | i 1,932 | i — | i — | ||||||||||||||||||||||
Derivative financial instruments | i 91,834 | i — | i 91,834 | i — | ||||||||||||||||||||||
Deferred compensation | i 105,706 | i 105,706 | i — | i — | ||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Derivative financial instruments | i 14,531 | i — | i 14,531 | i — | ||||||||||||||||||||||
Deferred compensation | i 113,289 | i — | i 113,289 | i — |
Fair
Value of Derivatives with Unrealized Gains | Fair Value of Derivatives with Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | September 2020 | March 2020 | September 2019 | September 2020 | March 2020 | September 2019 | |||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts designated as hedging instruments | $ | i 28,676 | $ | i 78,298 | $ | i 82,756 | $ | ( i 31,157) | $ | ( i 12,682) | $ | ( i 10,944) | |||||||||||||||||||||||||||||||||||
Foreign
currency exchange contracts not designated as hedging instruments | i 4,500 | i 13,536 | i 7,706 | ( i 1,161) | ( i 1,849) | ( i 1,408) | |||||||||||||||||||||||||||||||||||||||||
Total
derivatives | $ | i 33,176 | $ | i 91,834 | $ | i 90,462 | $ | ( i 32,318) | $ | ( i 14,531) | $ | ( i 12,352) |
September 2020 | March 2020 | September 2019 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | Derivative Asset | Derivative Liability | Derivative Asset | Derivative Liability | Derivative Asset | Derivative Liability | |||||||||||||||||||||||||||||||||||
Gross
amounts presented in the Consolidated Balance Sheets | $ | i 33,176 | $ | ( i 32,318) | $ | i 91,834 | $ | ( i 14,531) | $ | i 90,462 | $ | ( i 12,352) | |||||||||||||||||||||||||||||
Gross
amounts not offset in the Consolidated Balance Sheets | ( i 23,491) | i 23,491 | ( i 14,393) | i 14,393 | ( i 12,283) | i 12,283 | |||||||||||||||||||||||||||||||||||
Net
amounts | $ | i 9,685 | $ | ( i 8,827) | $ | i 77,441 | $ | ( i 138) | $ | i 78,179 | $ | ( i 69) |
(In thousands) | September 2020 | March 2020 | September 2019 | ||||||||||||||||||||
Other current assets | $ | i 27,615 | $ | i 71,784 | $ | i 81,279 | |||||||||||||||||
Accrued liabilities | ( i 22,946) | ( i 11,378) | ( i 10,106) | ||||||||||||||||||||
Other assets | i 5,561 | i 20,050 | i 9,183 | ||||||||||||||||||||
Other liabilities | ( i 9,372) | ( i 3,153) | ( i 2,246) |
(In thousands) | Gain (Loss) on Derivatives
Recognized in OCI Three Months Ended September | Gain (Loss) on Derivatives Recognized in OCI Six Months Ended September | |||||||||||||||||||||||||||||||||
Cash Flow Hedging Relationships | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Foreign currency exchange | $ | ( i 39,731) | $ | i 51,396 | $ | ( i 47,326) | $ | i 66,170 |
(In thousands) | Gain (Loss) Reclassified from Accumulated OCI into Income Three Months Ended September | Gain (Loss) Reclassified from Accumulated OCI into Income (Loss) Six Months Ended September | |||||||||||||||||||||||||||||||||
Location of Gain (Loss) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Net
revenues | $ | i 2,135 | $ | ( i 2,814) | $ | i 2,306 | $ | ( i 5,719) | |||||||||||||||||||||||||||
Cost
of goods sold | i 8,443 | i 22,727 | i 25,148 | i 33,832 | |||||||||||||||||||||||||||||||
Selling,
general and administrative expenses | i 741 | i 1,382 | i 2,348 | i 2,098 | |||||||||||||||||||||||||||||||
Other
income (expense), net | i 33 | i 3,696 | i 1,803 | i 6,568 | |||||||||||||||||||||||||||||||
Interest
expense | i 27 | ( i 1,303) | i 54 | ( i 2,596) | |||||||||||||||||||||||||||||||
Total | $ | i 11,379 | $ | i 23,688 | $ | i 31,659 | $ | i 34,183 |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Severance and employee-related benefits | $ | i 9,883 | $ | i 1,033 | $ | i 28,392 | $ | i 3,257 | |||||||||||||||||||||||||||
Asset impairments | i 10,557 | i — | i 10,557 | i — | |||||||||||||||||||||||||||||||
Accelerated depreciation | i 2,857 | i — | i 6,664 | i — | |||||||||||||||||||||||||||||||
Contract termination and other | i 76 | i — | i 217 | i 2,121 | |||||||||||||||||||||||||||||||
Total restructuring charges | $ | i 23,373 | $ | i 1,033 | $ | i 45,830 | $ | i 5,378 |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Outdoor | $ | i 1,845 | $ | i 515 | $ | i 6,595 | $ | i 4,730 | |||||||||||||||||||||||||||
Active | i 293 | i 447 | i 663 | i 467 | |||||||||||||||||||||||||||||||
Work | i 18,378 | i 71 | i 18,807 | i 181 | |||||||||||||||||||||||||||||||
Corporate and other | i 2,857 | i — | i 19,765 | i — | |||||||||||||||||||||||||||||||
Total | $ | i 23,373 | $ | i 1,033 | $ | i 45,830 | $ | i 5,378 |
(In thousands) | Severance | Other | Total | |||||||||||||||||
Accrual at March 2020 | $ | i 38,052 | $ | i 2,888 | $ | i 40,940 | ||||||||||||||
Charges | i 28,392 | i 217 | i 28,609 | |||||||||||||||||
Cash payments | ( i 20,490) | ( i 1,368) | ( i 21,858) | |||||||||||||||||
Adjustments to accruals | ( i 50) | i 189 | i 139 | |||||||||||||||||
Impact of foreign currency | ( i 561) | i 76 | ( i 485) | |||||||||||||||||
Accrual at September 2020 | $ | i 45,343 | $ | i 2,002 | $ | i 47,345 |
ITEM 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
RECENT DEVELOPMENTS |
Impact of COVID-19 |
Enterprise Protection Strategy |
HIGHLIGHTS
OF THE SECOND QUARTER OF FISCAL 2021 |
ANALYSIS OF RESULTS OF OPERATIONS |
Consolidated Statements of Operations |
(In millions) | Three Months Ended September | Six Months Ended September | |||||||||||||||
Net revenues — 2019 | $ | 3,179.8 | $ | 5,230.4 | |||||||||||||
Organic | (611.3) | (1,570.4) | |||||||||||||||
Impact of foreign currency | 39.8 | 24.6 | |||||||||||||||
Net revenues — 2020 | $ | 2,608.3 | $ | 3,684.6 |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Gross margin (net revenues less cost of goods sold) | 50.8 | % | 54.2 | % | 51.4 | % | 55.0 | % | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 38.5 | 36.9 | 49.4 | 42.7 | |||||||||||||||||||||||||||||||
Operating margin | 12.3 | % | 17.3 | % | 2.0 | % | 12.3 | % |
Information by Reportable Segment |
Three Months Ended September | ||||||||||||||||||||||||||||||||
(In millions) | Outdoor | Active | Work | Other | Total | |||||||||||||||||||||||||||
Segment revenues — 2019 | $ | 1,525.9 | $ | 1,413.6 | $ | 222.1 | $ | 18.2 | $ | 3,179.8 | ||||||||||||||||||||||
Organic | (394.6) | (228.7) | 30.1 | (18.1) | (611.3) | |||||||||||||||||||||||||||
Impact of foreign currency | 23.1 | 15.3 | 1.4 | — | 39.8 | |||||||||||||||||||||||||||
Segment revenues — 2020 | $ | 1,154.4 | $ | 1,200.2 | $ | 253.6 | $ | 0.1 | $ | 2,608.3 |
Six Months Ended September | ||||||||||||||||||||||||||||||||
(In millions) | Outdoor | Active | Work | Other | Total | |||||||||||||||||||||||||||
Segment revenues — 2019 | $ | 2,136.6 | $ | 2,645.8 | $ | 423.8 | $ | 24.2 | $ | 5,230.4 | ||||||||||||||||||||||
Organic | (660.0) | (880.5) | (7.2) | (22.7) | (1,570.4) | |||||||||||||||||||||||||||
Impact of foreign currency | 19.0 | 6.2 | (0.6) | — | 24.6 | |||||||||||||||||||||||||||
Segment revenues — 2020 | $ | 1,495.6 | $ | 1,771.5 | $ | 416.0 | $ | 1.5 | $ | 3,684.6 |
Three Months Ended September | ||||||||||||||||||||||||||||||||
(In millions) | Outdoor | Active | Work | Other | Total | |||||||||||||||||||||||||||
Segment profit — 2019 | $ | 256.4 | $ | 388.2 | $ | 14.5 | $ | 2.4 | $ | 661.5 | ||||||||||||||||||||||
Organic | (128.7) | (133.5) | (6.8) | (5.3) | (274.3) | |||||||||||||||||||||||||||
Impact of foreign currency | 4.8 | 4.4 | 0.5 | 0.3 | 10.0 | |||||||||||||||||||||||||||
Segment profit (loss) — 2020 | $ | 132.5 | $ | 259.1 | $ | 8.2 | $ | (2.6) | $ | 397.2 |
Six Months Ended September | ||||||||||||||||||||||||||||||||
(In millions) | Outdoor | Active | Work | Other | Total | |||||||||||||||||||||||||||
Segment profit — 2019 | $ | 176.1 | $ | 695.8 | $ | 30.0 | $ | 0.8 | $ | 902.7 | ||||||||||||||||||||||
Organic | (210.6) | (433.1) | (33.6) | (7.2) | (684.5) | |||||||||||||||||||||||||||
Impact of foreign currency | 6.3 | 3.6 | 0.4 | 1.4 | 11.7 | |||||||||||||||||||||||||||
Segment profit (loss) — 2020 | $ | (28.2) | $ | 266.3 | $ | (3.2) | $ | (5.0) | $ | 229.9 |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | Percent Change | 2020 | 2019 | Percent Change | |||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | 1,154.4 | $ | 1,525.9 | (24.3) | % | $ | 1,495.6 | $ | 2,136.6 | (30.0) | % | |||||||||||||||||||||||||||||||||||
Segment profit (loss) | 132.5 | 256.4 | (48.3) | % | (28.2) | 176.1 | (116.0) | % | |||||||||||||||||||||||||||||||||||||||
Operating margin | 11.5 | % | 16.8 | % | (1.9) | % | 8.2 | % |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | Percent Change | 2020 | 2019 | Percent Change | |||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | 1,200.2 | $ | 1,413.6 | (15.1) | % | $ | 1,771.5 | $ | 2,645.8 | (33.0) | % | |||||||||||||||||||||||||||||||||||
Segment profit | 259.1 | 388.2 | (33.3) | % | 266.3 | 695.8 | (61.7) | % | |||||||||||||||||||||||||||||||||||||||
Operating margin | 21.6 | % | 27.5 | % | 15.0 | % | 26.3 | % |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | Percent Change | 2020 | 2019 | Percent Change | |||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | 253.6 | $ | 222.1 | 14.2 | % | $ | 416.0 | $ | 423.8 | (1.8) | % | |||||||||||||||||||||||||||||||||||
Segment profit (loss) | 8.2 | 14.5 | (43.8) | % | (3.2) | 30.0 | (110.8) | % | |||||||||||||||||||||||||||||||||||||||
Operating margin | 3.2 | % | 6.5 | % | (0.8) | % | 7.1 | % |
Reconciliation of Segment Profit (Loss) to Income (Loss) Before Income Taxes |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | Percent Change | 2020 | 2019 | Percent Change | |||||||||||||||||||||||||||||||||||||||||
Corporate and other expenses | $ | 72.7 | $ | 114.7 | (36.7) | % | $ | 190.3 | $ | 254.4 | (25.2) | % | |||||||||||||||||||||||||||||||||||
Interest expense, net | 30.9 | 16.4 | 88.8 | % | 58.9 | 32.0 | 84.2 | % |
International Operations |
Direct-to-Consumer Operations |
ANALYSIS OF FINANCIAL CONDITION |
Consolidated Balance Sheets |
Liquidity and Capital Resources |
September | March | September | |||||||||||||||||||||
(Dollars in millions) | 2020 | 2020 | 2019 | ||||||||||||||||||||
Working capital | $4,157.4 | $1,518.8 | $2,029.0 | ||||||||||||||||||||
Current ratio | 3.1 to 1 | 1.5 to 1 | 1.9 to 1 | ||||||||||||||||||||
Net debt to total capital | 64.5% | 53.4% | 42.2% |
Six Months Ended September | |||||||||||||||||
(In thousands) | 2020 | 2019 | |||||||||||||||
Cash provided (used) by operating activities | $ | 39,510 | $ | (372,746) | |||||||||||||
Cash used by investing activities | (954,685) | (70,142) | |||||||||||||||
Cash provided by financing activities | 1,377,458 | 411,914 |
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. |
ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
Second Quarter Fiscal 2021 | 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 | ||||||||||||||||||||||
June 28 - July 25, 2020 | — | $ | — | — | $ | 2,836,975,339 | ||||||||||||||||||||
July 26 - August 22, 2020 | — | — | — | 2,836,975,339 | ||||||||||||||||||||||
August 23 - September 26, 2020 | — | — | — | 2,836,975,339 | ||||||||||||||||||||||
Total | — | — |
ITEM 6 — EXHIBITS. |
Performance-Based Restricted Stock Units ("PRSUs") for Three-Year Performance Cycle Fiscal Years 2021-2023 under the Mid-Term Incentive Plan | ||||||||
Certification of Steven E. Rendle, Chairman, President and 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 Scott A. Roe, Executive Vice President and 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 Steven E. Rendle, Chairman, President and 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 Scott A. Roe, Executive Vice President and 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/ Scott A. Roe | ||||||||||
Scott A. Roe | |||||||||||
Executive
Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||
Date: October 28, 2020 | 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 | ||
---|---|---|---|---|
12/31/22 | ||||
4/2/22 | ||||
3/31/22 | ||||
4/3/21 | 10-K, 5 | |||
12/21/20 | ||||
12/10/20 | ||||
Filed on: | 10/28/20 | |||
10/24/20 | ||||
10/13/20 | ||||
For Period end: | 9/26/20 | |||
8/22/20 | ||||
7/25/20 | ||||
4/23/20 | 8-K | |||
3/29/20 | ||||
3/28/20 | 10-K, 5 | |||
1/21/20 | ||||
9/28/19 | 10-Q | |||
5/22/19 | 4, 8-K | |||
5/10/19 | 4 | |||
4/26/19 | 8-K | |||
2/14/19 | 4 | |||
1/13/17 | ||||
1/10/17 | ||||
12/22/16 | ||||
6/21/16 | ||||
3/22/16 | ||||
1/11/16 | ||||
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 5/26/22 V F Corp. 10-K 4/02/22 159:21M 5/27/21 V F Corp. 10-K 4/03/21 159:22M 3/10/21 V F Corp. S-3ASR 3/10/21 5:370K Donnelley … Solutions/FA |