VF Corp Files 10-Q for Period Ending December 30, 2023

Ticker: VFC · Form: 10-Q · Filed: Feb 7, 2024 · CIK: 103379

Complexity: moderate

Sentiment: neutral

Topics: VF Corp, 10-Q, Financial Report, Apparel Industry, Fiscal Year 2024

TL;DR

<b>VF Corp filed its Q3 FY24 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

V F CORP (VFC) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. VF Corp filed its 10-Q report for the period ending December 30, 2023. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on March 30th. VF Corp is incorporated in Pennsylvania and headquartered in Denver, CO. The SIC code for VF Corp is 2320 (Men's & Boys' Furnishings, Work Clothing, and Allied Garments).

Why It Matters

For investors and stakeholders tracking V F CORP, this filing contains several important signals. This filing provides investors with the latest financial data for VF Corp, crucial for understanding the company's performance and making investment decisions. The 10-Q report contains detailed financial statements, risk factors, and management discussions that are essential for due diligence and market analysis.

Risk Assessment

Risk Level: medium — V F CORP shows moderate risk based on this filing. The company operates in the apparel industry, which is subject to changing consumer preferences and economic conditions, as indicated by its SIC code and the nature of a 10-Q filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-Q to assess VF Corp's current financial health and future prospects.

Key Numbers

Key Players & Entities

Forward-Looking Statements

FAQ

When did V F CORP file this 10-Q?

V F CORP filed this Quarterly Report (10-Q) with the SEC on February 7, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by V F CORP (VFC).

Where can I read the original 10-Q filing from V F CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by V F CORP.

What are the key takeaways from V F CORP's 10-Q?

V F CORP filed this 10-Q on February 7, 2024. Key takeaways: VF Corp filed its 10-Q report for the period ending December 30, 2023.. The filing covers the third quarter of fiscal year 2024.. The company's fiscal year ends on March 30th..

Is V F CORP a risky investment based on this filing?

Based on this 10-Q, V F CORP presents a moderate-risk profile. The company operates in the apparel industry, which is subject to changing consumer preferences and economic conditions, as indicated by its SIC code and the nature of a 10-Q filing.

What should investors do after reading V F CORP's 10-Q?

Investors should review the detailed financial statements and risk factors within the 10-Q to assess VF Corp's current financial health and future prospects. The overall sentiment from this filing is neutral.

How does V F CORP compare to its industry peers?

VF Corp operates within the apparel and footwear industry, a sector characterized by brand loyalty, seasonal trends, and global supply chains.

Are there regulatory concerns for V F CORP?

The filing is a standard 10-Q report, which is a quarterly report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

Industry Context

VF Corp operates within the apparel and footwear industry, a sector characterized by brand loyalty, seasonal trends, and global supply chains.

Regulatory Implications

The filing is a standard 10-Q report, which is a quarterly report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

  1. Analyze the financial statements for revenue trends and profitability.
  2. Review the risk factors section for potential business challenges.
  3. Compare current quarter performance to historical data and analyst expectations.

Key Dates

Year-Over-Year Comparison

This is the initial filing data extracted for the 10-Q report ending December 30, 2023. Comparative data from previous filings is not yet available in this extract.

Filing Stats: 4,591 words · 18 min read · ~15 pages · Grade level 18.7 · Accepted 2024-02-07 15:58:05

Key Financial Figures

Filing Documents

— Financial Information

Part I — Financial Information 3

— Financial Statements (Unaudited)

Item 1 — Financial Statements (Unaudited) 3 Consolidated Balance Sheets: December 2023, March 2023 and December 2022 3 Consolidated Statements of Operations: Three and nine months ended December 2023 and December 2022 4 Consolidated Statements of Comprehensive Income ( Loss ) : Three and nine months ended December 2023 and December 2022 5 Consolidated Statements of Cash Flows: Nine months ended De cember 2023 and December 2022 6 Consolidated Statements of Stockholders' Equity: Three and nine months ended December 2023 and December 2022 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

— Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations 26

— Quantitative and Qualitative Disclosures about Market Risk

Item 3 — Quantitative and Qualitative Disclosures about Market Risk 39

— Controls and Procedures

Item 4 — Controls and Procedures 39

— Other Information

Part II — Other Information 39

— Legal Proceedings

Item 1 — Legal Proceedings 39

— Risk Factors

Item 1A — Risk Factors 39

— Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds 42

— Other Information

Item 5 — Other Information 43

— Exhibits

Item 6 — Exhibits 43

Signatures

Signatures 44 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED). VF CORPORATION Consolidated Balance Sheets (Unaudited) (In thousands, except share amounts) December 2023 March 2023 December 2022 ASSETS Current assets Cash and equivalents $ 988,006 $ 814,887 $ 571,347 Accounts receivable, less allowance for doubtful accounts of: December 2023 - $ 30,011 ; March 2023 - $ 28,075 ; December 2022 - $ 29,087 1,314,139 1,610,295 1,564,957 Inventories 2,148,219 2,292,790 2,591,915 Other current assets 485,562 434,737 515,763 Total current assets 4,935,926 5,152,709 5,243,982 Property, plant and equipment, net 913,384 942,440 932,663 Intangible assets, net 2,636,745 2,642,821 2,790,512 Goodwill 1,723,638 1,978,413 2,142,401 Operating lease right-of-use assets 1,314,306 1,372,182 1,293,041 Other assets 1,092,475 1,901,923 1,910,698 TOTAL ASSETS $ 12,616,474 $ 13,990,488 $ 14,313,297 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borrowings $ 452,286 $ 11,491 $ 901,668 Current portion of long-term debt 1,000,596 924,305 910,616 Accounts payable 974,844 936,319 906,340 Accrued liabilities 1,569,557 1,673,651 1,827,610 Total current liabilities 3,997,283 3,545,766 4,546,234 Long-term debt 4,755,252 5,711,014 4,617,441 Operating lease liabilities 1,133,749 1,171,941 1,068,744 Other liabilities 620,997 651,054 761,246 Total liabilities 10,507,281 11,079,775 10,993,665 Commitments and contingencies Stockholders' equity Preferred Stock, par value $ 1 ; shares authorized, 25,000,000 ; no shares outstanding at December 2023, March 2023 or December 2022 — — — Common Stock, stated value $ 0.25 ; shares authorized, 1,200,000,000 ; shares outstanding at December 2023 - 388,819,204 ; March 2023 - 388,665,531 ; December 2022 - 388,660,385 97,205 97,166 97,165 Additional paid-in capital 3,619,654 3,775,979 3,766,304 Accumulated other comprehensive loss ( 1,051,373 ) ( 1,019,518 ) ( 929,588 ) Retained earnings (accumulated deficit

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS PAGE NUMBER NOTE 1 Basis of Presentation 10 NOTE 2 Recently Adopted a nd Issued Accounting Standards 10 NOTE 3 Revenues 11 NOTE 4 Inventories 12 NOTE 5 Intangible Assets 13 NOTE 6 Goodwill 13 NOTE 7 Leases 13 NOTE 8 Short-term Borrowings and Long-term Debt 13 NOTE 9 Supply Chain Financing Program 14 NOTE 10 Pension Plans 14 NOTE 11 Capital and Accumulated Other Comprehensive Loss 15 NOTE 12 Stock-based Compensation 17 NOTE 13 Income Taxes 17 NOTE 14 Reportable Segment Information 18 NOTE 15 Earnings (Loss) Per Share 19 NOTE 16 Fair Value Measurements 19 NOTE 17 Derivative Financial Instruments and Hedging Activities 23 NOTE 18 Restructuring 25 NOTE 19 Subsequent Event 25 9 VF Corporation Q3 FY24 Form 10-Q Table of Contents NOTE 1 — BASIS OF PRESENTATION Fiscal Year VF Corporation (together with its subsidiaries, collectively known as "VF" or the "Company") uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from April 2, 2023 through March 30, 2024 ("Fiscal 2024"). Accordingly, this Form 10-Q presents our third quarter of Fiscal 2024. For presentation purposes herein, all references to periods ended December 2023 and December 2022 relate to the fiscal periods ended on December 30, 2023 and December 31, 2022, respectively. References to March 2023 relate to information as of April 1, 2023. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and notes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. Similarly, the March 2023 consolidated balance sheet data was derived

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