VF Corp Files 10-Q, Details Debt and Financials

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

Sentiment: neutral

Topics: 10-Q, financials, debt

TL;DR

VF Corp 10-Q filed. Financials and debt details out. Looks stable.

AI Summary

VF Corporation filed its 10-Q for the period ending June 29, 2024. The filing details the company's financial position and operations, including its various debt instruments such as the Fixed Rate 4.125% Notes due September 2026 and Fixed Rate 0.250% Notes due 2028. The company's fiscal year ends on March 29.

Why It Matters

This filing provides investors with a detailed look at VF Corp's financial health and debt obligations as of mid-2024, crucial for understanding its stability and future prospects.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including debt, which requires careful analysis to assess the company's risk profile.

Key Numbers

Key Players & Entities

FAQ

What is the total amount of long-term debt reported as of June 29, 2024?

The filing does not explicitly state the total long-term debt in the provided snippet, but lists several specific debt instruments like 'FixedRateFourPointOneTwoFivePercentageNotesDueSeptemberTwoThousandTwentySixMember'.

What were the key financial highlights for the quarter ending June 29, 2024?

The provided snippet focuses on identifying the reporting period and debt instruments, and does not contain specific financial performance metrics like revenue or net income for the quarter.

Are there any significant changes in VF Corp's capital structure mentioned in this filing?

The filing lists various debt notes, indicating the company's ongoing use of debt financing, but does not specify significant changes in capital structure in this excerpt.

What is the company's primary industry classification?

VF Corp is classified under 'MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS [2320]'.

When was VF Corp incorporated?

VF Corp was incorporated in Pennsylvania (PA), as indicated by the 'STATE OF INCORPORATION: PA' field.

Filing Stats: 4,622 words · 18 min read · ~15 pages · Grade level 17 · Accepted 2024-08-07 16:26:25

Key Financial Figures

Filing Documents

— Financial Information

Part I — Financial Information 3

— Financial Statements (Unaudited)

Item 1 — Financial Statements (Unaudited) 3 Consolidated Balance Sheets: June 202 4 , March 202 4 and June 202 3 3 Consolidated Statements of Operations: Three months ended June 202 4 and June 202 3 4 Consolidated Statements of Comprehensiv e Loss : Three months ended June 202 4 and June 202 3 5 Consolidated Statements of Cash Flows: Three months ended June 202 4 and June 202 3 6 Consolidated Statements of Stockholders' Equity: Three months ended June 2024 and June 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

— 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 23

— Quantitative and Qualitative Disclosures about Market Risk

Item 3 — Quantitative and Qualitative Disclosures about Market Risk 32

— Controls and Procedures

Item 4 — Controls and Procedures 33

— Other Information

Part II — Other Information 33

— Legal Proceedings

Item 1 — Legal Proceedings 33

— Risk Factors

Item 1A — Risk Factors 33

— Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds 34

— Other Information

Item 5 — Other Information 34

— Exhibits

Item 6 — Exhibits 35

Signatures

Signatures 36 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) June 2024 March 2024 June 2023 ASSETS Current assets Cash and equivalents $ 637,420 $ 674,605 $ 806,529 Accounts receivable, less allowance for doubtful accounts of: June 2024 - $ 28,542 ; March 2024 - $ 26,369 ; June 2023 - $ 33,076 1,055,571 1,273,965 1,214,223 Inventories 2,110,598 1,766,366 2,787,021 Other current assets 545,542 512,011 405,784 Total current assets 4,349,131 4,226,947 5,213,557 Property, plant and equipment, net 794,212 823,886 943,163 Intangible assets, net 2,571,765 2,628,482 2,640,827 Goodwill 1,360,782 1,460,414 1,973,615 Operating lease right-of-use assets 1,332,950 1,330,361 1,349,725 Other assets 1,132,523 1,142,873 1,923,011 TOTAL ASSETS $ 11,541,363 $ 11,612,963 $ 14,043,898 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borrowings $ 263,709 $ 263,938 $ 58,520 Current portion of long-term debt 1,749,601 1,000,721 928,736 Accounts payable 1,157,755 817,128 1,282,313 Accrued liabilities 1,237,909 1,375,192 1,546,866 Total current liabilities 4,408,974 3,456,979 3,816,435 Long-term debt 3,940,668 4,702,284 5,722,448 Operating lease liabilities 1,167,415 1,156,858 1,155,852 Other liabilities 636,401 638,477 632,400 Total liabilities 10,153,458 9,954,598 11,327,135 Commitments and contingencies Stockholders' equity Preferred Stock, par value $ 1 ; shares authorized, 25,000,000 ; no shares outstanding at June 2024, March 2024 or June 2023 — — — Common Stock, stated value $ 0.25 ; shares authorized, 1,200,000,000 ; shares outstanding at June 2024 - 389,181,642 ; March 2024 - 388,836,219 ; June 2023 - 388,836,545 97,295 97,209 97,209 Additional paid-in capital 3,580,175 3,600,071 3,733,777 Accumulated other comprehensive loss ( 1,053,627 ) ( 1,064,331 ) ( 1,053,529 ) Accumulated deficit ( 1,235,938 ) ( 974,584 ) ( 60,694 ) Tota

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS PAGE NUMBER NOTE 1 Basis of Presentation 9 NOTE 2 Recently Adopted and Issued Accounting Standards 9 NOTE 3 Revenues 10 NOTE 4 Inventories 11 NOTE 5 Intangible Assets 11 NOTE 6 Goodwill 12 NOTE 7 Leases 12 NOTE 8 Supply Chain Financing Program 12 NOTE 9 Pension Plans 13 NOTE 10 Capital and Accumulated Other Comprehensive Loss 13 NOTE 11 Stock-based Compensation 15 NOTE 12 Income Taxes 15 NOTE 13 Reportable Segment Information 16 NOTE 14 Net Loss Per Share 16 NOTE 15 Fair Value Measurements 17 NOTE 16 Derivative Financial Instruments and Hedging Activities 19 NOTE 17 Restructuring 21 NOTE 18 Subsequent Event s 22 VF Corporation Q1 FY25 Form 10-Q 8 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 March 31, 2024 through March 29, 2025 ("Fiscal 2025"). Accordingly, this Form 10-Q presents our first quarter of Fiscal 2025. For presentation purposes herein, all references to periods ended June 2024 and June 2023 relate to the fiscal periods ended on June 29, 2024 and July 1, 2023, respectively. References to March 2024 relate to information as of March 30, 2024. 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 2024 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures require

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