VF Corp 10-Q: Financials and Debt Maturities

TL;DR

VF Corp 10-Q filed. Shows financials and debt due 2026-2029.

AI Summary

VF Corporation filed its 10-Q for the period ending December 28, 2024. The filing details the company's financial performance and position, including its fiscal year end of March 29. Key financial instruments mentioned include various fixed-rate notes due in 2026, 2028, and 2029.

Why It Matters

This filing provides investors with an update on VF Corp's financial health and its outstanding debt obligations, which are crucial for assessing the company's risk and future prospects.

Risk Assessment

Risk Level: medium — The filing details various debt instruments, indicating a level of financial leverage that warrants medium risk assessment.

Key Numbers

• 20241228 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20250129 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 0329 — Fiscal Year End (Marks the end of VF Corp's annual fiscal cycle.)

Key Players & Entities

• V F CORP (company) — Filer
• 20241228 (date) — Period of Report
• 20250129 (date) — Filing Date
• 1551 WEWATTA STREET (address) — Business and Mail Address
• DENVER (location) — City
• CO (location) — State
• 80202 (zip_code) — ZIP Code
• VF CORPORATION (company) — Former Company Name
• VANITY FAIR MILLS INC (company) — Former Company Name
• vfc:FixedRateFourPointOneTwoFivePercentageNotesDueSeptemberTwoThousandTwentySixMember (financial_instrument) — Debt Instrument

FAQ

Key Financial Figures

• $0.25 — ock, without par value, stated capital, $0.25 per share VFC New York Stock Exchange

Filing Documents

• vfc-20241228.htm (10-Q) — 2217KB
• vfcq32025exhibit311.htm (EX-31.1) — 9KB
• vfcq32025exhibit312.htm (EX-31.2) — 9KB
• vfcq32025exhibit321.htm (EX-32.1) — 4KB
• vfcq32025exhibit322.htm (EX-32.2) — 4KB
• vfc-20241228_g1.jpg (GRAPHIC) — 53KB
• 0000103379-25-000007.txt ( ) — 11665KB
• vfc-20241228.xsd (EX-101.SCH) — 56KB
• vfc-20241228_cal.xml (EX-101.CAL) — 112KB
• vfc-20241228_def.xml (EX-101.DEF) — 344KB
• vfc-20241228_lab.xml (EX-101.LAB) — 792KB
• vfc-20241228_pre.xml (EX-101.PRE) — 583KB
• vfc-20241228_htm.xml (XML) — 2275KB

— Financial Information

Part I — Financial Information 3

— Financial Statements (Unaudited)

Item 1 — Financial Statements (Unaudited) 3 Consolidated Balance Sheets: December 2024, March 2024 and December 202 3 3 Consolidated Statements of Operations: Three and nine months ended December 2024 and Decembe r 202 3 4 Consolidated Statements of Comprehensive Income (Loss): Three and nine months ended December 2024 and December 2023 5 Consolidated Statements of Cash Flows: Nine months ended December 2024 and December 202 3 6 Consolidated Statements of Stockholders' Equity: Three and nine months ended December 2024 and December 2023 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

— 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 29

— Quantitative and Qualitative Disclosures about Market Risk

Item 3 — Quantitative and Qualitative Disclosures about Market Risk 40

— Controls and Procedures

Item 4 — Controls and Procedures 40

— Other Information

Part II — Other Information 40

— Legal Proceedings

Item 1 — Legal Proceedings 40

— Risk Factors

Item 1A — Risk Factors 41

— 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 42

— Exhibits

Item 6 — Exhibits 42

Signatures

Signatures 43 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 2024 March 2024 December 2023 ASSETS Current assets Cash and equivalents $ 1,369,376 $ 656,376 $ 975,937 Accounts receivable, less allowance for doubtful accounts of: December 2024 - $ 34,678 ; March 2024 - $ 26,369 ; December 2023 - $ 29,971 1,343,286 1,263,329 1,305,963 Inventories 1,794,517 1,697,823 2,094,222 Other current assets 514,301 493,194 462,456 Current assets of discontinued operations — 116,225 97,348 Total current assets 5,021,480 4,226,947 4,935,926 Property, plant and equipment, net 718,481 788,992 881,401 Intangible assets, net 1,706,741 1,776,482 1,784,745 Goodwill 634,360 645,356 903,986 Operating lease right-of-use assets 1,268,425 1,255,074 1,242,898 Other assets 1,204,735 1,210,470 1,161,464 Other assets of discontinued operations — 1,709,642 1,706,054 TOTAL ASSETS $ 10,554,222 $ 11,612,963 $ 12,616,474 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borrowings $ 12,807 $ 263,938 $ 452,286 Current portion of long-term debt 750,504 1,000,721 1,000,596 Accounts payable 1,007,814 788,477 950,469 Accrued liabilities 1,455,786 1,323,982 1,514,281 Current liabilities of discontinued operations — 79,861 79,651 Total current liabilities 3,226,911 3,456,979 3,997,283 Long-term debt 3,884,564 4,702,284 4,755,252 Operating lease liabilities 1,103,594 1,087,304 1,068,101 Other liabilities 658,923 636,090 618,464 Other liabilities of discontinued operations — 71,941 68,181 Total liabilities 8,873,992 9,954,598 10,507,281 Commitments and contingencies Stockholders' equity Preferred Stock, par value $ 1 ; shares authorized, 25,000,000 ; no shares outstanding at December 2024, March 2024 or December 2023 — — — Common Stock, stated value $ 0.25 ; shares authorized, 1,200,000,000 ; shares outstanding at December 2024 - 389,541,568 ; March

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS PAGE NUMBER NOTE 1 Basis of Presentation 11 NOTE 2 Recently Adopted and Issued Accounting Standards 11 NOTE 3 Revenues 12 NOTE 4 Discontinued Operations 14 NOTE 5 Inventories 15 NOTE 6 Intangible Assets 16 NOTE 7 Goodwill 16 NOTE 8 Leases 16 NOTE 9 Supply Chain Financing Program 17 NOTE 10 Pension Plans 17 NOTE 11 Capital and Accumulated Other Comprehensive Loss 17 NOTE 12 Stock-based Compensation 20 NOTE 13 Income Taxes 20 NOTE 14 Reportable Segment Information 21 NOTE 15 Earnings (Loss) Per Share 22 NOTE 16 Fair Value Measurements 22 NOTE 17 Derivative Financial Instruments and Hedging Activities 24 NOTE 18 Restructuring 26 NOTE 19 Subsequent Event 28 VF Corporation Q3 FY25 Form 10-Q 10 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 third quarter of Fiscal 2025. For presentation purposes herein, all references to periods ended December 2024 and December 2023 relate to the fiscal periods ended on December 28, 2024 and December 30, 2023, respectively. References to March 2024 relate to information as of March 30, 2024. Basis of Presentation On July 16, 2024, VF entered into a definitive Stock and Asset Purchase Agreement (the "Purchase Agreement") with EssilorLuxottica S.A. to sell the Supreme brand business ("Supreme"). On October 1, 2024, VF completed the sale of Supreme. During the second quarter of Fiscal 2025, the Company determined that Supreme met the held-for-sale and discontinued operations accounting criteria. Accordingly, VF has reported the results of Supre

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View this 10-Q filing on SEC EDGAR