V F CORP
For the period ended Dec 30, 2023. Filed Feb 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 30, 2023 · Filed Feb 7, 2024
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Capital and Accumulated Other Comprehensive Loss
NOTE 11 —CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Common Stock
During the nine months ended December 2023, the Company didnot purchase shares of Common Stock in open market transactions under its share repurchase program authorized by VF’s Board of Directors. These are treated as treasury stock transactions when shares are repurchased.
Common Stock outstanding is net of shares held in treasury which are, in substance, retired. There wereno shares held in treasury at the end of December 2023, March 2023 or December 2022. The excess of the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings.
Accumulated Other Comprehensive Loss
Comprehensive income (loss) consists of net income (loss) and specified components of other comprehensive income (loss), which relate to changes in assets and liabilities that are not included in net income (loss) under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive income (loss) is presented in the Consolidated Statements of Comprehensive Income (Loss). The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in accumulated OCL in stockholders’ equity, as follows:
| (In thousands) | December 2023 | March 2023 | December 2022 |
|---|---|---|---|
| Foreign currency translation and other | $(856,853) | $(859,651) | $(841,877) |
| Defined benefit pension plans | (155,701) | (167,692) | (164,346) |
| Derivative financial instruments | (38,819) | 7,825 | 76,635 |
| Accumulated other comprehensive loss | $(1,051,373) | $(1,019,518) | $(929,588) |
The changes in accumulated OCL, net of related taxes, were as follows:
| (In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total |
|---|---|---|---|---|
| Balance, September 2023 | $(878,089) | $(155,638) | $22,022 | $(1,011,705) |
| Other comprehensive income (loss) before reclassifications | 21,236 | (3,002) | (61,585) | (43,351) |
| Amounts reclassified from accumulated other comprehensive loss | — | 2,939 | 744 | 3,683 |
| Net other comprehensive income (loss) | 21,236 | (63) | (60,841) | (39,668) |
| Balance, December 2023 | $(856,853) | $(155,701) | $(38,819) | $(1,051,373) |
| (In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total |
|---|---|---|---|---|
| Balance, September 2022 | $(883,846) | $(166,545) | $206,226 | $(844,165) |
| Other comprehensive income (loss) before reclassifications | 41,969 | (850) | (101,665) | (60,546) |
| Amounts reclassified from accumulated other comprehensive loss | — | 3,049 | (27,926) | (24,877) |
| Net other comprehensive income (loss) | 41,969 | 2,199 | (129,591) | (85,423) |
| Balance, December 2022 | $(841,877) | $(164,346) | $76,635 | $(929,588) |
15 VF Corporation Q3 FY24 Form 10-Q
| (In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total |
|---|---|---|---|---|
| Balance, March 2023 | $(859,651) | $(167,692) | $7,825 | $(1,019,518) |
| Other comprehensive income (loss) before reclassifications | 2,798 | 762 | (30,144) | (26,584) |
| Amounts reclassified from accumulated other comprehensive loss | — | 11,229 | (16,500) | (5,271) |
| Net other comprehensive income (loss) | 2,798 | 11,991 | (46,644) | (31,855) |
| Balance, December 2023 | $(856,853) | $(155,701) | $(38,819) | $(1,051,373) |
| (In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total |
|---|---|---|---|---|
| Balance, March 2022 | $(751,632) | $(230,290) | $55,343 | $(926,579) |
| Other comprehensive income (loss) before reclassifications | (90,245) | (11,226) | 68,719 | (32,752) |
| Amounts reclassified from accumulated other comprehensive loss | — | 77,170 | (47,427) | 29,743 |
| Net other comprehensive income (loss) | (90,245) | 65,944 | 21,292 | (3,009) |
| Balance, December 2022 | $(841,877) | $(164,346) | $76,635 | $(929,588) |
Reclassifications out of accumulated OCL were as follows:
| (In thousands) · Three Months Ended December · Nine Months Ended December | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Details About Accumulated Other Comprehensive Loss Components | Affected Line Item in the Consolidated Statements of Operations | ||||||||
| 2023 · 2022 · 2023 · 2022 | |||||||||
| Amortization of defined benefit pension plans: | |||||||||
| Net deferred actuarial losses | Other income (expense), net | $(4,106) | $(3,858) | $(12,508) | $(11,532) | ||||
| Deferred prior service credits | Other income (expense), net | 136 | 112 | 408 | 335 | ||||
| Pension settlement charges | Other income (expense), net | (131) | (695) | (3,430) | (93,597) | ||||
| Total before tax | (4,101) | (4,441) | (15,530) | (104,794) | |||||
| Tax benefit | 1,162 | 1,392 | 4,301 | 27,624 | |||||
| Net of tax | (2,939) | (3,049) | (11,229) | (77,170) | |||||
| Gains (losses) on derivative financial instruments: | |||||||||
| Foreign exchange contracts | Net revenues | (794) | 782 | (220) | (9,173) | ||||
| Foreign exchange contracts | Cost of goods sold | (2,697) | 33,816 | 14,777 | 68,830 | ||||
| Foreign exchange contracts | Selling, general and administrative expenses | 833 | 1,816 | 3,141 | 5,380 | ||||
| Foreign exchange contracts | Other income (expense), net | 536 | (3,536) | (725) | (9,065) | ||||
| Interest rate contracts | Interest expense | 1,210 | 27 | 3,033 | 81 | ||||
| Total before tax | (912) | 32,905 | 20,006 | 56,053 | |||||
| Tax expense | 168 | (4,979) | (3,506) | (8,626) | |||||
| Net of tax | (744) | 27,926 | 16,500 | 47,427 | |||||
| Total reclassifications for the period, net of tax | $(3,683) | $24,877 | $5,271 | $(29,743) | |||||
VF Corporation Q3 FY24 Form 10-Q 16
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