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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Goodwill
NOTE 6 —GOODWILL
Changes in goodwill are summarized by reportable segment as follows:
| (In thousands) | Outdoor | Active | Work | Total |
|---|---|---|---|---|
| Balance, March 2023 | $653,787 | $1,211,244 | $113,382 | $1,978,413 |
| Impairment charges | (195,287) | — | (61,809) | (257,096) |
| Foreign currency translation | 1,259 | 1,135 | (73) | 2,321 |
| Balance, December 2023 | $459,759 | $1,212,379 | $51,500 | $1,723,638 |
During the three months ended December 2023, VF performed interim impairment analyses of the Timberland and Dickies reporting units and recorded impairment charges of $195.3 million and $61.8 million, respectively. The Timberland reporting unit is part of the Outdoor segment and the Dickies reporting unit is part of the Work segment. Refer to Note 16 for additional information on fair value measurements.
Accum ulated impairment charges for the Outdoor segment were $518.5 million and $323.2 million as of December 2023 and March 2023, respectively. Accumulated impairment charges for the Active segment were $394.1 million as of December 2023 and March 2023, and accumulated impairment charges were $61.8 million for the Work segment as of December 2023.
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