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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Leases
NOTE 7 —LEASES
The Company leases certain retail locations, office space, distribution facilities, machinery and equipment, and vehicles. The substantial majority of these leases are operating leases. Total lease cost includes operating lease cost, variable lease cost, finance lease cost, short-term lease cost and impairment. Components of lease cost were as follows:
| Three Months Ended December | Nine Months Ended December | |||
|---|---|---|---|---|
| (In thousands) | 2023 | 2022 | 2023 | 2022 |
| Operating lease cost | $104,266 | $103,127 | $316,368 | $306,259 |
| Other lease cost | 44,520 | 37,784 | 116,809 | 104,960 |
| Total lease cost | $148,786 | $140,911 | $433,177 | $411,219 |
During the nine months ended December 2023 and 2022, the Company paid $321.1 million and $315.0 million for operating leases, respectively. During the nine months ended December 2023 and 2022, the Company obtained $220.7 million and $356.1 million of right-of-use assets in exchange for lease liabilities, respectively.
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