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
Contents
Reportable Segment Information
NOTE 14 —REPORTABLE SEGMENT INFORMATION
The CODM allocates resources and assesses performance based on a global brand view which represents VF's operating segments. The operating segments have been evaluated and combined into reportable segments because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance.
The Company's reportable segments have been identified as: Outdoor, Active and Work. We have included an Other category in the table below for purposes of reconciliation of revenues and profit, but it is not considered a reportable segment. Other primarily includes sourcing activities related to transition services.
Financial information for VF's reportable segments is as follows:
| Three Months Ended December | Nine Months Ended December | |||
|---|---|---|---|---|
| (In thousands) | 2023 | 2022 | 2023 | 2022 |
| Segment revenues: | ||||
| Outdoor | $1,738,579 | $2,003,045 | $4,281,955 | $4,326,997 |
| Active | 999,396 | 1,258,682 | 3,147,692 | 3,772,737 |
| Work | 222,308 | 268,940 | 651,211 | 772,980 |
| Other | — | — | — | 148 |
| Total segment revenues | $2,960,283 | $3,530,667 | $8,080,858 | $8,872,862 |
| Segment profit (loss): | ||||
| Outdoor | $304,741 | $457,027 | $557,830 | $670,615 |
| Active (a) | 94,020 | 146,885 | 351,772 | 541,171 |
| Work | (1,864) | 18,487 | 13,482 | 92,989 |
| Other | — | (134) | — | (516) |
| Total segment profit | 396,897 | 622,265 | 923,084 | 1,304,259 |
| Impairment of goodwill and intangible assets | (257,096) | — | (257,096) | (421,922) |
| Corporate and other expenses | (142,004) | (116,133) | (321,333) | (507,656) |
| Interest expense, net | (63,338) | (50,230) | (168,701) | (115,395) |
| Income (loss) before income taxes | $(65,541) | $455,902 | $175,954 | $259,286 |
(a)Includes legal settlement gains of $29.1 million in the three and nine months ended December 2023.
VF Corporation Q3 FY24 Form 10-Q 18
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