V F CORP
For the period ended Jun 29, 2024. Filed Aug 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.
Jun 29, 2024 · Filed Aug 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 2024 | $205,868 | $1,203,046 | $51,500 | $1,460,414 |
| Impairment charge | — | (94,000) | — | (94,000) |
| Foreign currency translation | 383 | (6,015) | — | (5,632) |
| Balance, June 2024 | $206,251 | $1,103,031 | $51,500 | $1,360,782 |
During the three months ended June 2024, VF determined that a triggering event had occurred requiring impairment testing of the Supreme reporting unit goodwill. VF's assessment gave consideration to the ongoing negotiations to sell the Supreme reporting unit. As a result of the impairment testing performed, VF recorded an impairment charge of $94.0 million to the Supreme reporting unit goodwill related to the estimates of fair value subsequently confirmed by the transaction price discussed in Note 18. The Supreme reporting unit is part of the Active
segment. Refer to Note 15 for additional information on fair value measurements.
Accum ulated impairment charges for the Outdoor and Work segments were $769.0 million and $61.8 million, respectively, as of June 2024 and March 2024. Accum ulated impairment charges for the Active segment were $488.1 million and $394.1 million as of June 2024 and March 2024, respectively.
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