V F CORP
For the period ended Jun 29, 2024. Filed Aug 7, 2024.
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Jun 29, 2024 · Filed Aug 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 gain recognized from a sale leaseback transaction. The components of lease cost were as follows:
| Three Months Ended June | ||
|---|---|---|
| (In thousands) | 2024 | 2023 |
| Operating lease cost | $105,143 | $106,131 |
| Other lease cost | 22,231 | 35,319 |
| Total lease cost | $127,374 | $141,450 |
During the three months ended June 2024, the Company entered into a sale leaseback transaction for certain warehouse real estate and related assets. The transaction qualified as a sale, and thus the Company recognized a gain of $15.5 million in the selling, general and administrative expenses line item in VF's Consolidated Statement of Operations for the three months ended June 2024.
During the three months ended June 2024 and 2023, the Company paid $105.4 million and $114.2 million for operating leases, respectively. During the three months ended June 2024 and 2023, the Company obtained $102.7 million and $71.8 million of right-of-use assets in exchange for lease liabilities, respectively.
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