V F CORP
For the period ended Dec 28, 2024. Filed Jan 29, 2025.
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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 28, 2024 · Filed Jan 29, 2025
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Intangible Assets
NOTE 6 —INTANGIBLE ASSETS
| December 2024 · March 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| (In thousands) · WeightedAverageAmortizationPeriod · AmortizationMethod · Cost · AccumulatedAmortization · NetCarryingAmount · NetCarryingAmount | ||||||||
| Amortizable intangible assets: | ||||||||
| Customer relationships and other | 19 years | Accelerated | $259,195 | $194,883 | $64,312 | $74,963 | ||
| Indefinite-lived intangible assets: | ||||||||
| Trademarks and trade names | 1,642,429 | 1,701,519 | ||||||
| Intangible assets, net | $1,706,741 | $1,776,482 | ||||||
During the three months ended December 2024, VF performed an interim impairment analysis of the Dickies indefinite-lived trademark intangible asset and recorded an impairment charge of $51.0 million toreduce the carrying value to fair value. Refer to Note 16 for additional information on fair value measurements.
Amortization expense for the three and nine months ended December 2024 was $3.3 million and $10.0 million, respectively. Based on the carrying amounts of amortizable intangible assets noted above, estimated amortization expense for the next five years beginning in Fiscal 2025 is $13.1 million, $12.1 million, $11.6 million, $10.7 million and $9.7 million, respectively.
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