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
Contents
Reportable Segment Information
NOTE 14 —REPORTABLE SEGMENT INFORMATION
VF's President and Chief Executive Officer, who is considered the Company's CODM, allocates resources and assesses performance based on a global brand view that 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.
Financial information for VF's reportable segments is as follows:
| Three Months Ended December | Nine Months Ended December | |||
|---|---|---|---|---|
| (In thousands) | 2024 | 2023 | 2024 | 2023 |
| Segment revenues: | ||||
| Outdoor | $1,851,146 | $1,738,579 | $4,300,017 | $4,281,955 |
| Active | 766,307 | 819,307 | 2,449,972 | 2,735,214 |
| Work | 216,459 | 222,308 | 610,931 | 651,211 |
| Total segment revenues | $2,833,912 | $2,780,194 | $7,360,920 | $7,668,380 |
| Segment profit (loss): | ||||
| Outdoor | $400,593 | $304,741 | $604,592 | $557,830 |
| Active (a) | 12,273 | 32,305 | 185,032 | 254,629 |
| Work | 13,521 | (1,864) | 39,257 | 13,482 |
| Total segment profit | 426,387 | 335,182 | 828,881 | 825,941 |
| Impairment of goodwill and intangible assets | (51,000) | (257,096) | (51,000) | (257,096) |
| Corporate and other expenses | (142,202) | (140,324) | (395,959) | (316,219) |
| Interest expense, net (b) | (36,516) | (49,096) | (120,151) | (125,783) |
| Income (loss) from continuing operations before income taxes | $196,669 | $(111,334) | $261,771 | $126,843 |
(a)Includes legal settlement gains of $29.1 million in the three and nine months ended December 2023.
(b)Interest expense and the related interest rate swap impact for the DDTL, which totaled $31.1 million for the nine months ended December 2024, and $14.9 million and $44.2 million for the three and nine months ended December 2023, respectively, were reallocated to discontinued operations due to the requirement within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.
21 VF Corporation Q3 FY25 Form 10-Q
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