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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 28, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number: 1-5256
vflogo.jpg
V. F. CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania
 
23-1180120
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. employer identification number)
8505 E. Orchard Road
Greenwood Village, Colorado 80111
(Address of principal executive offices)
(720) 778-4000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
(Title of each class)
(Trading Symbol(s))
(Name of each exchange on which registered)
Common Stock, without par value, stated capital, $0.25 per share
VFC
New York Stock Exchange
0.625% Senior Notes due 2023
VFC23
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
  
Accelerated filer
 
 
 
 
 
 
 
 
Non-accelerated filer
 
 
  
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No   
On October 26, 2019, there were 399,373,631 shares of the registrant’s common stock outstanding.



VF CORPORATION
Table of Contents
 
Page
No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED).
VF CORPORATION
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share amounts)
 
September 2019
 
 
March 2019
 
September 2018
ASSETS
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
Cash and equivalents
 
$
507,605

 
 
$
445,119

 
$
266,788

Accounts receivable, less allowance for doubtful accounts of: September 2019 ‑ $20,742; March 2019 - $19,638; September 2018 - $19,743
 
1,976,154

 
 
1,465,855

 
1,961,274

Inventories
 
1,890,716

 
 
1,432,660

 
1,723,057

Other current assets
 
400,732

 
 
433,793

 
422,287

Current assets held-for-sale
 

 
 

 
159,852

Current assets of discontinued operations
 

 
 
896,030

 
884,696

Total current assets
 
4,775,207

 
 
4,673,457

 
5,417,954

Property, plant and equipment, net
 
871,601

 
 
915,177

 
893,811

Intangible assets, net
 
1,919,770

 
 
1,972,364

 
2,029,901

Goodwill
 
1,529,385

 
 
1,541,314

 
1,543,143

Operating lease right-of-use assets
 
1,263,903

 
 

 

Other assets
 
910,489

 
 
772,755

 
763,762

Other assets of discontinued operations
 

 
 
481,718

 
481,854

TOTAL ASSETS
 
$
11,270,355

 
 
$
10,356,785

 
$
11,130,425

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
Short-term borrowings
 
$
484,321

 
 
$
659,060

 
$
1,564,899

Current portion of long-term debt
 
4,986

 
 
5,263

 
5,885

Accounts payable
 
550,700

 
 
580,867

 
603,575

Accrued liabilities
 
1,364,331

 
 
1,154,932

 
1,064,555

Current liabilities held-for-sale
 

 
 

 
11,358

Current liabilities of discontinued operations
 

 
 
261,482

 
258,424

Total current liabilities
 
2,404,338

 
 
2,661,604

 
3,508,696

Long-term debt
 
2,090,922

 
 
2,115,884

 
2,150,595

Operating lease liabilities
 
1,028,363

 
 

 

Other liabilities
 
1,099,113

 
 
1,232,200

 
1,246,962

Other liabilities of discontinued operations
 

 
 
48,581

 
44,616

Commitments and contingencies
 

 
 

 

Total liabilities
 
6,622,736

 
 
6,058,269

 
6,950,869

Stockholders’ equity
 
 
 
 
 
 
 
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at September 2019, March 2019 or September 2018
 

 
 

 

Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at September 2019 – 398,865,790; March 2019 – 396,824,662; September 2018 – 397,161,808
 
99,716

 
 
99,206

 
99,290

Additional paid-in capital
 
4,072,640

 
 
3,921,784

 
3,795,395

Accumulated other comprehensive income (loss)
 
(930,725
)
 
 
(902,075
)
 
(862,916
)
Retained earnings
 
1,405,988

 
 
1,179,601

 
1,147,787

Total stockholders’ equity
 
4,647,619

 
 
4,298,516

 
4,179,556

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
11,270,355

 
 
$
10,356,785

 
$
11,130,425

See notes to consolidated financial statements.


3 VF Corporation Q2 FY20 Form 10-Q


VF CORPORATION
Consolidated Statements of Income
(Unaudited)
 
 
Three Months Ended September
 
 
Six Months Ended September
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except per share amounts)
 
2019
 
 
2018
 
 
2019
 
 
2018
Net revenues
 
$
3,393,268

 
 
$
3,219,390

 
 
$
5,664,747

 
 
$
5,356,525

Costs and operating expenses
 
 
 
 
 
 
 
 
 
 
 
Cost of goods sold
 
1,597,307

 
 
1,545,391

 
 
2,633,421

 
 
2,550,680

Selling, general and administrative expenses
 
1,216,896

 
 
1,129,013

 
 
2,318,969

 
 
2,147,760

Total costs and operating expenses
 
2,814,203

 
 
2,674,404

 
 
4,952,390

 
 
4,698,440

Operating income
 
579,065

 
 
544,986

 
 
712,357

 
 
658,085

Interest income
 
4,983

 
 
1,484

 
 
12,112

 
 
3,630

Interest expense
 
(20,810
)
 
 
(28,305
)
 
 
(42,937
)
 
 
(55,304
)
Other income (expense), net
 
(1,813
)
 
 
(31,970
)
 
 
3,785

 
 
(51,395
)
Income from continuing operations before income taxes
 
561,425

 
 
486,195

 
 
685,317

 
 
555,016

Income tax expense (benefit)
 
(87,576
)
 
 
70,071

 
 
(60,933
)
 
 
77,528

Income from continuing operations
 
649,001

 
 
416,124

 
 
746,250

 
 
477,488

Income (loss) from discontinued operations, net of tax
 

 
 
90,997

 
 
(48,028
)
 
 
189,991

Net income
 
$
649,001

 
 
$
507,121

 
 
$
698,222

 
 
$
667,479

Earnings (loss) per common share - basic
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
1.63

 
 
$
1.05

 
 
$
1.88

 
 
$
1.21

Discontinued operations
 

 
 
0.23

 
 
(0.12
)
 
 
0.48

Total earnings per common share - basic
 
$
1.63

 
 
$
1.28

 
 
$
1.76

 
 
$
1.69

Earnings (loss) per common share - diluted
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
1.61

 
 
$
1.04

 
 
$
1.86

 
 
$
1.19

Discontinued operations
 

 
 
0.23

 
 
(0.12
)
 
 
0.47

Total earnings per common share - diluted
 
$
1.61

 
 
$
1.26

 
 
$
1.74

 
 
$
1.67

Weighted average shares outstanding
 
 
 
 
 
 
 
 
 
 
 
Basic
 
397,751

 
 
395,892

 
 
397,239

 
 
395,029

Diluted
 
402,261

 
 
401,939

 
 
402,088

 
 
400,744










See notes to consolidated financial statements.


VF Corporation Q2 FY20 Form 10-Q 4



VF CORPORATION
Consolidated Statements of Comprehensive Income
(Unaudited)
 
 
Three Months Ended September
 
 
Six Months Ended September
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
 
2019
 
 
2018
 
 
2019
 
 
2018
Net income
 
$
649,001

 
 
$
507,121

 
 
$
698,222

 
 
$
667,479

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation and other
 
 
 
 
 
 
 
 
 
 
 
Losses arising during the period
 
(70,473
)
 
 
(12,600
)
 
 
(57,644
)
 
 
(173,758
)
Income tax effect
 
(8,912
)
 
 
(1,623
)
 
 
(5,969
)
 
 
(15,335
)
Defined benefit pension plans
 
 
 
 
 
 
 
 
 
 
 
Current period actuarial gains (losses)
 
(14,610
)
 
 
(1,898
)
 
 
(14,610
)
 
 
52,042

Amortization of net deferred actuarial losses
 
4,014

 
 
6,655

 
 
8,033

 
 
15,477

Amortization of deferred prior service costs (credits)
 
12

 
 
(59
)
 
 
25

 
 
610

Reclassification of net actuarial loss from settlement charge
 
519

 
 
1,342

 
 
519

 
 
8,184

Reclassification of deferred prior service cost due to curtailments
 

 
 

 
 

 
 
9,483

Income tax effect
 
2,207

 
 
(1,562
)
 
 
499

 
 
(22,217
)
Derivative financial instruments
 
 
 
 
 
 
 
 
 
 
 
Gains arising during the period
 
51,396

 
 
15,240

 
 
66,170

 
 
109,869

Income tax effect
 
(7,048
)
 
 
(89
)
 
 
(10,922
)
 
 
(11,447
)
Reclassification to net income for (gains) losses realized
 
(23,688
)
 
 
13,846

 
 
(34,183
)
 
 
30,163

Income tax effect
 
3,244

 
 
(90
)
 
 
6,000

 
 
(1,957
)
Other comprehensive income (loss)
 
(63,339
)
 
 
19,162

 
 
(42,082
)
 
 
1,114

Comprehensive income
 
$
585,662

 
 
$
526,283

 
 
$
656,140

 
 
$
668,593














See notes to consolidated financial statements.


5 VF Corporation Q2 FY20 Form 10-Q


VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 
 
Six Months Ended September
 
 
 
 
 
 
(In thousands)
 
2019
 
 
2018
OPERATING ACTIVITIES
 
 
 
 
 
Net income
 
$
698,222

 
 
$
667,479

Income (loss) from discontinued operations, net of tax
 
(48,028
)
 
 
189,991

Income from continuing operations, net of tax
 
746,250

 
 
477,488

Adjustments to reconcile net income to cash used by operating activities:
 
 
 
 
 
Depreciation and amortization, including operating lease right-of-use assets
 
321,129

 
 
129,259

Stock-based compensation
 
71,419

 
 
46,669

Provision for doubtful accounts
 
6,234

 
 
6,714

Pension expense in excess of (less than) contributions
 
(6,125
)
 
 
1,595

Loss on sale of businesses, net of tax
 

 
 
29,791

Other, net
 
(99,762
)
 
 
21,604

Changes in operating assets and liabilities:
 
 
 
 
 
Accounts receivable
 
(544,133
)
 
 
(806,080
)
Inventories
 
(474,417
)
 
 
(384,093
)
Accounts payable
 
(23,959
)
 
 
124,101

Income taxes
 
(47,082
)
 
 
(91,183
)
Accrued liabilities
 
(125,950
)
 
 
333,511

Operating lease right-of-use assets and liabilities
 
(227,609
)
 
 

Other assets and liabilities
 
25,314

 
 
14,939

Cash used by operating activities - continuing operations
 
(378,691
)
 
 
(95,685
)
Cash provided by operating activities - discontinued operations
 
13,213

 
 
198,636

Cash provided (used) by operating activities
 
(365,478
)
 
 
102,951

INVESTING ACTIVITIES
 
 
 
 
 
Business acquisitions, net of cash received
 

 
 
(320,405
)
Proceeds from sale of businesses, net of cash sold
 

 
 
288,273

Capital expenditures
 
(108,596
)
 
 
(129,582
)
Software purchases
 
(25,576
)
 
 
(32,710
)
Other, net
 
59,087

 
 
(9,979
)
Cash used by investing activities - continuing operations
 
(75,085
)
 
 
(204,403
)
Cash used by investing activities - discontinued operations
 
(2,327
)
 
 
(13,924
)
Cash used by investing activities
 
(77,412
)
 
 
(218,327
)
FINANCING ACTIVITIES
 
 
 
 
 
Net increase (decrease) in short-term borrowings
 
(168,421
)
 
 
40,219

Payments on long-term debt
 
(2,868
)
 
 
(3,107
)
Purchases of treasury stock
 

 
 
(480
)
Cash dividends paid
 
(373,604
)
 
 
(363,851
)
Cash received from Kontoor Brands, net of cash transferred of $126.8 million
 
906,148

 
 

Proceeds from issuance of Common Stock, net of shares withheld for taxes
 
50,659

 
 
130,114

Cash provided (used) by financing activities
 
411,914

 
 
(197,105
)
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash
 
(5,385
)
 
 
(17,270
)
Net change in cash, cash equivalents and restricted cash
 
(36,361
)
 
 
(329,751
)
Cash, cash equivalents and restricted cash – beginning of year
 
556,587

 
 
689,190

Cash, cash equivalents and restricted cash – end of period
 
$
520,226

 
 
$
359,439


Continued on next page.
See notes to consolidated financial statements.


VF Corporation Q2 FY20 Form 10-Q 6



VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 
 
Six Months Ended September
 
 
 
 
 
 
(In thousands)
 
2019
 
 
2018
Balances per Consolidated Balance Sheets:
 
 
 
 
 
Cash and cash equivalents
 
$
507,605

 
 
$
266,788

Other current assets
 
2,748

 
 
3,919

Current assets held-for-sale
 

 
 
2,059

Current and other assets of discontinued operations
 

 
 
86,009

Other assets
 
9,873

 
 
664

Total cash, cash equivalents and restricted cash
 
$
520,226

 
 
$
359,439














































See notes to consolidated financial statements.


7 VF Corporation Q2 FY20 Form 10-Q


VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
 
Three Months Ended September 2019
 
 
 
 
 
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
 
 
 
Common Stock
 
 
 
 
 
 
 (In thousands, except share amounts)
Shares
 
Amounts
 
 
 
 
Total
 
Balance, June 2019
397,922,120

 
$
99,481

 
$
3,988,385

 
$
(867,386
)
 
$
931,134

 
$
4,151,614

 
Net income

 

 

 

 
649,001

 
649,001

 
Dividends on Common Stock ($0.43 per share)

 

 

 

 
(171,066
)
 
(171,066
)
 
Stock-based compensation, net
943,670

 
235

 
84,255

 

 
(3,081
)
 
81,409

 
Foreign currency translation and other

 

 

 
(79,385
)
 

 
(79,385
)
 
Defined benefit pension plans

 

 

 
(7,858
)
 

 
(7,858
)
 
Derivative financial instruments

 

 

 
23,904

 

 
23,904

 
Balance, September 2019
398,865,790

 
$
99,716

 
$
4,072,640

 
$
(930,725
)
 
$
1,405,988

 
$
4,647,619

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 2018
 
 
 
 
 
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
 
 
 
Common Stock
 
 
 
 
 
 
 (In thousands, except share amounts)
Shares
 
Amounts
 
 
 
 
Total
 
Balance, June 2018
395,509,138

 
$
98,877

 
$
3,688,529

 
$
(882,078
)
 
$
825,788

 
$
3,731,116

 
Net income

 

 

 

 
507,121

 
507,121

 
Dividends on Common Stock ($0.46 per share)

 

 

 

 
(182,334
)
 
(182,334
)
 
Purchase of treasury stock
(5,210
)
 
(1
)
 

 

 
(479
)
 
(480
)
 
Stock-based compensation, net
1,657,880

 
414

 
106,866

 

 
(2,309
)
 
104,971

 
Foreign currency translation and other

 

 

 
(14,223
)
 

 
(14,223
)
 
Defined benefit pension plans

 

 

 
4,478

 

 
4,478

 
Derivative financial instruments

 

 

 
28,907

 

 
28,907

 
Balance, September 2018
397,161,808

 
$
99,290

 
$
3,795,395

 
$
(862,916
)
 
$
1,147,787

 
$
4,179,556

 


















Continued on next page.


See notes to consolidated financial statements.



VF Corporation Q2 FY20 Form 10-Q 8



VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)

Six Months Ended September 2019

 
 
 
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
 
 

Common Stock
 
 
 
 
 
 
 (In thousands, except share amounts)
Shares
 
Amounts
 
 
 
 
Total
 
Balance, March 2019
396,824,662

 
$
99,206

 
$
3,921,784

 
$
(902,075
)
 
$
1,179,601

 
$
4,298,516

 
Adoption of new accounting standard, ASU 2016-02

 

 

 

 
(2,491
)
 
(2,491
)
 
Adoption of new accounting standard, ASU 2018-02

 

 

 
(61,861
)
 
61,861

 

 
Net income