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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 December 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
vflogoa01.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 January 25, 2020, there were 394,720,284 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)
 
December 2019
 
 
March 2019
 
December 2018
ASSETS
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
Cash and equivalents
 
$
583,951

 
 
$
445,119

 
$
451,978

Accounts receivable, less allowance for doubtful accounts of: December 2019 ‑ $21,283; March 2019 - $19,638; December 2018 - $20,932
 
1,641,758

 
 
1,465,855

 
1,566,202

Inventories
 
1,564,970

 
 
1,432,660

 
1,401,621

Other current assets
 
365,019

 
 
433,793

 
391,800

Current assets of discontinued operations
 

 
 
896,030

 
800,490

Total current assets
 
4,155,698

 
 
4,673,457

 
4,612,091

Property, plant and equipment, net
 
908,771

 
 
915,177

 
902,665

Intangible assets, net
 
1,948,232

 
 
1,972,364

 
2,002,906

Goodwill
 
1,539,579

 
 
1,541,314

 
1,536,544

Operating lease right-of-use assets
 
1,298,631

 
 

 

Other assets
 
963,351

 
 
772,755

 
756,065

Other assets of discontinued operations
 

 
 
481,718

 
474,039

TOTAL ASSETS
 
$
10,814,262

 
 
$
10,356,785

 
$
10,284,310

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
Short-term borrowings
 
$
56,001

 
 
$
659,060

 
$
674,676

Current portion of long-term debt
 
4,677

 
 
5,263

 
5,576

Accounts payable
 
456,993

 
 
580,867

 
536,406

Accrued liabilities
 
1,444,421

 
 
1,154,932

 
1,115,371

Current liabilities of discontinued operations
 

 
 
261,482

 
231,018

Total current liabilities
 
1,962,092

 
 
2,661,604

 
2,563,047

Long-term debt
 
2,110,488

 
 
2,115,884

 
2,135,240

Operating lease liabilities
 
1,052,854

 
 

 

Other liabilities
 
1,121,238

 
 
1,232,200

 
1,239,503

Other liabilities of discontinued operations
 

 
 
48,581

 
45,896

Commitments and contingencies
 

 
 

 

Total liabilities
 
6,246,672

 
 
6,058,269

 
5,983,686

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

 
 

 

Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at December 2019 - 394,528,067; March 2019 - 396,824,662; December 2018 - 395,472,173
 
98,632

 
 
99,206

 
98,868

Additional paid-in capital
 
4,182,102

 
 
3,921,784

 
3,829,994

Accumulated other comprehensive income (loss)
 
(895,372
)
 
 
(902,075
)
 
(886,565
)
Retained earnings
 
1,182,228

 
 
1,179,601

 
1,258,327

Total stockholders’ equity
 
4,567,590

 
 
4,298,516

 
4,300,624

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
10,814,262

 
 
$
10,356,785

 
$
10,284,310


See notes to consolidated financial statements.


3 VF Corporation Q3 FY20 Form 10-Q


VF CORPORATION
Consolidated Statements of Income
(Unaudited)
 
 
Three Months Ended December
 
 
Nine Months Ended December
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except per share amounts)
 
2019
 
 
2018
 
 
2019
 
 
2018
Net revenues
 
$
3,384,746

 
 
$
3,227,712

 
 
$
9,049,493

 
 
$
8,584,237

Costs and operating expenses
 
 
 
 
 
 
 
 
 
 
 
Cost of goods sold
 
1,500,463

 
 
1,464,761

 
 
4,133,884

 
 
4,015,441

Selling, general and administrative expenses
 
1,305,481

 
 
1,242,131

 
 
3,624,450

 
 
3,389,891

Total costs and operating expenses
 
2,805,944

 
 
2,706,892

 
 
7,758,334

 
 
7,405,332

Operating income
 
578,802

 
 
520,820

 
 
1,291,159

 
 
1,178,905

Interest income
 
5,489

 
 
3,116

 
 
17,601

 
 
6,746

Interest expense
 
(22,303
)
 
 
(28,336
)
 
 
(65,240
)
 
 
(83,640
)
Other income (expense), net
 
(22,152
)
 
 
(1,027
)
 
 
(18,367
)
 
 
(52,422
)
Income from continuing operations before income taxes
 
539,836

 
 
494,573

 
 
1,225,153

 
 
1,049,589

Income tax expense
 
87,089

 
 
85,453

 
 
26,156

 
 
162,981

Income from continuing operations
 
452,747

 
 
409,120

 
 
1,198,997

 
 
886,608

Income (loss) from discontinued operations, net of tax
 
12,256

 
 
54,389

 
 
(35,772
)
 
 
244,380

Net income
 
$
465,003

 
 
$
463,509

 
 
$
1,163,225

 
 
$
1,130,988

Earnings (loss) per common share - basic
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
1.14

 
 
$
1.03

 
 
$
3.02

 
 
$
2.24

Discontinued operations
 
0.03

 
 
0.14

 
 
(0.09
)
 
 
0.62

Total earnings per common share - basic
 
$
1.17

 
 
$
1.17

 
 
$
2.93

 
 
$
2.86

Earnings (loss) per common share - diluted
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
1.13

 
 
$
1.02

 
 
$
2.99

 
 
$
2.21

Discontinued operations
 
0.03

 
 
0.14

 
 
(0.09
)
 
 
0.61

Total earnings per common share - diluted
 
$
1.16

 
 
$
1.16

 
 
$
2.90

 
 
$
2.82

Weighted average shares outstanding
 
 
 
 
 
 
 
 
 
 
 
Basic
 
395,940

 
 
395,294

 
 
396,806

 
 
395,117

Diluted
 
400,322

 
 
399,767

 
 
401,499

 
 
400,418










See notes to consolidated financial statements.


VF Corporation Q3 FY20 Form 10-Q 4



VF CORPORATION
Consolidated Statements of Comprehensive Income
(Unaudited)
 
 
Three Months Ended December
 
 
Nine Months Ended December
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
 
2019
 
 
2018
 
 
2019
 
 
2018
Net income
 
$
465,003

 
 
$
463,509

 
 
$
1,163,225

 
 
$
1,130,988

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation and other
 
 
 
 
 
 
 
 
 
 
 
Gains (losses) arising during the period
 
46,813

 
 
(67,820
)
 
 
(10,831
)
 
 
(241,578
)
Income tax effect
 
5,154

 
 
(3,345
)
 
 
(815
)
 
 
(18,680
)
Defined benefit pension plans
 
 
 
 
 
 
 
 
 
 
 
Current period actuarial gains
 
35,971

 
 
1,428

 
 
21,361

 
 
53,470

Amortization of net deferred actuarial losses
 
4,203

 
 
6,676

 
 
12,236

 
 
22,153

Amortization of deferred prior service costs (credits)
 
13

 
 
(58
)
 
 
38

 
 
552

Reclassification of net actuarial loss from settlement charge
 
24,943

 
 
662

 
 
25,462

 
 
8,846

Reclassification of deferred prior service cost due to curtailments
 

 
 

 
 

 
 
9,483

Income tax effect
 
(16,334
)
 
 
(2,313
)
 
 
(15,835
)
 
 
(24,530
)
Derivative financial instruments
 
 
 
 
 
 
 
 
 
 
 
Gains (losses) arising during the period
 
(56,699
)
 
 
43,836

 
 
9,471

 
 
153,705

Income tax effect
 
10,163

 
 
(7,217
)
 
 
(759
)
 
 
(18,664
)
Reclassification to net income for (gains) losses realized
 
(22,563
)
 
 
5,391

 
 
(56,746
)
 
 
35,554

Income tax effect
 
3,689

 
 
(889
)
 
 
9,689

 
 
(2,846
)
Other comprehensive income (loss)
 
35,353

 
 
(23,649
)
 
 
(6,729
)
 
 
(22,535
)
Comprehensive income
 
$
500,356

 
 
$
439,860

 
 
$
1,156,496

 
 
$
1,108,453














See notes to consolidated financial statements.


5 VF Corporation Q3 FY20 Form 10-Q


VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 
 
Nine Months Ended December
 
 
 
 
 
 
(In thousands)
 
2019
 
 
2018
OPERATING ACTIVITIES
 
 
 
 
 
Net income
 
$
1,163,225

 
 
$
1,130,988

Income (loss) from discontinued operations, net of tax
 
(35,772
)
 
 
244,380

Income from continuing operations, net of tax
 
1,198,997

 
 
886,608

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
 
204,341

 
 
192,049

Amortization of operating lease right-of-use assets
 
287,439

 
 

Stock-based compensation
 
95,304

 
 
67,577

Provision for doubtful accounts
 
9,592

 
 
11,413

Pension expense in excess of contributions
 
9,428

 
 
2,932

Loss on sale of businesses, net of tax
 

 
 
33,501

Other, net
 
(124,056
)
 
 
(36,393
)
Changes in operating assets and liabilities:
 
 
 
 
 
Accounts receivable
 
(185,259
)
 
 
(418,983
)
Inventories
 
(132,862
)
 
 
(69,211
)
Accounts payable
 
(121,532
)
 
 
54,306

Income taxes
 
(44,092
)
 
 
(43,935
)
Accrued liabilities
 
(82,948
)
 
 
444,424

Operating lease right-of-use assets and liabilities
 
(318,636
)
 
 

Other assets and liabilities
 
32,697

 
 
(12,562
)
Cash provided by operating activities - continuing operations
 
828,413

 
 
1,111,726

Cash provided by operating activities - discontinued operations
 
13,213

 
 
324,937

Cash provided by operating activities
 
841,626

 
 
1,436,663

INVESTING ACTIVITIES
 
 
 
 
 
Business acquisitions, net of cash received
 

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

 
 
430,273

Capital expenditures
 
(186,281
)
 
 
(180,241
)
Software purchases
 
(37,333
)
 
 
(42,533
)
Other, net
 
51,985

 
 
(16,189
)
Cash used by investing activities - continuing operations
 
(171,629
)
 
 
(129,095
)
Cash used by investing activities - discontinued operations
 
(2,327
)
 
 
(19,451
)
Cash used by investing activities
 
(173,956
)
 
 
(148,546
)
FINANCING ACTIVITIES
 
 
 
 
 
Net decrease in short-term borrowings
 
(596,559
)
 
 
(852,547
)
Payments on long-term debt
 
(4,496
)
 
 
(4,675
)
Payment of debt issuance costs
 

 
 
(2,123
)
Purchases of treasury stock
 
(500,003
)
 
 
(150,676
)
Cash dividends paid
 
(562,298
)
 
 
(565,176
)
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
 
135,086

 
 
137,470

Cash used by financing activities
 
(622,122
)
 
 
(1,437,727
)
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash
 
(4,927
)
 
 
(681
)
Net change in cash, cash equivalents and restricted cash
 
40,621

 
 
(150,291
)
Cash, cash equivalents and restricted cash – beginning of year
 
556,587

 
 
689,190

Cash, cash equivalents and restricted cash – end of period
 
$
597,208

 
 
$
538,899

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


VF Corporation Q3 FY20 Form 10-Q 6



VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 
 
Nine Months Ended December
 
 
 
 
 
 
(In thousands)
 
2019
 
 
2018
Balances per Consolidated Balance Sheets:
 
 
 
 
 
Cash and cash equivalents
 
$
583,951

 
 
$
451,978

Other current assets
 
3,448

 
 
2,855

Current and other assets of discontinued operations
 

 
 
83,351

Other assets
 
9,809

 
 
715

Total cash, cash equivalents and restricted cash
 
$
597,208

 
 
$
538,899















































See notes to consolidated financial statements.


7 VF Corporation Q3 FY20 Form 10-Q


VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
 
Three Months Ended December 2019
 
 
 
 
 
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
 
 
 
Common Stock
 
 
 
 
 
 
 (In thousands, except share amounts)
Shares
 
Amounts
 
 
 
 
Total
 
Balance, September 2019
398,865,790

 
$
99,716

 
$
4,072,640

 
$
(930,725
)
 
$
1,405,988

 
$
4,647,619

 
Net income

 

 

 

 
465,003

 
465,003

 
Dividends on Common Stock ($0.48 per share)

 

 

 

 
(188,694
)
 
(188,694
)
 
Purchase of treasury stock
(5,840,550
)
 
(1,460
)
 

 

 
(498,543
)
 
(500,003
)
 
Stock-based compensation, net
1,502,827

 
376

 
109,462

 

 
(1,526
)
 
108,312

 
Foreign currency translation and other

 

 

 
51,967

 

 
51,967

 
Defined benefit pension plans

 

 

 
48,796

 

 
48,796

 
Derivative financial instruments

 

 

 
(65,410
)
 

 
(65,410
)
 
Balance, December 2019
394,528,067

 
$
98,632

 
$
4,182,102

 
$
(895,372
)
 
$
1,182,228

 
$
4,567,590

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 2018
 
 
 
 
 
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
 
 
 
Common Stock
 
 
 
 
 
 
 (In thousands, except share amounts)
Shares
 
Amounts
 
 
 
 
Total
 
Balance, September 2018
397,161,808

 
$
99,290

 
$
3,795,395

 
$
(862,916
)
 
$
1,147,787

 
$
4,179,556

 
Net income

 

 

 

 
463,509

 
463,509

 
Dividends on Common Stock ($0.51 per share)

 

 

 

 
(201,325
)
 
(201,325
)
 
Purchase of treasury stock
(1,863,724
)
 
(466
)
 

 

 
(149,730
)
 
(150,196
)
 
Stock-based compensation, net
174,089

 
44

 
34,599

 

 
(1,914
)
 
32,729

 
Foreign currency translation and other

 

 

 
(71,165
)
 

 
(71,165
)
 
Defined benefit pension plans

 

 

 
6,395

 

 
6,395

 
Derivative financial instruments

 

 

 
41,121

 

 
41,121

 
Balance, December 2018
395,472,173

 
$
98,868

 
$
3,829,994

 
$
(886,565
)
 
$
1,258,327

 
$
4,300,624

 

















Continued on next page.


See notes to consolidated financial statements.



VF Corporation Q3 FY20 Form 10-Q 8



VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)

Nine Months Ended December 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
)