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VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from March 29, 2020 through April 3, 2021 ("Fiscal 2021"). Accordingly, this Form 10-Q presents our second quarter of Fiscal 2021. For presentation purposes herein, all references to periods ended September 2020 and September 2019 relate to the fiscal periods ended on September 26, 2020 and September 28, 2019, respectively. References to March 2020 relate to information as of March 28, 2020.
On January 21, 2020, VF announced its decision to explore the divestiture of its Occupational Workwear business. The Occupational Workwear business is comprised primarily of the following brands and businesses: Red Kap®, VF Solutions®, Bulwark®, Workrite®, Walls®, Terra®, Kodiak®, Work Authority® and Horace Small®. The business also includes certain Dickies® occupational workwear products that have historically been sold through the business-to-business channel. During the three months ended March 2020, the Company determined that the Occupational Workwear business met the held-for-sale and discontinued operations accounting criteria and expects to divest this business during Fiscal 2021. Accordingly, the Company has reported the results of the Occupational Workwear business and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively. The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets. These changes have been applied to all periods presented.
On May 22, 2019, VF completed the spin-off of its Jeans business, which included the Wrangler®, Lee® and Rock & Republic® brands, as well as the VF OutletTM business, into an independent, publicly traded company. As a result, VF reported the results for the Jeans business and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively. These changes have been applied to all periods presented.
Certain prior year amounts have been reclassified to conform to the Fiscal 2021 presentation.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. Similarly, the March 2020 condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations and cash flows of VF for the interim periods presented. Operating results for the three and six months ended September 2020 are not necessarily indicative of results that may be expected for any other interim period or for Fiscal 2021. For further information, refer to the consolidated financial statements and notes included in VF’s Annual Report on Form 10-K for the year ended March 28, 2020 (“Fiscal 2020 Form 10-K”).
In preparing the condensed consolidated financial statements, management makes estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. The duration and severity of the novel coronavirus ("COVID-19") pandemic, which is subject to uncertainty, is having a significant impact on VF's business. Management's estimates and assumptions have contemplated both current and expected impacts related to COVID-19 based on available information. Actual results may differ from those estimates.
Recently Adopted Accounting Standards

In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The FASB has subsequently issued updates to the standard to provide additional clarification on specific topics. The guidance became effective for VF in the first quarter of Fiscal 2021, but did not have a material impact on VF's consolidated financial statements. As a result of the adoption of this guidance, the following significant accounting policy from the Company’s Fiscal 2020 Form 10-K has been updated:
Accounts Receivable
Trade accounts receivable are recorded at invoiced amounts, less contractual allowances for trade terms, sales incentive programs and discounts. Royalty receivables are recorded at amounts earned based on the licensees' sales of licensed products, subject in some cases to contractual minimum royalties due from individual licensees. VF maintains an allowance for doubtful accounts for estimated losses that will result from the inability of customers and licensees to make required payments. The allowance is determined based on review of specific customer accounts where collection is doubtful, as well as an assessment of the collectability of total receivables, which are grouped based on similar risk characteristics, considering historical trends, adjusted for current economic conditions and reasonable and supportable forecasts when appropriate. The allowance represents the current estimate of lifetime expected credit losses for all outstanding accounts receivable and reflects the Company's ongoing evaluation of collectability, customer creditworthiness, historical levels of credit losses and future expectations. Receivables are written off against the allowance when it is determined that the amounts will not be recovered.
In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement", an update that modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The guidance became effective for VF in the first quarter of Fiscal 2021, but did not have a material impact on VF's disclosures.
In August 2018, the FASB issued ASU No. 2018-15, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract", an update that aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance became effective for VF in the first quarter of Fiscal 2021, but did not have a material impact on VF's consolidated financial statements.
Recently Issued Accounting Standards
In August 2018, the FASB issued ASU No. 2018-14, "Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans", an update that modifies the annual disclosure requirements for employers who sponsor defined benefit pension or other postretirement plans. The guidance will be effective for VF in Fiscal 2021, but the Company does not expect the adoption of this guidance to have a material impact on VF's disclosures.
In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", an update that amends and simplifies the accounting for income taxes by removing certain exceptions in existing guidance and providing new guidance to reduce complexity in certain areas. The guidance will be effective for VF in the first quarter of the year ending April 2, 2022 ("Fiscal 2022") with early adoption permitted. The Company is evaluating the impact that adopting this guidance will have on VF's consolidated financial statements.
In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting", an update that provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The optional guidance is provided to ease the potential burden of accounting for reference rate reform. The guidance is effective and can be adopted no later than December 31, 2022. The Company is evaluating the impact that adopting this guidance would have on VF's consolidated financial statements.
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Financial assets and financial liabilities measured and reported at fair value are classified in a three-level hierarchy that prioritizes the inputs used in the valuation process. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows:
Level 1 — Quoted prices in active markets for identical assets or liabilities.
Level 2 — Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities, or (iii) information derived from or corroborated by observable market data.
Level 3 — Prices or valuation techniques that require significant unobservable data inputs. These inputs would normally be VF’s own data and judgments about assumptions that market participants would use in pricing the asset or liability.
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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 26, 2020
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
vfc-20200926_g1.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)
1551 Wewatta Street
Denver, Colorado 80202
(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 shareVFCNew York Stock Exchange
0.625% Senior Notes due 2023VFC23New York Stock Exchange
0.250% Senior Notes due 2028VFC28New York Stock Exchange
0.625% Senior Notes due 2032VFC32New 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 filerAccelerated 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 24, 2020, there were 390,004,212 shares of the registrant’s common stock outstanding.




VF CORPORATION
Table of Contents
 PAGE NUMBER


Table of Contents
PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED).
VF CORPORATION
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share amounts)September 2020March 2020September 2019
ASSETS
Current assets
Cash and equivalents
$1,877,398 $1,369,028 $469,912 
Accounts receivable, less allowance for doubtful accounts of: September 2020 - $36,121; March 2020 - $37,099; September 2019 - $19,930
1,606,479 1,308,051 1,881,374 
Inventories
1,434,843 1,293,912 1,590,027 
Short-term investments
800,000   
Other current assets
408,809 444,886 391,678 
Current assets of discontinued operations
552,677 611,139 442,216 
Total current assets6,680,206 5,027,016 4,775,207 
Property, plant and equipment, net
933,990 954,406 832,237 
Intangible assets, net
1,851,093 1,854,545 1,857,868 
Goodwill
1,173,514 1,156,019 1,479,755 
Operating lease right-of-use assets
1,385,121 1,273,514 1,231,638 
Other assets
917,342 867,751 905,993 
Other assets of discontinued operations
  187,657 
TOTAL ASSETS$12,941,266 $11,133,251 $11,270,355 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Short-term borrowings
$13,237 $1,228,812 $484,321 
Current portion of long-term debt
1,127 1,018 4,986 
Accounts payable
450,109 407,021 483,207 
Accrued liabilities
1,505,703 1,260,252 1,331,495 
Current liabilities of discontinued operations
114,356 126,781 100,329 
Total current liabilities2,084,532 3,023,884 2,404,338 
Long-term debt
5,679,440 2,608,269 2,090,922 
Operating lease liabilities
1,129,840 1,020,651 997,456 
Other liabilities
1,102,216 1,123,113 1,106,791 
Other liabilities of discontinued operations
  23,229 
Total liabilities9,996,028 7,775,917 6,622,736 
Commitments and contingencies
Stockholders’ equity
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at September 2020, March 2020 or September 2019
   
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at September 2020 - 389,964,718; March 2020 - 388,812,158; September 2019 - 398,865,790
97,491 97,203 99,716 
Additional paid-in capital
3,852,358 4,183,780 4,072,640 
Accumulated other comprehensive income (loss)
(959,658)(930,958)(930,725)
Retained earnings (accumulated deficit)
(44,953)7,309 1,405,988 
Total stockholders’ equity2,945,238 3,357,334 4,647,619 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$12,941,266 $11,133,251 $11,270,355 


See notes to consolidated financial statements.
3 VF Corporation Q2 FY21 Form 10-Q

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VF CORPORATION
Consolidated Statements of Operations
(Unaudited)
 Three Months Ended SeptemberSix Months Ended September
(In thousands, except per share amounts)2020201920202019
Net revenues
$2,608,324 $3,179,758 $3,684,617 $5,230,412 
Costs and operating expenses
Cost of goods sold
1,282,406 1,456,317 1,789,357 2,352,601 
Selling, general and administrative expenses
1,005,970 1,174,879 1,822,121 2,233,284 
Total costs and operating expenses
2,288,376 2,631,196 3,611,478 4,585,885 
Operating income
319,948 548,562 73,139 644,527 
Interest income
3,176 4,424 4,489 10,968 
Interest expense
(34,107)(20,810)(63,369)(42,937)
Other income (expense), net
4,644 (1,771)(33,543)3,783 
Income (loss) from continuing operations before income taxes
293,661 530,405 (19,284)616,341 
Income tax expense (benefit)
50,415 (94,972)15,212 (74,309)
Income (loss) from continuing operations
243,246 625,377 (34,496)690,650 
Income from discontinued operations, net of tax
13,476 23,624 5,605 7,572 
Net income (loss)
$256,722 $649,001 $(28,891)$698,222 
Earnings (loss) per common share - basic
Continuing operations
$0.62 $1.57 $(0.09)$1.74 
Discontinued operations
0.03 0.06 0.01 0.02 
Total earnings (loss) per common share - basic
$0.66 $1.63 $(0.07)$1.76 
Earnings (loss) per common share - diluted
Continuing operations
$0.62 $1.55 $(0.09)$1.72 
Discontinued operations
0.03 0.06 0.01 0.02 
Total earnings (loss) per common share - diluted
$0.66 $1.61 $(0.07)$1.74 
Weighted average shares outstanding
Basic
389,219 397,751 388,957 397,239 
Diluted
391,180 402,261 390,986 402,088 









See notes to consolidated financial statements.
VF Corporation Q2 FY21 Form 10-Q 4

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VF CORPORATION
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
 Three Months Ended SeptemberSix Months Ended September
(In thousands)2020201920202019
Net income (loss)
$256,722 $649,001 $(28,891)$698,222 
Other comprehensive income (loss)
Foreign currency translation and other
Losses arising during the period
(33,483)(70,473)(29,629)(57,644)
Reclassification of foreign currency translation losses
  42,364  
Income tax effect
18,582 (8,912)24,837 (5,969)
Defined benefit pension plans
Current period actuarial losses
(8,853)(14,610)(8,853)(14,610)
Amortization of net deferred actuarial losses
2,898 4,014 5,761 8,033 
Amortization of deferred prior service costs (credits)
(17)12 (34)25 
Reclassification of net actuarial loss from settlement charge
572 519 572 519 
Income tax effect
386 2,207 722 499 
Derivative financial instruments
Gains (losses) arising during the period
(39,731)51,396 (47,326)66,170 
Income tax effect
7,197 (7,048)8,727 (10,922)
Reclassification of net gains realized
(11,379)(23,688)(31,659)(34,183)
Income tax effect
1,711 3,244 5,818 6,000 
Other comprehensive income (loss)
(62,117)(63,339)(28,700)(42,082)
Comprehensive income (loss)
$194,605 $585,662 $(57,591)$656,140 












See notes to consolidated financial statements.
5 VF Corporation Q2 FY21 Form 10-Q

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VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 Six Months Ended September
(In thousands)20202019
OPERATING ACTIVITIES
Net income (loss)
$(28,891)$698,222 
Income from discontinued operations, net of tax
5,605 7,572 
Income (loss) from continuing operations, net of tax
(34,496)690,650 
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities:
Depreciation and amortization
138,853 125,159 
Reduction in the carrying amount of right-of-use assets
205,635 186,327 
Stock-based compensation
26,113 70,146 
Provision for doubtful accounts
15,727 5,767 
Pension expense less than contributions
(7,953)(6,125)
Other, net
15,852 (99,823)
Changes in operating assets and liabilities:
Accounts receivable
(275,436)(542,150)
Inventories
(115,515)(433,360)
Accounts payable
36,019 (169)
Income taxes
(40,770)(47,964)
Accrued liabilities
161,785 (123,369)
Operating lease right-of-use assets and liabilities
(150,170)(224,750)
Other assets and liabilities
63,866 26,915 
Cash provided (used) by operating activities - continuing operations
39,510 (372,746)
Cash provided by operating activities - discontinued operations
43,298 7,268 
Cash provided (used) by operating activities
82,808 (365,478)
INVESTING ACTIVITIES
Purchases of short-term investments
(800,000) 
Capital expenditures
(112,501)(104,988)
Software purchases
(38,345)(24,712)
Other, net
(3,839)59,558 
Cash used by investing activities - continuing operations
(954,685)(70,142)
Cash used by investing activities - discontinued operations
(2,693)(7,270)
Cash used by investing activities
(957,378)(77,412)
FINANCING ACTIVITIES
Net decrease in short-term borrowings
(1,215,575)(168,421)
Payments on long-term debt
(768)(2,868)
Payment of debt issuance costs
(21,430) 
Proceeds from long-term debt
2,996,090  
Cash dividends paid
(373,638)(373,604)
Cash received from Kontoor Brands, net of cash transferred of $126.8 million
 906,148 
Proceeds from issuance of Common Stock, net of (payments) for tax withholdings
(7,221)50,659 
Cash provided by financing activities
1,377,458 411,914 
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash
(8,082)(5,385)
Net change in cash, cash equivalents and restricted cash
494,806 (36,361)
Cash, cash equivalents and restricted cash – beginning of year
1,411,322 556,587 
Cash, cash equivalents and restricted cash – end of period
$1,906,128 $520,226 

Continued on next page.
See notes to consolidated financial statements.
VF Corporation Q2 FY21 Form 10-Q 6

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VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 Six Months Ended September
(In thousands)20202019
Balances per Consolidated Balance Sheets:
Cash and cash equivalents$1,877,398 $469,912 
Other current assets1,301 2,748 
Current assets of discontinued operations26,846 37,693 
Other assets583 9,873 
Total cash, cash equivalents and restricted cash$1,906,128 $520,226 















































See notes to consolidated financial statements.
7 VF Corporation Q2 FY21 Form 10-Q

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VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
Three Months Ended September 2020
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings (Accumulated Deficit)
 Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, June 2020389,641,245 $97,410 $4,010,817 $(897,541)$(298,088)$2,912,598 
Net income
— — — — 256,722 256,722 
Dividends on Common Stock ($0.48 per share)
— — (186,892)— — (186,892)
Stock-based compensation, net
323,473 81 28,433 — (3,587)24,927 
Foreign currency translation and other
— — — (14,901)— (14,901)
Defined benefit pension plans
— — — (5,014)— (5,014)
Derivative financial instruments
— — — (42,202)— (42,202)
Balance, September 2020389,964,718 $97,491 $3,852,358 $(959,658)$(44,953)$2,945,238 
Three Months Ended September 2019
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings (Accumulated Deficit)
Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, June 2019397,922,120 $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 2019398,865,790 $99,716 $4,072,640 $(930,725)$1,405,988 $4,647,619 


















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



VF Corporation Q2 FY21 Form 10-Q 8

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VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
Six Months Ended September 2020
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings (Accumulated Deficit)
 Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, March 2020388,812,158 $97,203 $4,183,780 $(930,958)$7,309 $3,357,334 
Net loss
— — — — (28,891)(28,891)
Dividends on Common Stock ($0.96 per share)
— — (373,638)—  (373,638)
Stock-based compensation, net
1,152,560 288 42,216 — (23,371)19,133 
Foreign currency translation and other
— — — 37,572 — 37,572 
Defined benefit pension plans
— — — (1,832)— (1,832)
Derivative financial instruments
— — — (64,440)— (64,440)
Balance, September 2020389,964,718 $97,491 $3,852,358 $(959,658)$(44,953)$2,945,238 
Six Months Ended September 2019
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings (Accumulated Deficit)
Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, March 2019396,824,662 $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
— — — — 698,222 698,222 
Dividends on Common Stock ($0.94 per share)
— — — — (373,604)(373,604)
Stock-based compensation, net
2,041,128 510 150,856 — (27,393)123,973 
Foreign currency translation and other
— — — (63,613)— (63,613)
Defined benefit pension plans
— — — (5,534)— (5,534)
Derivative financial instruments
— — — 27,065 — 27,065 
Spin-off of Jeans Business
— — — 75,293 (130,208)(54,915)
Balance, September 2019398,865,790 $99,716 $4,072,640 $(930,725)$1,405,988 $4,647,619 












See notes to consolidated financial statements.

9 VF Corporation Q2 FY21 Form 10-Q

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VF CORPORATION
Notes to Consolidated Financial Statements
(Unaudited)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSPAGE NUMBER
NOTE 1
NOTE 2
NOTE 3
NOTE 4
NOTE 5
NOTE 6
NOTE 7
NOTE 8
NOTE 9
NOTE 10
NOTE 11
NOTE 12
NOTE 13
NOTE 14
NOTE 15
NOTE 16
NOTE 17
NOTE 18
NOTE 19
NOTE 20
VF Corporation Q2 FY21 Form 10-Q 10

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NOTE 1 — BASIS OF PRESENTATION

VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from March 29, 2020 through April 3, 2021 ("Fiscal 2021"). Accordingly, this Form 10-Q presents our second quarter of Fiscal 2021. For presentation purposes herein, all references to periods ended September 2020 and September 2019 relate to the fiscal periods ended on September 26, 2020 and September 28, 2019, respectively. References to March 2020 relate to information as of March 28, 2020.
On January 21, 2020, VF announced its decision to explore the divestiture of its Occupational Workwear business. The Occupational Workwear business is comprised primarily of the following brands and businesses: Red Kap®, VF Solutions®, Bulwark®, Workrite®, Walls®, Terra®, Kodiak®, Work Authority® and Horace Small®. The business also includes certain Dickies® occupational workwear products that have historically been sold through the business-to-business channel. During the three months ended March 2020, the Company determined that the Occupational Workwear business met the held-for-sale and discontinued operations accounting criteria and expects to divest this business during Fiscal 2021. Accordingly, the Company has reported the results of the Occupational Workwear business and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively. The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets. These changes have been applied to all periods presented.
On May 22, 2019, VF completed the spin-off of its Jeans business, which included the Wrangler®, Lee® and Rock & Republic® brands, as well as the VF OutletTM business, into an independent, publicly traded company. As a result, VF reported the results for the Jeans business and the related cash flows as discontinued operations in the Consolidated Statements of
Operations and Consolidated Statements of Cash Flows, respectively. These changes have been applied to all periods presented.
Certain prior year amounts have been reclassified to conform to the Fiscal 2021 presentation.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. Similarly, the March 2020 condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations and cash flows of VF for the interim periods presented. Operating results for the three and six months ended September 2020 are not necessarily indicative of results that may be expected for any other interim period or for Fiscal 2021. For further information, refer to the consolidated financial statements and notes included in VF’s Annual Report on Form 10-K for the year ended March 28, 2020 (“Fiscal 2020 Form 10-K”).
In preparing the condensed consolidated financial statements, management makes estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. The duration and severity of the novel coronavirus ("COVID-19") pandemic, which is subject to uncertainty, is having a significant impact on VF's business. Management's estimates and assumptions have contemplated both current and expected impacts related to COVID-19 based on available information. Actual results may differ from those estimates.
NOTE 2 — RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS

Recently Adopted Accounting Standards
In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The FASB has subsequently issued updates to the standard to provide additional clarification on specific topics. The guidance became effective for VF in the first quarter of Fiscal 2021, but did not have a material impact on VF's consolidated financial statements. As a result of the adoption of this guidance, the following significant accounting policy from the Company’s Fiscal 2020 Form 10-K has been updated:
Accounts Receivable
Trade accounts receivable are recorded at invoiced amounts, less contractual allowances for trade terms, sales incentive programs and discounts. Royalty receivables are recorded at amounts earned based on the licensees' sales of licensed products, subject in some cases to contractual minimum
royalties due from individual licensees. VF maintains an allowance for doubtful accounts for estimated losses that will result from the inability of customers and licensees to make required payments. The allowance is determined based on review of specific customer accounts where collection is doubtful, as well as an assessment of the collectability of total receivables, which are grouped based on similar risk characteristics, considering historical trends, adjusted for current economic conditions and reasonable and supportable forecasts when appropriate. The allowance represents the current estimate of lifetime expected credit losses for all outstanding accounts receivable and reflects the Company's ongoing evaluation of collectability, customer creditworthiness, historical levels of credit losses and future expectations. Receivables are written off against the allowance when it is determined that the amounts will not be recovered.
In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement", an update that modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain
11 VF Corporation Q2 FY21 Form 10-Q

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disclosures. The guidance became effective for VF in the first quarter of Fiscal 2021, but did not have a material impact on VF's disclosures.
In August 2018, the FASB issued ASU No. 2018-15, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract", an update that aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance became effective for VF in the first quarter of Fiscal 2021, but did not have a material impact on VF's consolidated financial statements.
Recently Issued Accounting Standards
In August 2018, the FASB issued ASU No. 2018-14, "Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans", an update that modifies the annual disclosure requirements for employers who sponsor defined benefit pension or other postretirement plans. The guidance will be effective for VF in Fiscal 2021, but the
Company does not expect the adoption of this guidance to have a material impact on VF's disclosures.
In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", an update that amends and simplifies the accounting for income taxes by removing certain exceptions in existing guidance and providing new guidance to reduce complexity in certain areas. The guidance will be effective for VF in the first quarter of the year ending April 2, 2022 ("Fiscal 2022") with early adoption permitted. The Company is evaluating the impact that adopting this guidance will have on VF's consolidated financial statements.