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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 31, 2022
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-20221231_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 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 28, 2023, there were 388,656,848 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)December 2022March 2022December 2021
ASSETS
Current assets
Cash and equivalents
$571,347 $1,275,943 $1,333,839 
Accounts receivable, less allowance for doubtful accounts of: December 2022  - $29,087; March 2022 - $27,959; December 2021 - $33,363
1,564,957 1,467,842 1,495,859 
Inventories
2,591,915 1,418,673 1,287,210 
Other current assets
515,763 425,622 483,738 
Total current assets5,243,982 4,588,080 4,600,646 
Property, plant and equipment, net
932,663 1,041,777 1,049,691 
Intangible assets, net
2,790,512 3,000,351 3,010,517 
Goodwill
2,142,401 2,393,807 2,409,260 
Operating lease right-of-use assets
1,293,041 1,247,056 1,302,545 
Other assets
1,910,698 1,071,137 1,163,663 
TOTAL ASSETS$14,313,297 $13,342,208 $13,536,322 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Short-term borrowings
$901,668 $335,462 $106,010 
Current portion of long-term debt
910,616 501,051 500,915 
Accounts payable
906,340 562,992 559,716 
Accrued liabilities
1,827,610 1,915,892 2,057,237 
Total current liabilities4,546,234 3,315,397 3,223,878 
Long-term debt
4,617,441 4,584,261 4,646,379 
Operating lease liabilities
1,068,744 1,023,759 1,093,013 
Other liabilities
761,246 888,436 919,652 
Total liabilities10,993,665 9,811,853 9,882,922 
Commitments and contingencies
Stockholders’ equity
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at December 2022, March 2022 or December 2021
— — — 
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at December 2022 - 388,660,385; March 2022 - 388,298,375; December 2021 - 388,885,032
97,165 97,075 97,221 
Additional paid-in capital
3,766,304 3,916,384 3,884,935 
Accumulated other comprehensive income (loss)
(929,588)(926,579)(937,457)
Retained earnings
385,751 443,475 608,701 
Total stockholders’ equity3,319,632 3,530,355 3,653,400 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$14,313,297 $13,342,208 $13,536,322 




See notes to consolidated financial statements.

3 VF Corporation Q3 FY23 Form 10-Q
Table of Contents
VF CORPORATION
Consolidated Statements of Operations
(Unaudited)
 Three Months Ended DecemberNine Months Ended December
(In thousands, except per share amounts)2022202120222021
Net revenues
$3,530,667 $3,624,384 $8,872,862 $9,017,176 
Costs and operating expenses
Cost of goods sold
1,593,048 1,592,604 4,134,207 4,027,601 
Selling, general and administrative expenses
1,421,586 1,353,338 3,828,157 3,549,763 
Impairment of goodwill and intangible assets
— — 421,922 — 
Total costs and operating expenses
3,014,634 2,945,942 8,384,286 7,577,364 
Operating income
516,033 678,442 488,576 1,439,812 
Interest income
3,914 606 6,020 4,266 
Interest expense
(54,144)(33,994)(121,415)(104,799)
Loss on debt extinguishment
— (3,645)— (3,645)
Other income (expense), net
(9,901)(95)(113,895)16,495 
Income from continuing operations before income taxes
455,902 641,314 259,286 1,352,129 
Income tax expense (benefit)
(51,966)123,513 (74,190)216,303 
Income from continuing operations
507,868 517,801 333,476 1,135,826 
Income from discontinued operations, net of tax
— — — 170,273 
Net income
$507,868 $517,801 $333,476 $1,306,099 
Earnings per common share - basic
Continuing operations
$1.31 $1.33 $0.86 $2.90 
Discontinued operations
— — — 0.44 
Total earnings per common share - basic
$1.31 $1.33 $0.86 $3.34 
Earnings per common share - diluted
Continuing operations
$1.31 $1.32 $0.86 $2.89 
Discontinued operations
— — — 0.43 
Total earnings per common share - diluted
$1.31 $1.32 $0.86 $3.32 
Weighted average shares outstanding
Basic
387,739 390,430 387,663 391,187 
Diluted
388,192 392,495 388,357 393,547 








See notes to consolidated financial statements.
VF Corporation Q3 FY23 Form 10-Q 4
Table of Contents
VF CORPORATION
Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended DecemberNine Months Ended December
(In thousands)2022202120222021
Net income
$507,868 $517,801 $333,476 $1,306,099 
Other comprehensive income (loss)
Foreign currency translation and other
Gains (losses) arising during the period
(1,506)(15,757)(74,924)5,100 
Income tax effect
43,475 (9,954)(15,321)(17,758)
Defined benefit pension plans
Current period actuarial gains (losses)
(1,307)514 (15,449)(3,938)
Amortization of net deferred actuarial losses
3,858 2,858 11,532 8,569 
Amortization of deferred prior service credits
(112)(117)(335)(352)
Reclassification of net actuarial loss from settlement charges
695 5,660 93,597 6,684 
Income tax effect
(935)(2,251)(23,401)(2,187)
Derivative financial instruments
Gains (losses) arising during the period
(119,635)14,185 82,480 43,983 
Income tax effect
17,970 (2,224)(13,761)(8,010)
Reclassification of net (gains) losses realized
(32,905)12,439 (56,053)45,984 
Income tax effect
4,979 (1,976)8,626 (6,532)
Other comprehensive income (loss)
(85,423)3,377 (3,009)71,543 
Comprehensive income
$422,445 $521,178 $330,467 $1,377,642 













See notes to consolidated financial statements.
5 VF Corporation Q3 FY23 Form 10-Q

VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended December
(In thousands)20222021
OPERATING ACTIVITIES
Net income
$333,476 $1,306,099 
Income from discontinued operations, net of tax
— 170,273 
Income from continuing operations, net of tax
333,476 1,135,826 
Adjustments to reconcile net income to cash provided (used) by operating activities:
Impairment of goodwill and intangible assets
421,922 — 
Depreciation and amortization
192,174 199,652 
Reduction in the carrying amount of right-of-use assets
280,845 309,588 
Stock-based compensation
47,714 65,833 
Provision for doubtful accounts
1,231 3,143 
Pension expense in excess of (less than) contributions
83,278 (27,514)
Loss on extinguishment of debt
— 3,645 
Other, net
10,740 (291,054)
Changes in operating assets and liabilities:
Accounts receivable
(120,081)(214,644)
Inventories
(1,200,438)(237,285)
Accounts payable
352,047 99,565 
Income taxes
(1,178,547)219,097 
Accrued liabilities
173,148 250,170 
Operating lease right-of-use assets and liabilities
(290,679)(342,322)
Other assets and liabilities
59,698 (382,410)
Cash provided (used) by operating activities - continuing operations
(833,472)791,290 
Cash provided by operating activities - discontinued operations
— 6,090 
Cash provided (used) by operating activities
(833,472)797,380 
INVESTING ACTIVITIES
Business acquisitions, net of cash received
— 3,760 
Proceeds from sale of businesses, net of cash sold
— 616,529 
Proceeds from sale of short-term investments
— 598,806 
Capital expenditures
(130,214)(214,220)
Software purchases
(75,460)(63,758)
Other, net
(1,159)12,819 
Cash provided (used) by investing activities - continuing operations
(206,833)953,936 
Cash used by investing activities - discontinued operations
— (525)
Cash provided (used) by investing activities
(206,833)953,411 
FINANCING ACTIVITIES
Contingent consideration payment
(56,976)— 
Net increase in short-term borrowings
566,206 94,958 
Payments on long-term debt
(500,786)(503,943)
Payment of debt issuance costs
(819)(2,415)
Proceeds from long-term debt
1,000,000 — 
Share repurchases
— (299,999)
Cash dividends paid
(586,335)(579,194)
Proceeds from issuance of Common Stock, net of (payments) for tax withholdings
(2,571)32,929 
Cash provided (used) by financing activities
418,719 (1,257,664)
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash
(82,512)(9,339)
Net change in cash, cash equivalents and restricted cash
(704,098)483,788 
Cash, cash equivalents and restricted cash – beginning of year
1,277,082 851,205 
Cash, cash equivalents and restricted cash – end of period
$572,984 $1,334,993 
Continued on next page.
See notes to consolidated financial statements.
VF Corporation Q3 FY23 Form 10-Q 6
Table of Contents
VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended December
(In thousands)20222021
Balances per Consolidated Balance Sheets:
Cash and cash equivalents$571,347 $1,333,839 
Other current assets1,511 1,124 
Other assets126 30 
Total cash, cash equivalents and restricted cash$572,984 $1,334,993 

















































See notes to consolidated financial statements.
7 VF Corporation Q3 FY23 Form 10-Q
Table of Contents
VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
Three Months Ended December 2022
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings
 Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, September 2022388,569,062 $97,142 $3,952,786 $(844,165)$(120,127)$3,085,636 
Net income
— — — — 507,868 507,868 
Dividends on Common Stock ($0.51 per share)
— — (198,051)— — (198,051)
Stock-based compensation, net
91,323 23 11,569 — (1,990)9,602 
Foreign currency translation and other
— — — 41,969 — 41,969 
Defined benefit pension plans
— — — 2,199 — 2,199 
Derivative financial instruments
— — — (129,591)— (129,591)
Balance, December 2022388,660,385 $97,165 $3,766,304 $(929,588)$385,751 $3,319,632 
Three Months Ended December 2021
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings
Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, September 2021392,758,016 $98,190 $3,854,687 $(940,834)$586,438 $3,598,481 
Net income
— — — — 517,801 517,801 
Dividends on Common Stock ($0.50 per share)
— — — — (194,767)(194,767)
Share repurchases
(4,029,722)(1,007)— — (298,992)(299,999)
Stock-based compensation, net
156,738 38 30,248 — (1,779)28,507 
Foreign currency translation and other
— — — (25,711)— (25,711)
Defined benefit pension plans
— — — 6,664 — 6,664 
Derivative financial instruments
— — — 22,424 — 22,424 
Balance, December 2021388,885,032 $97,221 $3,884,935 $(937,457)$608,701 $3,653,400 










Continued on next page.

See notes to consolidated financial statements.

VF Corporation Q3 FY23 Form 10-Q 8
Table of Contents
VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
Nine Months Ended December 2022
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings
 Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, March 2022388,298,375 $97,075 $3,916,384 $(926,579)$443,475 $3,530,355 
Net income— — — — 333,476 333,476 
Dividends on Common Stock ($1.51 per share)
— — (203,394)— (382,941)(586,335)
Stock-based compensation, net362,010 90 53,314 — (8,259)45,145 
Foreign currency translation and other— — — (90,245)— (90,245)
Defined benefit pension plans— — — 65,944 — 65,944 
Derivative financial instruments— — — 21,292 — 21,292 
Balance, December 2022388,660,385 $97,165 $3,766,304 $(929,588)$385,751 $3,319,632 
Nine Months Ended December 2021
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings
Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, March 2021391,941,477 $97,985 $3,777,645 $(1,009,000)$189,534 $3,056,164 
Net income— — — — 1,306,099 1,306,099 
Dividends on Common Stock ($1.48 per share)
— — (2,597)— (576,597)(579,194)
Share repurchases(4,029,722)(1,007)— — (298,992)(299,999)
Stock-based compensation, net973,277 243 109,887 — (11,343)98,787 
Foreign currency translation and other— — — (12,658)— (12,658)
Defined benefit pension plans— — — 8,776 — 8,776 
Derivative financial instruments— — — 75,425 — 75,425 
Balance, December 2021388,885,032 $97,221 $3,884,935 $(937,457)$608,701 $3,653,400 
















See notes to consolidated financial statements.
9 VF Corporation Q3 FY23 Form 10-Q
Table of Contents
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 Q3 FY23 Form 10-Q 10
Table of Contents
NOTE 1 — BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fiscal Year
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 April 3, 2022 through April 1, 2023 ("Fiscal 2023"). Accordingly, this Form 10-Q presents our third quarter of Fiscal 2023. For presentation purposes herein, all references to periods ended December 2022 and December 2021 relate to the fiscal periods ended on December 31, 2022 and January 1, 2022, respectively. References to March 2022 relate to information as of April 2, 2022.
Basis of Presentation
On June 28, 2021, VF completed the sale of its Occupational Workwear business. The Occupational Workwear business was 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 included the license of certain Dickies® occupational workwear products that have historically been sold through the business-to-business channel. The results of the Occupational Workwear business and the related cash flows have been reported as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale. These changes have been applied to all periods presented.
Unless otherwise noted, discussion within these notes to the interim consolidated financial statements relates to continuing operations. Refer to Note 4 for additional information on discontinued operations.
Certain prior year amounts have been reclassified to conform to the Fiscal 2023 presentation.
The accompanying unaudited interim 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 2022 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, the accompanying unaudited interim 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 nine months ended December 2022 are not necessarily indicative of results that may be expected for any other interim period or for Fiscal 2023. 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 April 2, 2022 (“Fiscal 2022 Form 10-K”).

Use of Estimates
In preparing the interim consolidated financial statements, management makes estimates and assumptions that affect amounts reported in the interim consolidated financial statements and accompanying notes. The duration and severity of the challenging macroeconomic environment, the coronavirus ("COVID-19") pandemic and the conflict between Russia and Ukraine, and the related impacts on VF's business are subject to uncertainty; however, the estimates and assumptions made by management are based on available information. Actual results may differ from those estimates.
Significant Accounting Policies
Supply Chain Financing Program
During the first quarter of Fiscal 2023, VF reinstated its voluntary supply chain finance ("SCF") program. The SCF program enables a significant portion of our suppliers of inventory to leverage VF's credit rating to receive payment from participating financial institutions prior to the payment date specified in the terms between VF and the supplier. The SCF program is administered through third-party platforms that allow participating suppliers to track payments from VF and elect which VF receivables, if any, to sell to the financial institutions. The transactions are at the sole discretion of both the suppliers and financial institutions, and VF is not a party to the agreements and has no economic interest in the supplier's decision to sell a receivable. The terms between VF and the supplier, including the amount due and scheduled payment dates, are not impacted by a supplier's participation in the SCF program. Amounts due to suppliers who voluntarily participate in the SCF program are included in the accounts payable line item in VF's Consolidated Balance Sheets and VF payments made under the SCF program are reflected in cash flows from operating activities in VF's Consolidated Statements of Cash Flows. VF has been informed by the participating financial institutions that amounts payable to them for suppliers who voluntarily participated in the SCF program and included in the accounts payable line item in VF's Consolidated Balance Sheet was $159.9 million at December 2022. The amounts settled through the SCF program during the three and nine months ended December 2022 were $333.8 million and $766.0 million, respectively.
There have been no other changes to the Company's significant accounting policies described in Note 1 to the consolidated financial statements included in the Fiscal 2022 Form 10-K.
11 VF Corporation Q3 FY23 Form 10-Q
Table of Contents
NOTE 2 — RECENTLY ISSUED ACCOUNTING STANDARDS
Recently Issued Accounting Standards
In March 2020, January 2021 and December 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting", ASU No. 2021-01, "Reference Rate Reform (Topic 848): Scope" and ASU No. 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848", respectively. This guidance 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, 2024. The Company does not expect this guidance to have a material impact on VF's consolidated financial statements.
In November 2021, the FASB issued ASU No. 2021-10, "Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance", an update that requires
annual disclosures about government assistance, including the types of assistance and the effect on the financial statements. The guidance is effective for VF in Fiscal 2023, but the Company does not expect the adoption of this guidance to have a material impact on VF's annual disclosures.
In September 2022, the FASB issued ASU No. 2022-04, "Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations". This guidance requires companies with supplier finance programs to disclose sufficient qualitative and quantitative information about the program to allow a user of the financial statements to understand the nature of, activity in, and potential magnitude of the program. The guidance will be effective for VF in the first quarter of Fiscal 2024, except for certain quantitative disclosures that will be effective in Fiscal 2025. Early adoption is permitted. The Company is evaluating the impact that adopting this guidance will have on VF's disclosures.
NOTE 3 — REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities: