false2024Q200001033793/302.2500001033792023-04-022023-09-300000103379us-gaap:CommonStockMember2023-04-022023-09-300000103379vfc:FixedRateFourPointOneTwoFivePercentageNotesDueSeptemberTwoThousandTwentySixMember2023-04-022023-09-300000103379vfc:FixedRateZeroPointTwoFiveZeroPercentageNotesDueTwoThousandTwentyEightMemberMember2023-04-022023-09-300000103379vfc:FixedRateFourPointTwoFiveZeroPercentageNotesDueTwoThousandTwentyNineMember2023-04-022023-09-300000103379vfc:FixedRateZeroPointSixTwoFivePercentageNotesDueTwoThousandThirtyTwoMemberMember2023-04-022023-09-3000001033792023-10-28xbrli:shares00001033792023-09-30iso4217:USD00001033792023-04-0100001033792022-10-01iso4217:USDxbrli:shares00001033792023-07-022023-09-3000001033792022-07-032022-10-0100001033792022-04-032022-10-0100001033792022-04-020000103379us-gaap:CommonStockMember2023-07-010000103379us-gaap:AdditionalPaidInCapitalMember2023-07-010000103379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-010000103379us-gaap:RetainedEarningsMember2023-07-0100001033792023-07-010000103379us-gaap:RetainedEarningsMember2023-07-022023-09-300000103379us-gaap:AdditionalPaidInCapitalMember2023-07-022023-09-300000103379us-gaap:CommonStockMember2023-07-022023-09-300000103379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-022023-09-300000103379us-gaap:CommonStockMember2023-09-300000103379us-gaap:AdditionalPaidInCapitalMember2023-09-300000103379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000103379us-gaap:RetainedEarningsMember2023-09-300000103379us-gaap:CommonStockMember2022-07-020000103379us-gaap:AdditionalPaidInCapitalMember2022-07-020000103379us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-020000103379us-gaap:RetainedEarningsMember2022-07-0200001033792022-07-020000103379us-gaap:RetainedEarningsMember2022-07-032022-10-010000103379us-gaap:AdditionalPaidInCapitalMember2022-07-032022-10-010000103379us-gaap:CommonStockMember2022-07-032022-10-010000103379us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-032022-10-010000103379us-gaap:CommonStockMember2022-10-010000103379us-gaap:AdditionalPaidInCapitalMember2022-10-010000103379us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-10-010000103379us-gaap:RetainedEarningsMember2022-10-010000103379us-gaap:CommonStockMember2023-04-010000103379us-gaap:AdditionalPaidInCapitalMember2023-04-010000103379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-010000103379us-gaap:RetainedEarningsMember2023-04-010000103379us-gaap:RetainedEarningsMember2023-04-022023-09-300000103379us-gaap:AdditionalPaidInCapitalMember2023-04-022023-09-300000103379us-gaap:CommonStockMember2023-04-022023-09-300000103379us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-022023-09-300000103379us-gaap:CommonStockMember2022-04-020000103379us-gaap:AdditionalPaidInCapitalMember2022-04-020000103379us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-020000103379us-gaap:RetainedEarningsMember2022-04-020000103379us-gaap:RetainedEarningsMember2022-04-032022-10-010000103379us-gaap:AdditionalPaidInCapitalMember2022-04-032022-10-010000103379us-gaap:CommonStockMember2022-04-032022-10-010000103379us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-032022-10-010000103379vfc:GlobalCreditFacilityMember2023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMemberus-gaap:SalesChannelThroughIntermediaryMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:ActiveMemberus-gaap:SalesChannelThroughIntermediaryMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:WorkMemberus-gaap:SalesChannelThroughIntermediaryMember2023-07-022023-09-300000103379us-gaap:MaterialReconcilingItemsMemberus-gaap:SalesChannelThroughIntermediaryMember2023-07-022023-09-300000103379us-gaap:SalesChannelThroughIntermediaryMember2023-07-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMembervfc:ActiveMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMembervfc:WorkMember2023-07-022023-09-300000103379us-gaap:MaterialReconcilingItemsMemberus-gaap:SalesChannelDirectlyToConsumerMember2023-07-022023-09-300000103379us-gaap:SalesChannelDirectlyToConsumerMember2023-07-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMemberus-gaap:RoyaltyMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMemberus-gaap:RoyaltyMembervfc:ActiveMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMemberus-gaap:RoyaltyMembervfc:WorkMember2023-07-022023-09-300000103379us-gaap:MaterialReconcilingItemsMemberus-gaap:RoyaltyMember2023-07-022023-09-300000103379us-gaap:RoyaltyMember2023-07-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:ActiveMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:WorkMember2023-07-022023-09-300000103379us-gaap:MaterialReconcilingItemsMember2023-07-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMembersrt:AmericasMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMembersrt:AmericasMembervfc:ActiveMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMembersrt:AmericasMembervfc:WorkMember2023-07-022023-09-300000103379us-gaap:MaterialReconcilingItemsMembersrt:AmericasMember2023-07-022023-09-300000103379srt:AmericasMember2023-07-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMembersrt:EuropeMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:ActiveMembersrt:EuropeMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:WorkMembersrt:EuropeMember2023-07-022023-09-300000103379us-gaap:MaterialReconcilingItemsMembersrt:EuropeMember2023-07-022023-09-300000103379srt:EuropeMember2023-07-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMembersrt:AsiaPacificMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:ActiveMembersrt:AsiaPacificMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:WorkMembersrt:AsiaPacificMember2023-07-022023-09-300000103379us-gaap:MaterialReconcilingItemsMembersrt:AsiaPacificMember2023-07-022023-09-300000103379srt:AsiaPacificMember2023-07-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMemberus-gaap:SalesChannelThroughIntermediaryMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:ActiveMemberus-gaap:SalesChannelThroughIntermediaryMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:WorkMemberus-gaap:SalesChannelThroughIntermediaryMember2022-07-032022-10-010000103379us-gaap:MaterialReconcilingItemsMemberus-gaap:SalesChannelThroughIntermediaryMember2022-07-032022-10-010000103379us-gaap:SalesChannelThroughIntermediaryMember2022-07-032022-10-010000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMembervfc:ActiveMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMembervfc:WorkMember2022-07-032022-10-010000103379us-gaap:MaterialReconcilingItemsMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-07-032022-10-010000103379us-gaap:SalesChannelDirectlyToConsumerMember2022-07-032022-10-010000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMemberus-gaap:RoyaltyMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMemberus-gaap:RoyaltyMembervfc:ActiveMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMemberus-gaap:RoyaltyMembervfc:WorkMember2022-07-032022-10-010000103379us-gaap:MaterialReconcilingItemsMemberus-gaap:RoyaltyMember2022-07-032022-10-010000103379us-gaap:RoyaltyMember2022-07-032022-10-010000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:ActiveMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:WorkMember2022-07-032022-10-010000103379us-gaap:MaterialReconcilingItemsMember2022-07-032022-10-010000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMembersrt:AmericasMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMembersrt:AmericasMembervfc:ActiveMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMembersrt:AmericasMembervfc:WorkMember2022-07-032022-10-010000103379us-gaap:MaterialReconcilingItemsMembersrt:AmericasMember2022-07-032022-10-010000103379srt:AmericasMember2022-07-032022-10-010000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMembersrt:EuropeMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:ActiveMembersrt:EuropeMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:WorkMembersrt:EuropeMember2022-07-032022-10-010000103379us-gaap:MaterialReconcilingItemsMembersrt:EuropeMember2022-07-032022-10-010000103379srt:EuropeMember2022-07-032022-10-010000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMembersrt:AsiaPacificMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:ActiveMembersrt:AsiaPacificMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:WorkMembersrt:AsiaPacificMember2022-07-032022-10-010000103379us-gaap:MaterialReconcilingItemsMembersrt:AsiaPacificMember2022-07-032022-10-010000103379srt:AsiaPacificMember2022-07-032022-10-010000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMemberus-gaap:SalesChannelThroughIntermediaryMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:ActiveMemberus-gaap:SalesChannelThroughIntermediaryMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:WorkMemberus-gaap:SalesChannelThroughIntermediaryMember2023-04-022023-09-300000103379us-gaap:MaterialReconcilingItemsMemberus-gaap:SalesChannelThroughIntermediaryMember2023-04-022023-09-300000103379us-gaap:SalesChannelThroughIntermediaryMember2023-04-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMembervfc:ActiveMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMembervfc:WorkMember2023-04-022023-09-300000103379us-gaap:MaterialReconcilingItemsMemberus-gaap:SalesChannelDirectlyToConsumerMember2023-04-022023-09-300000103379us-gaap:SalesChannelDirectlyToConsumerMember2023-04-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMemberus-gaap:RoyaltyMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMemberus-gaap:RoyaltyMembervfc:ActiveMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMemberus-gaap:RoyaltyMembervfc:WorkMember2023-04-022023-09-300000103379us-gaap:MaterialReconcilingItemsMemberus-gaap:RoyaltyMember2023-04-022023-09-300000103379us-gaap:RoyaltyMember2023-04-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:ActiveMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:WorkMember2023-04-022023-09-300000103379us-gaap:MaterialReconcilingItemsMember2023-04-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMembersrt:AmericasMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMembersrt:AmericasMembervfc:ActiveMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMembersrt:AmericasMembervfc:WorkMember2023-04-022023-09-300000103379us-gaap:MaterialReconcilingItemsMembersrt:AmericasMember2023-04-022023-09-300000103379srt:AmericasMember2023-04-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMembersrt:EuropeMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:ActiveMembersrt:EuropeMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:WorkMembersrt:EuropeMember2023-04-022023-09-300000103379us-gaap:MaterialReconcilingItemsMembersrt:EuropeMember2023-04-022023-09-300000103379srt:EuropeMember2023-04-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMembersrt:AsiaPacificMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:ActiveMembersrt:AsiaPacificMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMembervfc:WorkMembersrt:AsiaPacificMember2023-04-022023-09-300000103379us-gaap:MaterialReconcilingItemsMembersrt:AsiaPacificMember2023-04-022023-09-300000103379srt:AsiaPacificMember2023-04-022023-09-300000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMemberus-gaap:SalesChannelThroughIntermediaryMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:ActiveMemberus-gaap:SalesChannelThroughIntermediaryMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:WorkMemberus-gaap:SalesChannelThroughIntermediaryMember2022-04-032022-10-010000103379us-gaap:MaterialReconcilingItemsMemberus-gaap:SalesChannelThroughIntermediaryMember2022-04-032022-10-010000103379us-gaap:SalesChannelThroughIntermediaryMember2022-04-032022-10-010000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMembervfc:ActiveMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMembervfc:WorkMember2022-04-032022-10-010000103379us-gaap:MaterialReconcilingItemsMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-04-032022-10-010000103379us-gaap:SalesChannelDirectlyToConsumerMember2022-04-032022-10-010000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMemberus-gaap:RoyaltyMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMemberus-gaap:RoyaltyMembervfc:ActiveMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMemberus-gaap:RoyaltyMembervfc:WorkMember2022-04-032022-10-010000103379us-gaap:MaterialReconcilingItemsMemberus-gaap:RoyaltyMember2022-04-032022-10-010000103379us-gaap:RoyaltyMember2022-04-032022-10-010000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:ActiveMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:WorkMember2022-04-032022-10-010000103379us-gaap:MaterialReconcilingItemsMember2022-04-032022-10-010000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMembersrt:AmericasMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMembersrt:AmericasMembervfc:ActiveMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMembersrt:AmericasMembervfc:WorkMember2022-04-032022-10-010000103379us-gaap:MaterialReconcilingItemsMembersrt:AmericasMember2022-04-032022-10-010000103379srt:AmericasMember2022-04-032022-10-010000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMembersrt:EuropeMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:ActiveMembersrt:EuropeMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:WorkMembersrt:EuropeMember2022-04-032022-10-010000103379us-gaap:MaterialReconcilingItemsMembersrt:EuropeMember2022-04-032022-10-010000103379srt:EuropeMember2022-04-032022-10-010000103379vfc:OutdoorMemberus-gaap:OperatingSegmentsMembersrt:AsiaPacificMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:ActiveMembersrt:AsiaPacificMember2022-04-032022-10-010000103379us-gaap:OperatingSegmentsMembervfc:WorkMembersrt:AsiaPacificMember2022-04-032022-10-010000103379us-gaap:MaterialReconcilingItemsMembersrt:AsiaPacificMember2022-04-032022-10-010000103379srt:AsiaPacificMember2022-04-032022-10-010000103379us-gaap:CustomerRelationshipsMember2023-09-300000103379us-gaap:CustomerRelationshipsMember2023-04-010000103379vfc:OutdoorMember2023-04-010000103379vfc:ActiveMember2023-04-010000103379vfc:WorkMember2023-04-010000103379vfc:OutdoorMember2023-04-022023-09-300000103379vfc:ActiveMember2023-04-022023-09-300000103379vfc:WorkMember2023-04-022023-09-300000103379vfc:OutdoorMember2023-09-300000103379vfc:ActiveMember2023-09-300000103379vfc:WorkMember2023-09-300000103379vfc:EuroCommercialPaperProgramMember2023-09-30iso4217:EURxbrli:pure0000103379vfc:USCommercialPaperProgramMember2023-09-300000103379vfc:USCommercialPaperProgramMember2022-10-010000103379us-gaap:SeniorNotesMembervfc:A0625SeniorNotesDueSeptember2023Member2023-09-182023-09-180000103379us-gaap:SeniorNotesMembervfc:A0625SeniorNotesDueSeptember2023Member2023-09-180000103379vfc:SupplyChainFinancingProgramMember2023-09-300000103379vfc:SupplyChainFinancingProgramMember2023-04-010000103379vfc:SupplyChainFinancingProgramMember2022-10-010000103379us-gaap:PensionPlansDefinedBenefitMember2023-07-022023-09-300000103379us-gaap:PensionPlansDefinedBenefitMember2022-07-032022-10-010000103379us-gaap:PensionPlansDefinedBenefitMember2023-04-022023-09-300000103379us-gaap:PensionPlansDefinedBenefitMember2022-04-032022-10-010000103379us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2023-04-022023-09-300000103379us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2022-04-032022-10-010000103379us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2022-07-032022-10-010000103379us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2023-04-022023-07-0100001033792022-04-032022-06-3000001033792022-06-30vfc:participant0000103379vfc:ShareRepurchaseProgramMember2023-04-022023-09-300000103379us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300000103379us-gaap:AccumulatedTranslationAdjustmentMember2023-04-010000103379us-gaap:AccumulatedTranslationAdjustmentMember2022-10-010000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-09-300000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-04-010000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-10-010000103379us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300000103379us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-010000103379us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-10-010000103379us-gaap:AccumulatedTranslationAdjustmentMember2023-07-010000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-07-010000103379us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-010000103379us-gaap:AccumulatedTranslationAdjustmentMember2023-07-022023-09-300000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-07-022023-09-300000103379us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-022023-09-300000103379us-gaap:AccumulatedTranslationAdjustmentMember2022-07-020000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-07-020000103379us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-020000103379us-gaap:AccumulatedTranslationAdjustmentMember2022-07-032022-10-010000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-07-032022-10-010000103379us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-032022-10-010000103379us-gaap:AccumulatedTranslationAdjustmentMember2023-04-022023-09-300000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-04-022023-09-300000103379us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-022023-09-300000103379us-gaap:AccumulatedTranslationAdjustmentMember2022-04-020000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-04-020000103379us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-020000103379us-gaap:AccumulatedTranslationAdjustmentMember2022-04-032022-10-010000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-04-032022-10-010000103379us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-032022-10-010000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-022023-09-300000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-032022-10-010000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-04-022023-09-300000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-032022-10-010000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-022023-09-300000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-032022-10-010000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-04-022023-09-300000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-032022-10-010000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-022023-09-300000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-032022-10-010000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-04-022023-09-300000103379us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-032022-10-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-022023-09-300000103379us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-032022-10-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-022023-09-300000103379us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-032022-10-010000103379us-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-022023-09-300000103379us-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-032022-10-010000103379us-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-022023-09-300000103379us-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-032022-10-010000103379us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-022023-09-300000103379us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-032022-10-010000103379us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-022023-09-300000103379us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-032022-10-010000103379us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-022023-09-300000103379us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-032022-10-010000103379us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-04-022023-09-300000103379us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-032022-10-010000103379srt:MinimumMember2023-04-022023-09-300000103379srt:MaximumMember2023-04-022023-09-300000103379vfc:PerformanceBasedRestrictedStockUnitsMember2023-04-022023-09-300000103379vfc:PerformanceBasedRestrictedStockUnitsMembersrt:MinimumMember2023-09-300000103379vfc:ShareholderReturnPerformanceStockAwardsMember2023-04-022023-09-300000103379vfc:PerformanceBasedRestrictedStockUnitsMemberus-gaap:ValuationTechniqueOptionPricingModelMember2023-04-022023-09-300000103379srt:DirectorMembervfc:NonPerformanceBasedRestrictedStockMember2023-04-022023-09-300000103379vfc:NonPerformanceBasedRestrictedStockMembervfc:KeyEmployeesInInternationalJurisdictionsMember2023-04-022023-09-300000103379vfc:NonPerformanceBasedRestrictedStockMembervfc:KeyEmployeesInInternationalJurisdictionsMember2023-09-300000103379us-gaap:ShareBasedCompensationAwardTrancheOneMembervfc:PresidentAndChiefExecutiveOfficeMember2023-04-022023-09-300000103379us-gaap:ShareBasedCompensationAwardTrancheTwoMembervfc:PresidentAndChiefExecutiveOfficeMember2023-04-022023-09-300000103379vfc:PerformanceBasedRestrictedStockUnitsMembersrt:MaximumMember2023-09-3000001033792022-10-192022-10-190000103379us-gaap:InternalRevenueServiceIRSMemberus-gaap:DomesticCountryMember2023-07-022023-09-300000103379us-gaap:InternalRevenueServiceIRSMemberus-gaap:DomesticCountryMember2023-04-022023-09-300000103379us-gaap:InternalRevenueServiceIRSMemberus-gaap:DomesticCountryMember2023-04-022023-07-010000103379us-gaap:AdministrationOfTheTreasuryBelgiumMemberus-gaap:ForeignCountryMember2018-12-310000103379us-gaap:AdministrationOfTheTreasuryBelgiumMemberus-gaap:ForeignCountryMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMember2023-07-022023-09-300000103379us-gaap:OperatingSegmentsMember2022-07-032022-10-010000103379us-gaap:OperatingSegmentsMember2023-04-022023-09-300000103379us-gaap:OperatingSegmentsMember2022-04-032022-10-010000103379us-gaap:CorporateNonSegmentMember2023-07-022023-09-300000103379us-gaap:CorporateNonSegmentMember2022-07-032022-10-010000103379us-gaap:CorporateNonSegmentMember2023-04-022023-09-300000103379us-gaap:CorporateNonSegmentMember2022-04-032022-10-010000103379us-gaap:MoneyMarketFundsMember2023-09-300000103379us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2023-09-300000103379us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2023-09-300000103379us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2023-09-300000103379us-gaap:BankTimeDepositsMember2023-09-300000103379us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Member2023-09-300000103379us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel2Member2023-09-300000103379us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel3Member2023-09-300000103379us-gaap:FairValueInputsLevel1Member2023-09-300000103379us-gaap:FairValueInputsLevel2Member2023-09-300000103379us-gaap:FairValueInputsLevel3Member2023-09-300000103379us-gaap:MoneyMarketFundsMember2023-04-010000103379us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2023-04-010000103379us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2023-04-010000103379us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2023-04-010000103379us-gaap:BankTimeDepositsMember2023-04-010000103379us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Member2023-04-010000103379us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel2Member2023-04-010000103379us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel3Member2023-04-010000103379us-gaap:FairValueInputsLevel1Member2023-04-010000103379us-gaap:FairValueInputsLevel2Member2023-04-010000103379us-gaap:FairValueInputsLevel3Member2023-04-010000103379vfc:DickiesMembervfc:WorkMember2023-07-022023-09-300000103379vfc:DickiesMembervfc:WorkMember2023-09-300000103379us-gaap:ForeignExchangeContractMember2023-09-300000103379us-gaap:ForeignExchangeContractMember2023-04-010000103379us-gaap:ForeignExchangeContractMember2022-10-010000103379us-gaap:InterestRateSwapMember2023-04-010000103379us-gaap:InterestRateSwapMember2023-09-300000103379us-gaap:InterestRateSwapMember2022-10-010000103379us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2023-09-300000103379us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2023-04-010000103379us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2022-10-010000103379us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2023-09-300000103379us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2023-04-010000103379us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-10-010000103379us-gaap:DesignatedAsHedgingInstrumentMember2023-09-300000103379us-gaap:DesignatedAsHedgingInstrumentMember2023-04-010000103379us-gaap:DesignatedAsHedgingInstrumentMember2022-10-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-09-300000103379us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-04-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-10-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMember2023-09-300000103379us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMember2023-04-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMember2022-10-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMember2023-09-300000103379us-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMember2023-04-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMember2022-10-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMember2023-09-300000103379us-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMember2023-04-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMember2022-10-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMember2023-09-300000103379us-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMember2023-04-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMember2022-10-010000103379us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMember2023-09-300000103379us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMember2023-04-010000103379us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMember2022-10-010000103379us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMember2023-09-300000103379us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMember2023-04-010000103379us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMember2022-10-010000103379us-gaap:ForeignExchangeContractMember2023-07-022023-09-300000103379us-gaap:ForeignExchangeContractMember2022-07-032022-10-010000103379us-gaap:ForeignExchangeContractMember2023-04-022023-09-300000103379us-gaap:ForeignExchangeContractMember2022-04-032022-10-010000103379us-gaap:InterestRateSwapMember2023-07-022023-09-300000103379us-gaap:InterestRateSwapMember2022-07-032022-10-010000103379us-gaap:InterestRateSwapMember2023-04-022023-09-300000103379us-gaap:InterestRateSwapMember2022-04-032022-10-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:SalesMember2023-07-022023-09-300000103379us-gaap:ForeignExchangeContractMemberus-gaap:SalesMember2022-07-032022-10-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:SalesMember2023-04-022023-09-300000103379us-gaap:ForeignExchangeContractMemberus-gaap:SalesMember2022-04-032022-10-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2023-07-022023-09-300000103379us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2022-07-032022-10-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2023-04-022023-09-300000103379us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2022-04-032022-10-010000103379us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeContractMember2023-07-022023-09-300000103379us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeContractMember2022-07-032022-10-010000103379us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeContractMember2023-04-022023-09-300000103379us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeContractMember2022-04-032022-10-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-07-022023-09-300000103379us-gaap:ForeignExchangeContractMemberus-gaap:OtherNonoperatingIncomeExpenseMember2022-07-032022-10-010000103379us-gaap:ForeignExchangeContractMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-04-022023-09-300000103379us-gaap:ForeignExchangeContractMemberus-gaap:OtherNonoperatingIncomeExpenseMember2022-04-032022-10-010000103379us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2023-07-022023-09-300000103379us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2022-07-032022-10-010000103379us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2023-04-022023-09-300000103379us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2022-04-032022-10-010000103379us-gaap:NetInvestmentHedgingMember2023-09-300000103379us-gaap:NetInvestmentHedgingMember2023-07-022023-09-300000103379us-gaap:NetInvestmentHedgingMember2023-04-022023-09-300000103379us-gaap:NetInvestmentHedgingMember2022-07-032022-10-010000103379us-gaap:NetInvestmentHedgingMember2022-04-032022-10-010000103379vfc:AccruedCurrentLiabilitiesMember2023-09-300000103379us-gaap:OtherNoncurrentLiabilitiesMember2023-09-300000103379us-gaap:EmployeeSeveranceMember2023-04-010000103379us-gaap:OtherRestructuringMember2023-04-010000103379us-gaap:EmployeeSeveranceMember2023-04-022023-09-300000103379us-gaap:OtherRestructuringMember2023-04-022023-09-300000103379us-gaap:EmployeeSeveranceMember2023-09-300000103379us-gaap:OtherRestructuringMember2023-09-300000103379us-gaap:DividendDeclaredMemberus-gaap:SubsequentEventMember2023-10-24

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 30, 2023
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)
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
4.125% Senior Notes due 2026VFC26New York Stock Exchange
0.250% Senior Notes due 2028VFC28New York Stock Exchange
4.250% Senior Notes due 2029VFC29New 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 28, 2023, there were 388,883,404 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 2023March 2023September 2022
ASSETS
Current assets
Cash and equivalents
$498,912 $814,887 $552,811 
Accounts receivable, less allowance for doubtful accounts of: September 2023  - $28,080; March 2023 - $28,075; September 2022 - $27,515
1,889,804 1,610,295 1,834,598 
Inventories
2,481,051 2,292,790 2,749,894 
Other current assets
373,795 434,737 550,940 
Total current assets5,243,562 5,152,709 5,688,243 
Property, plant and equipment, net
916,571 942,440 984,115 
Intangible assets, net
2,630,795 2,642,821 2,776,022 
Goodwill
1,961,220 1,978,413 2,102,700 
Operating lease right-of-use assets
1,307,643 1,372,182 1,217,172 
Other assets
1,082,561 1,901,923 1,015,890 
TOTAL ASSETS$13,142,352 $13,990,488 $13,784,142 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Short-term borrowings
$1,023,276 $11,491 $1,692,745 
Current portion of long-term debt
966 924,305 832,136 
Accounts payable
992,911 936,319 1,022,408 
Accrued liabilities
1,527,680 1,673,651 1,798,702 
Total current liabilities3,544,833 3,545,766 5,345,991 
Long-term debt
5,656,725 5,711,014 3,526,101 
Operating lease liabilities
1,121,658 1,171,941 1,022,451 
Other liabilities
609,091 651,054 803,963 
Total liabilities10,932,307 11,079,775 10,698,506 
Commitments and contingencies
Stockholders’ equity
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at September 2023, March 2023 or September 2022
   
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at September 2023 - 388,883,825; March 2023 - 388,665,531; September 2022 - 388,569,062
97,221 97,166 97,142 
Additional paid-in capital
3,638,029 3,775,979 3,952,786 
Accumulated other comprehensive loss
(1,011,705)(1,019,518)(844,165)
Retained earnings (accumulated deficit)
(513,500)57,086 (120,127)
Total stockholders’ equity2,210,045 2,910,713 3,085,636 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$13,142,352 $13,990,488 $13,784,142 



See notes to consolidated financial statements.

3 VF Corporation Q2 FY24 Form 10-Q

Table of Contents
VF CORPORATION
Consolidated Statements of Operations
(Unaudited)
 Three Months Ended SeptemberSix Months Ended September
(In thousands, except per share amounts)2023202220232022
Net revenues
$3,034,239 $3,080,600 $5,120,575 $5,342,195 
Costs and operating expenses
Cost of goods sold
1,479,028 1,498,177 2,464,297 2,541,159 
Selling, general and administrative expenses
1,192,284 1,251,320 2,302,343 2,406,571 
Impairment of goodwill and intangible assets
 421,922  421,922 
Total costs and operating expenses
2,671,312 3,171,419 4,766,640 5,369,652 
Operating income (loss)
362,927 (90,819)353,935 (27,457)
Interest income
4,808 823 10,302 2,106 
Interest expense
(60,452)(34,726)(115,665)(67,271)
Other income (expense), net
(3,510)(9,280)(7,077)(103,994)
Income (loss) before income taxes
303,773 (134,002)241,495 (196,616)
Income tax expense (benefit)
754,470 (15,570)749,617 (22,224)
Net loss
$(450,697)$(118,432)$(508,122)$(174,392)
Net loss per common share
Basic
$(1.16)$(0.31)$(1.31)$(0.45)
Diluted
$(1.16)$(0.31)$(1.31)$(0.45)
Weighted average shares outstanding
Basic
388,338 387,688 388,249 387,625 
Diluted
388,338 387,688 388,249 387,625 













See notes to consolidated financial statements.
VF Corporation Q2 FY24 Form 10-Q 4

Table of Contents
VF CORPORATION
Consolidated Statements of Comprehensive Loss
(Unaudited)
 Three Months Ended SeptemberSix Months Ended September
(In thousands)2023202220232022
Net loss
$(450,697)$(118,432)$(508,122)$(174,392)
Other comprehensive income (loss)
Foreign currency translation and other
Gains (losses) arising during the period
17,094 (21,894)564 (73,418)
Income tax effect
(22,383)(28,786)(19,002)(58,796)
Defined benefit pension plans
Current period actuarial gains (losses)
3,742 5,426 4,743 (14,142)
Amortization of net deferred actuarial losses
4,170 3,953 8,402 7,674 
Amortization of deferred prior service credits
(137)(111)(272)(223)
Reclassification of net actuarial loss from settlement charges
7 1,141 3,299 92,902 
Income tax effect
(2,209)(2,815)(4,118)(22,466)
Derivative financial instruments
Gains arising during the period
59,895 102,685 37,155 202,115 
Income tax effect
(9,852)(16,356)(5,714)(31,731)
Reclassification of net (gains) losses realized
(10,238)(14,906)(20,918)(23,148)
Income tax effect
1,735 2,374 3,674 3,647 
Other comprehensive income
41,824 30,711 7,813 82,414 
Comprehensive loss
$(408,873)$(87,721)$(500,309)$(91,978)













See notes to consolidated financial statements.
5 VF Corporation Q2 FY24 Form 10-Q


VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 Six Months Ended September
(In thousands)20232022
OPERATING ACTIVITIES
Net loss
$(508,122)$(174,392)
Adjustments to reconcile net loss to cash used by operating activities:
Impairment of goodwill and intangible assets
 421,922 
Depreciation and amortization
142,701 130,623 
Reduction in the carrying amount of right-of-use assets
190,423 185,880 
Stock-based compensation
35,204 37,474 
Provision for doubtful accounts
5,585 1,004 
Pension expense in excess of (less than) contributions
(10,151)85,779 
Deferred income taxes
(256,048)(40,396)
Write-off of income tax receivables and interest
921,409  
Other, net
4,363 33,308 
Changes in operating assets and liabilities:
Accounts receivable
(313,866)(461,904)
Inventories
(222,116)(1,434,470)
Accounts payable
72,314 494,424 
Income taxes
41,718 (193,671)
Accrued liabilities
85,205 138,510 
Operating lease right-of-use assets and liabilities
(193,298)(190,171)
Other assets and liabilities
(14,582)52,123 
Cash used by operating activities
(19,261)(913,957)
INVESTING ACTIVITIES
Capital expenditures
(96,343)(89,958)
Software purchases
(42,597)(47,858)
Other, net
(10,791)6,112 
Cash used by investing activities
(149,731)(131,704)
FINANCING ACTIVITIES
Contingent consideration payment
 (56,976)
Net increase in short-term borrowings
1,017,895 1,357,284 
Payments on long-term debt
(907,656)(500,522)
Payment of debt issuance costs
(576)(807)
Cash dividends paid
(233,172)(388,284)
Proceeds from issuance of Common Stock, net of (payments) for tax withholdings
(2,392)(1,931)
Cash provided (used) by financing activities
(125,901)408,764 
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash
(21,190)(85,888)
Net change in cash, cash equivalents and restricted cash
(316,083)(722,785)
Cash, cash equivalents and restricted cash – beginning of year
816,319 1,277,082 
Cash, cash equivalents and restricted cash – end of period
$500,236 $554,297 
Balances per Consolidated Balance Sheets:
Cash and cash equivalents$498,912 $552,811 
Other current assets1,197 1,360 
Other assets127 126 
Total cash, cash equivalents and restricted cash$500,236 $554,297 
See notes to consolidated financial statements.
VF Corporation Q2 FY24 Form 10-Q 6

Table of Contents
VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
Three Months Ended September 2023
Additional Paid-in CapitalAccumulated Other Comprehensive LossRetained Earnings (Accumulated Deficit)
 Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, June 2023388,836,545 $97,209 $3,733,777 $(1,053,529)$(60,694)$2,716,763 
Net loss
— — — — (450,697)(450,697)
Dividends on Common Stock ($0.30 per share)
— — (116,597)— — (116,597)
Stock-based compensation, net
47,280 12 20,849 — (2,109)18,752 
Foreign currency translation and other
— — — (5,289)— (5,289)
Defined benefit pension plans
— — — 5,573 — 5,573 
Derivative financial instruments
— — — 41,540 — 41,540 
Balance, September 2023388,883,825 $97,221 $3,638,029 $(1,011,705)$(513,500)$2,210,045 
Three Months Ended September 2022
Additional Paid-in CapitalAccumulated Other Comprehensive LossRetained Earnings (Accumulated Deficit)
Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, June 2022388,490,713 $97,123 $3,941,440 $(874,876)$188,806 $3,352,493 
Net loss
— — — — (118,432)(118,432)
Dividends on Common Stock ($0.50 per share)
— — (5,343)— (188,806)(194,149)
Stock-based compensation, net
78,349 19 16,689 — (1,695)15,013 
Foreign currency translation and other
— — — (50,680)— (50,680)
Defined benefit pension plans
— — — 7,594 — 7,594 
Derivative financial instruments
— — — 73,797 — 73,797 
Balance, September 2022388,569,062 $97,142 $3,952,786 $(844,165)$(120,127)$3,085,636 











Continued on next page.

See notes to consolidated financial statements.

7 VF Corporation Q2 FY24 Form 10-Q

Table of Contents
VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
Six Months Ended September 2023
Additional Paid-in CapitalAccumulated Other Comprehensive LossRetained Earnings (Accumulated Deficit)
 Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, March 2023388,665,531 $97,166 $3,775,979 $(1,019,518)$57,086 $2,910,713 
Net loss
— — — — (508,122)(508,122)
Dividends on Common Stock ($0.60 per share)
— — (176,086)— (57,086)(233,172)
Stock-based compensation, net
218,294 55 38,136 — (5,378)32,813 
Foreign currency translation and other
— — — (18,438)— (18,438)
Defined benefit pension plans
— — — 12,054 — 12,054 
Derivative financial instruments
— — — 14,197 — 14,197 
Balance, September 2023388,883,825 $97,221 $3,638,029 $(1,011,705)$(513,500)$2,210,045 
Six Months Ended September 2022
Additional Paid-in CapitalAccumulated Other Comprehensive LossRetained Earnings (Accumulated Deficit)
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 loss
— — — — (174,392)(174,392)
Dividends on Common Stock ($1.00 per share)
— — (5,343)— (382,941)(388,284)
Stock-based compensation, net
270,687 67 41,745 — (6,269)35,543 
Foreign currency translation and other
— — — (132,214)— (132,214)
Defined benefit pension plans
— — — 63,745 — 63,745 
Derivative financial instruments
— — — 150,883 — 150,883 
Balance, September 2022388,569,062 $97,142 $3,952,786 $(844,165)$(120,127)$3,085,636 













See notes to consolidated financial statements.
VF Corporation Q2 FY24 Form 10-Q 8

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
Short-term Borrowings and Long-term Debt
NOTE 9
NOTE 10
NOTE 11
NOTE 12
NOTE 13
NOTE 14
NOTE 15
Net Loss Per Share
NOTE 16
NOTE 17
NOTE 18
NOTE 19
9 VF Corporation Q2 FY24 Form 10-Q

Table of Contents
NOTE 1 — BASIS OF PRESENTATION

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 2, 2023 through March 30, 2024 ("Fiscal 2024"). Accordingly, this Form 10-Q presents our second quarter of Fiscal 2024. For presentation purposes herein, all references to periods ended September 2023 and September 2022 relate to the fiscal periods ended on September 30, 2023 and October 1, 2022, respectively. References to March 2023 relate to information as of April 1, 2023.
Basis of 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 2023 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 six months ended September 2023 are not necessarily indicative of results that
may be expected for any other interim period or for Fiscal 2024. 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 1, 2023 (“Fiscal 2023 Form 10-K”).
Recent Developments and Uncertainties
There is ongoing uncertainty around the global economy and macroeconomic environment, which we expect to continue and cause disruption and near-term challenges for our business. Macroeconomic conditions include inflationary pressures, higher interest rates and weakened consumer sentiment. These conditions have led to elevated inventories in certain markets, a volatile promotional environment, and increased borrowing costs. VF has considered the impact of these developments on the estimates and assumptions used when preparing the interim consolidated financial statements and accompanying notes. The duration and severity of these recent developments, 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.
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. Actual results may differ from those estimates.
NOTE 2 — RECENTLY ADOPTED 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 guidance is provided to ease the potential burden of accounting for reference rate reform. During the first quarter of Fiscal 2024, the Company amended the terms of its $2.25 billion senior unsecured revolving line of credit (the “Global Credit Facility”), which replaced the LIBOR benchmark interest rate with a benchmark interest rate based on the forward-looking secured overnight financing rate ("Term SOFR"). This guidance was adopted in the first quarter of Fiscal 2024, but did not impact VF's consolidated financial statements.
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 became effective for VF in the first quarter of Fiscal 2024, except for the rollforward information that will be effective for annual periods beginning in Fiscal 2025 on a prospective basis. Early adoption is permitted. The Company adopted the required guidance in the first quarter of Fiscal 2024 and is evaluating the impact of adopting the guidance related to the rollforward information. Refer to Note 9 for disclosures related to the Company’s supply chain financing program.

VF Corporation Q2 FY24 Form 10-Q 10

Table of Contents
NOTE 3 — REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands)September 2023March 2023September 2022
Contract assets (a)
$3,267 $2,294 $2,772 
Contract liabilities (b)
63,820 62,214 77,466 
(a)Included in the other current assets line item in the Consolidated Balance Sheets.
(b)Included in the accrued liabilities and other liabilities line items in the Consolidated Balance Sheets.

For the three and six months ended September 2023, the Company recognized $59.0 million and $127.2 million, respectively, of revenue that was included in the contract liability balance during the periods, including amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were satisfied within the same period, such as order deposits from customers. The change in the contract asset and contract liability balances primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Performance Obligations
As of September 2023, the Company expects to recognize $57.4 million of fixed consideration related to the future minimum guarantees in effect under its licensing agreements and expects such amounts to be recognized over time based on the
contractual terms through March 2031. The variable consideration related to licensing arrangements is not disclosed as a remaining performance obligation as it qualifies for the sales-based royalty exemption. VF has also elected the practical expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with an original expected duration of one year or less.
As of September 2023, there were no arrangements with transaction price allocated to remaining performance obligations other than contracts for which the Company has applied the practical expedients and the fixed consideration related to future minimum guarantees discussed above.
For the three and six months ended September 2023, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not material.
Disaggregation of Revenues
The following tables disaggregate our revenues by channel and geography, which provides a meaningful depiction of how the nature, timing and uncertainty of revenues are affected by economic factors.
Three Months Ended September 2023
(In thousands)OutdoorActiveWorkOtherTotal
Channel revenues
Wholesale$1,275,543 $437,003 $192,620 $ $1,905,166 
Direct-to-consumer433,071 638,545 39,957  1,111,573 
Royalty5,065 6,739 5,696  17,500 
Total$1,713,679 $1,082,287 $238,273 $ $3,034,239 
Geographic revenues
Americas$795,748 $585,884 $186,868 $ $1,568,500 
Europe657,206 370,885 33,946  1,062,037 
Asia-Pacific260,725 125,518 17,459  403,702 
Total$1,713,679 $1,082,287 $238,273 $ $3,034,239 
11 VF Corporation Q2 FY24 Form 10-Q

Table of Contents
Three Months Ended September 2022
(In thousands)OutdoorActiveWorkOtherTotal
Channel revenues
Wholesale$1,157,170 $541,031 $216,825 $ $1,915,026 
Direct-to-consumer394,324 710,547 41,252  1,146,123 
Royalty3,834 8,532 7,085  19,451 
Total$1,555,328 $1,260,110 $265,162 $ $3,080,600 
Geographic revenues
Americas$820,756 $724,882 $208,497 $ $1,754,135 
Europe528,568 378,651 25,210  932,429 
Asia-Pacific206,004 156,577 31,455  394,036 
Total$1,555,328 $1,260,110 $265,162 $ $3,080,600 
Six Months Ended September 2023
(In thousands)OutdoorActiveWorkOtherTotal
Channel revenues
Wholesale$1,765,474 $899,268 $338,789 $ $3,003,531 
Direct-to-consumer769,404 1,236,166 79,611  2,085,181 
Royalty8,498 12,862 10,503  31,863 
Total$2,543,376 $2,148,296 $428,903 $ $5,120,575 
Geographic revenues
Americas$1,200,154 $1,211,731 $340,439 $ $2,752,324 
Europe945,427 648,011 52,947  1,646,385 
Asia-Pacific397,795 288,554 35,517  721,866 
Total$2,543,376 $2,148,296 $428,903 $ $5,120,575 
Six Months Ended September 2022
(In thousands)OutdoorActiveWorkOtherTotal
Channel revenues
Wholesale$1,629,452 $1,123,191 $410,016 $148 $3,162,807 
Direct-to-consumer687,009 1,376,703 81,501  2,145,213 
Royalty7,491 14,161 12,523  34,175 
Total$2,323,952 $2,514,055 $504,040 $148 $5,342,195 
Geographic revenues
Americas$1,215,271 $1,515,611 $408,157 $148 $3,139,187 
Europe803,613 681,926 41,503  1,527,042 
Asia-Pacific305,068 316,518 54,380  675,966 
Total$2,323,952 $2,514,055 $504,040 $148 $5,342,195 
NOTE 4 — INVENTORIES
(In thousands)September 2023March 2023September 2022
Finished products$2,427,948 $2,240,215 $2,689,412 
Work-in-process42,482 39,508 46,584 
Raw materials10,621 13,067 13,898 
Total inventories$2,481,051 $2,292,790 $2,749,894 
VF Corporation Q2 FY24 Form 10-Q 12

Table of Contents
NOTE 5 — INTANGIBLE ASSETS
   September 2023March 2023
(In thousands)Weighted
Average
Amortization
Period
Amortization
Method
CostAccumulated
Amortization
Net
Carrying
Amount
Net
Carrying
Amount
Amortizable intangible assets:
Customer relationships and other19 yearsAccelerated$260,142 $178,878 $81,264 $88,902 
Indefinite-lived intangible assets:
Trademarks and trade names2,549,531 2,553,919 
Intangible assets, net$2,630,795 $2,642,821 
Amortization expense for the three and six months ended September 2023 was $3.4 million and $6.9 million, respectively. Based on the carrying amounts of amortizable intangible assets noted above, estimated amortization expense for the next five years beginning in Fiscal 2024 is $13.6 million, $13.0 million, $12.1 million, $11.6 million and $10.7 million, respectively.
NOTE 6 — GOODWILL
Changes in goodwill are summarized by reportable segment as follows:
(In thousands)OutdoorActiveWorkTotal
Balance, March 2023$653,787 $1,211,244 $113,382 $1,978,413 
Currency translation(4,197)(12,361)(635)(17,193)
Balance, September 2023$649,590 $1,198,883 $112,747 $1,961,220 
Accumulated impairment charges were $323.2 million for the Outdoor segment and $394.1 million for the Active segment as of the dates presented above. No impairment charges were recorded during the six months ended September 2023.
NOTE 7 — LEASES
The Company leases certain retail locations, office space, distribution facilities, machinery and equipment, and vehicles. The substantial majority of these leases are operating leases. Total lease cost includes operating lease cost, variable lease cost, finance lease cost, short-term lease cost and impairment. Components of lease cost were as follows:
Three Months Ended SeptemberSix Months Ended September
(In thousands)2023202220232022
Operating lease cost$105,971 $101,427 $212,102 $203,132 
Other lease cost36,970 34,011 72,289 67,176 
Total lease cost$142,941 $135,438 $284,391 $270,308 

During the six months ended September 2023 and 2022, the Company paid $217.6 million and $204.5 million for operating leases, respectively. During the six months ended September 2023 and 2022, the Company obtained $140.0 million and $215.1 million of right-of-use assets in exchange for lease liabilities, respectively.
NOTE 8 — SHORT-TERM BORROWINGS AND LONG-TERM DEBT
Euro Commercial Paper Program
During the three months ended September 2023, VF commenced a euro commercial paper program, which in addition to the existing U.S. commercial paper program, is supported by VF's $2.25 billion Global Credit Facility. Commercial paper borrowings under this new program were €218.0 million ($230.6 million) as of September 2023 and had a weighted average interest rate of 4.09%. The Company has designated the euro commercial paper borrowings as a net investment hedge of VF's investment in certain foreign operations. Refer to Note 17 for additional information. There were also $778.0 million and $1.7 billion in U.S. commercial paper borrowings as of September 2023 and September 2022, respectively.
Senior Notes Maturity
On September 18, 2023, VF repaid 850.0 million ($907.1 million) in aggregate principal amount of its outstanding 0.625% Senior Notes due in September 2023, in accordance with the terms of the notes.
13 VF Corporation Q2 FY24 Form 10-Q

Table of Contents
NOTE 9 — SUPPLY CHAIN FINANCING PROGRAM
VF facilitates a voluntary supply chain finance ("SCF") program that 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 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 terms (which are generally
within 90 days of the invoice date), are not impacted by a supplier's participation in the SCF program. All amounts due to suppliers that are eligible to 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. At September 2023, March 2023 and September 2022, the accounts payable line item in VF’s Consolidated Balance Sheets included total outstanding obligations of $688.0 million, $510.9 million and $626.1 million, respectively, due to suppliers that are eligible to participate in the SCF program.
NOTE 10 — PENSION PLANS
The components of pension cost for VF’s defined benefit plans were as follows:
 Three Months Ended SeptemberSix Months Ended September
(In thousands)2023202220232022
Service cost – benefits earned during the period$2,237 $2,626 $4,429 $5,272 
Interest cost on projected benefit obligations11,775 10,680 23,587 23,311 
Expected return on plan assets(15,902)(14,752)(31,779)(33,612)
Settlement charges7 1,141 3,299 92,902 
Amortization of deferred amounts:
Net deferred actuarial losses4,170 3,953 8,402 7,674 
Deferred prior service credits(137)(111)(272)(223)
Net periodic pension cost $2,150 $3,537 $7,666 $95,324 

VF has reported the service cost component of net periodic pension cost in operating income (loss) and the other components, which include interest cost, expected return on plan assets, settlement charges and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item in the Consolidated Statements of Operations.
VF contributed $17.8 million to its defined benefit plans during the six months ended September 2023, and intends to make approximately $12.1 million of contributions during the remainder of Fiscal 2024.
VF recorded $3.3 million in settlement charges in the other income (expense), net line item in the Consolidated Statement of Operations for the six months ended September 2023, as well as $1.1 million for both the three and six months ended September 2022. The settlement charges related to the recognition of deferred actuarial losses resulting from lump sum payments of retirement benefits in the supplemental defined benefit pension plan. Actuarial assumptions used in the interim valuations were reviewed and revised as appropriate. The discount rate used to
determine the supplemental defined benefit pension obligation as of September 2023 and June 2023 was 6.10% and 5.44%, respectively.
Additionally, in the first quarter of Fiscal 2023, VF entered into an agreement with The Prudential Insurance Company of America (“Prudential”) to purchase an irrevocable group annuity contract relating to approximately $330.0 million of the U.S. qualified defined benefit pension plan obligations. The transaction closed on June 30, 2022 and was funded entirely by existing assets of the plan. Under the group annuity contract, Prudential assumed responsibility for benefit payments and annuity administration for approximately 17,700 retirees and beneficiaries. The transaction did not change the amount or timing of monthly retirement benefit payments. VF recorded a $91.8 million settlement charge in the other income (expense), net line item in the Consolidated Statement of Operations during the six months ended September 2022 to recognize the related deferred actuarial losses in accumulated other comprehensive loss (“OCL”).
NOTE 11 — CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Common Stock
During the six months ended September 2023, the Company did not purchase shares of Common Stock in open market transactions under its share repurchase program authorized by VF’s Board of Directors. These are treated as treasury stock transactions when shares are repurchased.
VF Corporation Q2 FY24 Form 10-Q 14

Table of Contents
Common Stock outstanding is net of shares held in treasury which are, in substance, retired. There were no shares held in treasury at the end of September 2023, March 2023 or September 2022. The excess of the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings.
Accumulated Other Comprehensive Loss
Comprehensive loss consists of net loss and specified components of other comprehensive income (loss), which relate to changes in assets and liabilities that are not included in net loss under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive loss is presented in the Consolidated Statements of Comprehensive Loss. The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in accumulated OCL in stockholders’ equity, as follows:
(In thousands)September 2023March 2023September 2022
Foreign currency translation and other$(878,089)$(859,651)$(883,846)
Defined benefit pension plans(155,638)(167,692)(166,545)
Derivative financial instruments22,022 7,825 206,226 
Accumulated other comprehensive loss$(1,011,705)$