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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 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 January 27, 2024, there were 388,815,956 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 2023March 2023December 2022
ASSETS
Current assets
Cash and equivalents
$988,006 $814,887 $571,347 
Accounts receivable, less allowance for doubtful accounts of: December 2023 - $30,011; March 2023 - $28,075; December 2022 - $29,087
1,314,139 1,610,295 1,564,957 
Inventories
2,148,219 2,292,790 2,591,915 
Other current assets
485,562 434,737 515,763 
Total current assets4,935,926 5,152,709 5,243,982 
Property, plant and equipment, net
913,384 942,440 932,663 
Intangible assets, net
2,636,745 2,642,821 2,790,512 
Goodwill
1,723,638 1,978,413 2,142,401 
Operating lease right-of-use assets
1,314,306 1,372,182 1,293,041 
Other assets
1,092,475 1,901,923 1,910,698 
TOTAL ASSETS$12,616,474 $13,990,488 $14,313,297 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Short-term borrowings
$452,286 $11,491 $901,668 
Current portion of long-term debt
1,000,596 924,305 910,616 
Accounts payable
974,844 936,319 906,340 
Accrued liabilities
1,569,557 1,673,651 1,827,610 
Total current liabilities3,997,283 3,545,766 4,546,234 
Long-term debt
4,755,252 5,711,014 4,617,441 
Operating lease liabilities
1,133,749 1,171,941 1,068,744 
Other liabilities
620,997 651,054 761,246 
Total liabilities10,507,281 11,079,775 10,993,665 
Commitments and contingencies
Stockholders’ equity
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at December 2023, March 2023 or December 2022
   
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at December 2023 - 388,819,204; March 2023 - 388,665,531; December 2022 - 388,660,385
97,205 97,166 97,165 
Additional paid-in capital
3,619,654 3,775,979 3,766,304 
Accumulated other comprehensive loss
(1,051,373)(1,019,518)(929,588)
Retained earnings (accumulated deficit)
(556,293)57,086 385,751 
Total stockholders’ equity2,109,193 2,910,713 3,319,632 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$12,616,474 $13,990,488 $14,313,297 



See notes to consolidated financial statements.

3 VF Corporation Q3 FY24 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)2023202220232022
Net revenues
$2,960,283 $3,530,667 $8,080,858 $8,872,862 
Costs and operating expenses
Cost of goods sold
1,327,871 1,593,048 3,792,168 4,134,207 
Selling, general and administrative expenses
1,407,548 1,421,586 3,709,891 3,828,157 
Impairment of goodwill and intangible assets
257,096  257,096 421,922 
Total costs and operating expenses
2,992,515 3,014,634 7,759,155 8,384,286 
Operating income (loss)
(32,232)516,033 321,703 488,576 
Interest income
4,211 3,914 14,513 6,020 
Interest expense
(67,549)(54,144)(183,214)(121,415)
Other income (expense), net
30,029 (9,901)22,952 (113,895)
Income (loss) before income taxes
(65,541)455,902 175,954 259,286 
Income tax expense (benefit)
(23,089)(51,966)726,528 (74,190)
Net income (loss)
$(42,452)$507,868 $(550,574)$333,476 
Earnings (loss) per common share
Basic
$(0.11)$1.31 $(1.42)$0.86 
Diluted
$(0.11)$1.31 $(1.42)$0.86 
Weighted average shares outstanding
Basic
388,383 387,739 388,294 387,663 
Diluted
388,383 388,192 388,294 388,357 













See notes to consolidated financial statements.
VF Corporation Q3 FY24 Form 10-Q 4

Table of Contents
VF CORPORATION
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
 Three Months Ended DecemberNine Months Ended December
(In thousands)2023202220232022
Net income (loss)
$(42,452)$507,868 $(550,574)$333,476 
Other comprehensive income (loss)
Foreign currency translation and other
Losses arising during the period
(4,373)(1,506)(3,809)(74,924)
Income tax effect
25,609 43,475 6,607 (15,321)
Defined benefit pension plans
Current period actuarial gains (losses)
(4,046)(1,307)697 (15,449)
Amortization of net deferred actuarial losses
4,106 3,858 12,508 11,532 
Amortization of deferred prior service credits
(136)(112)(408)(335)
Reclassification of net actuarial loss from settlement charges
131 695 3,430 93,597 
Income tax effect
(118)(935)(4,236)(23,401)
Derivative financial instruments
Gains (losses) arising during the period
(73,375)(119,635)(36,220)82,480 
Income tax effect
11,790 17,970 6,076 (13,761)
Reclassification of net (gains) losses realized
912 (32,905)(20,006)(56,053)
Income tax effect
(168)4,979 3,506 8,626 
Other comprehensive loss
(39,668)(85,423)(31,855)(3,009)
Comprehensive income (loss)
$(82,120)$422,445 $(582,429)$330,467 













See notes to consolidated financial statements.
5 VF Corporation Q3 FY24 Form 10-Q


VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended December
(In thousands)20232022
OPERATING ACTIVITIES
Net income (loss)
$(550,574)$333,476 
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities:
Impairment of goodwill and intangible assets
257,096 421,922 
Depreciation and amortization
231,493 192,174 
Reduction in the carrying amount of right-of-use assets
283,002 280,845 
Stock-based compensation
51,665 47,714 
Provision for doubtful accounts
7,157 1,231 
Pension expense in excess of (less than) contributions
(10,691)83,278 
Deferred income taxes
(258,338)(4,488)
Write-off of income tax receivables and interest
921,409  
Other, net
(10,931)15,228 
Changes in operating assets and liabilities:
Accounts receivable
305,490 (120,081)
Inventories
148,455 (1,200,438)
Accounts payable
41,663 352,047 
Income taxes
(201,151)(1,178,547)
Accrued liabilities
185,187 173,148 
Operating lease right-of-use assets and liabilities
(282,361)(290,679)
Other assets and liabilities
(12,824)59,698 
Cash provided (used) by operating activities
1,105,747 (833,472)
INVESTING ACTIVITIES
Capital expenditures
(119,662)(130,214)
Software purchases
(52,855)(75,460)
Other, net
(19,477)(1,159)
Cash used by investing activities
(191,994)(206,833)
FINANCING ACTIVITIES
Contingent consideration payment
 (56,976)
Net increase in short-term borrowings
443,494 566,206 
Payments on long-term debt
(907,926)(500,786)
Payment of debt issuance costs
(576)(819)
Proceeds from long-term debt
 1,000,000 
Cash dividends paid
(268,155)(586,335)
Proceeds from issuance of Common Stock, net of (payments) for tax withholdings
(2,603)(2,571)
Cash provided (used) by financing activities
(735,766)418,719 
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash
(4,984)(82,512)
Net change in cash, cash equivalents and restricted cash
173,003 (704,098)
Cash, cash equivalents and restricted cash – beginning of year
816,319 1,277,082 
Cash, cash equivalents and restricted cash – end of period
$989,322 $572,984 
Balances per Consolidated Balance Sheets:
Cash and cash equivalents$988,006 $571,347 
Other current assets1,186 1,511 
Other assets130 126 
Total cash, cash equivalents and restricted cash$989,322 $572,984 
See notes to consolidated financial statements.
VF Corporation Q3 FY24 Form 10-Q 6

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VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
Three Months Ended December 2023
Additional Paid-in CapitalAccumulated Other Comprehensive LossRetained Earnings (Accumulated Deficit)
 Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, September 2023388,883,825 $97,221 $3,638,029 $(1,011,705)$(513,500)$2,210,045 
Net income (loss)
— — — — (42,452)(42,452)
Dividends on Common Stock ($0.09 per share)
— — (34,983)— — (34,983)
Stock-based compensation, net
(64,621)(16)16,608 — (341)16,251 
Foreign currency translation and other
— — — 21,236 — 21,236 
Defined benefit pension plans
— — — (63)— (63)
Derivative financial instruments
— — — (60,841)— (60,841)
Balance, December 2023388,819,204 $97,205 $3,619,654 $(1,051,373)$(556,293)$2,109,193 
Three Months Ended December 2022
Additional Paid-in CapitalAccumulated Other Comprehensive LossRetained Earnings (Accumulated Deficit)
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 (loss)
— — — — 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 











Continued on next page.

See notes to consolidated financial statements.

7 VF Corporation Q3 FY24 Form 10-Q

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VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
Nine Months Ended December 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 income (loss)
— — — — (550,574)(550,574)
Dividends on Common Stock ($0.69 per share)
— — (211,069)— (57,086)(268,155)
Stock-based compensation, net
153,673 39 54,744 — (5,719)49,064 
Foreign currency translation and other
— — — 2,798 — 2,798 
Defined benefit pension plans
— — — 11,991 — 11,991 
Derivative financial instruments
— — — (46,644)— (46,644)
Balance, December 2023388,819,204 $97,205 $3,619,654 $(1,051,373)$(556,293)$2,109,193 
Nine Months Ended December 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 income (loss)
— — — — 333,476 333,476 
Dividends on Common Stock ($1.51 per share)
— — (203,394)— (382,941)(586,335)
Stock-based compensation, net
362,010 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 













See notes to consolidated financial statements.
VF Corporation Q3 FY24 Form 10-Q 8

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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
9 VF Corporation Q3 FY24 Form 10-Q

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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 third quarter of Fiscal 2024. For presentation purposes herein, all references to periods ended December 2023 and December 2022 relate to the fiscal periods ended on December 30, 2023 and December 31, 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 nine months ended December 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 Development
Reinvent
On October 30, 2023, VF introduced Reinvent, a transformation program to enhance focus on brand-building and to improve operating performance and allow VF to achieve its full potential. The first announced steps in this transformation cover the following priorities: improve North America results, deliver the Vans® turnaround, reduce costs and strengthen the balance sheet. Refer to Note 18 for additional information on the program.
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 AND ISSUED ACCOUNTING STANDARDS
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.
Recently Issued Accounting Standards
In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses that are regularly provided to the individual or group identified as the chief operating decision maker ("CODM"). The guidance also requires disclosure of the title and position of the CODM and how reported measures of segment profit or loss are used to assess performance and allocate resources. The guidance will be effective for annual disclosures beginning in Fiscal 2025, and has expanded requirements to include all annual disclosures about a reportable segment's profit or loss and assets in subsequent interim periods. Early adoption is permitted. The guidance requires retrospective application to all prior periods presented in the financial statements. The Company is evaluating the impact that adopting this guidance will have on VF's disclosures.
In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The rate reconciliation disclosures will require specific categories and additional information for reconciling items that meet a quantitative threshold. The income taxes paid disclosures
VF Corporation Q3 FY24 Form 10-Q 10

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will require disaggregation by individual jurisdictions that are greater than 5% of total income taxes paid. The guidance will be effective for annual disclosures beginning in Fiscal 2026. Early adoption is permitted. The amendments are required to be
applied on a prospective basis; however, retrospective application 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:
(In thousands)December 2023March 2023December 2022
Contract assets (a)
$1,877 $2,294 $1,273 
Contract liabilities (b)
67,103 62,214 80,456 
(a)Included in the other current assets line item in the Consolidated Balance Sheets.
(b)Included in the accrued liabilities line item in the Consolidated Balance Sheets.

For the three and nine months ended December 2023, the Company recognized $59.9 million and $187.1 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 December 2023, the Company expects to recognize $84.6 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 December 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 nine months ended December 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 December 2023
(In thousands)OutdoorActiveWorkOtherTotal
Channel revenues
Wholesale$734,130 $264,606 $157,841 $ $1,156,577 
Direct-to-consumer999,694 728,479 58,038  1,786,211 
Royalty4,755 6,311 6,429  17,495 
Total$1,738,579 $999,396 $222,308 $ $2,960,283 
Geographic revenues
Americas$821,506 $578,955 $185,916 $ $1,586,377 
Europe622,377 267,075 22,829  912,281 
Asia-Pacific294,696 153,366 13,563  461,625 
Total$1,738,579 $999,396 $222,308 $ $2,960,283 
11 VF Corporation Q3 FY24 Form 10-Q

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Three Months Ended December 2022
(In thousands)OutdoorActiveWorkOtherTotal
Channel revenues
Wholesale$973,292 $401,521 $198,956 $ $1,573,769 
Direct-to-consumer1,023,428 850,167 63,773  1,937,368 
Royalty6,325 6,994 6,211  19,530 
Total$2,003,045 $1,258,682 $268,940 $ $3,530,667 
Geographic revenues
Americas$1,110,134 $766,394 $217,408 $ $2,093,936 
Europe643,740 312,857 26,752  983,349 
Asia-Pacific249,171 179,431 24,780  453,382 
Total$2,003,045 $1,258,682 $268,940 $ $3,530,667 
Nine Months Ended December 2023
(In thousands)OutdoorActiveWorkOtherTotal
Channel revenues
Wholesale$2,499,604 $1,163,874 $496,630 $ $4,160,108 
Direct-to-consumer1,769,098 1,964,645 137,649  3,871,392 
Royalty13,253 19,173 16,932  49,358 
Total$4,281,955 $3,147,692 $651,211 $ $8,080,858 
Geographic revenues
Americas$2,021,660 $1,790,686 $526,355 $ $4,338,701 
Europe1,567,804 915,086 75,776  2,558,666 
Asia-Pacific692,491 441,920 49,080  1,183,491 
Total$4,281,955 $3,147,692 $651,211 $ $8,080,858 
Nine Months Ended December 2022
(In thousands)OutdoorActiveWorkOtherTotal
Channel revenues
Wholesale$2,602,744 $1,524,712 $608,972 $148 $4,736,576 
Direct-to-consumer1,710,437 2,226,870 145,274  4,082,581 
Royalty13,816 21,155 18,734  53,705 
Total$4,326,997 $3,772,737 $772,980 $148 $8,872,862 
Geographic revenues
Americas$2,325,405 $2,282,005 $625,565 $148 $5,233,123 
Europe1,447,353 994,783 68,255  2,510,391 
Asia-Pacific554,239 495,949 79,160  1,129,348 
Total$4,326,997 $3,772,737 $772,980 $148 $8,872,862 
NOTE 4 — INVENTORIES
(In thousands)December 2023March 2023December 2022
Finished products$2,093,174 $2,240,215 $2,535,759 
Work-in-process43,453 39,508 41,307 
Raw materials11,592 13,067 14,849 
Total inventories$2,148,219 $2,292,790 $2,591,915 
VF Corporation Q3 FY24 Form 10-Q 12

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NOTE 5 — INTANGIBLE ASSETS
   December 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$264,610 $185,650 $78,960 $88,902 
Indefinite-lived intangible assets:
Trademarks and trade names2,557,785 2,553,919 
Intangible assets, net$2,636,745 $2,642,821 
Amortization expense for the three and nine months ended December 2023 was $3.5 million and $10.4 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 $13.7 million, $13.1 million, $12.2 million, $11.7 million and $10.8 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 
Impairment charges(195,287) (61,809)(257,096)
Foreign currency translation1,259 1,135 (73)2,321 
Balance, December 2023$459,759 $1,212,379 $51,500 $1,723,638 
During the three months ended December 2023, VF performed interim impairment analyses of the Timberland and Dickies reporting units and recorded impairment charges of $195.3 million and $61.8 million, respectively. The Timberland reporting unit is part of the Outdoor segment and the Dickies reporting unit is part of the Work segment. Refer to Note 16 for additional information on fair value measurements.
Accumulated impairment charges for the Outdoor segment were $518.5 million and $323.2 million as of December 2023 and March 2023, respectively. Accumulated impairment charges for the Active segment were $394.1 million as of December 2023 and March 2023, and accumulated impairment charges were $61.8 million for the Work segment as of December 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 DecemberNine Months Ended December
(In thousands)2023202220232022
Operating lease cost$104,266 $103,127 $316,368 $306,259 
Other lease cost44,520 37,784 116,809 104,960 
Total lease cost$148,786 $140,911 $433,177 $411,219 

During the nine months ended December 2023 and 2022, the Company paid $321.1 million and $315.0 million for operating leases, respectively. During the nine months ended December 2023 and 2022, the Company obtained $220.7 million and $356.1 million of right-of-use assets in exchange for lease liabilities, respectively.
NOTE 8 — SHORT-TERM BORROWINGS AND LONG-TERM DEBT
Commercial Paper Program
During the second quarter of Fiscal 2024, 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. The Company designates its euro commercial paper borrowings as a net investment hedge of VF's investment in certain foreign operations. Refer to Note 17 for additional
13 VF Corporation Q3 FY24 Form 10-Q

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information. As of December 2023, there were no outstanding euro commercial paper borrowings under this program. There were $437.0 million and $889.9 million in U.S. commercial paper borrowings as of December 2023 and December 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.
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 December 2023, March 2023 and December 2022, the accounts payable line item in VF’s Consolidated Balance Sheets included total outstanding obligations of $599.0 million, $510.9 million and $502.8 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 DecemberNine Months Ended December
(In thousands)2023202220232022
Service cost – benefits earned during the period$2,224 $2,632 $6,653 $7,904 
Interest cost on projected benefit obligations11,763 10,754 35,350 34,065 
Expected return on plan assets(15,882)(14,752)(47,661)(48,364)
Settlement charges131 695 3,430 93,597 
Amortization of deferred amounts:
Net deferred actuarial losses4,106 3,858 12,508 11,532 
Deferred prior service credits(136)(112)(408)(335)
Net periodic pension cost $2,206 $3,075 $9,872 $98,399 

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 $20.6 million to its defined benefit plans during the nine months ended December 2023, and intends to make approximately $10.2 million of contributions during the remainder of Fiscal 2024.
VF recorded $0.1 million and $3.4 million in settlement charges in the other income (expense), net line item in the Consolidated Statements of Operations for the three and nine months ended December 2023, respectively, as well as $0.7 million and $1.8 million for the three and nine months ended December 2022, respectively. 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 December 2023, September 2023 and June 2023 was 5.24%, 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 nine months ended December 2022 to recognize the related deferred actuarial losses in accumulated other comprehensive loss (“OCL”).
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NOTE 11 — CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Common Stock
During the nine months ended December 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.
Common Stock outstanding is net of shares held in treasury which are, in substance, retired. There were no