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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 October 2, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number: 1-5256
vfc-20211002_g1.jpg
V. F. CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania 23-1180120
(State or other jurisdiction of incorporation or organization) (I.R.S. employer identification number)
1551 Wewatta Street
Denver, Colorado 80202
(Address of principal executive offices)
(720) 778-4000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
(Title of each class)(Trading Symbol(s))(Name of each exchange on which registered)
Common Stock, without par value, stated capital, $0.25 per shareVFCNew York Stock Exchange
0.625% Senior Notes due 2023VFC23New York Stock Exchange
0.250% Senior Notes due 2028VFC28New York Stock Exchange
0.625% Senior Notes due 2032VFC32New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
 
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No   
On October 30, 2021, there were 392,782,274 shares of the registrant’s common stock outstanding.




VF CORPORATION
Table of Contents
 PAGE NUMBER


PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED).
VF CORPORATION
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share amounts)September 2021March 2021September 2020
ASSETS
Current assets
Cash and equivalents
$1,360,138 $815,750 $1,877,398 
Accounts receivable, less allowance for doubtful accounts of: September 2021  - $33,822; March 2021 - $33,654; September 2020 - $36,121
1,787,331 1,298,020 1,606,479 
Inventories
1,464,714 1,061,839 1,434,843 
Short-term investments
 598,806 800,000 
Other current assets
357,687 423,877 408,809 
Current assets of discontinued operations
 587,578 552,677 
Total current assets4,969,870 4,785,870 6,680,206 
Property, plant and equipment, net
1,011,415 975,876 933,990 
Intangible assets, net
3,018,242 3,029,545 1,851,093 
Goodwill
2,415,767 2,425,427 1,173,514 
Operating lease right-of-use assets
1,380,106 1,474,434 1,385,121 
Other assets
1,093,687 1,062,877 917,342 
TOTAL ASSETS$13,889,087 $13,754,029 $12,941,266 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Short-term borrowings
$10,173 $11,061 $13,237 
Current portion of long-term debt
1,001,037 1,023 1,127 
Accounts payable
534,365 463,208 450,109 
Accrued liabilities
1,838,790 1,609,928 1,505,703 
Current liabilities of discontinued operations
 125,257 114,356 
Total current liabilities3,384,365 2,210,477 2,084,532 
Long-term debt
4,682,751 5,709,149 5,679,440 
Operating lease liabilities
1,146,944 1,236,461 1,129,840 
Other liabilities
1,076,546 1,541,778 1,102,216 
Total liabilities10,290,606 10,697,865 9,996,028 
Commitments and contingencies
Stockholders’ equity
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at September 2021, March 2021 or September 2020
   
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at September 2021 - 392,758,016; March 2021 - 391,941,477; September 2020 - 389,964,718
98,190 97,985 97,491 
Additional paid-in capital
3,854,687 3,777,645 3,852,358 
Accumulated other comprehensive income (loss)
(940,834)(1,009,000)(959,658)
Retained earnings (accumulated deficit)
586,438 189,534 (44,953)
Total stockholders’ equity3,598,481 3,056,164 2,945,238 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$13,889,087 $13,754,029 $12,941,266 

See notes to consolidated financial statements.

3 VF Corporation Q2 FY22 Form 10-Q

VF CORPORATION
Consolidated Statements of Operations
(Unaudited)
 Three Months Ended SeptemberSix Months Ended September
(In thousands, except per share amounts)2021202020212020
Net revenues
$3,198,235 $2,608,324 $5,392,792 $3,684,617 
Costs and operating expenses
Cost of goods sold
1,479,446 1,282,406 2,434,997 1,789,357 
Selling, general and administrative expenses
1,160,303 1,005,970 2,196,425 1,822,121 
Total costs and operating expenses
2,639,749 2,288,376 4,631,422 3,611,478 
Operating income
558,486 319,948 761,370 73,139 
Interest income
1,518 3,176 3,660 4,489 
Interest expense
(35,888)(34,107)(70,805)(63,369)
Other income (expense), net
7,549 4,644 16,590 (33,543)
Income (loss) from continuing operations before income taxes
531,665 293,661 710,815 (19,284)
Income tax expense
67,612 50,415 92,790 15,212 
Income (loss) from continuing operations
464,053 243,246 618,025 (34,496)
Income from discontinued operations, net of tax
 13,476 170,273 5,605 
Net income (loss)
$464,053 $256,722 $788,298 $(28,891)
Earnings (loss) per common share - basic
Continuing operations
$1.18 $0.62 $1.58 $(0.09)
Discontinued operations
 0.03 0.43 0.01 
Total earnings (loss) per common share - basic
$1.18 $0.66 $2.01 $(0.07)
Earnings (loss) per common share - diluted
Continuing operations
$1.18 $0.62 $1.57 $(0.09)
Discontinued operations
 0.03 0.43 0.01 
Total earnings (loss) per common share - diluted
$1.18 $0.66 $2.00 $(0.07)
Weighted average shares outstanding
Basic
391,779 389,219 391,565 388,957 
Diluted
394,017 391,180 394,072 390,986 










See notes to consolidated financial statements.
VF Corporation Q2 FY22 Form 10-Q 4

VF CORPORATION
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
 Three Months Ended SeptemberSix Months Ended September
(In thousands)2021202020212020
Net income (loss)
$464,053 $256,722 $788,298 $(28,891)
Other comprehensive income (loss)
Foreign currency translation and other
Gains (losses) arising during the period
(12,314)(33,483)20,857 (29,629)
Reclassification of foreign currency translation losses
   42,364 
Income tax effect
(11,686)18,582 (7,804)24,837 
Defined benefit pension plans
Current period actuarial losses
(439)(8,853)(4,452)(8,853)
Amortization of net deferred actuarial losses
2,871 2,898 5,711 5,761 
Amortization of deferred prior service credits
(117)(17)(235)(34)
Reclassification of net actuarial loss from settlement charge
76 572 1,024 572 
Income tax effect
(595)386 64 722 
Derivative financial instruments
Gains (losses) arising during the period
34,361 (39,731)29,798 (47,326)
Income tax effect
(5,978)7,197 (5,786)8,727 
Reclassification of net (gains) losses realized
22,986 (11,379)33,545 (31,659)
Income tax effect
(4,113)1,711 (4,556)5,818 
Other comprehensive income (loss)
25,052 (62,117)68,166 (28,700)
Comprehensive income (loss)
$489,105 $194,605 $856,464 $(57,591)













See notes to consolidated financial statements.
5 VF Corporation Q2 FY22 Form 10-Q

VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 Six Months Ended September
(In thousands)20212020
OPERATING ACTIVITIES
Net income (loss)
$788,298 $(28,891)
Income from discontinued operations, net of tax
170,273 5,605 
Income (loss) from continuing operations, net of tax
618,025 (34,496)
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities:
Depreciation and amortization
134,553 138,853 
Reduction in the carrying amount of right-of-use assets
208,687 205,635 
Stock-based compensation
44,283 26,113 
Provision for doubtful accounts
3,345 15,727 
Pension expense less than contributions
(12,312)(7,953)
Other, net
(191,547)15,852 
Changes in operating assets and liabilities:
Accounts receivable
(502,675)(275,436)
Inventories
(412,058)(115,515)
Accounts payable
72,757 36,019 
Income taxes
112,331 (40,770)
Accrued liabilities
233,369 161,785 
Operating lease right-of-use assets and liabilities
(228,969)(150,170)
Other assets and liabilities
(257,016)63,866 
Cash provided (used) by operating activities - continuing operations
(177,227)39,510 
Cash provided by operating activities - discontinued operations
6,090 43,298 
Cash provided (used) by operating activities
(171,137)82,808 
INVESTING ACTIVITIES
Business acquisitions, net of cash received
3,760  
Proceeds from sale of businesses, net of cash sold
616,529  
Purchases of short-term investments
 (800,000)
Proceeds from sale of short-term investments
598,806  
Capital expenditures
(144,582)(112,501)
Software purchases
(42,119)(38,345)
Other, net
20,491 (3,839)
Cash provided (used) by investing activities - continuing operations
1,052,885 (954,685)
Cash used by investing activities - discontinued operations
(525)(2,693)
Cash provided (used) by investing activities
1,052,360 (957,378)
FINANCING ACTIVITIES
Net decrease in short-term borrowings
(889)(1,215,575)
Payments on long-term debt
(508)(768)
Payment of debt issuance costs
 (21,430)
Proceeds from long-term debt
 2,996,090 
Cash dividends paid
(384,427)(373,638)
Proceeds from issuance of Common Stock, net of (payments) for tax withholdings
25,971 (7,221)
Cash provided (used) by financing activities
(359,853)1,377,458 
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash
(10,958)(8,082)
Net change in cash, cash equivalents and restricted cash
510,412 494,806 
Cash, cash equivalents and restricted cash – beginning of year
851,205 1,411,322 
Cash, cash equivalents and restricted cash – end of period
$1,361,617 $1,906,128 
Continued on next page.
See notes to consolidated financial statements.
VF Corporation Q2 FY22 Form 10-Q 6

VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 Six Months Ended September
(In thousands)20212020
Balances per Consolidated Balance Sheets:
Cash and cash equivalents$1,360,138 $1,877,398 
Other current assets1,421 1,301 
Current assets of discontinued operations 26,846 
Other assets58 583 
Total cash, cash equivalents and restricted cash$1,361,617 $1,906,128 















































See notes to consolidated financial statements.
7 VF Corporation Q2 FY22 Form 10-Q

VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
Three Months Ended September 2021
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings (Accumulated Deficit)
 Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, June 2021392,621,561 $98,155 $3,824,656 $(965,886)$317,105 $3,274,030 
Net income (loss)
— — — — 464,053 464,053 
Dividends on Common Stock ($0.49 per share)
— — — — (192,296)(192,296)
Stock-based compensation, net
136,455 35 30,031 — (2,424)27,642 
Foreign currency translation and other
— — — (24,000)— (24,000)
Defined benefit pension plans
— — — 1,796 — 1,796 
Derivative financial instruments
— — — 47,256 — 47,256 
Balance, September 2021392,758,016 $98,190 $3,854,687 $(940,834)$586,438 $3,598,481 
Three Months Ended September 2020
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings (Accumulated Deficit)
Common Stock
 (In thousands, except share amounts)SharesAmountsTotal
Balance, June 2020389,641,245 $97,410 $4,010,817 $(897,541)$(298,088)$2,912,598 
Net income (loss)
— — — — 256,722 256,722 
Dividends on Common Stock ($0.48 per share)
— — (186,892)— — (186,892)
Stock-based compensation, net
323,473 81 28,433 — (3,587)24,927 
Foreign currency translation and other
— — — (14,901)— (14,901)
Defined benefit pension plans
— — — (5,014)— (5,014)
Derivative financial instruments
— — — (42,202)— (42,202)
Balance, September 2020389,964,718 $97,491 $3,852,358 $(959,658)$(44,953)$2,945,238 


















Continued on next page.
See notes to consolidated financial statements.
VF Corporation Q2 FY22 Form 10-Q 8

VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
Six Months Ended September 2021
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings (Accumulated Deficit)
Common Stock
(In thousands, except share amounts)SharesAmountsTotal
Balance, March 2021391,941,477 $97,985 $3,777,645 $(1,009,000)$189,534 $3,056,164 
Net income (loss)
— — — — 788,298 788,298 
Dividends on Common Stock ($0.98 per share)
— — (2,597)— (381,830)(384,427)
Stock-based compensation, net
816,539 205 79,639 — (9,564)70,280 
Foreign currency translation and other
— — — 13,053 — 13,053 
Defined benefit pension plans
— — — 2,112 — 2,112 
Derivative financial instruments
— — — 53,001 — 53,001 
Balance, September 2021392,758,016 $98,190 $3,854,687 $(940,834)$586,438 $3,598,481 
Six Months Ended September 2020
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings (Accumulated Deficit)
Common Stock
(In thousands, except share amounts)SharesAmountsTotal
Balance, March 2020388,812,158 $97,203 $4,183,780 $(930,958)$7,309 $3,357,334 
Net income (loss)
— — — — (28,891)(28,891)
Dividends on Common Stock ($0.96 per share)
— — (373,638)— — (373,638)
Stock-based compensation, net
1,152,560 288 42,216 — (23,371)19,133 
Foreign currency translation and other
— — — 37,572 — 37,572 
Defined benefit pension plans
— — — (1,832)— (1,832)
Derivative financial instruments
— — — (64,440)— (64,440)
Balance, September 2020389,964,718 $97,491 $3,852,358 $(959,658)$(44,953)$2,945,238 




















See notes to consolidated financial statements.
9 VF Corporation Q2 FY22 Form 10-Q

VF CORPORATION
Notes to Consolidated Financial Statements
(Unaudited)
VF Corporation Q2 FY22 Form 10-Q 10

NOTE 1 — BASIS OF PRESENTATION

VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from April 4, 2021 through April 2, 2022 ("Fiscal 2022"). Accordingly, this Form 10-Q presents our second quarter of Fiscal 2022. For presentation purposes herein, all references to periods ended September 2021 and September 2020 relate to the fiscal periods ended on October 2, 2021 and September 26, 2020, respectively. References to March 2021 relate to information as of April 3, 2021.
On June 28, 2021, VF completed the sale of its Occupational Workwear business. The Occupational Workwear business was comprised primarily of the following brands and businesses: Red Kap®, VF Solutions®, Bulwark®, Workrite®, Walls®, Terra®, Kodiak®, Work Authority® and Horace Small®. The business also included the license of certain Dickies® occupational workwear products that have historically been sold through the business-to-business channel. The results of the Occupational Workwear business and the related cash flows have been reported as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale. The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale. These changes have been applied to all periods presented.
Unless otherwise noted, discussion within these notes to the interim consolidated financial statements relates to continuing operations. Refer to Note 5 for additional information on discontinued operations.
Certain prior year amounts have been reclassified to conform to the Fiscal 2022 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 2021 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 2021 are not necessarily indicative of results that may be expected for any other interim period or for Fiscal 2022. 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 3, 2021 (“Fiscal 2021 Form 10-K”).
In preparing the interim consolidated financial statements, management makes estimates and assumptions that affect amounts reported in the interim consolidated financial statements and accompanying notes. The duration and severity of the novel coronavirus ("COVID-19") pandemic, which is subject to uncertainty, continues to impact VF's business. Management's estimates and assumptions have contemplated both current and expected impacts related to COVID-19 based on available information. Actual results may differ from those estimates.
NOTE 2 — RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS

Recently Adopted Accounting Standards
In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", an update that amends and simplifies the accounting for income taxes by removing certain exceptions in existing guidance and providing new guidance to reduce complexity in certain areas. The guidance became effective for VF in the first quarter of Fiscal 2022, but did not have a material impact on VF's consolidated financial statements.
Recently Issued Accounting Standards
In March 2020 and January 2021, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" and ASU No. 2021-01, "Reference Rate Reform (Topic 848): Scope", respectively. This guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The optional guidance is provided to ease the potential burden of accounting for reference rate reform. The guidance is effective and can be adopted no later than December 31, 2022. The Company is evaluating the impact that adopting this guidance would have on VF's consolidated financial statements.
NOTE 3 — REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands)September 2021March 2021September 2020
Contract assets (a)
$1,773 $880 $