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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 1, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number: 1-5256
vfc-20221001_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 29, 2022, there were 388,566,085 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 2022March 2022September 2021
ASSETS
Current assets
Cash and equivalents
$552,811 $1,275,943 $1,360,138 
Accounts receivable, less allowance for doubtful accounts of: September 2022  - $27,515; March 2022 - $27,959; September 2021 - $33,822
1,834,598 1,467,842 1,787,331 
Inventories
2,749,894 1,418,673 1,464,714 
Other current assets
550,940 425,622 357,687 
Total current assets5,688,243 4,588,080 4,969,870 
Property, plant and equipment, net
984,115 1,041,777 1,011,415 
Intangible assets, net
2,776,022 3,000,351 3,018,242 
Goodwill
2,102,700 2,393,807 2,415,767 
Operating lease right-of-use assets
1,217,172 1,247,056 1,380,106 
Other assets
1,015,890 1,071,137 1,093,687 
TOTAL ASSETS$13,784,142 $13,342,208 $13,889,087 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Short-term borrowings
$1,692,745 $335,462 $10,173 
Current portion of long-term debt
832,136 501,051 1,001,037 
Accounts payable
1,022,408 562,992 534,365 
Accrued liabilities
1,798,702 1,915,892 1,838,790 
Total current liabilities5,345,991 3,315,397 3,384,365 
Long-term debt
3,526,101 4,584,261 4,682,751 
Operating lease liabilities
1,022,451 1,023,759 1,146,944 
Other liabilities
803,963 888,436 1,076,546 
Total liabilities10,698,506 9,811,853 10,290,606 
Commitments and contingencies
Stockholders’ equity
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at September 2022, March 2022 or September 2021
   
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at September 2022 - 388,569,062; March 2022 - 388,298,375; September 2021 - 392,758,016
97,142 97,075 98,190 
Additional paid-in capital
3,952,786 3,916,384 3,854,687 
Accumulated other comprehensive income (loss)
(844,165)(926,579)(940,834)
Retained earnings (accumulated deficit)
(120,127)443,475 586,438 
Total stockholders’ equity3,085,636 3,530,355 3,598,481 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$13,784,142 $13,342,208 $13,889,087 


See notes to consolidated financial statements.

3 VF Corporation Q2 FY23 Form 10-Q

VF CORPORATION
Consolidated Statements of Operations
(Unaudited)
 Three Months Ended SeptemberSix Months Ended September
(In thousands, except per share amounts)2022202120222021
Net revenues
$3,080,600 $3,198,235 $5,342,195 $5,392,792 
Costs and operating expenses
Cost of goods sold
1,498,177 1,479,446 2,541,159 2,434,997 
Selling, general and administrative expenses
1,251,320 1,160,303 2,406,571 2,196,425 
Impairment of goodwill and intangible assets
421,922  421,922  
Total costs and operating expenses
3,171,419 2,639,749 5,369,652 4,631,422 
Operating income (loss)
(90,819)558,486 (27,457)761,370 
Interest income
823 1,518 2,106 3,660 
Interest expense
(34,726)(35,888)(67,271)(70,805)
Other income (expense), net
(9,280)7,549 (103,994)16,590 
Income (loss) from continuing operations before income taxes
(134,002)531,665 (196,616)710,815 
Income tax expense (benefit)
(15,570)67,612 (22,224)92,790 
Income (loss) from continuing operations
(118,432)464,053 (174,392)618,025 
Income from discontinued operations, net of tax
   170,273 
Net income (loss)
$(118,432)$464,053 $(174,392)$788,298 
Earnings (loss) per common share - basic
Continuing operations
$(0.31)$1.18 $(0.45)$1.58 
Discontinued operations
   0.43 
Total earnings (loss) per common share - basic
$(0.31)$1.18 $(0.45)$2.01 
Earnings (loss) per common share - diluted
Continuing operations
$(0.31)$1.18 $(0.45)$1.57 
Discontinued operations
   0.43 
Total earnings (loss) per common share - diluted
$(0.31)$1.18 $(0.45)$2.00 
Weighted average shares outstanding
Basic
387,688 391,779 387,625 391,565 
Diluted
387,688 394,017 387,625 394,072 










See notes to consolidated financial statements.
VF Corporation Q2 FY23 Form 10-Q 4

VF CORPORATION
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
 Three Months Ended SeptemberSix Months Ended September
(In thousands)2022202120222021
Net income (loss)
$(118,432)$464,053 $(174,392)$788,298 
Other comprehensive income (loss)
Foreign currency translation and other
Gains (losses) arising during the period
(21,894)(12,314)(73,418)20,857 
Income tax effect
(28,786)(11,686)(58,796)(7,804)
Defined benefit pension plans
Current period actuarial gains (losses)
5,426 (439)(14,142)(4,452)
Amortization of net deferred actuarial losses
3,953 2,871 7,674 5,711 
Amortization of deferred prior service credits
(111)(117)(223)(235)
Reclassification of net actuarial loss from settlement charges
1,141 76 92,902 1,024 
Income tax effect
(2,815)(595)(22,466)64 
Derivative financial instruments
Gains arising during the period
102,685 34,361 202,115 29,798 
Income tax effect
(16,356)(5,978)(31,731)(5,786)
Reclassification of net (gains) losses realized
(14,906)22,986 (23,148)33,545 
Income tax effect
2,374 (4,113)3,647 (4,556)
Other comprehensive income (loss)
30,711 25,052 82,414 68,166 
Comprehensive income (loss)
$(87,721)$489,105 $(91,978)$856,464 













See notes to consolidated financial statements.
5 VF Corporation Q2 FY23 Form 10-Q


VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 Six Months Ended September
(In thousands)20222021
OPERATING ACTIVITIES
Net income (loss)
$(174,392)$788,298 
Income from discontinued operations, net of tax
 170,273 
Income (loss) from continuing operations, net of tax
(174,392)618,025 
Adjustments to reconcile net income (loss) to cash used by operating activities:
Impairment of goodwill and intangible assets
421,922  
Depreciation and amortization
130,623 134,553 
Reduction in the carrying amount of right-of-use assets
185,880 208,687 
Stock-based compensation
37,474 44,283 
Provision for doubtful accounts
1,004 3,345 
Pension expense in excess of (less than) contributions
85,779 (12,312)
Other, net
(7,088)(191,547)
Changes in operating assets and liabilities:
Accounts receivable
(461,904)(502,675)
Inventories
(1,434,470)(412,058)
Accounts payable
494,424 72,757 
Income taxes
(193,671)112,331 
Accrued liabilities
138,510 233,369 
Operating lease right-of-use assets and liabilities
(190,171)(228,969)
Other assets and liabilities
52,123 (257,016)
Cash used by operating activities - continuing operations
(913,957)(177,227)
Cash provided by operating activities - discontinued operations
 6,090 
Cash used by operating activities
(913,957)(171,137)
INVESTING ACTIVITIES
Business acquisitions, net of cash received
 3,760 
Proceeds from sale of businesses, net of cash sold
 616,529 
Proceeds from sale of short-term investments
 598,806 
Capital expenditures
(89,958)(144,582)
Software purchases
(47,858)(42,119)
Other, net
6,112 20,491 
Cash provided (used) by investing activities - continuing operations
(131,704)1,052,885 
Cash used by investing activities - discontinued operations
 (525)
Cash provided (used) by investing activities
(131,704)1,052,360 
FINANCING ACTIVITIES
Contingent consideration payment
(56,976) 
Net increase (decrease) in short-term borrowings
1,357,284 (889)
Payments on long-term debt
(500,522)(508)
Payment of debt issuance costs
(807) 
Cash dividends paid
(388,284)(384,427)
Proceeds from issuance of Common Stock, net of (payments) for tax withholdings
(1,931)25,971 
Cash provided (used) by financing activities
408,764 (359,853)
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash
(85,888)(10,958)
Net change in cash, cash equivalents and restricted cash
(722,785)510,412 
Cash, cash equivalents and restricted cash – beginning of year
1,277,082 851,205 
Cash, cash equivalents and restricted cash – end of period
$554,297 $1,361,617 
Continued on next page.

See notes to consolidated financial statements

VF Corporation Q2 FY23 Form 10-Q 6

VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended September
(In thousands)20222021
Balances per Consolidated Balance Sheets:
Cash and cash equivalents$552,811 $1,360,138 
Other current assets1,360 1,421 
Other assets126 58 
Total cash, cash equivalents and restricted cash$554,297 $1,361,617 















































See notes to consolidated financial statements.
7 VF Corporation Q2 FY23 Form 10-Q

VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
Three Months Ended September 2022
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained 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 income (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 
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 











Continued on next page.
See notes to consolidated financial statements.
VF Corporation Q2 FY23 Form 10-Q 8

Six Months Ended September 2022
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained 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)— — — — (174,392)(174,392)
Dividends on Common Stock ($1.00 per share)
— — (5,343)— (382,941)(388,284)
Stock-based compensation, net270,687 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 
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, net816,539 205 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 




















See notes to consolidated financial statements.
9 VF Corporation Q2 FY23 Form 10-Q

VF CORPORATION
Notes to Consolidated Financial Statements
(Unaudited)
VF Corporation Q2 FY23 Form 10-Q 10

NOTE 1 — BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fiscal Year
VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from April 3, 2022 through April 1, 2023 ("Fiscal 2023"). Accordingly, this Form 10-Q presents our second quarter of Fiscal 2023. For presentation purposes herein, all references to periods ended September 2022 and September 2021 relate to the fiscal periods ended on October 1, 2022 and October 2, 2021, respectively. References to March 2022 relate to information as of April 2, 2022.
Basis of Presentation
On June 28, 2021, VF completed the sale of its Occupational Workwear business. The Occupational Workwear business was comprised primarily of the following brands and businesses: Red Kap®, VF Solutions®, Bulwark®, Workrite®, Walls®, Terra®, Kodiak®, Work Authority® and Horace Small®. The business also included the license of certain Dickies® occupational workwear products that have historically been sold through the business-to-business channel. The results of the Occupational Workwear business and the related cash flows have been reported as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale. These changes have been applied to all periods presented.
Unless otherwise noted, discussion within these notes to the interim consolidated financial statements relates to continuing operations. Refer to Note 4 for additional information on discontinued operations.
Certain prior year amounts have been reclassified to conform to the Fiscal 2023 presentation.
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. Similarly, the March 2022 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations and cash flows of VF for the interim periods presented. Operating results for the three and six months ended September 2022 are not necessarily indicative of results that may be expected for any other interim period or for Fiscal 2023. For further information, refer to the consolidated financial statements and notes included in VF’s Annual Report on Form 10-K for the year ended April 2, 2022 (“Fiscal 2022 Form 10-K”).
Use of Estimates
In preparing the interim consolidated financial statements, management makes estimates and assumptions that affect amounts reported in the interim consolidated financial statements and accompanying notes. The duration and severity of the challenging macroeconomic environment, the coronavirus ("COVID-19") pandemic and the conflict between Russia and Ukraine, and the related impacts on VF's business are subject to uncertainty; however, the estimates and assumptions made by management are based on available information. Actual results may differ from those estimates.
Significant Accounting Policies
Supply Chain Financing Program
During the first quarter of Fiscal 2023, VF reinstated its voluntary supply chain finance ("SCF") program. The SCF program enables a significant portion of our suppliers of inventory to leverage VF's credit rating to receive payment from participating financial institutions prior to the payment date specified in the terms between VF and the supplier. The SCF program is administered through third-party platforms that allow participating suppliers to track payments from VF and elect which VF receivables, if any, to sell to the financial institutions. The transactions are at the sole discretion of both the suppliers and financial institutions, and VF is not a party to the agreements and has no economic interest in the supplier's decision to sell a receivable. The terms between VF and the supplier, including the amount due and scheduled payment dates, are not impacted by a supplier's participation in the SCF program. Amounts due to suppliers who voluntarily participate in the SCF program are included in the accounts payable line item in VF's Consolidated Balance Sheets and VF payments made under the SCF program are reflected in cash flows from operating activities in VF's Consolidated Statements of Cash Flows. VF has been informed by the participating financial institutions that amounts payable to them for suppliers who voluntarily participated in the SCF program and included in the accounts payable line item in VF's Consolidated Balance Sheet was $201.2 million at September 2022. The amounts settled through the SCF program during the three and six months ended September 2022 were $417.2 million and $432.2 million, respectively.
There have been no other changes to the Company's significant accounting policies described in Note 1 to the consolidated financial statements included in the Fiscal 2022 Form 10-K.
11 VF Corporation Q2 FY23 Form 10-Q

NOTE 2 — RECENTLY ISSUED ACCOUNTING STANDARDS
Recently Issued Accounting Standards
In March 2020 and January 2021, 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" 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 does not expect this guidance to have a material impact on VF's consolidated financial statements.
In November 2021, the FASB issued ASU No. 2021-10, "Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance", an update that requires
annual disclosures about government assistance, including the types of assistance and the effect on the financial statements. The guidance is effective for VF in Fiscal 2023, but the Company does not expect the adoption of this guidance to have a material impact on VF's annual disclosures.
In September 2022, the FASB issued ASU No. 2022-04, "Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations". This guidance requires companies with supplier finance programs to disclose sufficient qualitative and quantitative information about the program to allow a user of the financial statements to understand the nature of, activity in, and potential magnitude of the program. The guidance will be effective for VF in the first quarter of Fiscal 2024, except for certain quantitative disclosures that will be effective in Fiscal 2025. Early adoption is permitted. The Company is evaluating the impact that adopting this guidance will have on VF's disclosures.
NOTE 3 — REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands)September 2022March 2022September 2021
Contract assets (a)
$2,772 $1,065 $1,773 
Contract liabilities (b)
77,466 71,067 58,841 
(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 2022, the Company recognized $96.2 million and $160.6 million, respectively, of revenue that was included in the contract liability balance during the period, 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 2022, the Company expects to recognize $75.4 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 2022, 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 2022, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not material.
VF Corporation Q2 FY23 Form 10-Q 12

Disaggregation of Revenues