| Business Segment Information |
Business Segment Information
VF’s businesses are grouped into product categories, and by brands within those product categories, for internal financial reporting used by management. These groupings of businesses within VF are referred to as “coalitions” and are the basis for VF’s reportable segments. Financial information for VF’s reportable segments is as follows:
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Three Months Ended September |
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Nine Months Ended September |
In thousands |
2017 |
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2016 |
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2017 |
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2016 |
Coalition revenues: |
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Outdoor & Action Sports |
$ |
2,502,590 |
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$ |
2,326,436 |
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$ |
5,647,587 |
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$ |
5,378,272 |
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Jeanswear |
697,701 |
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701,416 |
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1,945,950 |
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2,041,186 |
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Imagewear |
138,885 |
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127,992 |
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423,859 |
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404,633 |
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Sportswear |
140,272 |
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140,705 |
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352,848 |
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373,977 |
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Other |
29,370 |
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31,167 |
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79,832 |
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84,531 |
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Total coalition revenues |
$ |
3,508,818 |
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$ |
3,327,716 |
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$ |
8,450,076 |
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$ |
8,282,599 |
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Coalition profit: (a)
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Outdoor & Action Sports |
$ |
524,489 |
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$ |
491,015 |
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$ |
877,206 |
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$ |
842,378 |
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Jeanswear |
121,218 |
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142,427 |
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323,994 |
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388,564 |
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Imagewear |
22,377 |
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23,981 |
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72,349 |
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74,497 |
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Sportswear |
17,488 |
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15,080 |
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27,764 |
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26,156 |
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Other |
(737 |
) |
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(341 |
) |
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(3,225 |
) |
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(3,523 |
) |
Total coalition profit |
684,835 |
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672,162 |
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1,298,088 |
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1,328,072 |
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Impairment of goodwill (b)
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(104,651 |
) |
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— |
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(104,651 |
) |
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— |
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Corporate and other expenses (a)
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(96,567 |
) |
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(65,012 |
) |
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(252,044 |
) |
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(211,910 |
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Interest expense, net |
(22,537 |
) |
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(22,568 |
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(63,332 |
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(63,982 |
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Income from continuing operations before income taxes |
$ |
461,080 |
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$ |
584,582 |
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$ |
878,061 |
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$ |
1,052,180 |
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(a) |
Certain corporate overhead and other costs of $6.0 million and $18.2 million for the three and nine-month periods ended September 2016, respectively, previously allocated to the Imagewear and Outdoor & Action Sports coalitions for segment reporting purposes, have been reallocated to continuing operations as discussed in Note C.
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(b) |
Represents goodwill impairment charge in 2017 related to the Sportswear coalition as discussed in Notes G and N. The impairment charge was excluded from the profit of the Sportswear coalition since it is not part of the ongoing operations of the business. |
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