REPORTABLE SEGMENT INFORMATION (Tables)
|
12 Months Ended |
Mar. 28, 2020 |
|---|
| Segment Reporting [Abstract] |
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| Financial Information for Reportable Segments |
Financial information for VF’s reportable segments is as follows:
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Year Ended March |
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Three Months
Ended March
(Transition Period)
|
|
Year Ended December |
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(In thousands) |
|
2020 |
|
|
2019 |
|
2018 |
|
2017 |
Segment revenues: |
|
|
|
|
|
|
|
|
|
Outdoor |
|
$ |
4,643,956 |
|
|
|
$ |
4,649,024 |
|
|
$ |
888,039 |
|
|
$ |
4,208,958 |
|
Active |
|
4,919,427 |
|
|
|
4,721,792 |
|
|
1,071,598 |
|
|
3,791,737 |
|
Work |
|
886,419 |
|
|
|
885,748 |
|
|
221,909 |
|
|
393,989 |
|
Other |
|
38,754 |
|
|
|
10,323 |
|
|
— |
|
|
— |
|
Total segment revenues |
|
$ |
10,488,556 |
|
|
|
$ |
10,266,887 |
|
|
$ |
2,181,546 |
|
|
$ |
8,394,684 |
|
Segment profit: |
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|
|
|
|
|
|
|
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Outdoor |
|
$ |
516,089 |
|
|
|
$ |
544,425 |
|
|
$ |
44,673 |
|
|
$ |
537,543 |
|
Active |
|
1,136,821 |
|
|
|
1,125,709 |
|
|
237,620 |
|
|
805,843 |
|
Work |
|
50,383 |
|
|
|
67,379 |
|
|
11,546 |
|
|
42,612 |
|
Other |
|
(6,485 |
) |
|
|
3,244 |
|
|
— |
|
|
— |
|
Total segment profit |
|
1,696,808 |
|
|
|
1,740,757 |
|
|
293,839 |
|
|
1,385,998 |
|
Impairment of goodwill |
|
(323,223 |
) |
|
|
— |
|
|
— |
|
|
— |
|
Corporate and other expenses (a)
|
|
(514,430 |
) |
|
|
(609,714 |
) |
|
(139,941 |
) |
|
(509,147 |
) |
Interest expense, net |
|
(72,175 |
) |
|
|
(92,730 |
) |
|
(22,582 |
) |
|
(88,972 |
) |
Loss on debt extinguishment |
|
(59,772 |
) |
|
|
— |
|
|
— |
|
|
— |
|
Income from continuing operations before income taxes |
|
$ |
727,208 |
|
|
|
$ |
1,038,313 |
|
|
$ |
131,316 |
|
|
$ |
787,879 |
|
(a)
Certain corporate overhead and other costs of $25.2 million, $105.7 million, $33.6 million and $120.4 million during the years ended March 2020 and March 2019, the three months ended March 2018 and the year ended December 2017, respectively, previously allocated to the Work segment and the former Jeans, Sportswear, Imagewear and Outdoor & Action Sports segments for segment reporting purposes, have been reallocated to continuing operations as discussed in Note 4.
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| Reconciliation Assets |
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|
(In thousands) |
|
March 2020 |
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|
March 2019 |
Segment assets: |
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|
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Outdoor |
|
$ |
1,182,148 |
|
|
|
$ |
1,108,274 |
|
Active |
|
1,013,154 |
|
|
|
981,033 |
|
Work |
|
375,653 |
|
|
|
356,119 |
|
Other |
|
31,008 |
|
|
|
100,301 |
|
Total segment assets |
|
2,601,963 |
|
|
|
2,545,727 |
|
Cash and equivalents |
|
1,369,028 |
|
|
|
402,226 |
|
Property, plant and equipment, net |
|
954,406 |
|
|
|
876,093 |
|
Intangible assets and goodwill |
|
3,010,564 |
|
|
|
3,399,141 |
|
Operating lease right-of-use assets |
|
1,273,514 |
|
|
|
— |
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Other assets |
|
1,312,637 |
|
|
|
1,194,094 |
|
Assets of discontinued operations |
|
611,139 |
|
|
|
1,939,504 |
|
Consolidated assets |
|
$ |
11,133,251 |
|
|
|
$ |
10,356,785 |
|
|
| Reconciliation of Capital Expenditures and Depreciation and Amortization Expense |
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|
(In thousands) |
|
March 2020 |
|
|
March 2019 |
Segment assets: |
|
|
|
|
|
Outdoor |
|
$ |
1,182,148 |
|
|
|
$ |
1,108,274 |
|
Active |
|
1,013,154 |
|
|
|
981,033 |
|
Work |
|
375,653 |
|
|
|
356,119 |
|
Other |
|
31,008 |
|
|
|
100,301 |
|
Total segment assets |
|
2,601,963 |
|
|
|
2,545,727 |
|
Cash and equivalents |
|
1,369,028 |
|
|
|
402,226 |
|
Property, plant and equipment, net |
|
954,406 |
|
|
|
876,093 |
|
Intangible assets and goodwill |
|
3,010,564 |
|
|
|
3,399,141 |
|
Operating lease right-of-use assets |
|
1,273,514 |
|
|
|
— |
|
Other assets |
|
1,312,637 |
|
|
|
1,194,094 |
|
Assets of discontinued operations |
|
611,139 |
|
|
|
1,939,504 |
|
Consolidated assets |
|
$ |
11,133,251 |
|
|
|
$ |
10,356,785 |
|
|
|
|
|
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|
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|
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|
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|
|
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|
Year Ended March |
|
Three Months
Ended March
(Transition Period)
|
|
Year Ended December |
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|
|
|
|
|
|
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|
(In thousands) |
|
2020 |
|
|
2019 |
|
2018 |
|
2017 |
Depreciation and amortization expense: |
|
|
|
|
|
|
|
|
|
Outdoor |
|
$ |
91,657 |
|
|
|
$ |
82,259 |
|
|
$ |
16,998 |
|
|
$ |
86,838 |
|
Active |
|
80,562 |
|
|
|
73,395 |
|
|
18,953 |
|
|
70,219 |
|
Work |
|
14,856 |
|
|
|
21,492 |
|
|
7,524 |
|
|
7,219 |
|
Corporate |
|
80,544 |
|
|
|
78,583 |
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|
16,119 |
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|
74,044 |
|
|
|
$ |
267,619 |
|
|
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$ |
255,729 |
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|
$ |
59,594 |
|
|
$ |
238,320 |
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|
| Supplemental Information (with Revenues by Geographic Area Based on Location of Customer) |
Supplemental information (with revenues by geographic area based on the origin of the shipment) is as follows:
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|
Year Ended March |
|
Three Months
Ended March
(Transition Period)
|
|
Year Ended December |
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2020 |
|
|
2019 |
|
2018 |
|
2017 |
Total revenues: |
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
5,520,317 |
|
|
|
$ |
5,346,225 |
|
|
$ |
1,018,024 |
|
|
$ |
4,311,104 |
|
Foreign, primarily Europe |
|
4,968,239 |
|
|
|
4,920,662 |
|
|
1,163,522 |
|
|
4,083,580 |
|
|
|
$ |
10,488,556 |
|
|
|
$ |
10,266,887 |
|
|
$ |
2,181,546 |
|
|
$ |
8,394,684 |
|
Property, plant and equipment: |
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
608,058 |
|
|
|
$ |
493,531 |
|
|
|
|
|
Foreign, primarily Europe |
|
346,348 |
|
|
|
382,562 |
|
|
|
|
|
|
|
$ |
954,406 |
|
|
|
$ |
876,093 |
|
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|