Annual report pursuant to Section 13 and 15(d)

REPORTABLE SEGMENT INFORMATION

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REPORTABLE SEGMENT INFORMATION
 12 Months Ended
Mar. 30, 2024
Segment Reporting [Abstract]  
REPORTABLE SEGMENT INFORMATION REPORTABLE SEGMENT INFORMATION
VF's President and Chief Executive Officer, who is considered the Company's CODM, allocates resources and assesses performance based on a global brand view which represents VF's operating segments. The operating segments have been evaluated and combined into reportable segments because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance. Based on this assessment, the Company's reportable segments have been identified as: Outdoor, Active and Work.
Below is a description of VF's reportable segments and the brands included within each:
REPORTABLE SEGMENT BRANDS
Outdoor - Outdoor apparel, footwear and equipment
The North Face®
Timberland®
Smartwool®
Altra®
Icebreaker®
Active - Active apparel, footwear and accessories
Vans®
Supreme®
Kipling®
Napapijri®
Eastpak®
JanSport®
Work - Work and work-inspired lifestyle apparel and footwear
Dickies®
Timberland PRO®
Other - included in the tables below for purposes of reconciliation of revenues and profit, but it is not considered a reportable segment. Other primarily includes sourcing activities related to transition services.

The Company continuously assesses the composition of its portfolio to ensure it is aligned with its strategic objectives and positioned to maximize growth and return to shareholders. In doing so, it evaluates whether changes may need to be made to our internal reporting structure to better support and assess the operations of our business going forward. If changes are made, we will assess the resulting effect on our reportable segments, operating segments and reporting units, if any. The primary financial measures used by management to evaluate the financial results of VF's reportable segments are segment revenues and segment profit. Segment profit comprises the
operating income and other income (expense), net line items of each segment.
Accounting policies used for internal management reporting at the individual segments are consistent with those in Note 1, except as stated below. Corporate costs (other than common costs allocated to the segments), goodwill and indefinite-lived intangible asset impairment charges, net interest expense and loss on debt extinguishment are not controlled by segment management and therefore are excluded from the measurement of segment profit. Common costs such as information systems processing, retirement benefits and insurance are allocated
from corporate costs to the segments based on appropriate metrics such as usage or employment. Corporate costs that are not allocated to the segments consist of corporate headquarters expenses (including compensation and benefits of corporate management and staff, certain legal and professional fees and administrative and general costs), costs of corporate programs or corporate-managed decisions, and other expenses which include a portion of defined benefit pension costs, development costs for management information systems, costs of registering, maintaining and enforcing certain of VF’s trademarks and miscellaneous consolidated costs. Defined benefit pension plans in the U.S. are centrally managed. The current year service cost component of pension cost is allocated to the segments, while
the remaining pension cost components are reported in corporate and other expenses.
Segment assets, for internal management purposes, are those used directly in or resulting from the operations of each business, which are accounts receivable and inventories. Segment assets included in the Other category represent balances primarily related to corporate activities, and are provided for purposes of reconciliation as the Other category is not considered a reportable segment. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM at the segment level.
Financial information for VF’s reportable segments is as follows:
Year Ended March
(In thousands) 2024 2023 2022
Segment revenues:
Outdoor $ 5,501,399  $ 5,647,526  $ 5,327,568 
Active 4,061,729  4,904,622  5,380,338 
Work 891,539  1,060,179  1,133,149 
Other —  148  785 
Total segment revenues $ 10,454,667  $ 11,612,475  $ 11,841,840 
Segment profit (loss):
Outdoor $ 602,708  $ 785,431  $ 795,523 
Active (a)
352,248  654,691  979,746 
Work 17,647  121,157  193,492 
Other —  (536) (586)
Total segment profit 972,603  1,560,743  1,968,175 
Impairment of goodwill and indefinite-lived intangible assets (507,566) (735,009) — 
Corporate and other expenses (475,314) (617,815) (309,817)
Interest expense, net (223,408) (164,632) (131,463)
Loss on debt extinguishment —  —  (3,645)
Income (loss) from continuing operations before income taxes $ (233,685) $ 43,287  $ 1,523,250 
(a)Includes legal settlement gains of $29.1 million in the year ended March 2024.
(In thousands) March 2024 March 2023
Segment assets:
Outdoor $ 1,544,364  $ 1,936,090 
Active 1,034,714  1,341,142 
Work 452,384  610,798 
Other 8,869  15,055 
Total segment assets 3,040,331  3,903,085 
Cash and equivalents 674,605  814,887 
Property, plant and equipment, net 823,886  942,440 
Intangible assets and goodwill 4,088,896  4,621,234 
Operating lease right-of-use assets 1,330,361  1,372,182 
Other assets 1,654,884  2,336,660 
Consolidated assets $ 11,612,963  $ 13,990,488 
Year Ended March
(In thousands) 2024 2023 2022
Depreciation, amortization and other asset write-downs:
Outdoor $ 103,586  $ 94,448  $ 95,860 
Active 93,587  81,106  87,235 
Work 13,620  12,524  14,439 
Other 108,411  74,246  69,401 
$ 319,204  $ 262,324  $ 266,935 
Supplemental information (with revenues by geographic area primarily based on the origin of the shipment) is as follows:
Year Ended March
(In thousands) 2024 2023 2022
Total revenues:
U.S. $ 4,843,098  $ 6,043,359  $ 6,178,300 
Foreign 5,611,569  5,569,116  5,663,540 
$ 10,454,667  $ 11,612,475  $ 11,841,840 
Property, plant and equipment:
U.S. $ 596,387  $ 707,035 
Foreign 227,499  235,405 
$ 823,886  $ 942,440 
No single customer accounted for 10% or more of the Company’s total revenues in the years ended March 2024, 2023 and 2022.