Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.24.3
LEASES
 6 Months Ended
Sep. 28, 2024
Leases [Abstract]  
LEASES LEASES
The Company leases certain retail locations, office space, distribution facilities, machinery and equipment, and vehicles. The substantial majority of these leases are operating leases. Total lease cost includes operating lease cost, variable lease cost, finance lease cost, short-term lease cost and gains recognized from sale leaseback transactions. The components of lease cost were as follows:
Three Months Ended September Six Months Ended September
(In thousands) 2024 2023 2024 2023
Operating lease cost $ 103,942  $ 102,157  $ 204,553  $ 204,446 
Other lease cost 30,863  36,962  53,110  72,274 
Total lease cost $ 134,805  $ 139,119  $ 257,663  $ 276,720 
During the six months ended September 2024, the Company entered into a sale leaseback transaction for certain warehouse real estate and related assets. The transaction qualified as a sale, and thus the Company recognized a gain of $15.5 million in the selling, general and administrative expenses line item in VF's Consolidated Statement of Operations for the six months ended September 2024.
During the six months ended September 2024 and 2023, the Company paid $211.8 million and $209.3 million for operating leases, respectively. During the six months ended September 2024 and 2023, the Company obtained $227.9 million and $139.1 million of right-of-use assets in exchange for lease liabilities, respectively.
LEASES LEASES
The Company leases certain retail locations, office space, distribution facilities, machinery and equipment, and vehicles. The substantial majority of these leases are operating leases. Total lease cost includes operating lease cost, variable lease cost, finance lease cost, short-term lease cost and gains recognized from sale leaseback transactions. The components of lease cost were as follows:
Three Months Ended September Six Months Ended September
(In thousands) 2024 2023 2024 2023
Operating lease cost $ 103,942  $ 102,157  $ 204,553  $ 204,446 
Other lease cost 30,863  36,962  53,110  72,274 
Total lease cost $ 134,805  $ 139,119  $ 257,663  $ 276,720 
During the six months ended September 2024, the Company entered into a sale leaseback transaction for certain warehouse real estate and related assets. The transaction qualified as a sale, and thus the Company recognized a gain of $15.5 million in the selling, general and administrative expenses line item in VF's Consolidated Statement of Operations for the six months ended September 2024.
During the six months ended September 2024 and 2023, the Company paid $211.8 million and $209.3 million for operating leases, respectively. During the six months ended September 2024 and 2023, the Company obtained $227.9 million and $139.1 million of right-of-use assets in exchange for lease liabilities, respectively.