Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 27, 2024 | Sep. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 30, 2024 | ||
Current Fiscal Year End Date | --03-30 | ||
Document Transition Report | false | ||
Entity File Number | 1-5256 | ||
Entity Registrant Name | V. F. CORPORATION | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 23-1180120 | ||
Entity Address, Address Line One | 1551 Wewatta Street | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80202 | ||
City Area Code | 720 | ||
Local Phone Number | 778-4000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,177 | ||
Entity Common Stock, Shares Outstanding | 388,887,166 | ||
Documents Incorporated by Reference | Documents Incorporated By Reference Portions of the definitive Proxy Statement for the Annual Meeting of Shareholders to be held on July 23, 2024 (Item 1 in Part I and Items 10, 11, 12, 13 and 14 in Part III), which definitive Proxy Statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. | ||
Entity Central Index Key | 0000103379 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock, without par value, stated capital $.25 per share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, without par value, stated capital $.25 per share | ||
Trading Symbol | VFC | ||
Security Exchange Name | NYSE | ||
4.125% Senior Notes due 2026 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 4.125% Senior Notes due 2026 | ||
Trading Symbol | VFC26 | ||
Security Exchange Name | NYSE | ||
0.250% Senior Notes due 2028 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 0.250% Senior Notes due 2028 | ||
Trading Symbol | VFC28 | ||
Security Exchange Name | NYSE | ||
4.250% Senior Notes due 2029 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 4.250% Senior Notes due 2029 | ||
Trading Symbol | VFC29 | ||
Security Exchange Name | NYSE | ||
0.625% Senior Notes due 2032 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 0.625% Senior Notes due 2032 | ||
Trading Symbol | VFC32 | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Mar. 30, 2024 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Greensboro, North Carolina |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Current assets | ||
Cash and equivalents | $ 674,605 | $ 814,887 |
Accounts receivable, less allowance for doubtful accounts of: March 2024 - $26,369; March 2023 - $28,075 | 1,273,965 | 1,610,295 |
Inventories | 1,766,366 | 2,292,790 |
Other current assets | 512,011 | 434,737 |
Total current assets | 4,226,947 | 5,152,709 |
Property, plant and equipment: | 823,886 | 942,440 |
Intangible assets, net | 2,628,482 | 2,642,821 |
Goodwill | 1,460,414 | 1,978,413 |
Operating lease right-of-use assets | 1,330,361 | 1,372,182 |
Other assets | 1,142,873 | 1,901,923 |
TOTAL ASSETS | 11,612,963 | 13,990,488 |
Current liabilities | ||
Short-term borrowings | 263,938 | 11,491 |
Current portion of long-term debt | 1,000,721 | 924,305 |
Accounts payable | 817,128 | 936,319 |
Accrued liabilities | 1,375,192 | 1,673,651 |
Total current liabilities | 3,456,979 | 3,545,766 |
Long-term debt | 4,702,284 | 5,711,014 |
Operating lease liabilities | 1,156,858 | 1,171,941 |
Other liabilities | 638,477 | 651,054 |
Total liabilities | 9,954,598 | 11,079,775 |
Commitments and contingencies | ||
Stockholders' equity | ||
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at March 2024 or March 2023 | 0 | 0 |
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at March 2024 - 388,836,219; March 2023 - 388,665,531 | 97,209 | 97,166 |
Additional paid-in capital | 3,600,071 | 3,775,979 |
Accumulated other comprehensive loss | (1,064,331) | (1,019,518) |
Retained earnings (accumulated deficit) | (974,584) | 57,086 |
Total stockholders’ equity | 1,658,365 | 2,910,713 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 11,612,963 | $ 13,990,488 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 26,369 | $ 28,075 |
Preferred stock (in USD per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock (in USD per share) | $ 0.25 | $ 0.25 |
Common stock, authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common stock, outstanding (in shares) | 388,836,219 | 388,665,531 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Income Statement [Abstract] | |||
Net revenues | $ 10,454,667,000 | $ 11,612,475,000 | $ 11,841,840,000 |
Costs and operating expenses | |||
Cost of goods sold | 5,017,445,000 | 5,515,796,000 | 5,386,393,000 |
Selling, general and administrative expenses | 4,963,718,000 | 5,033,977,000 | 4,823,243,000 |
Impairment of goodwill and intangible assets | 507,566,000 | 735,009,000 | 0 |
Total costs and operating expenses | 10,488,729,000 | 11,284,782,000 | 10,209,636,000 |
Operating income (loss) | (34,062,000) | 327,693,000 | 1,632,204,000 |
Interest income | 21,628,000 | 9,758,000 | 5,006,000 |
Interest expense | (245,036,000) | (174,390,000) | (136,469,000) |
Loss on debt extinguishment | 0 | 0 | (3,645,000) |
Other income (expense), net | 23,785,000 | (119,774,000) | 26,154,000 |
Income (loss) from continuing operations before income taxes | (233,685,000) | 43,287,000 | 1,523,250,000 |
Income tax expense (benefit) | 735,197,000 | (75,297,000) | 306,981,000 |
Income (loss) from continuing operations | (968,882,000) | 118,584,000 | 1,216,269,000 |
Income from discontinued operations, net of tax | 0 | 0 | 170,672,000 |
Net income (loss) | $ (968,882,000) | $ 118,584,000 | $ 1,386,941,000 |
Earnings (loss) per common share - basic | |||
Continuing operations (in USD per share) | $ (2.49) | $ 0.31 | $ 3.12 |
Discontinued operations (in USD per share) | 0 | 0 | 0.44 |
Total earnings (loss) per common share - basic (in USD per share) | (2.49) | 0.31 | 3.55 |
Earnings (loss) per common share - diluted | |||
Continuing operations (in USD per share) | (2.49) | 0.31 | 3.10 |
Discontinued operations (in USD per share) | 0 | 0 | 0.43 |
Total earnings (loss) per common share - diluted (in USD per share) | $ (2.49) | $ 0.31 | $ 3.53 |
Weighted average shares outstanding | |||
Basic (in shares) | 388,360 | 387,763 | 390,291 |
Diluted (in shares) | 388,360 | 388,370 | 392,411 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (968,882) | $ 118,584 | $ 1,386,941 |
Foreign currency translation and other | |||
Losses arising during the period | (1,491) | (106,527) | (17,355) |
Income tax effect | (7,297) | (1,492) | (34,104) |
Defined benefit pension plans | |||
Current period actuarial gains (losses), including plan amendments | (38,230) | (25,211) | 12,927 |
Amortization of net deferred actuarial losses | 16,195 | 16,395 | 11,310 |
Amortization of deferred prior service credits | (80) | (453) | (440) |
Reclassification of net actuarial loss from settlement charges | 3,538 | 93,731 | 7,466 |
Income tax effect | 3,936 | (21,864) | (3,806) |
Derivative financial instruments | |||
Gains (losses) arising during the period | (7,933) | 53,533 | 71,494 |
Income tax effect | 1,490 | (8,554) | (11,741) |
Reclassification of net (gains) losses realized | (18,121) | (110,160) | 54,326 |
Income tax effect | 3,180 | 17,663 | (7,656) |
Other comprehensive income (loss) | (44,813) | (92,939) | 82,421 |
Comprehensive income (loss) | $ (1,013,695) | $ 25,645 | $ 1,469,362 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ (968,882,000) | $ 118,584,000 | $ 1,386,941,000 |
Income from discontinued operations, net of tax | 0 | 0 | 170,672,000 |
Income (loss) from continuing operations, net of tax | (968,882,000) | 118,584,000 | 1,216,269,000 |
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities: | |||
Impairment of goodwill and intangible assets | 507,566,000 | 735,009,000 | 0 |
Depreciation, amortization and other asset write-downs | 319,204,000 | 262,324,000 | 266,935,000 |
Reduction in the carrying amount of right-of-use assets | 394,426,000 | 383,199,000 | 410,132,000 |
Stock-based compensation | 67,332,000 | 60,354,000 | 91,358,000 |
Provision for doubtful accounts | 11,170,000 | 3,532,000 | (716,000) |
Pension expense in excess of (less than) contributions | (18,080,000) | 79,197,000 | (41,309,000) |
Deferred income taxes | (395,100,000) | (53,554,000) | (157,489,000) |
Write-off of income tax receivables and interest | 921,409,000 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 3,645,000 |
Other, net | 7,359,000 | (11,433,000) | (12,007,000) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 324,629,000 | (147,331,000) | (202,526,000) |
Inventories | 508,584,000 | (890,173,000) | (380,851,000) |
Accounts payable | (106,048,000) | 377,433,000 | 105,357,000 |
Income taxes | (154,606,000) | (1,148,610,000) | 201,391,000 |
Accrued liabilities | 32,952,000 | (91,650,000) | 88,213,000 |
Operating lease right-of-use assets and liabilities | (390,227,000) | (379,963,000) | (444,125,000) |
Other assets and liabilities | (47,107,000) | 47,287,000 | (286,079,000) |
Cash provided (used) by operating activities - continuing operations | 1,014,581,000 | (655,795,000) | 858,198,000 |
Cash provided by operating activities - discontinued operations | 0 | 0 | 6,090,000 |
Cash provided (used) by operating activities | 1,014,581,000 | (655,795,000) | 864,288,000 |
INVESTING ACTIVITIES | |||
Business acquisitions, net of cash received | 0 | 0 | 3,760,000 |
Proceeds from sale of businesses, net of cash sold | 0 | 0 | 616,928,000 |
Proceeds from sale of assets | 26,615,000 | 99,499,000 | 32,542,000 |
Proceeds from sale of short-term investments | 0 | 0 | 598,806,000 |
Capital expenditures | (145,818,000) | (165,925,000) | (245,449,000) |
Software purchases | (65,167,000) | (95,326,000) | (82,871,000) |
Other, net | 12,112,000 | (26,301,000) | (19,456,000) |
Cash provided (used) by investing activities - continuing operations | (172,258,000) | (188,053,000) | 904,260,000 |
Cash used by investing activities - discontinued operations | 0 | 0 | (525,000) |
Cash provided (used) by investing activities | (172,258,000) | (188,053,000) | 903,735,000 |
FINANCING ACTIVITIES | |||
Contingent consideration payment | 0 | (56,976,000) | 0 |
Net increase (decrease) in short-term borrowings | 255,146,000 | (323,972,000) | 324,404,000 |
Payments on long-term debt | (908,199,000) | (501,051,000) | (504,200,000) |
Payment of debt issuance costs | (576,000) | (6,796,000) | (2,496,000) |
Proceeds from long-term debt | 0 | 2,058,341,000 | 0 |
Share repurchases | 0 | 0 | (350,004,000) |
Cash dividends paid | (303,140,000) | (702,846,000) | (773,205,000) |
Proceeds from issuance of Common Stock, net of (payments) for tax withholdings | (2,846,000) | (2,794,000) | 36,654,000 |
Cash provided (used) by financing activities | (959,615,000) | 463,906,000 | (1,268,847,000) |
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash | (22,069,000) | (80,822,000) | (73,299,000) |
Net change in cash, cash equivalents and restricted cash | (139,361,000) | (460,764,000) | 425,877,000 |
Cash, cash equivalents and restricted cash — beginning of period | 816,318,000 | 1,277,082,000 | 851,205,000 |
Cash, cash equivalents and restricted cash — end of period | $ 676,957,000 | $ 816,318,000 | $ 1,277,082,000 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 |
Balances per Consolidated Balance Sheets: | |||
Cash and cash equivalents | $ 674,605 | $ 814,887 | $ 1,275,943 |
Other current assets | 2,221 | 1,305 | 1,109 |
Other assets | 131 | 126 | 30 |
Total cash, cash equivalents and restricted cash | $ 676,957 | $ 816,318 | $ 1,277,082 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings (Accumulated Deficit) |
Beginning balance (in shares) at Apr. 03, 2021 | 391,941,477 | ||||
Beginning balance at Apr. 03, 2021 | $ 3,056,164 | $ 97,985 | $ 3,777,645 | $ (1,009,000) | $ 189,534 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 1,386,941 | 1,386,941 | |||
Dividends on Common Stock | (773,205) | (2,597) | (770,608) | ||
Share repurchases (in shares) | (4,805,093) | ||||
Share repurchases | (350,004) | $ (1,201) | (348,803) | ||
Stock-based compensation, net (in shares) | 1,161,991 | ||||
Stock-based compensation, net | 128,038 | $ 291 | 141,336 | (13,589) | |
Foreign currency translation and other | (51,459) | (51,459) | |||
Defined benefit pension plans | 27,457 | 27,457 | |||
Derivative financial instruments | 106,423 | 106,423 | |||
Ending balance (in shares) at Apr. 02, 2022 | 388,298,375 | ||||
Ending balance at Apr. 02, 2022 | 3,530,355 | $ 97,075 | 3,916,384 | (926,579) | 443,475 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 118,584 | 118,584 | |||
Dividends on Common Stock | (702,846) | (203,394) | (499,452) | ||
Stock-based compensation, net (in shares) | 367,156 | ||||
Stock-based compensation, net | 57,559 | $ 91 | 62,989 | (5,521) | |
Foreign currency translation and other | (108,019) | (108,019) | |||
Defined benefit pension plans | 62,598 | 62,598 | |||
Derivative financial instruments | $ (47,518) | (47,518) | |||
Ending balance (in shares) at Apr. 01, 2023 | 388,665,531 | 388,665,531 | |||
Ending balance at Apr. 01, 2023 | $ 2,910,713 | $ 97,166 | 3,775,979 | (1,019,518) | 57,086 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (968,882) | (968,882) | |||
Dividends on Common Stock | (303,140) | (246,054) | (57,086) | ||
Stock-based compensation, net (in shares) | 170,688 | ||||
Stock-based compensation, net | 64,487 | $ 43 | 70,146 | (5,702) | |
Foreign currency translation and other | (8,788) | (8,788) | |||
Defined benefit pension plans | (14,641) | (14,641) | |||
Derivative financial instruments | $ (21,384) | (21,384) | |||
Ending balance (in shares) at Mar. 30, 2024 | 388,836,219 | 388,836,219 | |||
Ending balance at Mar. 30, 2024 | $ 1,658,365 | $ 97,209 | $ 3,600,071 | $ (1,064,331) | $ (974,584) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per common share (in USD per share) | $ 0.78 | $ 1.81 | $ 1.98 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 30, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business VF Corporation (together with its subsidiaries, collectively known as “VF” or the "Company”) is a global apparel, footwear and accessories company based in the United States. VF designs, procures, markets and distributes a variety of branded products, including outerwear, footwear, apparel, backpacks, luggage and accessories for consumers of all ages. Products are marketed under VF-owned brand names. Basis of Presentation The consolidated financial statements and related disclosures are presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The consolidated financial statements include the accounts of VF and its controlled subsidiaries, after elimination of intercompany transactions and balances. 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 consolidated financial statements relates to continuing operations. Refer to Note 3 for additional information on discontinued operations. Fiscal Year VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. VF's current fiscal year ran from April 2, 2023 through March 30, 2024 ("Fiscal 2024"). All references to the periods ended March 2024, March 2023 and March 2022 relate to the 52-week fiscal years ended March 30, 2024, April 1, 2023 ("Fiscal 2023") and April 2, 2022 ("Fiscal 2022"), respectively. Certain foreign subsidiaries reported using a March 31 year-end for Fiscal 2024, 2023 and 2022 due to local statutory requirements. The impact to VF's consolidated financial statements is not material. Recent Development Reinvent On October 30, 2023, VF introduced Reinvent, a transformation program to enhance focus on brand-building and to improve operating performance and allow VF to achieve its full potential. The first announced steps in this transformation cover the following priorities: improve North America results, deliver the Vans ® turnaround, reduce costs and strengthen the balance sheet. Refer to Note 27 for additional information on the program. Use of Estimates In preparing the consolidated financial statements in accordance with GAAP, management makes estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates. Foreign Currency Translation and Transaction The financial statements of most foreign subsidiaries are measured using the foreign currency as the functional currency. Assets and liabilities denominated in a foreign currency are translated into U.S. dollars using exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates during the period. Resulting translation gains and losses, and transaction gains and losses on long-term advances to foreign subsidiaries, are reported in the Consolidated Statements of Comprehensive Income (Loss). Foreign currency transactions are denominated in a currency other than the functional currency of a particular entity. These transactions generally result in receivables or payables that are fixed in the foreign currency. Transaction gains or losses arise when exchange rate fluctuations either increase or decrease the functional currency cash flows from the originally recorded transaction. Foreign currency transaction gains and losses reported in the Consolidated Statements of Operations, were a net loss of $16.6 million, $16.9 million and $6.7 million in the years ended March 2024, 2023 and 2022, respectively. Business Combinations VF accounts for business combinations using the acquisition method of accounting. Under the acquisition method, the consolidated financial statements reflect the operations of an acquired business starting from the closing date of the acquisition. All assets acquired and liabilities assumed are recorded at fair value as of the acquisition date. VF allocates the purchase price of an acquired business to the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed, with any excess purchase price recorded as goodwill. Contingent consideration, if any, is included within the purchase price and is recognized at its fair value on the acquisition date. In subsequent reporting periods, any contingent consideration liabilities are remeasured at fair value with changes recognized in operating income (loss) . During the measurement period, which is up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Cash and Equivalents Cash and equivalents are demand deposits, receivables from third-party credit card processors and highly liquid investments that mature within three months of their purchase dates. Highly liquid investments considered cash equivalents were $226.8 million and $439.5 million at March 2024 and 2023, respectively, consisting of money market funds and short-term time deposits. Accounts Receivable Trade accounts receivable are recorded at invoiced amounts, less contractual allowances for trade terms, sales incentive programs and discounts. Royalty receivables are recorded at amounts earned based on the licensees' sales of licensed products, subject in some cases to contractual minimum royalties due from individual licensees. VF maintains an allowance for doubtful accounts for estimated losses that will result from the inability of customers and licensees to make required payments. The allowance is determined based on review of specific customer accounts where collection is doubtful, as well as an assessment of the collectability of total receivables, which are grouped based on similar risk characteristics, considering historical trends, adjusted for current economic conditions and reasonable and supportable forecasts when appropriate. The allowance represents the current estimate of lifetime expected credit losses for all outstanding accounts receivable and reflects the Company's ongoing evaluation of collectability, customer creditworthiness, historical levels of credit losses and future expectations. Receivables are written off against the allowance when it is determined that the amounts will not be recovered. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on the first-in, first-out method, includes all costs incurred to purchase the finished goods and is net of discounts or rebates received from vendors. A detailed review of all inventories is performed, at least quarterly, to identify slow moving or excess products, discontinued and to-be-discontinued products, off-quality merchandise and other specific or unique situations. Management performs an evaluation to estimate net realizable value using a systematic and consistent methodology of forecasting future demand, market conditions and selling prices less costs of disposal. If the estimated net realizable value is less than cost, VF provides an allowance to reflect the lower value of that inventory. This methodology recognizes inventory exposures at the time such losses are evident rather than at the time goods are actually sold. Historically, these estimates of future demand and selling prices have not varied significantly from actual results due to VF’s timely identification and ability to typically dispose of these distressed inventories at amounts either above or not significantly below cost. Existence of physical inventory is verified through periodic physical inventory counts and ongoing cycle counts at most locations throughout the year, and an estimate of inventory losses that have likely occurred since the last physical inventory date is recorded. Historically, physical inventory shrinkage has not been material. Long-lived Assets, Including Intangible Assets and Goodwill Property, plant and equipment, intangible assets and goodwill are initially recorded at cost. VF capitalizes improvements to property, plant and equipment that substantially extend the useful life of the asset, and interest cost incurred during construction of major assets. Repair and maintenance costs are expensed as incurred. Cost for acquired intangible assets represents the fair value at acquisition date, which is generally based on the present value of expected cash flows. Trademark intangible assets represent individual acquired trademarks, some of which are registered in multiple countries. Customer relationship intangible assets are based on the value of relationships with wholesale customers in place at the time of acquisition. Goodwill represents the excess of cost of an acquired business over the fair value of net tangible assets and identifiable intangible assets acquired. Goodwill is assigned at the reporting unit level. Depreciation of property, plant and equipment is computed using the straight-line method over the estimated useful lives of the assets, ranging from 3 to 10 years for machinery and equipment and up to 40 years for buildings. Amortization expense for leasehold improvements and assets under finance leases is recognized over the shorter of their estimated useful lives or the lease terms, and is included in depreciation expense. Depreciation is ceased on assets that meet the held-for-sale criteria and they are measured at the lower of their carrying value or fair value, less costs of disposal. Intangible assets determined to have indefinite lives, consisting of major trademarks and trade names, are not amortized. Other intangible assets determined to have a finite life primarily consist of customer relationships, which are amortized over their estimated useful lives ranging from 11 to 24 years using an accelerated method consistent with the timing of benefits expected to be received. Depreciation and amortization expense related to obtaining finished goods inventories is included in cost of goods sold, and other depreciation and amortization expense is included in selling, general and administrative expenses. VF’s policy is to review property, plant and equipment and amortizable intangible assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If forecasted pre-tax undiscounted cash flows to be generated by the asset are not expected to recover the asset’s carrying value, an impairment charge is recorded for the excess of the asset’s carrying value over its estimated fair value. VF’s policy is to evaluate indefinite-lived intangible assets and goodwill for possible impairment as of the beginning of the fourth quarter of each fiscal year, or whenever events or changes in circumstances indicate that the fair value of such assets may be below their carrying amount. VF may first assess qualitative factors as a basis for determining whether it is necessary to perform quantitative impairment testing. If VF determines that it is more likely than not that the fair value of an asset or reporting unit is more than its carrying value, then no further testing is required. Otherwise, the assets must be quantitatively tested for impairment. An indefinite-lived intangible asset is quantitatively evaluated for possible impairment by comparing the estimated fair value of the asset with its carrying value. An impairment charge is recorded if the carrying value of the asset exceeds its estimated fair value. Goodwill is quantitatively evaluated for possible impairment by comparing the estimated fair value of a reporting unit with its carrying value, including the goodwill assigned to that reporting unit. An impairment charge is recorded if the carrying value of the reporting unit exceeds its estimated fair value. Leases VF determines if an arrangement is or contains a lease at contract inception and determines its classification as an operating or finance lease at lease commencement. The Company leases certain retail locations, office space, distribution facilities, machinery and equipment, and vehicles. While the substantial majority of these leases are operating leases, one of VF's distribution centers is a finance lease. Leases for real estate typically have initial terms ranging from 2 to 15 years, generally with renewal options. Leases for equipment typically have initial terms ranging from 2 to 5 years and vehicle leases typically have initial terms ranging from 1 to 6 years. In determining the lease term used in the lease right-of-use asset and lease liability calculations, the Company considers various factors such as market conditions and the terms of any renewal or termination options that may exist. When deemed reasonably certain, the renewal and termination options are included in the determination of the lease term and calculation of the lease right-of-use assets and lease liabilities. The Company has made an accounting policy election to not recognize right-of-use assets and lease liabilities for leases with terms of 12 months or less. Most leases have fixed rental payments. Many of the real estate leases also require additional variable payments for occupancy-related costs, real estate taxes and insurance, as well as other payments (i.e., contingent rent) owed when sales at individual retail store locations exceed a stated base amount. Variable lease payments are excluded from the measurement of the lease liability and are recognized in profit and loss in the period in which the event or conditions that triggers those payments occur. Certain leases contain both lease and non-lease components. For leases associated with specific asset classes, including certain real estate, vehicles and IT equipment, VF has elected the practical expedient which permits entities to account for separate lease and non-lease components as a single component. For all other lease contracts, the Company accounts for each lease component separately from the non-lease components of the contract. When applicable, VF will measure the consideration to be paid pursuant to the agreement and allocate this consideration to the lease and non-lease components based on relative standalone prices. VF estimates the amount it expects to pay to the lessor under a residual value guarantee and includes it in lease payments used to measure the lease liability only for amounts probable of being owed by VF at the commencement date. VF calculates lease liabilities as the present value of lease payments over the lease term at commencement date. Lease right-of-use assets are calculated based on the initial measurement of the respective lease liabilities adjusted for any lease payments made to the lessor at or before the commencement date, lease incentives received and initial direct costs incurred. When readily determinable, the Company uses the implicit rate to determine the present value of lease payments, which generally does not happen in practice. As the rate implicit in the majority of the Company's leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the lease term, currency, country specific risk premium and adjustments for collateralized debt. Operating lease expense is recorded as a single lease cost on a straight-line basis over the lease term. For finance leases, right-of-use asset amortization and interest on lease liabilities are presented separately in the Consolidated Statements of Operations. The Company does not have material subleases. The Company assesses whether a sale leaseback transaction qualifies as a sale when the transaction occurs. For transactions qualifying as a sale, VF derecognizes the underlying asset and recognizes the entire gain or loss at the time of the sale. The corresponding lease entered into with the buyer-lessor is accounted for as an operating lease. During the year ended March 2023, the Company entered into a sale leaseback transaction for certain office real estate and related assets. The transaction qualified as a sale, and thus the Company recognized a gain of $13.2 million in the selling, general and administrative expenses line item in VF's Consolidated Statement of Operations for the year ended March 2023. Defined Benefit Pension Plans VF sponsors various defined benefit pension plans in the U.S. and in certain international jurisdictions. The Company's U.S. plans, including a noncontributory qualified defined benefit pension plan and an unfunded supplemental defined benefit pension plan, were frozen for all future benefit accruals, effective December 31, 2018. The funded status of defined benefit pension plans is recorded as a net asset or liability in the Consolidated Balance Sheets based on the difference between the projected benefit obligations and the fair value of plan assets, which is assessed on a plan-by-plan basis. The changes in funded status of defined benefit pension plans, primarily related to actuarial gains and losses arising from differences between actual experience and actuarial assumptions, are recognized in the year in which the changes occur and reported in the Consolidated Statements of Comprehensive Income (Loss). VF reports the service component of net periodic pension cost (income) within operating income (loss) and the other components of net periodic pension cost, which include interest cost, expected return on plan assets, settlement charges, curtailments and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item of the Consolidated Statements of Operations. Derivative Financial Instruments Derivative financial instruments are measured at fair value in the Consolidated Balance Sheets. Unrealized gains and losses are recognized as assets and liabilities, respectively, and classified as current or noncurrent based on the derivatives’ maturity dates. The accounting for changes in the fair value of derivative instruments (i.e., gains and losses) depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. To qualify for hedge accounting treatment, all hedging relationships must be formally documented at the inception of the hedges and must be highly effective in offsetting changes to future cash flows of hedged transactions. VF’s hedging practices are described in Note 25, which primarily relate to cash flow hedges. VF does not use derivative instruments for trading or speculative purposes. Hedging cash flows are classified in the Consolidated Statements of Cash Flows in the same category as the items being hedged. VF formally documents hedging instruments and hedging relationships at the inception of each contract. Further, at the inception of a contract and on an ongoing basis, as necessary, VF assesses whether the hedging instruments are highly effective in offsetting the risk of the hedged transactions. When hedging instruments are determined to not be highly effective, hedge accounting treatment is discontinued, and any future changes in fair value of the instruments are recognized immediately in net income (loss). Unrealized gains or losses related to hedging instruments remain in accumulated other comprehensive loss ("OCL") until the hedged forecasted transaction occurs and impacts earnings. If the hedged forecasted transaction is deemed probable of not occurring, any unrealized gains or losses in accumulated OCL are immediately recognized in net income (loss). VF also uses derivative contracts to manage foreign currency exchange risk on certain assets and liabilities. These contracts are not designated as hedges, and are measured at fair value in the Consolidated Balance Sheets with changes in fair value recognized directly in net income (loss). The counterparties to the derivative contracts are financial institutions having at least A-rated investment grade credit ratings. To manage its credit risk, VF continually monitors the credit risks of its counterparties, limits its exposure in the aggregate and to any single counterparty, and adjusts its hedging positions as appropriate. The impact of VF’s credit risk and the credit risk of its counterparties, as well as the ability of each party to fulfill its obligations under the contracts, is considered in determining the fair value of the derivative contracts. Credit risk has not had a significant effect on the fair value of VF’s derivative contracts. VF does not have any credit risk-related contingent features or collateral requirements with its derivative contracts. Revenue Recognition Revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied based on the transfer of control of promised goods or services. The transfer of control typically occurs at a point in time based on consideration of when the customer has (i) an obligation to pay for, (ii) physical possession of, (iii) legal title to, (iv) risks and rewards of ownership of, and (v) accepted the goods or services. The timing of revenue recognition within the wholesale channel occurs either on shipment or delivery of goods based on contractual terms with the customer. The timing of revenue recognition in the direct-to-consumer channel generally occurs at the point of sale within VF-operated or concession retail stores and either on shipment or delivery of goods for e-commerce transactions based on contractual terms with the customer. For finished products shipped directly to customers from our suppliers, the Company's promise to the customer is a performance obligation to provide the specified goods, and thus the Company is the principal in the arrangement and revenue is recognized on a gross basis at the transaction price. The duration of contractual arrangements with our customers in the wholesale and direct-to-consumer channels is typically less than one year. Payment terms with wholesale customers are generally between 30 and 60 days while direct-to-consumer arrangements have shorter terms. The Company does not adjust the promised amount of consideration for the effects of a significant financing component as it is expected, at contract inception, that the period between the transfer of the promised good or service to the customer and the customer payment for the good or service will be one year or less. The amount of revenue recognized in both wholesale and direct-to-consumer channels reflects the expected consideration to be received for providing the goods or services to the customer, which includes estimates for variable consideration. Variable consideration includes sales incentive programs, discounts, markdowns, chargebacks and product returns. Estimates of variable consideration are determined at contract inception and reassessed at each reporting date, at a minimum, to reflect any changes in facts and circumstances. The Company utilizes the expected value method in determining its estimates of variable consideration, based on evaluations of specific product and customer circumstances, historical and anticipated trends, and current economic conditions. Allowances for estimates of sales incentive programs, discounts, markdowns, chargebacks and returns are recorded as accrued liabilities in the Consolidated Balance Sheets. Certain products sold by the Company include an assurance warranty. Product warranty costs are estimated based on historical and anticipated trends, and are recorded as cost of goods sold at the time revenue is recognized. Revenue from the sale of gift cards is deferred and recorded as a contract liability until the gift card is redeemed by the customer, factoring in breakage as appropriate. Various VF brands maintain customer loyalty programs where customers earn rewards from qualifying purchases or activities, which are redeemable for discounts on future purchases or other rewards. For its customer loyalty programs, the Company estimates the standalone selling price of the loyalty rewards and allocates a portion of the consideration for the sale of products to the loyalty points earned. The deferred amount is recorded as a contract liability, and is recognized as revenue when the points are redeemed or when the likelihood of redemption is remote. The Company has elected to treat all shipping and handling activities as fulfillment costs and recognize the costs as selling, general and administrative expenses at the time the related revenue is recognized. Shipping and handling costs billed to customers are included in net revenues. Sales taxes and value added taxes collected from customers and remitted directly to governmental authorities are excluded from the transaction price. The Company has licensing agreements for its symbolic intellectual property, some of which include minimum guaranteed royalties. Royalty income is recognized as earned over the respective license term based on the greater of minimum guarantees or the licensees' sales of licensed products at rates specified in the licensing contracts. Royalty income related to the minimum guarantees is recognized using a measure of progress with variable amounts recognized only when the cumulative earned royalty exceeds the minimum guarantees. The Company has applied the practical expedient to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that otherwise would have been recognized is one year or less. The Company has also elected the practical expedients to not disclose the transaction price allocated to remaining performance obligations for (i) variable consideration related to sales-based royalty arrangements, and (ii) contracts with an original expected duration of one year or less. Cost of Goods Sold Cost of goods sold for purchased finished goods includes the purchase costs and related overhead. Overhead includes all costs related to purchasing finished goods, including costs of planning, purchasing, quality control, depreciation, freight, duties, royalties paid to third parties and shrinkage. Cost of goods sold also includes provisions to state inventories at the lower of cost or net realizable value. For product lines with a warranty, a provision for estimated future repair or replacement costs, based on historical and anticipated trends, is recorded when these products are sold. Selling, General and Administrative Expenses Selling, general and administrative expenses include costs of product development, selling, marketing and advertising, VF-operated retail stores, concession retail stores, warehousing, distribution, shipping and handling, licensing and administration. Advertising costs are expensed as incurred and totaled $835.8 million, $861.8 million and $840.6 million in the years ended March 2024, 2023 and 2022, respectively. Advertising costs include cooperative advertising payments made to VF’s customers as reimbursement for certain costs of advertising VF’s products, which totaled $12.7 million, $16.5 million and $16.2 million in the years ended March 2024, 2023 and 2022, respectively. Shipping and handling costs for delivery of products to customers totaled $549.2 million, $637.0 million and $634.2 million in the years ended March 2024, 2023 and 2022, respectively. Expenses related to royalty income were $0.8 million, $0.9 million and $0.9 million in the years ended March 2024, 2023 and 2022, respectively. Stock-based Compensation VF accounts for all stock-based payments to employees and non-employee directors based on their respective grant date fair values. Compensation cost for all awards expected to vest is recognized over the shorter of the requisite service period or the vesting period, including accelerated recognition for retirement-eligible employees. Awards that do not vest are forfeited. Generally, dividend equivalents accrue without compounding and are payable in additional shares of VF common stock upon vesting. VF uses a lattice option-pricing model to estimate the fair value of stock options granted to employees and non-employee directors. VF's performance-based awards are based on management achieving both performance and market-based financial targets. The grant date fair value of market conditions is determined using a Monte Carlo simulation technique incorporating option-pricing model inputs. Dividends Dividends declared on common stock are recorded as a reduction of retained earnings to the extent retained earnings are available at the close of the period prior to the date of the declared dividend. Dividends declared in excess of retained earnings are recorded as a reduction of additional paid-in-capital. Self-insurance VF is self-insured for a significant portion of its employee medical, workers’ compensation, vehicle, property and general liability exposures. Liabilities for self-insured exposures are accrued at the present value of amounts expected to be paid based on historical claims experience and actuarial data for forecasted settlements of claims filed and for incurred but not yet reported claims. Accruals for self-insured exposures are included in current and noncurrent liabilities based on the expected periods of payment. Excess liability insurance has been purchased to limit the amount of self-insured risk on claims. Income Taxes Income taxes are provided on pre-tax income (loss) for financial reporting purposes. Income taxes are based on amounts of taxes payable or refundable in the current year and on expected future tax consequences of events that are recognized in the consolidated financial statements in different periods than they are recognized in tax returns. As a result of timing of recognition and measurement differences between financial accounting standards and income tax laws, temporary differences arise between amounts of pre-tax financial statement income (loss) and taxable income (loss), and between reported amounts of assets and liabilities in the Consolidated Balance Sheets and their respective tax bases. Deferred income tax assets and liabilities reported in the Consolidated Balance Sheets reflect the estimated future tax impact of these temporary differences and net operating loss and net capital loss carryforwards, based on tax rates currently enacted for the years in which the differences are expected to be settled or realized. Realization of deferred tax assets is dependent on future taxable income in specific jurisdictions. Valuation allowances are used to reduce deferred tax assets to amounts considered more-likely-than-not to be realized. All deferred tax assets and liabilities are classified as noncurrent in the Consolidated Balance Sheets. Accrued income taxes in the Consolidated Balance Sheets include unrecognized income tax benefits, along with related interest and penalties, appropriately classified as current or noncurrent. VF has evaluated these potential issues under the more-likely-than-not standard of the accounting literature. A tax position is recognized if it meets this standard and is measured at the largest amount of benefit that has a greater than 50% likelihood of being realized. The provision for income taxes also includes estimated interest and penalties related to uncertain tax positions . Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per share assumes conversion of potentially dilutive securities such as stock options, restricted stock units and restricted stock. In periods of a net loss, all potentially dilutive securities are excluded from diluted loss per share, as their inclusion would be anti-dilutive. Concentration |
REVENUES
REVENUES | 12 Months Ended |
Mar. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES Contract Balances Contract assets are rights to consideration in exchange for goods or services that have been transferred to a customer when that right is conditional on something other than the passage of time. Once the Company has an unconditional right to consideration under a contract, amounts are invoiced and contract assets are reclassified to accounts receivable. The Company's primary contract assets relate to sales-based royalty arrangements, which are discussed in more detail within Note 1. Contract liabilities are recorded when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional, before the transfer of a good or service to the customer and thus represent the Company's obligation to transfer the good or service to the customer at a future date. The Company's primary contract liabilities relate to gift cards, loyalty programs and sales-based royalty arrangements, which are discussed in more detail within Note 1, and order deposits. The following table provides information about contract assets and contract liabilities: (In thousands) March 2024 March 2023 Contract assets (a) $ 2,393 $ 2,294 Contract liabilities (b) 67,115 62,214 (a) Included in the other current assets line item in the Consolidated Balance Sheets. (b) Included in the accrued liabilities line item in the Consolidated Balance Sheets. For the year ended March 2024 , the Company recognized $253.6 million of revenue, which included the majority of the contract liability balance at the beginning of the year, and amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were satisfied during the year, including 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 March 2024, the Company expects to recognize $78.5 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. As of March 2024 , 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. Disaggregation of Revenue The following tables disaggregate our revenues by channel and geography, which provides a meaningful depiction of how the nature, timing and uncertainty of revenues are affected by economic factors. Year Ended March 2024 (In thousands) Outdoor Active Work Other Total Channel revenues Wholesale $ 3,152,260 $ 1,579,251 $ 690,934 $ — $ 5,422,445 Direct-to-consumer 2,330,390 2,458,475 176,284 — 4,965,149 Royalty 18,749 24,003 24,321 — 67,073 Total $ 5,501,399 $ 4,061,729 $ 891,539 $ — $ 10,454,667 Geographic revenues Americas $ 2,498,520 $ 2,255,982 $ 710,366 $ — $ 5,464,868 Europe 2,080,583 1,234,569 113,420 — 3,428,572 Asia-Pacific 922,296 571,178 67,753 — 1,561,227 Total $ 5,501,399 $ 4,061,729 $ 891,539 $ — $ 10,454,667 Year Ended March 2023 (In thousands) Outdoor Active Work Other Total Channel revenues Wholesale $ 3,375,343 $ 2,082,875 $ 847,729 $ 148 $ 6,306,095 Direct-to-consumer 2,252,958 2,791,936 186,462 — 5,231,356 Royalty 19,225 29,811 25,988 — 75,024 Total $ 5,647,526 $ 4,904,622 $ 1,060,179 $ 148 $ 11,612,475 Geographic revenues Americas $ 2,921,383 $ 2,912,666 $ 848,524 $ 148 $ 6,682,721 Europe 1,960,485 1,343,796 107,414 — 3,411,695 Asia-Pacific 765,658 648,160 104,241 — 1,518,059 Total $ 5,647,526 $ 4,904,622 $ 1,060,179 $ 148 $ 11,612,475 Year Ended March 2022 (In thousands) Outdoor Active Work Other Total Channel revenues Wholesale $ 3,194,881 $ 2,256,444 $ 919,080 $ 785 $ 6,371,190 Direct-to-consumer 2,115,056 3,102,231 186,788 — 5,404,075 Royalty 17,631 21,663 27,281 — 66,575 Total $ 5,327,568 $ 5,380,338 $ 1,133,149 $ 785 $ 11,841,840 Geographic revenues Americas $ 2,748,935 $ 3,155,870 $ 899,706 $ 785 $ 6,805,296 Europe 1,877,502 1,432,260 89,537 — 3,399,299 Asia-Pacific 701,131 792,208 143,906 — 1,637,245 Total $ 5,327,568 $ 5,380,338 $ 1,133,149 $ 785 $ 11,841,840 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Mar. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS 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. Occupational Workwear Business On January 21, 2020, VF announced its decision to explore the divestiture 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. As of March 28, 2020, the Occupational Workwear business met the held-for-sale and discontinued operations accounting criteria. Accordingly, the Company has reported the results of the Occupational Workwear business and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale. On June 28, 2021, VF completed the sale of the Occupational Workwear business. The Company received proceeds of $616.9 million, n et of cash sold, resulting in a final after-tax gain on sale of $146.0 million, which was included in the income from discontinued operations, n et of tax line item in the Consolidated Statement of Operations for the year ended March 2022. The results of the Occupational Workwear business were previously reported in the Work segment. The results of the Occupational Workwear business recorded in the income from discontinued operations, net of tax the Consolidated Statement of Operations was income of $170.7 million (including a final after-tax gain on sale of $146.0 million) for the year ended March 2022. Summarized Discontinued Operations Financial Information The following table summarizes the major line items for the Occupational Workwear business that are included in the income from discontinued operations, net of tax line item in the Consolidated Statements of Operations: Year Ended March (In thousands) 2024 (a) 2023 (a) 2022 Net revenues $ — $ — $ 181,424 Cost of goods sold — — 117,193 Selling, general and administrative expenses — — 38,735 Interest income, net — — 194 Other income (expense), net — — 6 Income from discontinued operations before income taxes — — 25,696 Gain on the sale of discontinued operations before income taxes — — 133,970 Total income from discontinued operations before income taxes — — 159,666 Income tax benefit (b) — — (11,006) Income from discontinued operations, net of tax $ — $ — $ 170,672 (a) There was no activity during the years ended March 2024 and 2023. (b) Income tax benefit for the year ended March 2022 included $12.0 million |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Mar. 30, 2024 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE (In thousands) March 2024 March 2023 Trade $ 1,227,707 $ 1,521,975 Other (including royalty) 72,627 116,395 Total accounts receivable 1,300,334 1,638,370 Less allowance for doubtful accounts 26,369 28,075 Accounts receivable, net $ 1,273,965 $ 1,610,295 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Mar. 30, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES (In thousands) March 2024 March 2023 Finished products $ 1,718,676 $ 2,240,215 Work-in-process 39,539 39,508 Raw materials 8,151 13,067 Total inventories $ 1,766,366 $ 2,292,790 |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Mar. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT ASSETS | OTHER CURRENT ASSETS (In thousands) March 2024 March 2023 Prepaid income taxes $ 176,821 $ 114,307 Prepaid expenses 110,943 108,185 Right of return assets 72,105 47,872 Assets held-for-sale 55,082 14,769 Derivative financial instruments (Note 25) 28,701 48,132 Other taxes 28,401 43,712 Investments held for deferred compensation plans (Note 17) 10,771 18,936 Other 29,187 38,824 Other current assets $ 512,011 $ 434,737 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Mar. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT (In thousands) March 2024 March 2023 Land and improvements $ 65,886 $ 69,401 Buildings and improvements 886,158 896,973 Machinery and equipment 1,006,294 1,051,093 Property, plant and equipment, at cost 1,958,338 2,017,467 Less accumulated depreciation and amortization 1,134,452 1,075,027 Property, plant and equipment, net $ 823,886 $ 942,440 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Mar. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS (In thousands) Weighted Amortization Cost Accumulated Net March 2024 Amortizable intangible assets: Customer relationships and other 19 years Accelerated $ 262,084 $ 187,121 $ 74,963 Indefinite-lived intangible assets: Trademarks and trade names 2,553,519 Intangible assets, net $ 2,628,482 (In thousands) Weighted Amortization Cost Accumulated Net March 2023 Amortizable intangible assets: Customer relationships and other 19 years Accelerated $ 262,818 $ 173,916 $ 88,902 Indefinite-lived intangible assets: Trademarks and trade names 2,553,919 Intangible assets, net $ 2,642,821 VF did not record any intangible asset impairment charges in the years ended March 2024 or March 2022. VF recorded impairment charges of $340.9 million in the year ended March 2023 related to the Supreme ® indefinite-lived trademark intangible asset. Refer to Note 24 for additional information on fair value measurements. Amortization expense for the years ended March 2024, 2023 and 2022 was $13.8 million, $14.1 million and $15.6 million, respectively. Estimated amortization expense for the next five fiscal y ears is $13.2 million, $12.3 million, $11.8 million, $10.8 million and $9.8 million, respect ively. |
GOODWILL
GOODWILL | 12 Months Ended |
Mar. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL Changes in goodwill are summarized by reportable segment as follows: (In thousands) Outdoor Active Work Total Balance, March 2022 $ 660,786 $ 1,619,121 $ 113,900 $ 2,393,807 Impairment charges — (394,131) — (394,131) Foreign currency translation (6,999) (13,746) (518) (21,263) Balance, March 2023 653,787 1,211,244 113,382 1,978,413 Impairment charges (445,757) — (61,809) (507,566) Foreign currency translation (2,162) (8,198) (73) (10,433) Balance, March 2024 $ 205,868 $ 1,203,046 $ 51,500 $ 1,460,414 During the year ended March 2024 , VF recorded impairment charges of $507.6 million related to the Timberland, Dickies and Icebreaker reporting units. During the fourth quarter of Fiscal 2024, VF performed an impairment analysis of the Timberland reporting unit as a result of a triggering event and recorded impairment charges of $211.7 million. As a result of VF's annual impairment testing of goodwill as of the beginning of the fourth quarter of Fiscal 2024, VF recorded impairment charges of $38.8 million related to the Icebreaker reporting unit. During the third quarter of Fiscal 2024, VF performed interim impairment analyses of the Timberland and Dickies reporting units as a result of triggering events and recorded impairment charges of $195.3 million and $61.8 million, respectively . The Timberland and Icebreaker reporting units are part of the Outdoor segment and the Dickies reporting unit is part of the Work segment. Refer to Note 24 for additional information on fair value measurements. During the year ended March 2023, VF recorded impairment charges of $394.1 million related to the Supreme reporting unit, which is part of the Active segment. VF did not record any impairment charges in the year ended March 2022 based on the results of its goodwill impairment testing. Accumulated impairment charges for the Outdoor, Active and Work segments were $769.0 million, $394.1 million and $61.8 million as of March 2024, respectively, and $323.2 million and $394.1 million for the Outdoor and Active segments as of March 2023, respectively. |
LEASES
LEASES | 12 Months Ended |
Mar. 30, 2024 | |
Leases [Abstract] | |
LEASES | LEASES The assets and liabilities related to operating and finance leases were as follows: (In thousands) Location in Consolidated Balance Sheet March 2024 March 2023 Assets: Operating lease assets Operating lease right-of-use assets $ 1,330,361 $ 1,372,182 Finance lease assets Property, plant and equipment, net 11,500 12,417 Total lease assets $ 1,341,861 $ 1,384,599 Liabilities: Current Operating lease liabilities Accrued liabilities $ 309,444 $ 332,222 Finance lease liabilities Current portion of long-term debt 981 951 Noncurrent Operating lease liabilities Operating lease liabilities 1,156,858 1,171,941 Finance lease liabilities Long-term debt 15,178 16,287 Total lease liabilities $ 1,482,461 $ 1,521,401 The components of lease costs were as follows: Year Ended March (In thousands) 2024 2023 2022 Operating lease cost $ 426,602 $ 418,716 $ 435,637 Finance lease cost – amortization of right-of-use assets 917 917 917 Finance lease cost – interest on lease liabilities 457 486 513 Short-term lease cost 25,256 22,154 17,602 Variable lease cost 132,474 117,189 98,052 Impairment 12,958 — 4,279 Gain recognized from sale-leaseback transaction — (13,189) — Total lease cost $ 598,664 $ 546,273 $ 557,000 Supplemental cash flow information related to leases was as follows: Year Ended March (In thousands) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows – operating leases $ 441,269 $ 428,443 $ 465,249 Operating cash flows – finance leases 457 486 513 Financing cash flows – finance leases 1,079 1,050 1,023 Right-of-use assets obtained in exchange for lease liabilities: Operating leases 361,959 545,856 205,811 Finance leases — — — Lease terms and discount rates were as follows: March 2024 March 2023 March 2022 Weighted average remaining lease term: Operating leases 6.26 years 6.60 years 6.17 years Finance leases 12.51 years 13.51 years 14.51 years Weighted average discount rate: Operating leases 3.29 % 2.61 % 1.78 % Finance leases 2.71 % 2.71 % 2.71 % Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2024 were as follows: (In thousands) Operating Leases Finance Leases Total 2025 $ 354,808 $ 1,408 $ 356,216 2026 312,351 1,536 313,887 2027 266,884 1,664 268,548 2028 190,088 1,536 191,624 2029 125,901 1,408 127,309 Thereafter 375,946 11,523 387,469 Total lease payments 1,625,978 19,075 1,645,053 Less: present value adjustment 159,676 2,916 162,592 Present value of lease liabilities $ 1,466,302 $ 16,159 $ 1,482,461 The Company excluded approximately $82.3 million of leases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fisc al 2025 wit h lease terms of 1 to 15 years. |
LEASES | LEASES The assets and liabilities related to operating and finance leases were as follows: (In thousands) Location in Consolidated Balance Sheet March 2024 March 2023 Assets: Operating lease assets Operating lease right-of-use assets $ 1,330,361 $ 1,372,182 Finance lease assets Property, plant and equipment, net 11,500 12,417 Total lease assets $ 1,341,861 $ 1,384,599 Liabilities: Current Operating lease liabilities Accrued liabilities $ 309,444 $ 332,222 Finance lease liabilities Current portion of long-term debt 981 951 Noncurrent Operating lease liabilities Operating lease liabilities 1,156,858 1,171,941 Finance lease liabilities Long-term debt 15,178 16,287 Total lease liabilities $ 1,482,461 $ 1,521,401 The components of lease costs were as follows: Year Ended March (In thousands) 2024 2023 2022 Operating lease cost $ 426,602 $ 418,716 $ 435,637 Finance lease cost – amortization of right-of-use assets 917 917 917 Finance lease cost – interest on lease liabilities 457 486 513 Short-term lease cost 25,256 22,154 17,602 Variable lease cost 132,474 117,189 98,052 Impairment 12,958 — 4,279 Gain recognized from sale-leaseback transaction — (13,189) — Total lease cost $ 598,664 $ 546,273 $ 557,000 Supplemental cash flow information related to leases was as follows: Year Ended March (In thousands) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows – operating leases $ 441,269 $ 428,443 $ 465,249 Operating cash flows – finance leases 457 486 513 Financing cash flows – finance leases 1,079 1,050 1,023 Right-of-use assets obtained in exchange for lease liabilities: Operating leases 361,959 545,856 205,811 Finance leases — — — Lease terms and discount rates were as follows: March 2024 March 2023 March 2022 Weighted average remaining lease term: Operating leases 6.26 years 6.60 years 6.17 years Finance leases 12.51 years 13.51 years 14.51 years Weighted average discount rate: Operating leases 3.29 % 2.61 % 1.78 % Finance leases 2.71 % 2.71 % 2.71 % Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2024 were as follows: (In thousands) Operating Leases Finance Leases Total 2025 $ 354,808 $ 1,408 $ 356,216 2026 312,351 1,536 313,887 2027 266,884 1,664 268,548 2028 190,088 1,536 191,624 2029 125,901 1,408 127,309 Thereafter 375,946 11,523 387,469 Total lease payments 1,625,978 19,075 1,645,053 Less: present value adjustment 159,676 2,916 162,592 Present value of lease liabilities $ 1,466,302 $ 16,159 $ 1,482,461 The Company excluded approximately $82.3 million of leases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fisc al 2025 wit h lease terms of 1 to 15 years. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Mar. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER ASSETS | OTHER ASSETS (In thousands) March 2024 March 2023 Deferred income taxes (Note 20) $ 389,783 $ 95,117 Computer software, net of accumulated amortization of: March 2024 - $324,492; March 2023 - $256,414 300,963 348,739 Pension assets (Note 17) 175,110 183,929 Investments held for deferred compensation plans (Note 17) 86,623 120,423 Income taxes receivable and prepaid income taxes 42,993 1,004,289 Other investments 39,764 27,542 Deposits 36,958 42,746 Partnership stores and shop-in-shop costs, net of accumulated amortization of: March 2024 - $91,042; March 2023 - $90,072 26,362 24,743 Derivative financial instruments (Note 25) 3,847 1,556 Other 40,470 52,839 Other assets $ 1,142,873 $ 1,901,923 |
SUPPLY CHAIN FINANCING PROGRAM
SUPPLY CHAIN FINANCING PROGRAM | 12 Months Ended |
Mar. 30, 2024 | |
Receivables [Abstract] | |
SUPPLY CHAIN FINANCING PROGRAM | SUPPLY CHAIN FINANCING PROGRAM VF facilitates a voluntary supply chain finance ("SCF") program that enables a significant portion of our inventory suppliers 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 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 terms (which are generally within 90 days of the invoice date), are not impacted by a supplier's participation in the SCF program. All amounts due to suppliers that are eligible to 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. At March 2024 and 2023, the accounts payable line item in VF's Consolidated Balance Sheets included total outstanding obligations of $485.0 million and $510.9 million, respectively, due to suppliers that are eligible to participate in the SCF program. |
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS | 12 Months Ended |
Mar. 30, 2024 | |
Debt Disclosure [Abstract] | |
SHORT-TERM BORROWINGS | SHORT-TERM BORROWINGS (In thousands) March 2024 March 2023 Commercial paper borrowings $ 250,000 $ — International borrowing arrangements 13,938 11,491 Short-term borrowings $ 263,938 $ 11,491 VF maintains a $2.25 billion Global Credit Facility that expires in November 2026. VF may request an unlimited number of one-year extensions so long as each extension does not cause the remaining life of the Global Credit Facility to exceed five years, subject to stated terms and conditions; however, granting of any extension is at the discretion of the lenders. The Global Credit Facility may be used to borrow funds in U.S. dollars or any alternative currency (including euros and any other currency that is freely convertible into U.S. dollars, approved at the request of the Company by the lenders) and has a $75.0 million letter of credit sublimit. There were no borrowings under the Global Credit Facility during the years ended March 2024 and 2023. Any borrowings under the Global Credit Facility would currently be priced at a credit spread of 122.5 basis points over the appropriate benchmark interest rate based on Term SOFR or the Euro Interbank Offer Rate ("EURIBOR"), plus a credit spread adjustment of 22.5 basis points for Term SOFR, based on the agreement as amended in April 2024. VF is also required to pay a facility fee to the lenders, currently equal to 15 basis points of the committed amount of the facility. The credit spread and facility fee are subject to adjustment based on VF’s credit ratings. Outstanding short-term balances may vary from period to period depending on the level of corporate requirements. VF has restrictive covenants on its Global Credit Facility, including a consolidated net indebtedness to consolidated net capitalization financial ratio covenant, as defined in the agreement as amended in April 2024. The calculation of consolidated net indebtedness to consolidated net capitalization ratio permits certain addbacks, including non-cash impairment charges and material impacts resulting from adverse legal rulings, as defined in the amended agreement. Additionally, as amended, the consolidated net indebtedness to consolidated net capitalization ratio financial covenant, as of the last day of any fiscal quarter, cannot be greater than 0.70 to 1.00 through the last day of the fiscal quarter ending on or about September 30, 2024, then 0.65 to 1.00 through the last day of the fiscal quarter ending on or about September 30, 2025, and 0.60 to 1.00 thereafter. As of March 2024 , VF was in compliance with all covenants. The Global Credit Facility also supports VF’s global commercial paper program for short-term, seasonal working capital requirements and general corporate purposes. VF’s global commercial paper program allows for borrowings of up to $2.25 billion to the extent it has borrowing capacity under the Global Credit Facility. Outstanding U.S. commercial paper borrowings totaled $250.0 million at March 2024 and had a weighted average interest rate of 6.4%. There were no U.S. commercial paper borrowings as of March 2023. In addition to the U.S. commercial paper program, VF commenced a euro commercial paper borrowing program during the second quarter of Fiscal 2024. As of March 2024, there were no outstanding euro commercial paper borrowings under this program. The Company designates its euro commercial paper borrowings as a net investment hedge of VF's investment in certain foreign operations. Refer to Note 25 for additional information. T he Global Credit Facility also had $0.6 million and $7.7 million of outstanding standby letters of credit issued on behalf of VF as of March 2024 and 2023, respectively, leaving approximately $2.0 billion and $2.2 billion as of March 2024 and 2023, respectively, available for borrowing against this facility. VF has $81.2 million of international lines of credit with various banks, which are uncommitted and may be terminated at any time by either VF or the banks. Total outstanding balances under these arrangements were $13.9 million and $11.5 million at March 2024 and 2023, respectively. Borrowings under these arrangements had a weighted average interest rate of 51.6% an |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended |
Mar. 30, 2024 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES | ACCRUED LIABILITIES (In thousands) March 2024 March 2023 Current portion of operating lease liabilities (Note 10) $ 309,444 $ 332,222 Customer discounts and allowances 270,838 220,614 Other taxes 145,226 151,621 Compensation 133,754 141,437 Income taxes 113,288 314,465 Contract liabilities (Note 2) 67,115 62,214 Restructuring (Note 27) 52,465 43,121 Interest 46,398 60,504 Derivative financial instruments (Note 25) 35,578 59,995 Freight, duties and postage 31,801 57,271 Insurance 16,690 15,501 Product warranty claims (Note 16) 12,893 11,308 Deferred compensation (Note 17) 10,771 18,936 Advertising 8,775 41,338 Pension liabilities (Note 17) 6,597 20,727 Other 113,559 122,377 Accrued liabilities $ 1,375,192 $ 1,673,651 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Mar. 30, 2024 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT (In thousands) March 2024 March 2023 0.625% notes, due September 2023 ("2023 notes") $ — $ 923,354 Delayed Draw Term Loan Agreement, due December 2024 999,740 999,269 2.400% notes, due April 2025 ("2025 notes") 748,385 746,933 4.125% notes, due March 2026 ("2026 notes") 536,553 539,121 2.800% notes, due April 2027 ("2027 notes") 497,713 497,029 0.250% notes, due February 2028 ("2028 notes") 535,849 538,923 4.250% notes, due March 2029 ("2029 notes") 534,690 537,809 2.950% notes, due April 2030 ("2030 notes") 744,986 744,246 0.625% notes, due February 2032 ("2032 notes") 531,760 534,763 6.000% notes, due October 2033 ("2033 notes") 272,255 271,869 6.450% notes, due November 2037 ("2037 notes") 284,915 284,765 Finance leases 16,159 17,238 Total long-term debt 5,703,005 6,635,319 Less current portion 1,000,721 924,305 Long-term debt, due beyond one year $ 4,702,284 $ 5,711,014 Term Debt Facility In August 2022, the Company entered into a delayed draw Term Loan Agreement (the “DDTL Agreement”). Under the DDTL Agreement, the lenders agreed to provide up to three separate delayed draw term loans (each, a "Delayed Draw”) to the Company in an aggregate principal amount of up to $1.0 billion (which may be increased to $1.1 billion subject to the terms and conditions of the DDTL Agreement). The DDTL Agreement has a termination date of December 14, 2024. Subject to the terms and conditions of the DDTL Agreement, the Company may request extensions of the termination date. Interest on the borrowings under the DDTL Agreement will generally be at Term SOFR, plus a 10 basis point credit spread adjustment, plus a margin. The margin ranges from 0.70% to 0.875% per annum based on the Company’s credit ratings. The Company is permitted at any time to prepay outstanding Delayed Draws without premium or penalty. During the third quarter of Fiscal 2023 , VF completed two draws under the DDTL Agreement totaling $1.0 billion, all of which will mature in December 2024. In connection with the draws, VF elected a base rate of one-month Term SOFR. The weighted average interest rate at March 2024 and 2023 was 6.30% and 5.73% , respectively. The DDTL Agreement is subject to restrictive covenants as defined in the amendment as of February 2023. Senior Notes Debt Issuance In March 2023, VF issued €500.0 million of 4.125% euro-denominated fixed-rate notes maturing in March 2026 and €500.0 million of 4.250% euro-denominated fixed-rate notes maturing in March 2029. The 2029 notes were issued as a green bond, and thus an amount equal to the net proceeds has been dedicated to projects that focus on VF's key environmental sustainability initiatives. Maturity and Redemption In September 2023, VF repaid €850.0 million ($907.1 million) in aggregate principal amount of its outstanding 0.625% Senior Notes due in September 2023, in accordance with the terms of the notes. In December 2021, VF completed an early redemption of $500.0 million in aggregate principal amount of its outstanding 2.050% Senior Notes due April 2022. The redemption price was equal to the sum of the present value of the remaining scheduled payments of principal and interest discounted to the redemption date at 38.7 basis points, which resulted in a make-whole premium of $3.2 million. Additionally, in connection with the redemption, $0.5 million of unamortized original issue discount and debt issuance costs were recognized. The make-whole premium and amortization were recorded in the loss on debt extinguishment line item in the Consolidated Statement of Operations in the year ended March 2022. In April 2022, VF repaid the remaining $500.0 million in aggregate principal amount of its outstanding 2.050% Senior Notes due April 2022, in accordance with the terms of the notes. Other Information All notes, along with any amounts outstanding under the Global Credit Facility (Note 13), rank equally as senior unsecured obligations of VF. All notes contain customary covenants and events of default, including limitations on liens and sale-leaseback transactions and a cross-acceleration event of default. The cross-acceleration provision of the 2033 notes is triggered if more than $50.0 million of other debt is in default and has been accelerated by the lenders. For the other notes, the cross-acceleration trigger is $100.0 million. If VF fails in the performance of any covenant under the indentures that govern the respective notes, the trustee or lenders may declare the principal due and payable immediately. As of March 2024, VF was in compliance with all covenants. None of the long-term debt agreements contain acceleration of maturity clauses based solely on changes in credit ratings. However, if there were a change in control of VF and, as a result of the change in control, the notes were rated below investment grade by recognized rating agencies, then VF would be obligated to repurchase those notes at 101% of the aggregate principal amount plus any accrued interest. The change of control provision applies to all notes, except for the 2033 notes. VF may redeem its notes, in whole or in part, at a price equal to the greater of (i) 100% of the principal amount, plus accrued interest to the redemption date, or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted to the redemption date at an adjusted treasury rate, as defined, plus 15 basis points for the 2028, 2032 and 2033 notes, 25 basis points for the 2026 and 2037 notes, 30 basis points for the 2029 notes, 35 basis points for the 2025 notes and 40 basis points for the 2027 and 2030 notes, plus accrued interest to the redemption date. In addition, the 2029, 2030 and 2032 notes can be redeemed at 100% of the principal amount plus accrued interest to the redemption date within the three months prior to maturity, the 2027 and 2028 notes can be redeemed at 100% of the principal amount plus accrued interest to the redemption date within two months prior to maturity and the 2025 and 2026 notes can be redeemed at 100% of the principal amount plus accrued interest to the redemption date within one month prior to maturity. The 2025, 2027 and 2030 notes have a principal balance of $750.0 million, $500.0 million and $750.0 million, respectively, and are recorded net of unamortized original issue discounts and debt issuance costs. Interest expense on the 2025, 2027 and 2030 notes is recorded at an effective annual interest rate of 2.603%, 2.953% and 3.071%, respectively. The 2026, 2028, 2029 and 2032 notes each have a principal balance of €500.0 million and are recorded net of unamortized original issue discounts and debt issuance costs. Interest expense on the 2026, 2028, 2029 and 2032 notes is recorded at an effective annual interest rate of 4.339%, 0.388%, 4.409% and 0.789%, respectively. The Company has designated these notes as a net investment hedge of VF's investment in certain foreign operations. Refer to Note 25 for additional information. The 2033 and 2037 notes have a principal balance of $277.0 million and $286.9 million, respectively, and are recorded net of unamortized original issue discounts and debt issuance costs. Interest expense on the 2033 and 2037 notes is recorded at an effective annual interest rate of 6.19% and 6.57% respectively. Interest payments are due annually on the 2026, 2028, 2029 and 2032 notes and semiannually on all other notes. The scheduled payments of long-term debt, excluding finance leases (Note 10), at the end of Fiscal 2024 for the next five fiscal years and thereafter are summarized as follows: (In thousands) Notes and Other 2025 $ 1,000,000 2026 1,289,450 2027 — 2028 1,039,450 2029 539,450 Thereafter 1,853,423 5,721,773 Less unamortized debt discount 15,077 Less unamortized debt issuance costs 19,850 Total long-term debt 5,686,846 Less current portion 999,740 Long-term debt, due beyond one year $ 4,687,106 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Mar. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES (In thousands) March 2024 March 2023 Income taxes $ 356,099 $ 273,955 Deferred compensation (Note 17) 81,103 77,428 Pension liabilities (Note 17) 78,628 72,825 Product warranty claims 48,373 41,111 Deferred income taxes (Note 20) 10,080 107,546 Derivative financial instruments (Note 25) 4,656 12,658 Other 59,538 65,531 Other liabilities $ 638,477 $ 651,054 VF accrues warranty costs, as cost of goods sold, at the time revenue is recognized. Product warranty costs are estimated based on historical experience and specific identification of the product requirements, which may fluctuate based on product mix. Activity relating to accrued product warranty claims is summarized as follows: Year Ended March (In thousands) 2024 2023 2022 Balance, beginning of year $ 52,419 $ 53,487 $ 62,087 Accrual for products sold during the year 22,555 11,086 8,815 Repair or replacement costs incurred and other (13,658) (12,024) (17,025) Currency translation (50) (130) (390) Balance, end of year 61,266 52,419 53,487 Less current portion (Note 14) 12,893 11,308 11,742 Long-term portion $ 48,373 $ 41,111 $ 41,745 |
RETIREMENT AND SAVINGS BENEFIT
RETIREMENT AND SAVINGS BENEFIT PLANS | 12 Months Ended |
Mar. 30, 2024 | |
Retirement Benefits [Abstract] | |
RETIREMENT AND SAVINGS BENEFIT PLANS | RETIREMENT AND SAVINGS BENEFIT PLANS VF has various retirement and savings benefit plans covering eligible employees. VF retains the right to curtail or discontinue any of the plans, subject to local regulations. Defined Benefit Pension Plans Defined benefit plans provide pension benefits based on participant compensation and years of service. VF sponsors a noncontributory qualified defined benefit pension plan covering most full-time U.S. employees employed before 2005 (the “U.S. qualified plan”) and an unfunded supplemental defined benefit pension plan that provides benefits in excess of limitations imposed by income tax regulations (the “U.S. nonqualified plan”). VF was in a net funded status at the end of Fiscal 2024. The U.S. qualified plan is fully funded and the majority of underfunded amounts relate to obligations under the unfunded U.S. nonqualified plan. As of December 31, 2018, the U.S. qualified defined benefit pension plan and supplemental defined benefit pension plan were frozen for all future benefit accruals. The U.S. qualified and nonqualified plans comprise 86% of VF’s total defined benefit plan assets and 81% of VF’s total projected benefit obligations at March 2024, and the remainder relates to non-U.S. defined benefit plans. A March 31 measurement date is used to value plan assets and obligations for all pension plans. The amounts reported in these disclosures have not been segregated between continuing and discontinued operations. The components of pension cost (income) for VF’s defined benefit plans were as follows: Year Ended March (In thousands) 2024 2023 2022 Service cost — benefits earned during the period $ 8,924 $ 10,632 $ 14,288 Interest cost on projected benefit obligations 47,079 44,732 37,534 Expected return on plan assets (63,569) (63,157) (77,432) Settlement charges 3,538 93,731 7,466 Amortization of deferred amounts: Net deferred actuarial losses 16,195 16,395 11,310 Deferred prior service credits (80) (453) (440) Net periodic pension cost (income) $ 12,087 $ 101,880 $ (7,274) Weighted average actuarial assumptions used to determine pension cost (income): Discount rate in effect for determining service cost 2.50 % 1.42 % 0.46 % Discount rate in effect for determining interest cost 4.85 % 4.09 % 2.16 % Expected long-term return on plan assets 5.99 % 5.24 % 4.53 % Rate of compensation increase (a) 2.19 % 1.95 % 2.01 % (a) Rate of compensation increase is calculated as the weighted average rate of compensation increase for active plans. Frozen plans are excluded from the calculation. VF recorded $3.5 million, $1.9 million and $7.5 million of settlement charges in the other income (expense), net line item in the Consolidated Statements of Operations for the years ended March 2024, 2023 and 2022, respectively. These settlement charges related to the recognition of deferred actuarial losses resulting from lump-sum payments of retirement benefits in the U.S. nonqualified plan. Additionally, in the year ended March 2023, VF entered into an agreement with The Prudential Insurance Company of America (“Prudential”) to purchase an irrevocable group annuity contract relating to approximately $330.0 million of the U.S. qualified defined benefit pension plan obligations. The transaction closed on June 30, 2022 and was funded entirely by existing assets of the plan. Under the group annuity contract, Prudential assumed responsibility for benefit payments and annuity administration for approximately 17,700 retirees and beneficiaries. The transaction did not change the amount or timing of monthly retirement benefit payments. VF recorded a $91.8 million settlement charge in the other income (expense) OCL . The following provides a reconciliation of the changes in fair value of VF’s defined benefit plan assets and projected benefit obligations for each period, and the funded status at the end of each period: (In thousands) March 2024 March 2023 Fair value of plan assets, beginning of period $ 1,111,710 $ 1,643,435 Actual return on plan assets 17,332 (146,068) VF contributions 30,167 22,683 Participant contributions 5,447 5,035 Settlement — (328,412) Benefits paid (81,150) (79,865) Currency translation 1,736 (5,098) Fair value of plan assets, end of period 1,085,242 1,111,710 Projected benefit obligations, beginning of period 1,021,333 1,557,715 Service cost 8,924 10,632 Interest cost 47,079 44,732 Participant contributions 5,447 5,035 Actuarial gain (7,518) (183,536) Settlement — (328,412) Benefits paid (81,150) (79,865) Plan amendments (489) (478) Currency translation 1,731 (4,490) Projected benefit obligations, end of period (a) 995,357 1,021,333 Funded status, end of period $ 89,885 $ 90,377 (a) The change in projected benefit obligations in the year ended March 2023 was driven by actuarial gains, primarily as a result of changes in discount rates and the purchase of an irrevocable group annuity contract relating to approximately $330.0 million of the U.S. qualified defined benefit pension plan obligations. Pension benefits are reported in the Consolidated Balance Sheets as a net asset or liability based on the overfunded or underfunded status of the defined benefit plans, assessed on a plan-by-plan basis. (In thousands) March 2024 March 2023 Amounts included in Consolidated Balance Sheets: Other assets (Note 11) $ 175,110 $ 183,929 Accrued liabilities (Note 14) (6,597) (20,727) Other liabilities (Note 16) (78,628) (72,825) Funded status $ 89,885 $ 90,377 Accumulated other comprehensive loss, pretax: Net deferred actuarial losses $ 260,512 $ 241,864 Net deferred prior service credits (4,290) (4,286) Total accumulated other comprehensive loss, pretax $ 256,222 $ 237,578 Accumulated benefit obligations $ 976,120 $ 1,005,159 Weighted average actuarial assumptions used to determine pension obligations: Discount rate 4.94 % 4.89 % Rate of compensation increase (a) 2.11 % 2.15 % (a) Rate of compensation increase is calculated as the weighted average rate of compensation increase for active plans. Frozen plans are excluded from the calculation. The actuarial model utilizes discount rates, which are used to estimate the present value of future cash outflows necessary to meet the projected benefit obligations for VF's defined benefit plans. The discount rates reflect the estimated interest rate that VF could use to settle its projected benefit obligations at the valuation date. The discount rate assumption is based on current market interest rates. VF selects a discount rate for each defined benefit pension plan by matching high quality corporate bond yields to the timing of the projected benefit payments to participants in each plan. VF uses the spot rate approach to measure the projected benefit obligations and service and interest costs. Under the spot rate approach, the full yield curve is applied separately to cash flows for each projected benefit obligation, service cost, and interest cost for a more precise calculation. Accumulated benefit obligations at any measurement date are the present value of vested and unvested pension benefits earned, without considering projected future compensation increases. Projected benefit obligations are the present value of vested and unvested pension benefits earned, considering projected future compensation increases. Deferred actuarial gains and losses are changes in the amount of either the benefit obligation or the value of plan assets resulting from differences between expected amounts for a year using actuarial assumptions and the actual results for that year. These amounts are deferred as a component of accumulated OCL and amortized to pension cost (income) in future years. For the U.S. qualified plan, amounts in excess of 20% of projected benefit obligations at the beginning of the year are amortized over five years; amounts between (i) 10% of the greater of projected benefit obligations or plan assets, and (ii) 20% of projected benefit obligations, are amortized over the expected average life expectancy of all participants; and amounts less than the greater of 10% of projected benefit obligations or plan assets are not amortized. For the U.S. nonqualified plan, amounts in excess of 10% of the pension benefit obligations are amortized on a straight-line basis over the expected average life expectancy of all participants. Deferred prior service credits related to plan amendments are also recorded in accumulated OCL and amortized to pension cost (income) on a straight-line basis over the average remaining years of service for active employees. The following provides information for VF's defined benefit plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets: (In thousands) March 2024 March 2023 Projected benefit obligations $ 183,329 $ 186,532 Accumulated benefit obligations 164,092 170,357 Fair value of plan assets 98,104 92,980 The net amount of projected benefit obligations and plan ass ets for underfunded defined benefit plans was $85.2 million and $93.6 million as of March 2024 and 2023, respectively, and was reported in accrued liabilities and other liabilities in the Consolidated Balance Sheets. Management’s investment objectives are to invest plan assets in a diversified portfolio of securities to provide long-term growth, minimize the volatility of the value of plan assets relative to plan liabilities, and to ensure plan assets are sufficient to pay the benefit obligations. Investment strategies focus on diversification among multiple asset classes, a balance of long-term investment return at an acceptable level of risk and liquidity to meet benefit payments. The primary objective of the investment strategies is to more closely align plan assets with plan liabilities by utilizing dynamic asset allocation targets dependent upon changes in the plan’s funded ratio, capital market expectations and risk tolerance. The majority of the Company's plan assets relate to the U.S. qualified plan, which generally targets above 90% asset allocation to liability-hedging asset classes, primarily in fixed-income investments. Plan assets are primarily composed of common collective trust funds that invest in liquid securities diversified across equity, fixed-income and other asset classes. Fund assets are allocated among independent investment managers who have full discretion to manage their portion of the fund’s assets, subject to strategy and risk guidelines established with each manager. The overall strategy, the resulting allocations of plan assets and the performance of funds and individual investment managers are continually monitored. Derivative financial instruments may be used by investment managers for hedging purposes. There are no direct investments in VF debt or equity securities and no significant concentrations of security risk. The expected long-term rate of return on plan assets was based on an evaluation of the weighted average expected returns for the major asset classes in which the plans have invested. Expected returns by asset class were developed through analysis of historical market returns, current market conditions, inflation expectations and equity and credit risks. Inputs from various investment advisors on long-term capital market returns and other variables were also considered where appropriate. The fair value of investments held by VF’s defined benefit plans at March 2024 and March 2023, by asset class, is summarized below. Refer to Note 24 for a description of the three levels of the fair value measurement hierarchy. Total Plan Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 March 2024 Plan assets Cash equivalents $ 4,428 $ 4,428 $ — $ — Fixed income securities: U.S. Treasury and government agencies 2 — 2 — Insurance contracts 103,362 — 103,362 — Futures contracts 2,661 2,661 — — Total plan assets in the fair value hierarchy 110,453 $ 7,089 $ 103,364 $ — Plan assets measured at net asset value Cash equivalents 87,748 Equity securities: Domestic 33,510 International 40,933 Fixed income securities: Corporate and international bonds 751,147 Alternative investments 61,451 Total plan assets measured at net asset value 974,789 Total plan assets $ 1,085,242 Total Plan Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 March 2023 Plan assets Cash equivalents $ 983 $ 983 $ — $ — Fixed income securities: U.S. Treasury and government agencies 3 — 3 — Insurance contracts 97,429 — 97,429 — Futures contracts 6,649 6,649 — — Total plan assets in the fair value hierarchy 105,064 $ 7,632 $ 97,432 $ — Plan assets measured at net asset value Cash equivalents 118,114 Equity securities: Domestic 34,957 International 51,577 Fixed income securities: Corporate and international bonds 734,455 Alternative investments 67,543 Total plan assets measured at net asset value 1,006,646 Total plan assets $ 1,111,710 Cash equivalents include cash held by individual investment managers of other asset classes for liquidity purposes (Level 1), and an institutional fund that invests primarily in short-term U.S. government securities measured at their daily net asset value. The fair values of insurance contracts are provided by the insurance companies and are primarily based on accumulated contributions plus returns guaranteed by the insurers (Level 2). Futures contracts consist of U.S. Treasury bond futures contracts (Level 1). Equity and fixed-income securities generally represent institutional funds measured at their daily net asset value derived from quoted prices of the underlying investments. Alternative investments are primarily in funds of hedge funds (“FoHFs”), which are comprised of different and independent hedge funds with various investment strategies. The administrators of the FoHFs utilize unobservable inputs to calculate the net asset value of the FoHFs on a monthly basis. VF makes contributions to its defined benefit plans sufficient to meet minimum funding requirements under applicable laws, plus discretionary amounts as determined by management. VF does not currently plan to make any contributions to the U.S. qualified plan during Fiscal 2025, and intends to make approximately $18.8 million of contributions to its other defined benefit plans during Fiscal 2025. The estimated future benefit payments for all of VF’s defined benefit plans, are approximately $66.4 million in Fiscal 2025, $67.2 million in Fiscal 2026, $70.0 million in Fiscal 2027, $69.5 million in Fiscal 2028, $70.9 million in Fiscal 2029 and $361.7 million for Fiscal 2030 through 2034. Other Retirement and Savings Plans VF sponsors a nonqualified retirement savings plan for employees whose contributions to a 401(k) plan would be limited by provisions of the Internal Revenue Code. This plan allows participants to defer a portion of their compensation and to receive matching contributions for a portion of the deferred amounts. Participants earn a return on their deferred compensation based on their selection of a hypothetical portfolio of publicly traded mutual funds. Changes in the fair value of the participants’ hypothetical investments are recorded as an adjustment to deferred compensation liabilities and compensation expense. Expense under this plan was $0.4 million, $0.8 million and $1.3 million in the years ended March 2024, 2023 and 2022, respectively. Deferred compensation, including accumulated earnings, is distributable in cash at participant-specified dates upon retirement, death, disability or termination of employment. VF sponsors a similar nonqualified plan that permits nonemployee members of the Board of Directors to defer their Board compensation. VF also has remaining obligations under other deferred compensation plans, primarily related to acquired comp anies. At March 2024, VF’s liability to participants under all deferred compensation plans was $91.9 million, of which $10.8 million was recorded in accrued liabilities (Note 14) and $81.1 million was recorded in other liabilities (Note 16). VF has purchased (i) publicly traded mutual funds in the same amounts as most of the participant-directed hypothetical investments underlying the deferred compensation liabilities, and (ii) variable life insurance contracts that invest in institutional funds that are substantially the same as the participant-directed hypothetical investments. These investment securities and earnings thereon are intended to provide a source of funds to meet the deferred compensation obligations, and serve as an economic hedge of the financial impact of changes in deferred compensation liabilities. They are held in an irrevocable trust but are subject to claims of creditors in the event of VF’s insolvency. VF also has assets related to deferred compensation plans of acquired companies, which are primarily invested in life insurance contracts. At March 2024, the value of investments held for all deferred compensation plans was $97.4 million, of which $10.8 million was recorded in other current assets (Note 6) and $86.6 million was recorded in other assets (Note 11). Realized and unrealized gains and losses on these deferred compensation assets are recorded in compensation expense in the Consolidated Statements of Operations and substantially offset losses and gains resulting from changes in deferred compensation liabilities to participants. VF sponsors 401(k) plans as well as other domestic and foreign retirement and savings plans. Expense for these plans totaled $43.6 million, $42.6 million and $42.0 million in the years ended March 2024, 2023 and 2022, respectively. |
CAPITAL AND ACCUMULATED OTHER C
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Mar. 30, 2024 | |
Equity [Abstract] | |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS Common Stock During the years ended March 2024 and 2023, the Company did not purchase shares of Common Stock in open market transactions under its share repurchase program authorized by VF’s Board of Directors. During the year ended March 2022, the Company purchased 4.8 million shares of Common Stock in open market transactions for $350.0 million under its share repurchase program authorized by VF's Board of Directors. These purchases were treated as treasury stock transactions. Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the year ended March 2022, VF restored 4.8 million treasury shares to an unissued status, after which they were no longer recognized as shares held in treasury. There were no shares held in treasury at the end of March 2024, 2023 or 2022. The excess of the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings. Accumulated Other Comprehensive Loss Comprehensive income (loss) consists of net income (loss) and specified components of other comprehensive income (loss), which relate to changes in assets and liabilities that are not included in net income (loss) under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive income (loss) is presented in the Consolidated Statements of Comprehensive Income (Loss). The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in accumulated OCL in stockholders’ equity, as follows: (In thousands) March 2024 March 2023 Foreign currency translation and other $ (868,439) $ (859,651) Defined benefit pension plans (182,333) (167,692) Derivative financial instruments (13,559) 7,825 Accumulated other comprehensive loss $ (1,064,331) $ (1,019,518) The changes in accumulated OCL, net of related taxes, were as follows: (In thousands) Foreign Currency Translation and Other Defined Derivative Total Balance, March 2021 $ (700,173) $ (257,747) $ (51,080) $ (1,009,000) Other comprehensive income (loss) before reclassifications (51,459) 13,547 59,753 21,841 Amounts reclassified from accumulated other comprehensive loss — 13,910 46,670 60,580 Net other comprehensive income (loss) (51,459) 27,457 106,423 82,421 Balance, March 2022 (751,632) (230,290) 55,343 (926,579) Other comprehensive income (loss) before reclassifications (108,019) (18,596) 44,979 (81,636) Amounts reclassified from accumulated other comprehensive loss — 81,194 (92,497) (11,303) Net other comprehensive income (loss) (108,019) 62,598 (47,518) (92,939) Balance, March 2023 (859,651) (167,692) 7,825 (1,019,518) Other comprehensive income (loss) before reclassifications (8,788) (28,939) (6,443) (44,170) Amounts reclassified from accumulated other comprehensive loss — 14,298 (14,941) (643) Net other comprehensive income (loss) (8,788) (14,641) (21,384) (44,813) Balance, March 2024 $ (868,439) $ (182,333) $ (13,559) $ (1,064,331) Reclassifications out of accumulated OCL were as follows: (In thousands) Affected Line Item in the Consolidated Statements of Operations Year Ended March Details About Accumulated Other 2024 2023 2022 Amortization of defined benefit pension plans: Net deferred actuarial losses Other income (expense), net $ (16,195) $ (16,395) $ (11,310) Deferred prior service credits Other income (expense), net 80 453 440 Pension settlement charges Other income (expense), net (3,538) (93,731) (7,466) Total before tax (19,653) (109,673) (18,336) Tax benefit 5,355 28,479 4,426 Net of tax (14,298) (81,194) (13,910) Gains (losses) on derivative financial instruments: Foreign exchange contracts Net revenues (5,004) (6,843) (27,382) Foreign exchange contracts Cost of goods sold 15,703 120,438 (26,346) Foreign exchange contracts Selling, general and administrative expenses 3,437 6,695 (487) Foreign exchange contracts Other income (expense), net (253) (10,365) (219) Interest rate contracts Interest expense 4,238 235 108 Total before tax 18,121 110,160 (54,326) Tax (expense) benefit (3,180) (17,663) 7,656 Net of tax 14,941 92,497 (46,670) Total reclassifications for the period, net of tax $ 643 $ 11,303 $ (60,580) |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Mar. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Pursuant to the amended and restated 1996 Stock Compensation Plan approved by stockholders, VF is authorized to grant nonqualified stock options, restricted stock units (“RSUs”) and restricted stock to officers, key employees and nonemployee members of VF’s Board of Directors. Substantially all stock-based compensation awards are classified as equity awards, which are accounted for in stockholders’ equity in the Consolidated Balance Sheets. On a limited basis, cash-settled stock appreciation rights and RSUs are granted to employees in certain international jurisdictions. These awards are accounted for as liabilities in the Consolidated Balance Sheets and remeasured to fair value each reporting period until the awards are settled. Compensation cost for all awards expected to vest is recognized over the shorter of the requisite service period or the vesting period, including accelerated recognition for retirement-eligible employees. Awards that do not vest are forfeited. Total stock-based compensation cost and the associated income tax benefits recognized in the Consolidated Statements of Operations are as follows: Year Ended March (In thousands) 2024 2023 2022 Stock-based compensation cost $ 67,332 $ 60,354 $ 91,358 Income tax benefits 15,018 13,714 21,917 At the end of March 2024, there wa s $64.5 million of t otal unrecognized compensation cost, net of estimated forfeitures, related to all stock-based compensation arrangements that will be recognized over a weighted average period of 1.5 years. At the end of March 2024, there w ere 5,422,693 shares available for future grants of stock options and stock awards under the 1996 Stock Compensation Plan. Shares for option exercises are issued from VF’s authorized but unissued Common Stock. Stock Options Stock options are granted with an exercise price equal to the fair market value of VF Common Stock on the date of grant. Employee stock options typically vest and become exercisable in equal annual installments over three years, and compensation cost is recognized ratably over the shorter of the requisite service period or the vesting period. Stock options granted to nonemployee members of VF’s Board of Directors vest upon grant and become exercisable one year from the date of grant. All options have ten-year terms. The grant date fair value of each option award was calculated using a lattice option-pricing valuation model, which incorporated a range of assumptions for inputs as follows: Year Ended March 2024 2023 2022 Expected volatility 33% to 54% 30% to 46% 28% to 41% Weighted average expected volatility 42% 39% 36% Expected term (in years) 5.9 to 7.8 6.0 to 7.8 6.1 to 7.9 Weighted average dividend yield 3.7% 2.9% 2.6% Risk-free interest rate 3.80% to 5.50% 1.53% to 4.89% 0.04% to 1.81% Weighted average fair value at date of grant $5.74 $13.46 $20.17 Expected volatility over the contractual term of an option was based on a combination of the implied volatility from publicly traded options on VF Common Stock and the historical volatility of VF Common Stock. The expected term represents the period of time over which vested options are expected to be outstanding before exercise. VF used historical data to estimate option exercise behaviors and to estimate the number of options that would vest. Groups of employees that have historically exhibited similar option exercise behaviors were considered separately in estimating the expected term for each employee group. Dividend yield represents expected dividends on VF Common Stock for the contractual life of the options. Risk-free interest rates for the periods during the contractual life of the option were the implied yields at the date of grant from the U.S. Treasury zero coupon yield curve. Stock option activity for the year ended March 2024 is summarized as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, March 2023 9,051,328 $ 62.42 Granted 5,869,857 18.10 Exercised — — Forfeited/cancelled (1,886,645) 44.58 Outstanding, March 2024 13,034,540 $ 45.04 6.9 $ 223 Exercisable, March 2024 6,517,404 $ 64.57 4.8 $ — The total fair value of stock options that vested during the years ended March 2024, 2023 and 2022 was $21.8 million, $23.2 million and $16.6 million, respectively . The total intrinsic value of stock options exercised during the years ended March 2024, 2023 and 2022, was $0.0 million, $0.4 million and $22.9 million, respectively. Restricted Stock Units VF grants performance-based RSUs that enable employees to receive shares of VF Common Stock at the end of a three-year performance cycle. Each performance-based RSU has a potential final payout ranging from zero to two and one-quarter shares of VF Common Stock. The number of shares earned by participants, if any, is based on achievement of three-year financial and relative total shareholder return ("TSR") targets set by the Talent and Compensation Committee of the Board of Directors. Shares are issued to participants in the year following the conclusion of each three-year performance period. For performance-based RSUs granted in Fiscal 2024 and 2023, the financial targets include 50% weighting based on VF's revenue growth and 50% weighting based on VF's gross margin performance over the three-year period compared to financial targets. Furthermore, the actual number of shares earned may be adjusted upward or downward by 25% of the target award, based on how VF's TSR over the three-year period compares to the TSR for companies included in the Standard & Poor's 500 Consumer Discretionary Index, resulting in a maximum payout of 225% of the target award. The grant date fair value of the TSR-based adjustment related to the performance-based RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $0.35 and $3.46 per share for the performance-based RSU grants in the years ended March 2024 and 2023, respectively. For performance-based RSUs granted in Fiscal 2022, the financial targets include 50% weighting based on VF's revenue growth over the three-year period compared to a group of industry peers and 50% weighting based on VF's TSR over the three-year period compared to the TSR for companies included in the Standard & Poor's 500 Consumer Discretionary Index. The grant date fair value of the TSR portion of the performance-based RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $101.56 per share. Additionally, the actual number of performance-based RSUs earned may be adjusted upward or downward by 25% of the target award, based on VF's gross margin performance over the three-year period, resulting in a maximum payout of 225% of the target award. VF also grants nonperformance-based RSUs to employees as part of its stock compensation program and to nonemployee members of the Board of Directors. Each nonperformance-based RSU entitles the holder to one share of VF Common Stock. The employee nonperformance-based RSUs generally vest over periods of up to four years from the date of grant. The nonperformance-based RSUs granted to nonemployee members of the Board of Directors vest upon grant and will be settled in shares of VF Common Stock one year from the date of grant. Dividend equivalents on the RSUs accrue without compounding and are payable in additional shares of VF Common Stock when the RSUs vest. Dividend equivalents are subject to the same risk of forfeiture as the RSUs. RSU activity for the year ended March 2024 is summarized as follows: Performance-based Nonperformance-based Number Outstanding (a) Weighted Average Number Outstanding Weighted Average Outstanding, March 2023 863,928 $ 69.92 1,578,040 $ 50.85 Granted 709,338 18.29 3,586,940 17.09 Issued as Common Stock (13,033) 70.86 (363,353) 59.41 Forfeited/cancelled (b) (427,911) 63.12 (496,331) 26.95 Outstanding, March 2024 1,132,322 $ 40.14 4,305,296 $ 24.68 Vested, March 2024 515,967 $ 58.63 338,605 $ 25.44 (a) Reflects activity at target level of awards and has not been adjusted for performance and market conditions, except for awards issued during the period. (b) Includes adjustment for performance and market conditions for awards issued during the period. The weighted average fair value of performance-based RSUs granted during the years ended March 2024 and March 2023 was $18.29 and $45.23 per share, respectively, based on the fair market value of the underlying VF Common Stock on each grant date. The weighted average fair value of performance-based RSUs granted during the year ended March 2022 was $89.65 per share, based on the weighting of the TSR and the fair market value of the underlying VF Common Stock on each grant date. The total market value of awards outstanding at the end of March 2024 was $17.4 million. Awards earned and vested for the three-year performance period ended in March 2023 and distributed in early Fiscal 2024 totaled 13,033 shares of VF Common Stock having a value of $0.3 million. Similarly, 92,848 shares of VF Common Stock having a value of $4.4 million were earned for the performance period ended in March 2022 and distributed in early Fiscal 2023. The weighted average fair value of nonperformance-based RSUs granted during the years ended March 2024, 2023 and 2022 was $17.09, $38.31 and $75.29 per share, respectively, which was equal to the fair market value of the underlying VF Common Stock on each grant date. The total market value of awards outstanding at the end of March 2024 was $66.0 million. Restricted Stock VF grants restricted shares of VF Common Stock to certain members of management. The fair value of the restricted shares, equal to the fair market value of VF Common Stock at the grant date, is recognized ratably over the vesting period. Restricted shares vest over periods of up to four years from the date of grant. Dividends accumulate in the form of additional restricted shares and are subject to the same risk of forfeiture as the restricted stock. Restricted stock activity during Fiscal 2024 included vesting of a portion of the shares of VF Common Stock deposited in escrow in connection with the Supreme acquisition, which for accounting purposes, are considered stock-based compensation. Restricted stock activity for the year ended March 2024 is summarized below: Nonvested Shares Outstanding Weighted Average Grant Date Fair Value Nonvested shares, March 2023 598,135 $ 67.17 Granted — — Dividend equivalents 8,696 18.41 Vested (248,590) 78.06 Forfeited (95,158) 37.78 Nonvested shares, March 2024 263,083 $ 65.90 Nonvested shares of restricted stock had a market value of $4.0 million at the end of March 2024. The market value of the shares that vested during the years ended March 2024, 2023 and 2022 was $4.7 million, $11.1 million and $5.0 million, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The provision for income taxes was computed based on the following amounts of income from continuing operations before income taxes: Year Ended March (In thousands) 2024 2023 2022 Domestic $ (970,325) $ (885,562) $ 518,386 Foreign 736,640 928,849 1,004,864 Income (loss) before income taxes $ (233,685) $ 43,287 $ 1,523,250 The provision for income taxes consisted of: Year Ended March (In thousands) 2024 2023 2022 Current: Federal $ 236,135 $ (114,772) $ 231,469 Foreign 759,679 106,192 196,540 State 134,483 (13,163) 36,461 1,130,297 (21,743) 464,470 Deferred: Federal and state (316,470) (46,677) (177,381) Foreign (78,630) (6,877) 19,892 (395,100) (53,554) (157,489) Income tax expense (benefit) $ 735,197 $ (75,297) $ 306,981 The differences between income taxes computed by applying the statutory federal income tax rate and income tax expense (benefit) reported in the consolidated financial statements are as follows: Year Ended March (In thousands) 2024 2023 2022 Tax at federal statutory rate $ (49,074) $ 9,090 $ 319,882 State income taxes, net of federal tax benefit (28,867) (17,301) 16,641 Foreign rate differences 54,941 (38,609) (62,928) Tax reform — (94,877) 67,358 Tax litigation 691,053 — — Goodwill impairment 55,076 74,624 — Stock compensation 3,908 2,304 (1,977) Non-taxable contingent consideration adjustments — — (28,090) Interest on tax receivable 11,972 (11,972) — Other (3,812) 1,444 (3,905) Income tax expense (benefit) $ 735,197 $ (75,297) $ 306,981 Income tax expense (benefit) includes tax benefits of $34.7 million, $10.6 million and $2.2 million in the years ended March 2024, 2023 and 2022, respectively, from other favorable audit outcomes on certain tax matters and from expiration of statutes of limitations. Income tax expense (benefit) in the year ended March 2023 also includes a $94.9 million favorable adjustment to VF’s transition tax liability under the U.S. Tax Act pursuant to the Internal Revenue Service ("IRS") examinations for tax year 2017 and short-tax year 2018. On May 19, 2019, Switzerland voted to approve the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Act"). In Fiscal 2022, $67.4 million net tax expense was recorded due to changes to the related deferred tax assets. VF was granted a ruling which lowered the effective income tax rate on taxable earnings for years 2010 through 2014 under Belgium’s excess profit tax regime. During 2015, the European Union Commission ("EU") investigated and announced its decision that these rulings were illegal and ordered the tax benefits to be collected from affected companies, including VF. During 2017 and 2018, VF Europe BVBA was assessed and paid €35.0 million in tax and interest, which was recorded as an income tax receivable and was included in the other current assets line item in VF's Consolidated Balance Sheets, based on the expected success of the requests for annulment. After subsequent annulments and appeals, the General Court confirmed the decision of the EU on September 20, 2023. As a result, VF wrote off the related income tax receivable and recorded a benefit for the associated foreign tax credit, resulting in $26.1 million of net income tax expense in the second quarter of Fiscal 2024. In addition, VF has been granted a lower effective income tax rate on taxable earnings in one foreign jurisdiction that will expire in March 2026. This lower rate, when compared with the country statutory rate, resulted in income tax reductions of $44.2 million ($0.11 per diluted share) in the year ended March 2024, $57.8 million ($0.15 per diluted share) in the year ended March 2023 and $0.4 million ($0.00 per diluted share) in the year ended March 2022. Deferred income tax assets and liabilities consisted of the following: (In thousands) March 2024 March 2023 Deferred income tax assets: Inventories $ 88,299 $ 74,395 Depreciation and capitalized research and development 12,785 — Deferred compensation 19,904 24,557 Stock compensation 26,961 27,589 Operating lease liabilities 352,821 361,676 Other employee benefits 3,170 — Other accrued expenses 117,689 109,050 Interest expense limitation carryforward 143,077 3,932 Capital loss carryforwards 153,789 166,587 Operating loss and credit carryforwards 557,272 331,167 Gross deferred income tax assets 1,475,767 1,098,953 Valuation allowances (436,047) (424,932) Net deferred income tax assets 1,039,720 674,021 Deferred income tax liabilities: Depreciation and capitalized research and development — 26,303 Intangible assets 120,682 277,473 Operating lease right-of-use assets 320,896 330,235 Other employee benefits — 3,707 Outside basis difference in subsidiaries 216,215 46,690 Other deferred tax liabilities 2,224 2,042 Deferred income tax liabilities 660,017 686,450 Net deferred income tax assets (liabilities) $ 379,703 $ (12,429) Amounts included in the Consolidated Balance Sheets: Other assets (Note 11) $ 389,783 $ 95,117 Other liabilities (Note 16) (10,080) (107,546) $ 379,703 $ (12,429) At the end of Fiscal 2024, the Company is not asserting indefinite reinvestment with regards to short-term liquid assets of its foreign subsidiaries. All other foreign earnings, including basis differences of certain foreign subsidiaries, continue to be considered indefinitely reinvested. The Company has not determined the deferred tax liability associated with these undistributed earnings and basis differences, as such determination is not practicable. VF has potential tax benefits totaling $453.4 million for foreign operating loss carryforwards, of which $86.3 million have an unlimited carryforward life. There are $153.8 million of potential tax benefits for capital loss carryforwards that begin to expire in 2026 and $48.7 million of foreign tax credit carryforwards that begin to expire in 2030 and $5.3 million of general business credit carryforwards that begin to expire in 2044. Additionally, there are $49.9 million of potential tax benefits for state operating loss and credit carryforwards that expire between 2025 and 2040. A valuation allowance has been provided where it is more likely than not that the deferred tax assets related to those operating loss carryforwards will not be realized. Valuation allowances totaled $218.1 million for available foreign operating loss carryforwards, $150.3 million for available capital loss carryforwards, $48.7 million for foreign tax credit carryforwards, $18.2 million for available state operating loss and credit carryforwards, and $0.7 million for other foreign deferred income tax assets. During Fiscal 2024, VF had a net decrease in valuation allowances of $1.2 million related to capital loss carryforwards, a net increase of $48.7 million related to foreign tax credit carryforwards, a net increase of $8.2 million related to state operating loss and credit carryforwards and a decrease of $44.6 million related to foreign operating loss carryforwards and other foreign deferred tax assets, inclusive of foreign currency effects. A reconciliation of the change in the accrual for unrecognized income tax benefits is as follows: (In thousands) Unrecognized Accrued Unrecognized Balance, March 2021 $ 223,010 $ 38,141 $ 261,151 Additions for current year tax positions 28,098 — 28,098 Additions for prior year tax positions (a) 112,850 32,642 145,492 Reductions for prior year tax positions (895) (532) (1,427) Reductions due to statute expirations (5,803) (840) (6,643) Payments in settlement (21,278) (730) (22,008) Decrease due to divestiture (506) (340) (846) Currency translation 186 (43) 143 Balance, March 2022 335,662 68,298 403,960 Additions for current year tax positions 22,319 — 22,319 Additions for prior year tax positions 13,324 20,577 33,901 Reductions for prior year tax positions (3,747) (951) (4,698) Reductions due to statute expirations (15,369) (1,699) (17,068) Payments in settlement (3,847) (1,608) (5,455) Currency translation (172) (10) (182) Balance, March 2023 348,170 84,607 432,777 Additions for current year tax positions 15,982 — 15,982 Additions for prior year tax positions (b) 165,426 78,133 243,559 Reductions for prior year tax positions (36,943) (3,809) (40,752) Reductions due to statute expirations (1,436) (383) (1,819) Payments in settlement (c) (210,874) (74,659) (285,533) Currency translation (11) (4) (15) Balance, March 2024 $ 280,314 $ 83,885 $ 364,199 (a) The year ended March 2022 included an increase resulting from updated estimates related to intellectual property transfers completed in a prior period. (b) The year ended March 2024 includes an increase due to uncertainty in the application of court decisions upheld upon appeal. (c) The year ended March 2024 includes a settlement with the tax authorities related to intellectual property transfers completed in a prior period. (In thousands) March 2024 March 2023 Amounts included in the Consolidated Balance Sheets (a) : Unrecognized income tax benefits, including interest and penalties $ 364,199 $ 432,777 Less deferred tax benefits 61,368 135,175 Total unrecognized tax benefits $ 302,831 $ 297,602 (a) Included in the accrued liabilities and other liabilities line items in the Consolidated Balance Sheets. The unrecognized tax benefits of $302.8 million at the end of Fiscal 2024, if recognized, would reduce the annual effective tax rate. VF files a consolidated U.S. federal income tax return, as well as separate and combined income tax returns in numerous state and international jurisdictions. In the U.S., the IRS examinations for tax years through 2015 have been effectively settled. As previously reported, VF petitioned the U.S. Tax Court (the "Tax Court") to resolve an IRS dispute regarding the timing of income inclusion associated with VF’s acquisition of The Timberland Company in September 2011. While the IRS argued that all such income should have been immediately included in 2011, VF reported periodic income inclusions in subsequent tax years. In Fiscal 2023, the Tax Court issued its final decision in favor of the IRS, which was appealed by VF. On October 19, 2022, VF paid $875.7 million related to the 2011 taxes and interest being disputed, which was recorded as an income tax receivable and began to accrue interest income. These amounts were included in the other assets line item in VF's Consolidated Balance Sheet, based on our assessment of the position under the more-likely-than-not standard of the accounting literature. On September 8, 2023, the U.S. Court of Appeals for the First Circuit (“Appeals Court”) upheld the Tax Court’s decision in favor of the IRS. As a result of the Appeals Court decision, VF determined that its position no longer met the more-likely-than-not threshold, and thus wrote off the related income tax receivable and associated interest and recorded $690.0 million of income tax expense in the second quarter of Fiscal 2024. This amount included the reversal of $19.6 million of interest income, of which $7.5 million was recorded in the first quarter of Fiscal 2024. This amount reflects the total estimated net impact to VF’s tax expense, which includes the expected reduction in taxes paid on the periodic inclusions that VF has reported, release of related deferred tax liabilities, and consideration of indirect tax effects resulting from the decision. The estimated impact is subject to future adjustments based on finalization with tax authorities. In addition, VF is currently subject to examination by various state and international tax authorities. Management regularly assesses the potential outcomes of both ongoing and future examinations for the current and prior years and has concluded that VF’s provision for income taxes is adequate. The outcome of any one examination is not expected to have a material impact on VF’s consolidated financial statements. Management believes that some of these audits and negotiations will conclude during the next 12 months. Management also believes that it is reasonably possible that the amount of unrecognized income tax benefits may decrease by $4.6 million within the next 12 months due to settlement of audits and expiration of statutes of limitations of which $1.6 million would reduce income tax expense. |
REPORTABLE SEGMENT INFORMATION
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. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Mar. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | COMMITMENTS VF is obligated under noncancelable operating leases. Refer to Note 10 for additional information related to future lease payments. In the ordinary course of business, VF has entered into purchase commitments for finished products and raw materials. Total payments required under these agreements, which primarily relate to finished products, are $2.3 billion, $73.2 million and $3.0 million for Fiscal 2025 through 2027, respectively, and no commitments thereafter. VF has entered into commitments for (i) capital spending, (ii) service and maintenance agreements related to its management information systems, and (iii) other obligations. Future payments under these agreements are $128.7 million, $80.6 million, $41.5 million, $6.6 million and $0.8 million for Fiscal 2025 through 2029, respectively, and no commitments thereafter. Surety bonds, customs bonds, standby letters of credit and international bank guarantees, all of which represent contingent guarantees of performance under self-insurance and other programs, total ed $106.3 million as of March 2024 . These commitments would only be drawn upon if VF were to fail to meet its claims or other obligations. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Mar. 30, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE Year Ended March (In thousands, except per share amounts) 2024 2023 2022 Earnings (loss) per share — basic: Income (loss) from continuing operations $ (968,882) $ 118,584 $ 1,216,269 Weighted average common shares outstanding 388,360 387,763 390,291 Earnings (loss) per share from continuing operations $ (2.49) $ 0.31 $ 3.12 Earnings (loss) per share — diluted: Income (loss) from continuing operations $ (968,882) $ 118,584 $ 1,216,269 Weighted average common shares outstanding 388,360 387,763 390,291 Incremental shares from stock options and other dilutive securities — 607 2,120 Adjusted weighted average common shares outstanding 388,360 388,370 392,411 Earnings (loss) per share from continuing operations $ (2.49) $ 0.31 $ 3.10 In the year ended March 2024, the dilutive impacts of all outstanding stock options and other dilutive securities were excluded from dilutive shares as a result of the Company's net loss for the period and, as such, their inclusion would have been anti-dilutive. As a result, a total of 19.0 million potentially dilutive shares related to stock options and other dilutive securities were excluded from the diluted loss per share calculation for the year ended March 2024. Outstanding stock options and other dilutive securities of approximately 9.7 million and 3.3 million shares were excluded from the calculations of diluted earnings per share for the years ended March 2023 and 2022, respectively, because the effect of their inclusion would have been anti-dilutive to those years. In addition, 0.6 million and 0.5 million shares of performance-based RSUs were excluded from the calculations of diluted earnings per share for the years ended March 2023 and 2022, respectively, because these units were not considered to be contingent outstanding shares in those years. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Mar. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Financial assets and financial liabilities measured and reported at fair value are classified in a three-level hierarchy that prioritizes the inputs used in the valuation process. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities, or (iii) information derived from or corroborated by observable market data. • Level 3 — Prices or valuation techniques that require significant unobservable data inputs. These inputs would normally be VF’s own data and judgments about assumptions that market participants would use in pricing the asset or liability. RECURRING FAIR VALUE MEASUREMENTS The following table summarizes financial assets and financial liabilities that are measured and recorded in the consolidated financial statements at fair value on a recurring basis: Total Fair Fair Value Measurement Using (a) (In thousands) Level 1 Level 2 Level 3 March 2024 Financial assets: Cash equivalents: Money market funds $ 171,931 $ 171,931 $ — $ — Time deposits 54,853 54,853 — — Derivative financial instruments 32,548 — 32,548 — Deferred compensation and other 95,236 95,236 — — Financial liabilities: Derivative financial instruments 40,234 — 40,234 — Deferred compensation 90,804 — 90,804 — Total Fair Fair Value Measurement Using (a) (In thousands) Level 1 Level 2 Level 3 March 2023 Financial assets: Cash equivalents: Money market funds $ 418,304 $ 418,304 $ — $ — Time deposits 21,233 21,233 — — Derivative financial instruments 49,688 — 49,688 — Deferred compensation and other 99,200 99,200 — — Financial liabilities: Derivative financial instruments 72,653 — 72,653 — Deferred compensation 96,364 — 96,364 — (a) There were no transfers among the levels within the fair value hierarchy during the years ended March 2024 or 2023. VF’s cash equivalents include money market funds and time deposits with maturities within three months of their purchase dates, that approximate fair value based on Level 1 measurements. The fair value of derivative financial instruments, which consist of foreign exchange forward contracts and interest rate swap contracts , is determined based on observable market inputs (Level 2), including spot and forward exchange rates for foreign currencies and interest rate forward curves, and considers the credit risk of the Company and its counterparties. VF’s deferred compensation assets primarily represent investments held within plan trusts as an economic hedge of the related deferred compensation liabilities (Note 17). These investments primarily include mutual funds (Level 1) that are valued based on quoted prices in active markets. Liabilities related to VF’s deferred compensation plans are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments. In connection with the Supreme acquisition on December 28, 2020, the fair value of the related contingent consideration liability was initially estimated at $207.0 million (Level 3). During Fiscal 2022, the contingent consideration liability was remeasured at fair value based on the probability-weighted present value of various future cash payment outcomes resulting from the estimated achievement levels of the financial targets, with changes of $150.0 million recognized in the selling, general and administrative expenses line item in the Consolidated Statement of Operations in the year ended March 2022. As of March 2022, the estimated fair value of the contingent consideration liability was $57.0 million and was paid during Fiscal 2023. All other significant financial assets and financial liabilities are recorded in the consolidated financial statements at cost, except life insurance contracts which are recorded at cash surrender value. These other financial assets and financial liabilities include cash held as demand deposits, accounts receivable, short-term borrowings, accounts payable and accrued liabilities. At March 2024 and 2023, their carrying values approximated their fair values. Additionally, at March 2024 and 2023, the carrying values of VF’s long-term debt, including the current portion, were $5,703.0 million and $6,635.3 million, respectively, compared with fair values of $5,263.3 million a nd $6,244.4 million at those respective dates. Fair value for long-term debt is a Level 2 estimate based on quoted market prices or values of comparable borrowings. NONRECURRING FAIR VALUE MEASUREMENTS Certain non-financial assets, primarily property, plant and equipment, goodwill and intangible assets, and operating lease right-of-use assets, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, these assets are required to be assessed for impairment whenever events or circumstances indicate their carrying value may not be fully recoverable, and at least annually for goodwill and indefinite-lived intangible assets. In the event an impairment is required, the asset is adjusted to its estimated fair value, using market-based assumptions. The Company recorded $39.4 million, $3.0 million and $6.4 million of impairments in the years ended March 2024, 2023 and 2022, respectively, related to retail store assets, lease right-of-use assets and other fixed assets. These impairments were recorded in the selling, general and administrative expenses line item in the Consolidated Statements of Operations. The Company recorded $507.6 million and $735.0 million of impairments in the years ended March 2024 and 2023, respectively, related to goodwill and indefinite-lived trademark intangible assets. No impairment charges of goodwill or indefinite-lived trademark intangible assets were recorded in the year ended March 2022. Refer to additional discussion of management's goodwill and indefinite-lived intangible asset impairment testing below. Fiscal 2024 Goodwill and Intangible Asset Impairment Testing Timberland Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis During the third quarter of Fiscal 2024, management determined that the recent downturn in the Timberland financial results, combined with a downward revision to the latest Fiscal 2024 forecast and forward-looking financial projections, was a triggering event that required management to perform a quantitative impairment analysis of both the Timberland reporting unit goodwill, which includes the Timberland ® brand, and the Timberland indefinite-lived trademark intangible asset, which includes both the Timberland ® and Timberland PRO ® brands. The carrying values of the goodwill and indefinite-lived trademark intangible asset $407.9 million and $999.5 million , respectively. As a result of the impairment testing performed, VF recorded a goodwill impairment charge of $195.3 million in the third quarter of Fiscal 2024 to write down the Timberland reporting unit carrying value to its estimated fair value. No impairment charge was recorded on the indefinite-lived trademark intangible asset. The estimated fair value of the indefinite-lived trademark intangible asset exceeded its carrying value by a significant amount. During the fourth quarter of Fiscal 2024, management determined that the continued downturn in Timberland financial results and weakness in the wholesale channel, combined with expectations of a slower recovery, was a triggering event that required management to perform a quantitative impairment analysis of both the Timberland reporting unit goodwill and indefinite-lived trademark intangible asset. The carrying values of the goodwill and indefinite-lived trademark intangible asset at the testing date were $211.7 million and $999.5 million , respectively. As a result of the impairment testing performed, management concluded that the Timberland reporting unit goodwill was fully impaired and thus recorded an additional impairment charge of $211.7 million in the Consolidated Statement of Operations for the year ended March 2024. Based on the analysis, management concluded that the indefinite-lived trademark intangible asset was not impaired and the estimated fair value exceeded its carrying value by 14% . The Timberland reporting unit is included in the Outdoor reportable segment. Management's revenue and profitability forecasts used in the Timberland reporting unit and indefinite-lived trademark intangible asset valuations considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors. Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business. Key assumptions developed by management and used in the quantitative analysis of the Timberland reporting unit and indefinite-lived trademark intangible asset include: • Financial projections and future cash flows that considered recent actual results lower than previous internal forecasts, slower recovery from the recent downturn, with moderate revenue growth and profitability improvement throughout the forecast period that reflects the long-term strategy for the business, and terminal growth rates based on the expected long-term growth rate of the business; • Tax rates based on the statutory rates for the countries in which the brand operates and the related intellectual property is domiciled; • Royalty rates based on market data as well as active license agreements for the brand and similar VF brands; and, • Market-based discount rates. The valuation model used by management in the indefinite-lived trademark intangible asset impairment testing assumes recovery from the recent downturn in the brand's operating results and the return to revenue growth over the projection period. If the brand is unable to achieve the financial projections, an impairment of the indefinite-lived trademark intangible asset could occur in the future. Management performed a sensitivity analysis on the impairment model used to test the Timberland indefinite-lived trademark intangible asset. In doing so, management determined that a 40% decrease in the annual growth rate assumption for revenues used in the projections, combined with a 100 basis point increase in the discount rate used in the relief-from-royalty model resulted in the estimated fair value of the indefinite-lived trademark intangible asset to be below its carrying value, which would result in impairment. Dickies Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis During the second quarter of Fiscal 2024, management determined that the recent downturn in the Dickies historical financial results, combined with a downward revision to the latest Fiscal 2024 forecast, was a triggering event that required management to perform a quantitative impairment analysis of both the Dickies reporting unit goodwill and the Dickies indefinite-lived trademark intangible asset. Based on the analysis, management concluded that both the goodwill and indefinite-lived intangible asset were not impaired. For goodwill, the estimated fair value of the reporting unit exceeded the carrying value by 8% . The estimated fair value of the indefinite-lived trademark intangible asset exceeded its carrying value by a significant amount. The carrying values of the goodwill and indefinite-lived trademark intangible asset at the testing date were $61.2 million and $290.0 million , respectively. During the third quarter of Fiscal 2024, management determined that the continued downturn in the Dickies financial results, weakness in certain key U.S. wholesale customer accounts, including lost product placement, and weakness in certain international markets, combined with expectations of a slower recovery, which have resulted in further reductions to the financial projections, was a triggering event that required management to perform a quantitative impairment analysis of both the Dickies reporting unit goodwill and the Dickies indefinite-lived trademark intangible asset. The carrying values of the goodwill and indefinite-lived trademark intangible asset at the testing date were $61.8 million and $290.0 million , respectively. Based on the analysis, management concluded that the Dickies reporting unit goodwill was fully impaired and thus recorded an impairment charge of $61.8 million in the third quarter of Fiscal 2024. Based on the analysis, management concluded that the indefinite-lived trademark intangible asset was not impaired and the estimated fair value exceeded its carrying value by a significant amount. During the fourth quarter of Fiscal 2024, management determined that the overall weakness in the Dickies business and financial results, was a triggering event that required management to perform a quantitative impairment analysis of the Dickies indefinite-lived trademark intangible asset. The carrying value of the indefinite-lived trademark intangible asset at the testing date was $290.0 million . Based on the analysis, management concluded that the indefinite-lived trademark intangible asset was not impaired and the estimated fair value exceeded its carrying value by 16% . The Dickies reporting unit is included in the Work reportable segment. Management's revenue and profitability forecasts used in the Dickies reporting unit and indefinite-lived trademark intangible asset valuations considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors. Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business. Key assumptions developed by management and used in the quantitative analysis of the Dickies reporting unit and indefinite-lived trademark intangible asset include: • Financial projections and future cash flows, including a base year that considered recent actual results lower than previous internal forecasts, continued weakness in certain key accounts and markets, slower recovery from the recent downturn, with moderate revenue growth and improved profitability throughout the forecast period that reflects the long-term strategy for the business, and terminal growth rates based on the expected long-term growth rate of the business; • Tax rates based on the statutory rates for the countries in which the brand operates and the related intellectual property is domiciled; • Royalty rates based on market data as well as active license agreements for the brand and similar VF brands; and, • Market-based discount rates. The valuation model used by management in the indefinite-lived trademark intangible asset impairment testing assumes recovery from the recent downturn in the brand's operating results and the return to revenue growth over the projection period. If the brand is unable to achieve the financial projections, an impairment of the indefinite-lived trademark intangible asset could occur in the future. Management performed a sensitivity analysis on the impairment model used to test the Dickies indefinite-lived trademark intangible asset. In doing so, management determined that a 50% decrease in the annual growth rate assumption for revenues used in the projections, combined with a 200 basis point increase in the discount rate used in the relief-from-royalty model resulted in the estimated fair value of the indefinite-lived trademark intangible asset to be below its carrying value, which would result in impairment. Icebreaker Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2024, management performed a quantitative impairment analysis of the Icebreaker reporting unit goodwill and indefinite-lived trademark intangible asset. The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on results from management's prior testing, combined with a downward revision to the latest Fiscal 2024 forecast and forward-looking financial projections. The carrying values of the Icebreaker reporting unit goodwill and indefinite-lived trademark intangible asset at the testing date were $81.2 million and $62.1 million , respectively. As a result of the annual impairment testing, VF recorded a goodwill impairment charge of $38.8 million in the Consolidated Statement of Operations for the year ended March 2024. Based on the analysis, management concluded that the indefinite-lived trademark intangible asset was not impaired and the estimated fair value exceeded its carrying value by a significant amount. The Icebreaker reporting unit is included in the Outdoor reportable segment. Management's revenue and profitability forecasts used in the Icebreaker reporting unit and indefinite-lived trademark intangible asset valuations considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors. Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business. Key assumptions developed by management and used in the quantitative analysis of the Icebreaker reporting unit and indefinite-lived trademark intangible asset include: • Financial projections and future cash flows, including a base year that considered recent actual results lower than previous internal forecasts, slower recovery from the recent downturn, with moderate revenue growth and improved profitability throughout the forecast period that reflects the long-term strategy for the business, and terminal growth rates based on the expected long-term growth rate of the business; • Tax rates based on the statutory rates for the countries in which the brand operates and the related intellectual property is domiciled; • Royalty rates based on market data as well as active license agreements for similar VF brands; and, • Market-based discount rates. The valuation model used by management in the impairment testing assumes recovery from the recent downturn in the brand's operating results and the return to revenue growth and improved profitability over the projection period. If the brand is unable to achieve the financial projections, additional impairment of the reporting unit goodwill or impairment of the indefinite-lived trademark intangible asset could occur in the future. Supreme Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2024, management performed a quantitative impairment analysis of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset. The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on the impairment results from management's prior year testing and the overall significance of the related assets. Based on the analysis, management concluded the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset were not impaired. For goodwill, the estimated fair value of the reporting unit exceeded the carrying value by 8% . The estimated fair value of the indefinite-lived trademark intangible asset exceeded its carrying value by 3% . The carrying values of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset at the testing date were $819.7 million and $852.0 million , respectively. The Supreme reporting unit is included in the Active reportable segment. Management's revenue and profitability forecasts used in the Supreme reporting unit and indefinite-lived trademark intangible asset valuations considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors. Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business. Key assumptions developed by management and used in the quantitative analysis of the Supreme reporting unit and indefinite-lived trademark intangible asset include: • Financial projections and future cash flows that are comparable to those used in the prior year testing, as the brand is executing on its strategy and delivered strong profitability growth in the current year, with moderate revenue growth and a continued improvement in profitability throughout the forecast period that reflects the long-term strategy for the business, and terminal growth rates based on the expected long-term growth rate of the business; • Tax rates based on the statutory rates for the countries in which the brand operates and the related intellectual property is domiciled; • Royalty rates based on market data as well as active license agreements with similar VF brands; • Market-based discount rates that are slightly lower than prior testing due to overall market conditions; and, • Market approach reflecting improved recent historical financial measures for Supreme. The valuation model used by management in the impairment testing assumes continued recovery in the brand's operating results with revenue growth and improved profitability over the projection period. If the brand is unable to achieve the financial projections, additional impairment of the reporting unit goodwill and indefinite-lived trademark intangible asset could occur in the future. Management performed a sensitivity analysis on the impairment models used to test the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset. In doing so, management determined that individual changes of either a 20% reduction in the annual growth assumption for earnings before interest, taxes, depreciation and amortization (“EBITDA”) used in the projections, or a 100 basis point increase in the discount rate used in the discounted cash flow model resulted in the estimated fair value of the reporting unit to be below its carrying value, which would result in goodwill impairment. Management also determined that individual changes of either a 10% decrease in the annual growth rate assumption for revenues used in the projections, or a 50 basis point increase in the discount rate used in the relief-from-royalty model resulted in the estimated fair value of the indefinite-lived trademark intangible asset to be below its carrying value, which would result in impairment. Timberland PRO Reporting Unit Impairment Analysis In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2024, management performed a quantitative impairment analysis of the Timberland PRO reporting unit goodwill. The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on current year declines in revenue and segment profit and reductions to recent financial projections. Based on the analysis, management concluded the Timberland PRO reporting unit goodwill was not impaired. For goodwill, the estimated fair value of the reporting unit exceeded the carrying value by 17% . The carrying value of the Timberland PRO reporting unit goodwill at the testing date was $51.5 million. The Timberland PRO reporting unit is included in the Work reportable segment. Management's revenue and profitability forecasts used in the Timberland PRO reporting unit valuation considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors. Assumptions used in the valuation were similar to those that would be used by market participants performing independent valuations of the business. Key assumptions developed by management and used in the quantitative analysis of the Timberland PRO reporting unit include: • Financial projections and future cash flows, including the current year that considered actual results lower than previous internal forecasts, with recovery expected to begin next fiscal year driven by revenue growth and improved profitability throughout the forecast period that reflects the long-term strategy for the business and is in-line with historical financial results, and terminal growth rates based on the expected long-term growth rate of the business; • Tax rates based on the statutory rates for the countries in which the brand operates and the related intellectual property is domiciled; • Royalty rate assumption consistent with that used in the Timberland reporting unit analysis; and, • Market-based discount rates. The valuation model used by management in the impairment testing assumes recovery from the recent downturn in the brand's operating results and the return to revenue growth and improved profitability over the projection period. If the brand is unable to achieve the financial projections, an impairment of the reporting unit goodwill could occur in the future. Management performed a sensitivity analysis on the impairment model used to test the Timberland PRO reporting unit goodwill. In doing so, management determined that individual changes of either a 20% reduction in the annual growth assumption for EBITDA used in the projections, or a 200 basis point increase in the discount rate used in the discounted cash flow model resulted in the estimated fair value of the reporting unit to be below its carrying value, which would result in goodwill impairment. Altra Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2024, management performed a quantitative impairment analysis of the Altra reporting unit goodwill and indefinite-lived trademark intangible asset. The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on results from management's prior testing, combined with recent actual segment profit margins lower than previous internal forecasts. Based on the analysis, management concluded the Altra reporting unit goodwill and indefinite-lived trademark intangible asset were not impaired. For goodwill, the estimated fair value of the reporting unit exceeded the carrying value by 15% . The estimated fair value of the indefinite-lived trademark intangible asset exceeded its carrying value by a significant amount . The carrying values of the Altra reporting unit goodwill and indefinite-lived trademark intangible asset at the testing date were $61.7 million and $46.4 million , respectively. The Altra reporting unit is included in the Outdoor reportable segment. Management's revenue and profitability forecasts used in the Altra reporting unit and indefinite-lived trademark intangible asset valuations considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors. Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business. Key assumptions developed by management and used in the quantitative analysis of the Altra reporting unit and indefinite-lived trademark intangible asset include: • Financial projections and future cash flows, including a base year that considered recent actual results lower than previous internal forecasts, with consistent revenue growth and improved profitability throughout the forecast period that reflects the long-term strategy for the business, and terminal growth rates based on the expected long-term growth rate of the business; • Tax rates based on the statutory rates for the countries in which the brand operates and the related intellectual property is domiciled; • Royalty rates based on market data as well as active license agreements for other VF brands; and, • Market-based discount rates. The valuation model used by management in the impairment testing assumes recovery from the recent downturn in the brand's operating results and the return to revenue growth and improved profitability over the projection period. If the brand is unable to achieve the financial projections, an impairment of the reporting unit goodwill or indefinite-lived trademark intangible asset could occur in the future. Management performed a sensitivity analysis on the impairment model used to test the Altra reporting unit goodwill. In doing so, management determined that individual changes of either a 10% reduction in the annual growth assumption for EBITDA used in the projections, or a 200 basis point increase in the discount rate used in the discounted cash flow model resulted in the estimated fair value of the reporting unit to be below its carrying value, which would result in goodwill impairment. Smartwool Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2024, management performed a quantitative impairment analysis of the Smartwool reporting unit goodwill and indefinite-lived trademark intangible asset. The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on current year declines in revenue and segment profit and reductions to recent financial projections, combined with recent actual segment profit margins lower than previous internal forecasts. Based on the analysis, management concluded the Smartwool reporting unit goodwill and indefinite-lived trademark intangible asset were not impaired. For goodwill, the estimated fair value of the reporting unit exceeded the carrying value by a significant amount . The estimated fair value of the indefinite-lived trademark intangible asset also exceeded its carrying value by a significant amount . The carrying values of the Smartwool reporting unit goodwill and indefinite-lived trademark intangible asset at the testing date were $53.5 million and $75.4 million , respectively. The Smartwool reporting unit is included in the Outdoor reportable segment. Management's revenue and profitability forecasts used in the Smartwool reporting unit and indefinite-lived trademark intangible asset valuations considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors. Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business. Key assumptions developed by management and used in the quantitative analysis of the Smartwool reporting unit and indefinite-lived trademark intangible asset include: • Financial projections and future cash flows, including a base year that considered recent actual results lower than previous internal forecasts, continued near-term weakness in the wholesale channel, moderate revenue growth and improved profitability throughout the forecast period that reflects the long-term strategy for the business, and terminal growth rates based on the expected long-term growth rate of the business; • Tax rates based on the statutory rates for the countries in which the brand operates and the related intellectual property is domiciled; • Royalty rates based on market data as well as active license agreements for other VF brands; and, • Market-based discount rates. The valuation model used by management in the impairment testing assumes recovery from the recent downturn in the brand's operating results and the return to revenue growth and improved profitability over the projection period. If the brand is unable to achieve the financial projections, an impairment of the reporting unit goodwill or indefinite-lived trademark intangible asset could occur in the future. Indefinite-Lived Intangible Assets - Significant Assumptions The impairment testing of indefinite-lived trademark intangible assets |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Mar. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Summary of Derivative Financial Instruments VF’s outstanding derivative financial instruments include foreign currency exchange forward contracts and interest rate swap contracts. Although derivatives meet the criteria for hedge accounting at the inception of the hedging relationship, a limited number of derivative contracts intended to hedge assets and liabilities are not designated as hedges for accounting purposes. The notional amounts of all outstanding foreign currency exchange forward contracts were $3.1 billion and $3.4 billion at March 2024 and 2023, respectively, consisting primarily of contracts hedging exposures to the euro, British pound, Canadian dollar, Swiss franc, Mexican peso, South Korean won, Swedish krona, Polish zloty, Chinese renminbi and Japanese yen. These derivative contracts have maturities up to 20 months. The notional amount of VF's outstanding interest rate swap contracts was $500.0 million at March 2024 and 2023 . These contracts hedge the cash flow risk of interest payments on VF's variable-rate DDTL Agreement. The following table presents outstanding derivatives on an individual contract basis: Fair Value of Derivatives Fair Value of Derivatives (In thousands) March 2024 March 2023 March 2024 March 2023 Derivatives Designated as Hedging Instruments: Foreign exchange contracts $ 29,657 $ 46,752 $ (39,639) $ (71,052) Interest rate contracts 2,335 — — (1,140) Total derivatives designated as hedging instruments 31,992 46,752 (39,639) (72,192) Derivatives Not Designated as Hedging Instruments: Foreign exchange contracts 556 2,936 (595) (461) Total derivatives $ 32,548 $ 49,688 $ (40,234) $ (72,653) VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. If VF were to offset and record the asset and liability balances on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets as of March 2024 and 2023 would be adjusted from the current gross presentation to the net amounts as detailed in the following table: March 2024 March 2023 (In thousands) Derivative Derivative Derivative Derivative Gross amounts presented in the Consolidated Balance Sheets $ 32,548 $ (40,234) $ 49,688 $ (72,653) Gross amounts not offset in the Consolidated Balance Sheets (11,322) 11,322 (26,470) 26,470 Net amounts $ 21,226 $ (28,912) $ 23,218 $ (46,183) Derivatives are classified as current or noncurrent based on maturity dates, as follows: (In thousands) March 2024 March 2023 Derivative Instruments Balance Sheet Location Foreign exchange contracts Other current assets (Note 6) $ 26,366 $ 48,132 Foreign exchange contracts Accrued liabilities (Note 14) (35,578) (59,995) Foreign exchange contracts Other assets (Note 11) 3,847 1,556 Foreign exchange contracts Other liabilities (Note 16) (4,656) (11,518) Interest rate contracts Other current assets (Note 6) 2,335 — Interest rate contracts Other liabilities (Note 16) — (1,140) Cash Flow Hedges VF primarily uses foreign currency exchange forward contracts to hedge a portion of the exchange risk for its forecasted sales, inventory purchases, operating costs and certain intercompany transactions, including sourcing and management fees and royalties. The Company also uses interest rate swap contracts to hedge against a portion of the exposure related to its interest payments on its variable-rate debt. The effects of cash flow hedging included in VF’s Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Operations are summarized as follows: (In thousands) Cash Flow Hedging Relationships Gain (Loss) on Derivatives Recognized in Accumulated OCL Year Ended March 2024 2023 2022 Foreign exchange contracts $ (15,538) $ 54,546 $ 71,494 Interest rate contracts 7,605 (1,013) — Total $ (7,933) $ 53,533 $ 71,494 Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss) (In thousands) Year Ended March Cash Flow Hedging Relationships Location of Gain (Loss) 2024 2023 2022 Foreign exchange contracts Net revenues $ (5,004) $ (6,843) $ (27,382) Foreign exchange contracts Cost of goods sold 15,703 120,438 (26,346) Foreign exchange contracts Selling, general and administrative expenses 3,437 6,695 (487) Foreign exchange contracts Other income (expense), net (253) (10,365) (219) Interest rate contracts Interest expense 4,238 235 108 Total $ 18,121 $ 110,160 $ (54,326) Derivative Contracts Not Designated as Hedge s VF uses foreign currency exchange contracts to manage foreign currency exchange risk on third-party and intercompany accounts receivable and payable, as well as third-party and intercompany borrowings and interest payments. These contracts are not designated as hedges, and are recorded at fair value in the Consolidated Balance Sheets. Changes in the fair values of these instruments are recognized directly in earnings. Gains or losses on these contracts largely offset the net transaction losses or gains on the related assets and liabilities. In the case of derivative contracts executed on foreign currency exposures that are no longer probable of occurring, VF de-designates these hedges and the fair value changes of these instruments are also recognized directly in earnings. D uring the year ended March 2024, certain derivative contracts were de-designated as the related hedged forecasted transactions were no longer deemed probable of occurring. Accordingly, the Company reclassified amounts from accumulated OCL and recognized an $8.8 million loss in cost of goods sold during the year ended March 2024. Other Derivative Information At March 2024, accumulated OCL include d $29.8 million of pre-tax net deferred losses for foreign currency exchange contracts and a $2.3 million pre-tax deferred gain for interest rate swap contracts, which are expected to be reclassified to earnings during the next 12 months. The amounts ultimately reclassified to earnings will depend on exchange rates and interest rates in effect when outstanding derivative contracts are settled. Net Investment Hedge The Company has designated its euro-denominated fixed-rate notes and euro commercial paper borrowings, which represented €2.0 billion in aggregate principal as of March 2024 , as a net investment hedge of VF’s investment in certain foreign operations. Because this debt qualified as a nonderivative hedging instrument, foreign currency transaction gains or losses of the debt are deferred in the foreign currency translation and other component of accumulated OCL as an offset to the foreign currency translation adjustments on the hedged investments. During the years ended March 2024, 2023 and 2022, the Company recognized after-tax gains of $21.6 million, $5.2 million and $99.5 million, respectively, in other comprehensive income (loss) related to the net investment hedge transaction. Any amounts deferred in accumulated OCL will remain until the hedged investment is sold or substantially liquidated. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Mar. 30, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Year Ended March (In thousands) 2024 2023 2022 Income taxes paid, net of refunds (a)(b) $ 349,978 $ 1,113,940 $ 263,733 Interest paid, net of amounts capitalized 234,417 160,272 123,476 Noncash transactions: Property, plant and equipment expenditures included in accounts payable or accrued liabilities 15,903 44,151 45,235 Computer software costs included in accounts payable or accrued liabilities 17,080 28,519 33,997 (a) The year ended March 2023 included the payment related to the IRS dispute associated with VF's acquisition of The Timberland Company in September 2011. Refer to Note 20 for additional information. (b) Includes both continuing and discontinued operations. |
RESTRUCTURING
RESTRUCTURING | 12 Months Ended |
Mar. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING The Company incurs restructuring charges related to strategic initiatives and cost optimization of business activities. Beginning in the third quarter of Fiscal 2024, restructuring costs include charges related to Reinvent, a transformation program to enhance focus on brand-building and to improve operating performance and allow VF to achieve its full potential. The Company currently estimates it will incur approximately $130.0 million to $150.0 million in restructuring and restructuring-related charges in connection with Reinvent, and that substantially all actions will be completed by the end of Fiscal 2025. Of the total estimated charges, the Company anticipates that more than one-half will relate to severance and employee-related benefits and the remainder will relate to asset impairments and other non-cash write-downs. Cash payments are generally expected to be paid within one year of charges incurred. During the year ended March 2024, VF recorded $108.7 million of charges in connection with Reinvent, of which $69.3 million related to severance and employee-related benefits and $39.4 million related to non-cash asset write-downs. As of March 2024, $19.0 million of cash payments related to the Reinvent charges have been made. During the years ended March 2024, 2023 and 2022, VF recognized $110.7 million, $75.7 million and $20.0 million, respectively, of total restructuring charges related to approved initiatives. Of the restructuring charges recognized in the year ended March 2024, $106.2 million were reflected in selling, general and administrative expenses and $4.5 million in cost of goods sold. Of the restructuring charges recognized in the year ended March 2023, $70.9 million were reflected in selling, general and administrative expenses and $4.8 million in cost of goods sold. Of the restructuring charges recognized in the year ended March 2022, $18.3 million were reflected in selling, general and administrative expenses and $1.7 million in cost of goods sold. The Company has not recognized any significant incremental costs related to the accruals for the year ended March 2023 or prior periods. Of the total restructuring accrual at March 2024, $52.5 million is expected to be paid out within the next 12 months and is classified within accrued liabilities (Note 14). The remaining $8.2 million will be paid out beyond the next 12 months and thus is classified within other liabilities. The components of the restructuring charges are as follows: Year Ended March (In thousands) 2024 2023 2022 Severance and employee-related benefits $ 70,008 $ 57,433 $ 12,283 Asset impairments and write-downs 39,386 — — Accelerated depreciation — 8,016 7,016 Contract termination and other 1,326 10,289 703 Total restructuring charges $ 110,720 $ 75,738 $ 20,002 Restructuring costs by business segment are as follows: Year Ended March (In thousands) 2024 2023 2022 Outdoor $ 242 $ 1,088 $ 4,523 Active 434 1,478 1,008 Work — 9 2,315 Corporate and other 110,044 73,163 12,156 Total $ 110,720 $ 75,738 $ 20,002 The activity in the restructuring accrual was as follows: (In thousands) Severance Other Total Accrual at March 2022 $ 25,640 $ 1,211 $ 26,851 Charges 57,433 5,190 62,623 Cash payments and settlements (41,338) (345) (41,683) Adjustments to accruals (3,236) 40 (3,196) Impact of foreign currency 222 449 671 Accrual at March 2023 38,721 6,545 45,266 Charges 70,008 — 70,008 Cash payments and settlements (42,684) (5,923) (48,607) Adjustments to accruals (5,660) (287) (5,947) Impact of foreign currency (54) 10 (44) Accrual at March 2024 $ 60,331 $ 345 $ 60,676 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Mar. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT On May 14, 2024, VF’s Board of Directors declared a quarterly cash dividend of $0.09 per share, payable on June 20, 2024 to shareholders of record on June 10, 2024. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 30, 2024 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II — Valuation and Qualifying Accounts COL. A COL. B COL. C COL. D COL. E ADDITIONS Description Balance at (1) (2) Deductions Balance at (In thousands) Year Ended March 2024 Allowance for doubtful accounts $ 28,075 $ 11,170 $ — $ 12,876 (a) $ 26,369 Valuation allowance for deferred income tax assets 424,932 — 11,115 (b) — 436,047 Year Ended March 2023 Allowance for doubtful accounts 27,959 3,532 — 3,416 (a) 28,075 Valuation allowance for deferred income tax assets 616,533 — — 191,601 (c) 424,932 Year Ended March 2022 Allowance for doubtful accounts 33,654 (716) — 4,979 (a) 27,959 Valuation allowance for deferred income tax assets 500,601 — 115,932 (b) — 616,533 (a) Deductions include accounts written off, net of recoveries, the effects of foreign currency translation and reclassifications. (b) Additions primarily related to circumstances where it is more likely than not that deferred income tax assets will not be realized and the effects of foreign currency translation. (c) Deductions primarily related to changes in circumstances which decrease the amount of deferred income tax assets that will, more likely than not, be realized and the effect of foreign currency translation. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Pay vs Performance Disclosure | |||
Net income (loss) | $ (968,882) | $ 118,584 | $ 1,386,941 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Mar. 30, 2024 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements and related disclosures are presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The consolidated financial statements include the accounts of VF and its controlled subsidiaries, after elimination of intercompany transactions and balances. 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. |
Fiscal Year | Fiscal Year VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. VF's current fiscal year ran from April 2, 2023 through March 30, 2024 ("Fiscal 2024"). All references to the periods ended March 2024, March 2023 and March 2022 relate to the 52-week fiscal years ended March 30, 2024, April 1, 2023 ("Fiscal 2023") and April 2, 2022 ("Fiscal 2022"), respectively. Certain foreign subsidiaries reported using a March 31 year-end for Fiscal 2024, 2023 and 2022 due to local statutory requirements. The impact to VF's consolidated financial statements is not material. |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements in accordance with GAAP, management makes estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates. |
Foreign Currency Translation and Transaction | Foreign Currency Translation and Transaction The financial statements of most foreign subsidiaries are measured using the foreign currency as the functional currency. Assets and liabilities denominated in a foreign currency are translated into U.S. dollars using exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates during the period. Resulting translation gains and losses, and transaction gains and losses on long-term advances to foreign subsidiaries, are reported in the Consolidated Statements of Comprehensive Income (Loss). |
Business Combinations | Business Combinations VF accounts for business combinations using the acquisition method of accounting. Under the acquisition method, the consolidated financial statements reflect the operations of an acquired business starting from the closing date of the acquisition. All assets acquired and liabilities assumed are recorded at fair value as of the acquisition date. VF allocates the purchase price of an acquired business to the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed, with any excess purchase price recorded as goodwill. Contingent consideration, if any, is included within the purchase price and is recognized at its fair value on the acquisition date. In subsequent reporting periods, any contingent consideration liabilities are remeasured at fair value with changes recognized in operating income (loss) . |
Cash and Equivalents | Cash and Equivalents Cash and equivalents are demand deposits, receivables from third-party credit card processors and highly liquid investments that mature within three months of their purchase dates. Highly liquid investments considered cash equivalents were $226.8 million and $439.5 million at March 2024 and 2023, respectively, consisting of money market funds and short-term time deposits. |
Accounts Receivable | Accounts Receivable Trade accounts receivable are recorded at invoiced amounts, less contractual allowances for trade terms, sales incentive programs and discounts. Royalty receivables are recorded at amounts earned based on the licensees' sales of licensed products, subject in some cases to contractual minimum royalties due from individual licensees. VF maintains an allowance for doubtful accounts for estimated losses that will result from the inability of customers and licensees to make required payments. The allowance is determined based on review of specific customer accounts where collection is doubtful, as well as an assessment of the collectability of total receivables, which are grouped based on similar risk characteristics, considering historical trends, adjusted for current economic conditions and reasonable and supportable forecasts when appropriate. The allowance represents the current estimate of lifetime expected credit losses for all outstanding accounts receivable and reflects the Company's ongoing evaluation of collectability, customer creditworthiness, historical levels of credit losses and future expectations. Receivables are written off against the allowance when it is determined that the amounts will not be recovered. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on the first-in, first-out method, includes all costs incurred to purchase the finished goods and is net of discounts or rebates received from vendors. A detailed review of all inventories is performed, at least quarterly, to identify slow moving or excess products, discontinued and to-be-discontinued products, off-quality merchandise and other specific or unique situations. Management performs an evaluation to estimate net realizable value using a systematic and consistent methodology of forecasting future demand, market conditions and selling prices less costs of disposal. If the estimated net realizable value is less than cost, VF provides an allowance to reflect the lower value of that inventory. This methodology recognizes inventory exposures at the time such losses are evident rather than at the time goods are actually sold. Historically, these estimates of future demand and selling prices have not varied significantly from actual results due to VF’s timely identification and ability to typically dispose of these distressed inventories at amounts either above or not significantly below cost. |
Long-lived Assets, Including Intangible Assets and Goodwill | Long-lived Assets, Including Intangible Assets and Goodwill Property, plant and equipment, intangible assets and goodwill are initially recorded at cost. VF capitalizes improvements to property, plant and equipment that substantially extend the useful life of the asset, and interest cost incurred during construction of major assets. Repair and maintenance costs are expensed as incurred. Cost for acquired intangible assets represents the fair value at acquisition date, which is generally based on the present value of expected cash flows. Trademark intangible assets represent individual acquired trademarks, some of which are registered in multiple countries. Customer relationship intangible assets are based on the value of relationships with wholesale customers in place at the time of acquisition. Goodwill represents the excess of cost of an acquired business over the fair value of net tangible assets and identifiable intangible assets acquired. Goodwill is assigned at the reporting unit level. Depreciation of property, plant and equipment is computed using the straight-line method over the estimated useful lives of the assets, ranging from 3 to 10 years for machinery and equipment and up to 40 years for buildings. Amortization expense for leasehold improvements and assets under finance leases is recognized over the shorter of their estimated useful lives or the lease terms, and is included in depreciation expense. Depreciation is ceased on assets that meet the held-for-sale criteria and they are measured at the lower of their carrying value or fair value, less costs of disposal. Intangible assets determined to have indefinite lives, consisting of major trademarks and trade names, are not amortized. Other intangible assets determined to have a finite life primarily consist of customer relationships, which are amortized over their estimated useful lives ranging from 11 to 24 years using an accelerated method consistent with the timing of benefits expected to be received. Depreciation and amortization expense related to obtaining finished goods inventories is included in cost of goods sold, and other depreciation and amortization expense is included in selling, general and administrative expenses. VF’s policy is to review property, plant and equipment and amortizable intangible assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If forecasted pre-tax undiscounted cash flows to be generated by the asset are not expected to recover the asset’s carrying value, an impairment charge is recorded for the excess of the asset’s carrying value over its estimated fair value. VF’s policy is to evaluate indefinite-lived intangible assets and goodwill for possible impairment as of the beginning of the fourth quarter of each fiscal year, or whenever events or changes in circumstances indicate that the fair value of such assets may be below their carrying amount. VF may first assess qualitative factors as a basis for determining whether it is necessary to perform quantitative impairment testing. If VF determines that it is more likely than not that the fair value of an asset or reporting unit is more than its carrying value, then no further testing is required. Otherwise, the assets must be quantitatively tested for impairment. An indefinite-lived intangible asset is quantitatively evaluated for possible impairment by comparing the estimated fair value of the asset with its carrying value. An impairment charge is recorded if the carrying value of the asset exceeds its estimated fair value. Goodwill is quantitatively evaluated for possible impairment by comparing the estimated fair value of a reporting unit with its carrying value, including the goodwill assigned to that reporting unit. An impairment charge is recorded if the carrying value of the reporting unit exceeds its estimated fair value. |
Leases | Leases VF determines if an arrangement is or contains a lease at contract inception and determines its classification as an operating or finance lease at lease commencement. The Company leases certain retail locations, office space, distribution facilities, machinery and equipment, and vehicles. While the substantial majority of these leases are operating leases, one of VF's distribution centers is a finance lease. Leases for real estate typically have initial terms ranging from 2 to 15 years, generally with renewal options. Leases for equipment typically have initial terms ranging from 2 to 5 years and vehicle leases typically have initial terms ranging from 1 to 6 years. In determining the lease term used in the lease right-of-use asset and lease liability calculations, the Company considers various factors such as market conditions and the terms of any renewal or termination options that may exist. When deemed reasonably certain, the renewal and termination options are included in the determination of the lease term and calculation of the lease right-of-use assets and lease liabilities. The Company has made an accounting policy election to not recognize right-of-use assets and lease liabilities for leases with terms of 12 months or less. Most leases have fixed rental payments. Many of the real estate leases also require additional variable payments for occupancy-related costs, real estate taxes and insurance, as well as other payments (i.e., contingent rent) owed when sales at individual retail store locations exceed a stated base amount. Variable lease payments are excluded from the measurement of the lease liability and are recognized in profit and loss in the period in which the event or conditions that triggers those payments occur. Certain leases contain both lease and non-lease components. For leases associated with specific asset classes, including certain real estate, vehicles and IT equipment, VF has elected the practical expedient which permits entities to account for separate lease and non-lease components as a single component. For all other lease contracts, the Company accounts for each lease component separately from the non-lease components of the contract. When applicable, VF will measure the consideration to be paid pursuant to the agreement and allocate this consideration to the lease and non-lease components based on relative standalone prices. VF estimates the amount it expects to pay to the lessor under a residual value guarantee and includes it in lease payments used to measure the lease liability only for amounts probable of being owed by VF at the commencement date. VF calculates lease liabilities as the present value of lease payments over the lease term at commencement date. Lease right-of-use assets are calculated based on the initial measurement of the respective lease liabilities adjusted for any lease payments made to the lessor at or before the commencement date, lease incentives received and initial direct costs incurred. When readily determinable, the Company uses the implicit rate to determine the present value of lease payments, which generally does not happen in practice. As the rate implicit in the majority of the Company's leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the lease term, currency, country specific risk premium and adjustments for collateralized debt. Operating lease expense is recorded as a single lease cost on a straight-line basis over the lease term. For finance leases, right-of-use asset amortization and interest on lease liabilities are presented separately in the Consolidated Statements of Operations. The Company does not have material subleases. The Company assesses whether a sale leaseback transaction qualifies as a sale when the transaction occurs. For transactions qualifying as a sale, VF derecognizes the underlying asset and recognizes the entire gain or loss at the time of the sale. The corresponding lease entered into with the buyer-lessor is accounted for as an operating lease. During the year ended March 2023, the Company entered into a sale leaseback transaction for certain office real estate and related assets. The transaction qualified as a sale, and thus the Company recognized a gain of $13.2 million in the selling, general and administrative expenses line item in VF's Consolidated Statement of Operations for the year ended March 2023. |
Defined Benefit Pension Plans | Defined Benefit Pension Plans VF sponsors various defined benefit pension plans in the U.S. and in certain international jurisdictions. The Company's U.S. plans, including a noncontributory qualified defined benefit pension plan and an unfunded supplemental defined benefit pension plan, were frozen for all future benefit accruals, effective December 31, 2018. The funded status of defined benefit pension plans is recorded as a net asset or liability in the Consolidated Balance Sheets based on the difference between the projected benefit obligations and the fair value of plan assets, which is assessed on a plan-by-plan basis. The changes in funded status of defined benefit pension plans, primarily related to actuarial gains and losses arising from differences between actual experience and actuarial assumptions, are recognized in the year in which the changes occur and reported in the Consolidated Statements of Comprehensive Income (Loss). VF reports the service component of net periodic pension cost (income) within operating income (loss) and the other components of net periodic pension cost, which include interest cost, expected return on plan assets, settlement charges, curtailments and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item of the Consolidated Statements of Operations. |
Derivative Financial Instruments | Derivative Financial Instruments Derivative financial instruments are measured at fair value in the Consolidated Balance Sheets. Unrealized gains and losses are recognized as assets and liabilities, respectively, and classified as current or noncurrent based on the derivatives’ maturity dates. The accounting for changes in the fair value of derivative instruments (i.e., gains and losses) depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. To qualify for hedge accounting treatment, all hedging relationships must be formally documented at the inception of the hedges and must be highly effective in offsetting changes to future cash flows of hedged transactions. VF’s hedging practices are described in Note 25, which primarily relate to cash flow hedges. VF does not use derivative instruments for trading or speculative purposes. Hedging cash flows are classified in the Consolidated Statements of Cash Flows in the same category as the items being hedged. VF formally documents hedging instruments and hedging relationships at the inception of each contract. Further, at the inception of a contract and on an ongoing basis, as necessary, VF assesses whether the hedging instruments are highly effective in offsetting the risk of the hedged transactions. When hedging instruments are determined to not be highly effective, hedge accounting treatment is discontinued, and any future changes in fair value of the instruments are recognized immediately in net income (loss). Unrealized gains or losses related to hedging instruments remain in accumulated other comprehensive loss ("OCL") until the hedged forecasted transaction occurs and impacts earnings. If the hedged forecasted transaction is deemed probable of not occurring, any unrealized gains or losses in accumulated OCL are immediately recognized in net income (loss). VF also uses derivative contracts to manage foreign currency exchange risk on certain assets and liabilities. These contracts are not designated as hedges, and are measured at fair value in the Consolidated Balance Sheets with changes in fair value recognized directly in net income (loss). The counterparties to the derivative contracts are financial institutions having at least A-rated investment grade credit ratings. To manage its credit risk, VF continually monitors the credit risks of its counterparties, limits its exposure in the aggregate and to any single counterparty, and adjusts its hedging positions as appropriate. The impact of VF’s credit risk and the credit risk of its counterparties, as well as the ability of each party to fulfill its obligations under the contracts, is considered in determining the fair value of the derivative contracts. Credit risk has not had a significant effect on the fair value of VF’s derivative contracts. VF does not have any credit risk-related contingent features or collateral requirements with its derivative contracts. |
Revenue Recognition | Revenue Recognition Revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied based on the transfer of control of promised goods or services. The transfer of control typically occurs at a point in time based on consideration of when the customer has (i) an obligation to pay for, (ii) physical possession of, (iii) legal title to, (iv) risks and rewards of ownership of, and (v) accepted the goods or services. The timing of revenue recognition within the wholesale channel occurs either on shipment or delivery of goods based on contractual terms with the customer. The timing of revenue recognition in the direct-to-consumer channel generally occurs at the point of sale within VF-operated or concession retail stores and either on shipment or delivery of goods for e-commerce transactions based on contractual terms with the customer. For finished products shipped directly to customers from our suppliers, the Company's promise to the customer is a performance obligation to provide the specified goods, and thus the Company is the principal in the arrangement and revenue is recognized on a gross basis at the transaction price. The duration of contractual arrangements with our customers in the wholesale and direct-to-consumer channels is typically less than one year. Payment terms with wholesale customers are generally between 30 and 60 days while direct-to-consumer arrangements have shorter terms. The Company does not adjust the promised amount of consideration for the effects of a significant financing component as it is expected, at contract inception, that the period between the transfer of the promised good or service to the customer and the customer payment for the good or service will be one year or less. The amount of revenue recognized in both wholesale and direct-to-consumer channels reflects the expected consideration to be received for providing the goods or services to the customer, which includes estimates for variable consideration. Variable consideration includes sales incentive programs, discounts, markdowns, chargebacks and product returns. Estimates of variable consideration are determined at contract inception and reassessed at each reporting date, at a minimum, to reflect any changes in facts and circumstances. The Company utilizes the expected value method in determining its estimates of variable consideration, based on evaluations of specific product and customer circumstances, historical and anticipated trends, and current economic conditions. Allowances for estimates of sales incentive programs, discounts, markdowns, chargebacks and returns are recorded as accrued liabilities in the Consolidated Balance Sheets. Certain products sold by the Company include an assurance warranty. Product warranty costs are estimated based on historical and anticipated trends, and are recorded as cost of goods sold at the time revenue is recognized. Revenue from the sale of gift cards is deferred and recorded as a contract liability until the gift card is redeemed by the customer, factoring in breakage as appropriate. Various VF brands maintain customer loyalty programs where customers earn rewards from qualifying purchases or activities, which are redeemable for discounts on future purchases or other rewards. For its customer loyalty programs, the Company estimates the standalone selling price of the loyalty rewards and allocates a portion of the consideration for the sale of products to the loyalty points earned. The deferred amount is recorded as a contract liability, and is recognized as revenue when the points are redeemed or when the likelihood of redemption is remote. The Company has elected to treat all shipping and handling activities as fulfillment costs and recognize the costs as selling, general and administrative expenses at the time the related revenue is recognized. Shipping and handling costs billed to customers are included in net revenues. Sales taxes and value added taxes collected from customers and remitted directly to governmental authorities are excluded from the transaction price. The Company has licensing agreements for its symbolic intellectual property, some of which include minimum guaranteed royalties. Royalty income is recognized as earned over the respective license term based on the greater of minimum guarantees or the licensees' sales of licensed products at rates specified in the licensing contracts. Royalty income related to the minimum guarantees is recognized using a measure of progress with variable amounts recognized only when the cumulative earned royalty exceeds the minimum guarantees. The Company has applied the practical expedient to recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that otherwise would have been recognized is one year or less. The Company has also elected the practical expedients to not disclose the transaction price allocated to remaining performance obligations for (i) variable consideration related to sales-based royalty arrangements, and (ii) contracts with an original expected duration of one year or less. |
Cost of Goods Sold | Cost of Goods Sold Cost of goods sold for purchased finished goods includes the purchase costs and related overhead. Overhead includes all costs related to purchasing finished goods, including costs of planning, purchasing, quality control, depreciation, freight, duties, royalties paid to third parties and shrinkage. Cost of goods sold also includes provisions to state inventories at the lower of cost or net realizable value. For product lines with a warranty, a provision for estimated future repair or replacement costs, based on historical and anticipated trends, is recorded when these products are sold. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses |
Stock-based Compensation | Stock-based Compensation VF accounts for all stock-based payments to employees and non-employee directors based on their respective grant date fair values. Compensation cost for all awards expected to vest is recognized over the shorter of the requisite service period or the vesting period, including accelerated recognition for retirement-eligible employees. Awards that do not vest are forfeited. Generally, dividend equivalents accrue without compounding and are payable in additional shares of VF common stock upon vesting. VF uses a lattice option-pricing model to estimate the fair value of stock options granted to employees and non-employee directors. VF's performance-based awards are based on management achieving both performance and market-based financial targets. The grant date fair value of market conditions is determined using a Monte Carlo simulation technique incorporating option-pricing model inputs. |
Dividends | Dividends Dividends declared on common stock are recorded as a reduction of retained earnings to the extent retained earnings are available at the close of the period prior to the date of the declared dividend. Dividends declared in excess of retained earnings are recorded as a reduction of additional paid-in-capital. |
Self-insurance | Self-insurance VF is self-insured for a significant portion of its employee medical, workers’ compensation, vehicle, property and general liability exposures. Liabilities for self-insured exposures are accrued at the present value of amounts expected to be paid based on historical claims experience and actuarial data for forecasted settlements of claims filed and for incurred but not yet reported claims. Accruals for self-insured exposures are included in current and noncurrent liabilities based on the expected periods of payment. Excess liability insurance has been purchased to limit the amount of self-insured risk on claims. |
Income Taxes | Income Taxes Income taxes are provided on pre-tax income (loss) for financial reporting purposes. Income taxes are based on amounts of taxes payable or refundable in the current year and on expected future tax consequences of events that are recognized in the consolidated financial statements in different periods than they are recognized in tax returns. As a result of timing of recognition and measurement differences between financial accounting standards and income tax laws, temporary differences arise between amounts of pre-tax financial statement income (loss) and taxable income (loss), and between reported amounts of assets and liabilities in the Consolidated Balance Sheets and their respective tax bases. Deferred income tax assets and liabilities reported in the Consolidated Balance Sheets reflect the estimated future tax impact of these temporary differences and net operating loss and net capital loss carryforwards, based on tax rates currently enacted for the years in which the differences are expected to be settled or realized. Realization of deferred tax assets is dependent on future taxable income in specific jurisdictions. Valuation allowances are used to reduce deferred tax assets to amounts considered more-likely-than-not to be realized. All deferred tax assets and liabilities are classified as noncurrent in the Consolidated Balance Sheets. Accrued income taxes in the Consolidated Balance Sheets include unrecognized income tax benefits, along with related interest and penalties, appropriately classified as current or noncurrent. VF has evaluated these potential issues under the more-likely-than-not standard of the accounting literature. A tax position is recognized if it meets this standard and is measured at the largest amount of benefit that has a greater than 50% likelihood of being realized. The provision for income taxes also includes estimated interest and penalties related to uncertain tax positions . |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per share assumes conversion of potentially dilutive securities such as stock options, restricted stock units and restricted stock. In periods of a net loss, all potentially dilutive securities are excluded from diluted loss per share, as their inclusion would be anti-dilutive. |
Concentration of Risks | Concentration of Risks VF markets products to a broad customer base throughout the world. Products are sold at a range of price points through various wholesale and direct-to-consumer channels. VF’s ten largest customers accounted for approximately 14% of Fiscal 2024 total revenues. Sales to VF’s largest customer accounted for approximat ely 2% of Fiscal 2024 total revenues. Sales are generally made on an unsecured basis under customary terms that may vary by product, channel of distribution or geographic region. VF continuously monitors the creditworthiness of its customers and has established internal policies regarding customer credit limits. The breadth of product offerings, combined with the large number and geographic diversity of its customers, limits VF’s concentration of risks. |
Legal and Other Contingencies | Legal and Other Contingencies Management periodically assesses liabilities and contingencies in connection with legal proceedings and other claims that may arise from time to time. When it is probable that a loss has been or will be incurred and the amount of the loss is reasonably estimable, the estimate of the loss is recorded in the consolidated financial statements. Estimates of losses are adjusted when additional information becomes available or circumstances change. A contingent liability is disclosed when there is at least a reasonable possibility that a material loss may have been incurred. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform with the Fiscal 2024 presentation. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards | Recently Adopted Accounting Standards In March 2020, January 2021 and December 2022, 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 ", ASU No. 2021-01, " Reference Rate Reform (Topic 848): Scope " and ASU No. 2022-06, " Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ", 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 guidance is provided to ease the potential burden of accounting for reference rate reform. During the first quarter of Fiscal 2024, the Company amended the terms of its $2.25 billion senior unsecured revolving line of credit (the “Global Credit Facility”), which replaced the LIBOR benchmark interest rate with a benchmark interest rate based on the forward-looking secured overnight financing rate ("Term SOFR"). This guidance was adopted in the first quarter of Fiscal 2024, but did not impact VF's consolidated financial statements. 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 became effective for VF in the first quarter of Fiscal 2024, except for the rollforward information that will be effective for annual periods beginning in Fiscal 2025 on a prospective basis. Early adoption is permitted. The Company adopted the required guidance in the first quarter of Fiscal 2024 and is evaluating the impact of adopting the guidance related to the rollforward information. Refer to Note 12 for disclosures related to the Company's s upply chain financing program. Recently Issued Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, " Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses that are regularly provided to the individual or group identified as the chief operating decision maker ("CODM"). The guidance also requires disclosure of the title and position of the CODM and how reported measures of segment profit or loss are used to assess performance and allocate resources. The guidance will be effective for annual disclosures beginning in Fiscal 2025, and has expanded requirements to include all disclosures about a reportable segment's profit or loss and assets in subsequent interim periods. Early adoption is permitted. The guidance requires retrospective application to all prior periods presented in the financial statements. The Company is evaluating the impact that adopting this guidance will have on VF's disclosures. In December 2023, the FASB issued ASU No. 2023-09, " Income Taxes (Topic 740): Improvements to Income Tax Disclosures" , which is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The rate reconciliation disclosures will require specific categories and additional information for reconciling items that meet a quantitative threshold. The income taxes paid disclosures will require disaggregation by individual jurisdictions that are greater than 5% of total income taxes paid. The guidance will be effective for annual disclosures beginning in Fiscal 2026. Early adoption is permitted. The amendments are required to be applied on a prospective basis; however, retrospective application is permitted. The Company is evaluating the impact that adopting this guidance will have on VF's disclosures. |
Fair Value Measurements | Financial assets and financial liabilities measured and reported at fair value are classified in a three-level hierarchy that prioritizes the inputs used in the valuation process. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities, or (iii) information derived from or corroborated by observable market data. • Level 3 — Prices or valuation techniques that require significant unobservable data inputs. These inputs would normally be VF’s own data and judgments about assumptions that market participants would use in pricing the asset or liability. |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Assets and Contract Liabilities | The following table provides information about contract assets and contract liabilities: (In thousands) March 2024 March 2023 Contract assets (a) $ 2,393 $ 2,294 Contract liabilities (b) 67,115 62,214 (a) Included in the other current assets line item in the Consolidated Balance Sheets. (b) Included in the accrued liabilities line item in the Consolidated Balance Sheets. |
Schedule of Disaggregation of Revenues | The following tables disaggregate our revenues by channel and geography, which provides a meaningful depiction of how the nature, timing and uncertainty of revenues are affected by economic factors. Year Ended March 2024 (In thousands) Outdoor Active Work Other Total Channel revenues Wholesale $ 3,152,260 $ 1,579,251 $ 690,934 $ — $ 5,422,445 Direct-to-consumer 2,330,390 2,458,475 176,284 — 4,965,149 Royalty 18,749 24,003 24,321 — 67,073 Total $ 5,501,399 $ 4,061,729 $ 891,539 $ — $ 10,454,667 Geographic revenues Americas $ 2,498,520 $ 2,255,982 $ 710,366 $ — $ 5,464,868 Europe 2,080,583 1,234,569 113,420 — 3,428,572 Asia-Pacific 922,296 571,178 67,753 — 1,561,227 Total $ 5,501,399 $ 4,061,729 $ 891,539 $ — $ 10,454,667 Year Ended March 2023 (In thousands) Outdoor Active Work Other Total Channel revenues Wholesale $ 3,375,343 $ 2,082,875 $ 847,729 $ 148 $ 6,306,095 Direct-to-consumer 2,252,958 2,791,936 186,462 — 5,231,356 Royalty 19,225 29,811 25,988 — 75,024 Total $ 5,647,526 $ 4,904,622 $ 1,060,179 $ 148 $ 11,612,475 Geographic revenues Americas $ 2,921,383 $ 2,912,666 $ 848,524 $ 148 $ 6,682,721 Europe 1,960,485 1,343,796 107,414 — 3,411,695 Asia-Pacific 765,658 648,160 104,241 — 1,518,059 Total $ 5,647,526 $ 4,904,622 $ 1,060,179 $ 148 $ 11,612,475 Year Ended March 2022 (In thousands) Outdoor Active Work Other Total Channel revenues Wholesale $ 3,194,881 $ 2,256,444 $ 919,080 $ 785 $ 6,371,190 Direct-to-consumer 2,115,056 3,102,231 186,788 — 5,404,075 Royalty 17,631 21,663 27,281 — 66,575 Total $ 5,327,568 $ 5,380,338 $ 1,133,149 $ 785 $ 11,841,840 Geographic revenues Americas $ 2,748,935 $ 3,155,870 $ 899,706 $ 785 $ 6,805,296 Europe 1,877,502 1,432,260 89,537 — 3,399,299 Asia-Pacific 701,131 792,208 143,906 — 1,637,245 Total $ 5,327,568 $ 5,380,338 $ 1,133,149 $ 785 $ 11,841,840 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations Presented in Financial Statements | The following table summarizes the major line items for the Occupational Workwear business that are included in the income from discontinued operations, net of tax line item in the Consolidated Statements of Operations: Year Ended March (In thousands) 2024 (a) 2023 (a) 2022 Net revenues $ — $ — $ 181,424 Cost of goods sold — — 117,193 Selling, general and administrative expenses — — 38,735 Interest income, net — — 194 Other income (expense), net — — 6 Income from discontinued operations before income taxes — — 25,696 Gain on the sale of discontinued operations before income taxes — — 133,970 Total income from discontinued operations before income taxes — — 159,666 Income tax benefit (b) — — (11,006) Income from discontinued operations, net of tax $ — $ — $ 170,672 (a) There was no activity during the years ended March 2024 and 2023. (b) Income tax benefit for the year ended March 2022 included $12.0 million |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Receivables [Abstract] | |
Schedule of Components of Accounts Receivable | (In thousands) March 2024 March 2023 Trade $ 1,227,707 $ 1,521,975 Other (including royalty) 72,627 116,395 Total accounts receivable 1,300,334 1,638,370 Less allowance for doubtful accounts 26,369 28,075 Accounts receivable, net $ 1,273,965 $ 1,610,295 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | (In thousands) March 2024 March 2023 Finished products $ 1,718,676 $ 2,240,215 Work-in-process 39,539 39,508 Raw materials 8,151 13,067 Total inventories $ 1,766,366 $ 2,292,790 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | (In thousands) March 2024 March 2023 Prepaid income taxes $ 176,821 $ 114,307 Prepaid expenses 110,943 108,185 Right of return assets 72,105 47,872 Assets held-for-sale 55,082 14,769 Derivative financial instruments (Note 25) 28,701 48,132 Other taxes 28,401 43,712 Investments held for deferred compensation plans (Note 17) 10,771 18,936 Other 29,187 38,824 Other current assets $ 512,011 $ 434,737 (In thousands) March 2024 March 2023 Deferred income taxes (Note 20) $ 389,783 $ 95,117 Computer software, net of accumulated amortization of: March 2024 - $324,492; March 2023 - $256,414 300,963 348,739 Pension assets (Note 17) 175,110 183,929 Investments held for deferred compensation plans (Note 17) 86,623 120,423 Income taxes receivable and prepaid income taxes 42,993 1,004,289 Other investments 39,764 27,542 Deposits 36,958 42,746 Partnership stores and shop-in-shop costs, net of accumulated amortization of: March 2024 - $91,042; March 2023 - $90,072 26,362 24,743 Derivative financial instruments (Note 25) 3,847 1,556 Other 40,470 52,839 Other assets $ 1,142,873 $ 1,901,923 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Components of Property, Plant and Equipment | (In thousands) March 2024 March 2023 Land and improvements $ 65,886 $ 69,401 Buildings and improvements 886,158 896,973 Machinery and equipment 1,006,294 1,051,093 Property, plant and equipment, at cost 1,958,338 2,017,467 Less accumulated depreciation and amortization 1,134,452 1,075,027 Property, plant and equipment, net $ 823,886 $ 942,440 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite Lived Intangible Assets | (In thousands) Weighted Amortization Cost Accumulated Net March 2024 Amortizable intangible assets: Customer relationships and other 19 years Accelerated $ 262,084 $ 187,121 $ 74,963 Indefinite-lived intangible assets: Trademarks and trade names 2,553,519 Intangible assets, net $ 2,628,482 (In thousands) Weighted Amortization Cost Accumulated Net March 2023 Amortizable intangible assets: Customer relationships and other 19 years Accelerated $ 262,818 $ 173,916 $ 88,902 Indefinite-lived intangible assets: Trademarks and trade names 2,553,919 Intangible assets, net $ 2,642,821 |
Schedule of Finite Lived Intangible Assets | (In thousands) Weighted Amortization Cost Accumulated Net March 2024 Amortizable intangible assets: Customer relationships and other 19 years Accelerated $ 262,084 $ 187,121 $ 74,963 Indefinite-lived intangible assets: Trademarks and trade names 2,553,519 Intangible assets, net $ 2,628,482 (In thousands) Weighted Amortization Cost Accumulated Net March 2023 Amortizable intangible assets: Customer relationships and other 19 years Accelerated $ 262,818 $ 173,916 $ 88,902 Indefinite-lived intangible assets: Trademarks and trade names 2,553,919 Intangible assets, net $ 2,642,821 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill | Changes in goodwill are summarized by reportable segment as follows: (In thousands) Outdoor Active Work Total Balance, March 2022 $ 660,786 $ 1,619,121 $ 113,900 $ 2,393,807 Impairment charges — (394,131) — (394,131) Foreign currency translation (6,999) (13,746) (518) (21,263) Balance, March 2023 653,787 1,211,244 113,382 1,978,413 Impairment charges (445,757) — (61,809) (507,566) Foreign currency translation (2,162) (8,198) (73) (10,433) Balance, March 2024 $ 205,868 $ 1,203,046 $ 51,500 $ 1,460,414 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Leases [Abstract] | |
Schedule of Assets and Liabilities Related to Operating and Finance Leases | The assets and liabilities related to operating and finance leases were as follows: (In thousands) Location in Consolidated Balance Sheet March 2024 March 2023 Assets: Operating lease assets Operating lease right-of-use assets $ 1,330,361 $ 1,372,182 Finance lease assets Property, plant and equipment, net 11,500 12,417 Total lease assets $ 1,341,861 $ 1,384,599 Liabilities: Current Operating lease liabilities Accrued liabilities $ 309,444 $ 332,222 Finance lease liabilities Current portion of long-term debt 981 951 Noncurrent Operating lease liabilities Operating lease liabilities 1,156,858 1,171,941 Finance lease liabilities Long-term debt 15,178 16,287 Total lease liabilities $ 1,482,461 $ 1,521,401 |
Schedule of Components of Lease Costs | The components of lease costs were as follows: Year Ended March (In thousands) 2024 2023 2022 Operating lease cost $ 426,602 $ 418,716 $ 435,637 Finance lease cost – amortization of right-of-use assets 917 917 917 Finance lease cost – interest on lease liabilities 457 486 513 Short-term lease cost 25,256 22,154 17,602 Variable lease cost 132,474 117,189 98,052 Impairment 12,958 — 4,279 Gain recognized from sale-leaseback transaction — (13,189) — Total lease cost $ 598,664 $ 546,273 $ 557,000 Supplemental cash flow information related to leases was as follows: Year Ended March (In thousands) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows – operating leases $ 441,269 $ 428,443 $ 465,249 Operating cash flows – finance leases 457 486 513 Financing cash flows – finance leases 1,079 1,050 1,023 Right-of-use assets obtained in exchange for lease liabilities: Operating leases 361,959 545,856 205,811 Finance leases — — — Lease terms and discount rates were as follows: March 2024 March 2023 March 2022 Weighted average remaining lease term: Operating leases 6.26 years 6.60 years 6.17 years Finance leases 12.51 years 13.51 years 14.51 years Weighted average discount rate: Operating leases 3.29 % 2.61 % 1.78 % Finance leases 2.71 % 2.71 % 2.71 % |
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2024 were as follows: (In thousands) Operating Leases Finance Leases Total 2025 $ 354,808 $ 1,408 $ 356,216 2026 312,351 1,536 313,887 2027 266,884 1,664 268,548 2028 190,088 1,536 191,624 2029 125,901 1,408 127,309 Thereafter 375,946 11,523 387,469 Total lease payments 1,625,978 19,075 1,645,053 Less: present value adjustment 159,676 2,916 162,592 Present value of lease liabilities $ 1,466,302 $ 16,159 $ 1,482,461 |
Schedule of Maturities of Financing Lease Liabilities | Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2024 were as follows: (In thousands) Operating Leases Finance Leases Total 2025 $ 354,808 $ 1,408 $ 356,216 2026 312,351 1,536 313,887 2027 266,884 1,664 268,548 2028 190,088 1,536 191,624 2029 125,901 1,408 127,309 Thereafter 375,946 11,523 387,469 Total lease payments 1,625,978 19,075 1,645,053 Less: present value adjustment 159,676 2,916 162,592 Present value of lease liabilities $ 1,466,302 $ 16,159 $ 1,482,461 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Components of Other Assets | (In thousands) March 2024 March 2023 Prepaid income taxes $ 176,821 $ 114,307 Prepaid expenses 110,943 108,185 Right of return assets 72,105 47,872 Assets held-for-sale 55,082 14,769 Derivative financial instruments (Note 25) 28,701 48,132 Other taxes 28,401 43,712 Investments held for deferred compensation plans (Note 17) 10,771 18,936 Other 29,187 38,824 Other current assets $ 512,011 $ 434,737 (In thousands) March 2024 March 2023 Deferred income taxes (Note 20) $ 389,783 $ 95,117 Computer software, net of accumulated amortization of: March 2024 - $324,492; March 2023 - $256,414 300,963 348,739 Pension assets (Note 17) 175,110 183,929 Investments held for deferred compensation plans (Note 17) 86,623 120,423 Income taxes receivable and prepaid income taxes 42,993 1,004,289 Other investments 39,764 27,542 Deposits 36,958 42,746 Partnership stores and shop-in-shop costs, net of accumulated amortization of: March 2024 - $91,042; March 2023 - $90,072 26,362 24,743 Derivative financial instruments (Note 25) 3,847 1,556 Other 40,470 52,839 Other assets $ 1,142,873 $ 1,901,923 |
SHORT-TERM BORROWINGS (Tables)
SHORT-TERM BORROWINGS (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Short-Term Borrowings | (In thousands) March 2024 March 2023 Commercial paper borrowings $ 250,000 $ — International borrowing arrangements 13,938 11,491 Short-term borrowings $ 263,938 $ 11,491 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Components of Accrued Liabilities | (In thousands) March 2024 March 2023 Current portion of operating lease liabilities (Note 10) $ 309,444 $ 332,222 Customer discounts and allowances 270,838 220,614 Other taxes 145,226 151,621 Compensation 133,754 141,437 Income taxes 113,288 314,465 Contract liabilities (Note 2) 67,115 62,214 Restructuring (Note 27) 52,465 43,121 Interest 46,398 60,504 Derivative financial instruments (Note 25) 35,578 59,995 Freight, duties and postage 31,801 57,271 Insurance 16,690 15,501 Product warranty claims (Note 16) 12,893 11,308 Deferred compensation (Note 17) 10,771 18,936 Advertising 8,775 41,338 Pension liabilities (Note 17) 6,597 20,727 Other 113,559 122,377 Accrued liabilities $ 1,375,192 $ 1,673,651 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | (In thousands) March 2024 March 2023 0.625% notes, due September 2023 ("2023 notes") $ — $ 923,354 Delayed Draw Term Loan Agreement, due December 2024 999,740 999,269 2.400% notes, due April 2025 ("2025 notes") 748,385 746,933 4.125% notes, due March 2026 ("2026 notes") 536,553 539,121 2.800% notes, due April 2027 ("2027 notes") 497,713 497,029 0.250% notes, due February 2028 ("2028 notes") 535,849 538,923 4.250% notes, due March 2029 ("2029 notes") 534,690 537,809 2.950% notes, due April 2030 ("2030 notes") 744,986 744,246 0.625% notes, due February 2032 ("2032 notes") 531,760 534,763 6.000% notes, due October 2033 ("2033 notes") 272,255 271,869 6.450% notes, due November 2037 ("2037 notes") 284,915 284,765 Finance leases 16,159 17,238 Total long-term debt 5,703,005 6,635,319 Less current portion 1,000,721 924,305 Long-term debt, due beyond one year $ 4,702,284 $ 5,711,014 |
Scheduled Payments of Long-term Debt | The scheduled payments of long-term debt, excluding finance leases (Note 10), at the end of Fiscal 2024 for the next five fiscal years and thereafter are summarized as follows: (In thousands) Notes and Other 2025 $ 1,000,000 2026 1,289,450 2027 — 2028 1,039,450 2029 539,450 Thereafter 1,853,423 5,721,773 Less unamortized debt discount 15,077 Less unamortized debt issuance costs 19,850 Total long-term debt 5,686,846 Less current portion 999,740 Long-term debt, due beyond one year $ 4,687,106 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Components of Other Liabilities | (In thousands) March 2024 March 2023 Income taxes $ 356,099 $ 273,955 Deferred compensation (Note 17) 81,103 77,428 Pension liabilities (Note 17) 78,628 72,825 Product warranty claims 48,373 41,111 Deferred income taxes (Note 20) 10,080 107,546 Derivative financial instruments (Note 25) 4,656 12,658 Other 59,538 65,531 Other liabilities $ 638,477 $ 651,054 |
Schedule of Product Warranty Liability | Activity relating to accrued product warranty claims is summarized as follows: Year Ended March (In thousands) 2024 2023 2022 Balance, beginning of year $ 52,419 $ 53,487 $ 62,087 Accrual for products sold during the year 22,555 11,086 8,815 Repair or replacement costs incurred and other (13,658) (12,024) (17,025) Currency translation (50) (130) (390) Balance, end of year 61,266 52,419 53,487 Less current portion (Note 14) 12,893 11,308 11,742 Long-term portion $ 48,373 $ 41,111 $ 41,745 |
RETIREMENT AND SAVINGS BENEFI_2
RETIREMENT AND SAVINGS BENEFIT PLANS (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Pension Cost and Income | The components of pension cost (income) for VF’s defined benefit plans were as follows: Year Ended March (In thousands) 2024 2023 2022 Service cost — benefits earned during the period $ 8,924 $ 10,632 $ 14,288 Interest cost on projected benefit obligations 47,079 44,732 37,534 Expected return on plan assets (63,569) (63,157) (77,432) Settlement charges 3,538 93,731 7,466 Amortization of deferred amounts: Net deferred actuarial losses 16,195 16,395 11,310 Deferred prior service credits (80) (453) (440) Net periodic pension cost (income) $ 12,087 $ 101,880 $ (7,274) Weighted average actuarial assumptions used to determine pension cost (income): Discount rate in effect for determining service cost 2.50 % 1.42 % 0.46 % Discount rate in effect for determining interest cost 4.85 % 4.09 % 2.16 % Expected long-term return on plan assets 5.99 % 5.24 % 4.53 % Rate of compensation increase (a) 2.19 % 1.95 % 2.01 % (a) Rate of compensation increase is calculated as the weighted average rate of compensation increase for active plans. Frozen plans are excluded from the calculation. |
Schedule of Reconciliation of Changes in Fair Value of Defined Benefit Plan Assets and Projected Benefit Obligations | The following provides a reconciliation of the changes in fair value of VF’s defined benefit plan assets and projected benefit obligations for each period, and the funded status at the end of each period: (In thousands) March 2024 March 2023 Fair value of plan assets, beginning of period $ 1,111,710 $ 1,643,435 Actual return on plan assets 17,332 (146,068) VF contributions 30,167 22,683 Participant contributions 5,447 5,035 Settlement — (328,412) Benefits paid (81,150) (79,865) Currency translation 1,736 (5,098) Fair value of plan assets, end of period 1,085,242 1,111,710 Projected benefit obligations, beginning of period 1,021,333 1,557,715 Service cost 8,924 10,632 Interest cost 47,079 44,732 Participant contributions 5,447 5,035 Actuarial gain (7,518) (183,536) Settlement — (328,412) Benefits paid (81,150) (79,865) Plan amendments (489) (478) Currency translation 1,731 (4,490) Projected benefit obligations, end of period (a) 995,357 1,021,333 Funded status, end of period $ 89,885 $ 90,377 (a) The change in projected benefit obligations in the year ended March 2023 was driven by actuarial gains, primarily as a result of changes in discount rates and the purchase of an irrevocable group annuity contract relating to approximately $330.0 million of the U.S. qualified defined benefit pension plan obligations. Pension benefits are reported in the Consolidated Balance Sheets as a net asset or liability based on the overfunded or underfunded status of the defined benefit plans, assessed on a plan-by-plan basis. (In thousands) March 2024 March 2023 Amounts included in Consolidated Balance Sheets: Other assets (Note 11) $ 175,110 $ 183,929 Accrued liabilities (Note 14) (6,597) (20,727) Other liabilities (Note 16) (78,628) (72,825) Funded status $ 89,885 $ 90,377 Accumulated other comprehensive loss, pretax: Net deferred actuarial losses $ 260,512 $ 241,864 Net deferred prior service credits (4,290) (4,286) Total accumulated other comprehensive loss, pretax $ 256,222 $ 237,578 Accumulated benefit obligations $ 976,120 $ 1,005,159 Weighted average actuarial assumptions used to determine pension obligations: Discount rate 4.94 % 4.89 % Rate of compensation increase (a) 2.11 % 2.15 % (a) Rate of compensation increase is calculated as the weighted average rate of compensation increase for active plans. Frozen plans are excluded from the calculation. |
Schedule of Components of Pension Plans with an Accumulated Benefit Obligation and Projected Benefit Obligation in Excess of Plan Assets | The following provides information for VF's defined benefit plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets: (In thousands) March 2024 March 2023 Projected benefit obligations $ 183,329 $ 186,532 Accumulated benefit obligations 164,092 170,357 Fair value of plan assets 98,104 92,980 The net amount of projected benefit obligations and plan ass ets for underfunded defined benefit plans was $85.2 million and $93.6 million as of March 2024 and 2023, respectively, and was reported in accrued liabilities and other liabilities in the Consolidated Balance Sheets. |
Schedule of Fair Value of Investments Held by Pension Plan | The fair value of investments held by VF’s defined benefit plans at March 2024 and March 2023, by asset class, is summarized below. Refer to Note 24 for a description of the three levels of the fair value measurement hierarchy. Total Plan Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 March 2024 Plan assets Cash equivalents $ 4,428 $ 4,428 $ — $ — Fixed income securities: U.S. Treasury and government agencies 2 — 2 — Insurance contracts 103,362 — 103,362 — Futures contracts 2,661 2,661 — — Total plan assets in the fair value hierarchy 110,453 $ 7,089 $ 103,364 $ — Plan assets measured at net asset value Cash equivalents 87,748 Equity securities: Domestic 33,510 International 40,933 Fixed income securities: Corporate and international bonds 751,147 Alternative investments 61,451 Total plan assets measured at net asset value 974,789 Total plan assets $ 1,085,242 Total Plan Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 March 2023 Plan assets Cash equivalents $ 983 $ 983 $ — $ — Fixed income securities: U.S. Treasury and government agencies 3 — 3 — Insurance contracts 97,429 — 97,429 — Futures contracts 6,649 6,649 — — Total plan assets in the fair value hierarchy 105,064 $ 7,632 $ 97,432 $ — Plan assets measured at net asset value Cash equivalents 118,114 Equity securities: Domestic 34,957 International 51,577 Fixed income securities: Corporate and international bonds 734,455 Alternative investments 67,543 Total plan assets measured at net asset value 1,006,646 Total plan assets $ 1,111,710 |
CAPITAL AND ACCUMULATED OTHER_2
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Equity [Abstract] | |
Schedule of Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated OCI in Stockholders' Equity and Changes in AOCI | The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in accumulated OCL in stockholders’ equity, as follows: (In thousands) March 2024 March 2023 Foreign currency translation and other $ (868,439) $ (859,651) Defined benefit pension plans (182,333) (167,692) Derivative financial instruments (13,559) 7,825 Accumulated other comprehensive loss $ (1,064,331) $ (1,019,518) The changes in accumulated OCL, net of related taxes, were as follows: (In thousands) Foreign Currency Translation and Other Defined Derivative Total Balance, March 2021 $ (700,173) $ (257,747) $ (51,080) $ (1,009,000) Other comprehensive income (loss) before reclassifications (51,459) 13,547 59,753 21,841 Amounts reclassified from accumulated other comprehensive loss — 13,910 46,670 60,580 Net other comprehensive income (loss) (51,459) 27,457 106,423 82,421 Balance, March 2022 (751,632) (230,290) 55,343 (926,579) Other comprehensive income (loss) before reclassifications (108,019) (18,596) 44,979 (81,636) Amounts reclassified from accumulated other comprehensive loss — 81,194 (92,497) (11,303) Net other comprehensive income (loss) (108,019) 62,598 (47,518) (92,939) Balance, March 2023 (859,651) (167,692) 7,825 (1,019,518) Other comprehensive income (loss) before reclassifications (8,788) (28,939) (6,443) (44,170) Amounts reclassified from accumulated other comprehensive loss — 14,298 (14,941) (643) Net other comprehensive income (loss) (8,788) (14,641) (21,384) (44,813) Balance, March 2024 $ (868,439) $ (182,333) $ (13,559) $ (1,064,331) |
Schedule of Reclassifications Out of Accumulated OCI | Reclassifications out of accumulated OCL were as follows: (In thousands) Affected Line Item in the Consolidated Statements of Operations Year Ended March Details About Accumulated Other 2024 2023 2022 Amortization of defined benefit pension plans: Net deferred actuarial losses Other income (expense), net $ (16,195) $ (16,395) $ (11,310) Deferred prior service credits Other income (expense), net 80 453 440 Pension settlement charges Other income (expense), net (3,538) (93,731) (7,466) Total before tax (19,653) (109,673) (18,336) Tax benefit 5,355 28,479 4,426 Net of tax (14,298) (81,194) (13,910) Gains (losses) on derivative financial instruments: Foreign exchange contracts Net revenues (5,004) (6,843) (27,382) Foreign exchange contracts Cost of goods sold 15,703 120,438 (26,346) Foreign exchange contracts Selling, general and administrative expenses 3,437 6,695 (487) Foreign exchange contracts Other income (expense), net (253) (10,365) (219) Interest rate contracts Interest expense 4,238 235 108 Total before tax 18,121 110,160 (54,326) Tax (expense) benefit (3,180) (17,663) 7,656 Net of tax 14,941 92,497 (46,670) Total reclassifications for the period, net of tax $ 643 $ 11,303 $ (60,580) |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Total Stock-Based Compensation Cost and Associated Income Tax Benefits | Total stock-based compensation cost and the associated income tax benefits recognized in the Consolidated Statements of Operations are as follows: Year Ended March (In thousands) 2024 2023 2022 Stock-based compensation cost $ 67,332 $ 60,354 $ 91,358 Income tax benefits 15,018 13,714 21,917 |
Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted | The grant date fair value of each option award was calculated using a lattice option-pricing valuation model, which incorporated a range of assumptions for inputs as follows: Year Ended March 2024 2023 2022 Expected volatility 33% to 54% 30% to 46% 28% to 41% Weighted average expected volatility 42% 39% 36% Expected term (in years) 5.9 to 7.8 6.0 to 7.8 6.1 to 7.9 Weighted average dividend yield 3.7% 2.9% 2.6% Risk-free interest rate 3.80% to 5.50% 1.53% to 4.89% 0.04% to 1.81% Weighted average fair value at date of grant $5.74 $13.46 $20.17 |
Schedule of Stock Option Activity | Stock option activity for the year ended March 2024 is summarized as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, March 2023 9,051,328 $ 62.42 Granted 5,869,857 18.10 Exercised — — Forfeited/cancelled (1,886,645) 44.58 Outstanding, March 2024 13,034,540 $ 45.04 6.9 $ 223 Exercisable, March 2024 6,517,404 $ 64.57 4.8 $ — |
Schedule of RSU Activity | RSU activity for the year ended March 2024 is summarized as follows: Performance-based Nonperformance-based Number Outstanding (a) Weighted Average Number Outstanding Weighted Average Outstanding, March 2023 863,928 $ 69.92 1,578,040 $ 50.85 Granted 709,338 18.29 3,586,940 17.09 Issued as Common Stock (13,033) 70.86 (363,353) 59.41 Forfeited/cancelled (b) (427,911) 63.12 (496,331) 26.95 Outstanding, March 2024 1,132,322 $ 40.14 4,305,296 $ 24.68 Vested, March 2024 515,967 $ 58.63 338,605 $ 25.44 (a) Reflects activity at target level of awards and has not been adjusted for performance and market conditions, except for awards issued during the period. (b) Includes adjustment for performance and market conditions for awards issued during the period. |
Schedule of Restricted Stock Activity | Restricted stock activity for the year ended March 2024 is summarized below: Nonvested Shares Outstanding Weighted Average Grant Date Fair Value Nonvested shares, March 2023 598,135 $ 67.17 Granted — — Dividend equivalents 8,696 18.41 Vested (248,590) 78.06 Forfeited (95,158) 37.78 Nonvested shares, March 2024 263,083 $ 65.90 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes, Income Before Income Taxes | The provision for income taxes was computed based on the following amounts of income from continuing operations before income taxes: Year Ended March (In thousands) 2024 2023 2022 Domestic $ (970,325) $ (885,562) $ 518,386 Foreign 736,640 928,849 1,004,864 Income (loss) before income taxes $ (233,685) $ 43,287 $ 1,523,250 |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of: Year Ended March (In thousands) 2024 2023 2022 Current: Federal $ 236,135 $ (114,772) $ 231,469 Foreign 759,679 106,192 196,540 State 134,483 (13,163) 36,461 1,130,297 (21,743) 464,470 Deferred: Federal and state (316,470) (46,677) (177,381) Foreign (78,630) (6,877) 19,892 (395,100) (53,554) (157,489) Income tax expense (benefit) $ 735,197 $ (75,297) $ 306,981 |
Schedule of Differences Between Income Taxes Computed by Applying Statutory Federal Income Tax Rate and Income Tax Expense reported in Consolidated Financial Statements | The differences between income taxes computed by applying the statutory federal income tax rate and income tax expense (benefit) reported in the consolidated financial statements are as follows: Year Ended March (In thousands) 2024 2023 2022 Tax at federal statutory rate $ (49,074) $ 9,090 $ 319,882 State income taxes, net of federal tax benefit (28,867) (17,301) 16,641 Foreign rate differences 54,941 (38,609) (62,928) Tax reform — (94,877) 67,358 Tax litigation 691,053 — — Goodwill impairment 55,076 74,624 — Stock compensation 3,908 2,304 (1,977) Non-taxable contingent consideration adjustments — — (28,090) Interest on tax receivable 11,972 (11,972) — Other (3,812) 1,444 (3,905) Income tax expense (benefit) $ 735,197 $ (75,297) $ 306,981 |
Schedule of Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities consisted of the following: (In thousands) March 2024 March 2023 Deferred income tax assets: Inventories $ 88,299 $ 74,395 Depreciation and capitalized research and development 12,785 — Deferred compensation 19,904 24,557 Stock compensation 26,961 27,589 Operating lease liabilities 352,821 361,676 Other employee benefits 3,170 — Other accrued expenses 117,689 109,050 Interest expense limitation carryforward 143,077 3,932 Capital loss carryforwards 153,789 166,587 Operating loss and credit carryforwards 557,272 331,167 Gross deferred income tax assets 1,475,767 1,098,953 Valuation allowances (436,047) (424,932) Net deferred income tax assets 1,039,720 674,021 Deferred income tax liabilities: Depreciation and capitalized research and development — 26,303 Intangible assets 120,682 277,473 Operating lease right-of-use assets 320,896 330,235 Other employee benefits — 3,707 Outside basis difference in subsidiaries 216,215 46,690 Other deferred tax liabilities 2,224 2,042 Deferred income tax liabilities 660,017 686,450 Net deferred income tax assets (liabilities) $ 379,703 $ (12,429) Amounts included in the Consolidated Balance Sheets: Other assets (Note 11) $ 389,783 $ 95,117 Other liabilities (Note 16) (10,080) (107,546) $ 379,703 $ (12,429) |
Schedule of Reconciliation of Change in Accrual for Unrecognized Income Tax Benefits | A reconciliation of the change in the accrual for unrecognized income tax benefits is as follows: (In thousands) Unrecognized Accrued Unrecognized Balance, March 2021 $ 223,010 $ 38,141 $ 261,151 Additions for current year tax positions 28,098 — 28,098 Additions for prior year tax positions (a) 112,850 32,642 145,492 Reductions for prior year tax positions (895) (532) (1,427) Reductions due to statute expirations (5,803) (840) (6,643) Payments in settlement (21,278) (730) (22,008) Decrease due to divestiture (506) (340) (846) Currency translation 186 (43) 143 Balance, March 2022 335,662 68,298 403,960 Additions for current year tax positions 22,319 — 22,319 Additions for prior year tax positions 13,324 20,577 33,901 Reductions for prior year tax positions (3,747) (951) (4,698) Reductions due to statute expirations (15,369) (1,699) (17,068) Payments in settlement (3,847) (1,608) (5,455) Currency translation (172) (10) (182) Balance, March 2023 348,170 84,607 432,777 Additions for current year tax positions 15,982 — 15,982 Additions for prior year tax positions (b) 165,426 78,133 243,559 Reductions for prior year tax positions (36,943) (3,809) (40,752) Reductions due to statute expirations (1,436) (383) (1,819) Payments in settlement (c) (210,874) (74,659) (285,533) Currency translation (11) (4) (15) Balance, March 2024 $ 280,314 $ 83,885 $ 364,199 (a) The year ended March 2022 included an increase resulting from updated estimates related to intellectual property transfers completed in a prior period. (b) The year ended March 2024 includes an increase due to uncertainty in the application of court decisions upheld upon appeal. (c) The year ended March 2024 includes a settlement with the tax authorities related to intellectual property transfers completed in a prior period. |
Schedule of Amounts Included in Consolidated Balance Sheets | (In thousands) March 2024 March 2023 Amounts included in the Consolidated Balance Sheets (a) : Unrecognized income tax benefits, including interest and penalties $ 364,199 $ 432,777 Less deferred tax benefits 61,368 135,175 Total unrecognized tax benefits $ 302,831 $ 297,602 (a) Included in the accrued liabilities and other liabilities line items in the Consolidated Balance Sheets. |
REPORTABLE SEGMENT INFORMATION
REPORTABLE SEGMENT INFORMATION (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information for Reportable Segments | 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. |
Schedule of Reconciliation Assets | (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 |
Schedule of Reconciliation of Capital Expenditures and Depreciation and Amortization Expense | 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 |
Schedule of Supplemental Information (with Revenues by Geographic Area Based on the Origin of Shipment) | 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 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | Year Ended March (In thousands, except per share amounts) 2024 2023 2022 Earnings (loss) per share — basic: Income (loss) from continuing operations $ (968,882) $ 118,584 $ 1,216,269 Weighted average common shares outstanding 388,360 387,763 390,291 Earnings (loss) per share from continuing operations $ (2.49) $ 0.31 $ 3.12 Earnings (loss) per share — diluted: Income (loss) from continuing operations $ (968,882) $ 118,584 $ 1,216,269 Weighted average common shares outstanding 388,360 387,763 390,291 Incremental shares from stock options and other dilutive securities — 607 2,120 Adjusted weighted average common shares outstanding 388,360 388,370 392,411 Earnings (loss) per share from continuing operations $ (2.49) $ 0.31 $ 3.10 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Classes of Financial Assets and Financial Liabilities Measured and Recorded at Fair Value on Recurring Basis | The following table summarizes financial assets and financial liabilities that are measured and recorded in the consolidated financial statements at fair value on a recurring basis: Total Fair Fair Value Measurement Using (a) (In thousands) Level 1 Level 2 Level 3 March 2024 Financial assets: Cash equivalents: Money market funds $ 171,931 $ 171,931 $ — $ — Time deposits 54,853 54,853 — — Derivative financial instruments 32,548 — 32,548 — Deferred compensation and other 95,236 95,236 — — Financial liabilities: Derivative financial instruments 40,234 — 40,234 — Deferred compensation 90,804 — 90,804 — Total Fair Fair Value Measurement Using (a) (In thousands) Level 1 Level 2 Level 3 March 2023 Financial assets: Cash equivalents: Money market funds $ 418,304 $ 418,304 $ — $ — Time deposits 21,233 21,233 — — Derivative financial instruments 49,688 — 49,688 — Deferred compensation and other 99,200 99,200 — — Financial liabilities: Derivative financial instruments 72,653 — 72,653 — Deferred compensation 96,364 — 96,364 — (a) There were no transfers among the levels within the fair value hierarchy during the years ended March 2024 or 2023. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Derivatives on Individual Contract Basis | The following table presents outstanding derivatives on an individual contract basis: Fair Value of Derivatives Fair Value of Derivatives (In thousands) March 2024 March 2023 March 2024 March 2023 Derivatives Designated as Hedging Instruments: Foreign exchange contracts $ 29,657 $ 46,752 $ (39,639) $ (71,052) Interest rate contracts 2,335 — — (1,140) Total derivatives designated as hedging instruments 31,992 46,752 (39,639) (72,192) Derivatives Not Designated as Hedging Instruments: Foreign exchange contracts 556 2,936 (595) (461) Total derivatives $ 32,548 $ 49,688 $ (40,234) $ (72,653) |
Schedule of Derivative Assets Presented in Consolidated Balance Sheet Adjusted from Current Gross | If VF were to offset and record the asset and liability balances on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets as of March 2024 and 2023 would be adjusted from the current gross presentation to the net amounts as detailed in the following table: March 2024 March 2023 (In thousands) Derivative Derivative Derivative Derivative Gross amounts presented in the Consolidated Balance Sheets $ 32,548 $ (40,234) $ 49,688 $ (72,653) Gross amounts not offset in the Consolidated Balance Sheets (11,322) 11,322 (26,470) 26,470 Net amounts $ 21,226 $ (28,912) $ 23,218 $ (46,183) |
Schedule of Derivative Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross | If VF were to offset and record the asset and liability balances on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets as of March 2024 and 2023 would be adjusted from the current gross presentation to the net amounts as detailed in the following table: March 2024 March 2023 (In thousands) Derivative Derivative Derivative Derivative Gross amounts presented in the Consolidated Balance Sheets $ 32,548 $ (40,234) $ 49,688 $ (72,653) Gross amounts not offset in the Consolidated Balance Sheets (11,322) 11,322 (26,470) 26,470 Net amounts $ 21,226 $ (28,912) $ 23,218 $ (46,183) |
Schedule of Derivatives Classified as Current or Noncurrent Based on Maturity Dates | Derivatives are classified as current or noncurrent based on maturity dates, as follows: (In thousands) March 2024 March 2023 Derivative Instruments Balance Sheet Location Foreign exchange contracts Other current assets (Note 6) $ 26,366 $ 48,132 Foreign exchange contracts Accrued liabilities (Note 14) (35,578) (59,995) Foreign exchange contracts Other assets (Note 11) 3,847 1,556 Foreign exchange contracts Other liabilities (Note 16) (4,656) (11,518) Interest rate contracts Other current assets (Note 6) 2,335 — Interest rate contracts Other liabilities (Note 16) — (1,140) |
Schedule of Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | The effects of cash flow hedging included in VF’s Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Operations are summarized as follows: (In thousands) Cash Flow Hedging Relationships Gain (Loss) on Derivatives Recognized in Accumulated OCL Year Ended March 2024 2023 2022 Foreign exchange contracts $ (15,538) $ 54,546 $ 71,494 Interest rate contracts 7,605 (1,013) — Total $ (7,933) $ 53,533 $ 71,494 Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss) (In thousands) Year Ended March Cash Flow Hedging Relationships Location of Gain (Loss) 2024 2023 2022 Foreign exchange contracts Net revenues $ (5,004) $ (6,843) $ (27,382) Foreign exchange contracts Cost of goods sold 15,703 120,438 (26,346) Foreign exchange contracts Selling, general and administrative expenses 3,437 6,695 (487) Foreign exchange contracts Other income (expense), net (253) (10,365) (219) Interest rate contracts Interest expense 4,238 235 108 Total $ 18,121 $ 110,160 $ (54,326) |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Year Ended March (In thousands) 2024 2023 2022 Income taxes paid, net of refunds (a)(b) $ 349,978 $ 1,113,940 $ 263,733 Interest paid, net of amounts capitalized 234,417 160,272 123,476 Noncash transactions: Property, plant and equipment expenditures included in accounts payable or accrued liabilities 15,903 44,151 45,235 Computer software costs included in accounts payable or accrued liabilities 17,080 28,519 33,997 (a) The year ended March 2023 included the payment related to the IRS dispute associated with VF's acquisition of The Timberland Company in September 2011. Refer to Note 20 for additional information. (b) Includes both continuing and discontinued operations. |
RESTRUCTURING (Tables)
RESTRUCTURING (Tables) | 12 Months Ended |
Mar. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Activity in Restructuring | The components of the restructuring charges are as follows: Year Ended March (In thousands) 2024 2023 2022 Severance and employee-related benefits $ 70,008 $ 57,433 $ 12,283 Asset impairments and write-downs 39,386 — — Accelerated depreciation — 8,016 7,016 Contract termination and other 1,326 10,289 703 Total restructuring charges $ 110,720 $ 75,738 $ 20,002 Restructuring costs by business segment are as follows: Year Ended March (In thousands) 2024 2023 2022 Outdoor $ 242 $ 1,088 $ 4,523 Active 434 1,478 1,008 Work — 9 2,315 Corporate and other 110,044 73,163 12,156 Total $ 110,720 $ 75,738 $ 20,002 The activity in the restructuring accrual was as follows: (In thousands) Severance Other Total Accrual at March 2022 $ 25,640 $ 1,211 $ 26,851 Charges 57,433 5,190 62,623 Cash payments and settlements (41,338) (345) (41,683) Adjustments to accruals (3,236) 40 (3,196) Impact of foreign currency 222 449 671 Accrual at March 2023 38,721 6,545 45,266 Charges 70,008 — 70,008 Cash payments and settlements (42,684) (5,923) (48,607) Adjustments to accruals (5,660) (287) (5,947) Impact of foreign currency (54) 10 (44) Accrual at March 2024 $ 60,331 $ 345 $ 60,676 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | |||
Mar. 30, 2024 USD ($) lease | Apr. 01, 2023 USD ($) | Apr. 02, 2022 USD ($) | Jul. 01, 2023 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Foreign currency transaction gains (losses), net of related hedging impact | $ (16,600,000) | $ (16,900,000) | $ (6,700,000) | |
Cash equivalents | $ 226,800,000 | 439,500,000 | ||
Number of finance leases | lease | 1 | |||
Gain recognized from sale-leaseback transaction | $ 0 | 13,189,000 | 0 | |
Advertising expense | 835,800,000 | 861,800,000 | 840,600,000 | |
Cooperate advertising expense | 12,700,000 | 16,500,000 | 16,200,000 | |
Cost of goods sold | 5,017,445,000 | 5,515,796,000 | 5,386,393,000 | |
Royalty expenses | 800,000 | 900,000 | 900,000 | |
Global Credit Facility | ||||
Property, Plant and Equipment [Line Items] | ||||
Debt capacity | $ 2,250,000,000 | $ 2,250,000,000 | ||
Ten Largest Customers | Revenue benchmark | Customer Concentration Risk | ||||
Property, Plant and Equipment [Line Items] | ||||
Concentration risk, percentage | 14% | |||
Largest Customer | Revenue benchmark | Customer Concentration Risk | ||||
Property, Plant and Equipment [Line Items] | ||||
Concentration risk, percentage | 2% | |||
Shipping and Handling | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost of goods sold | $ 549,200,000 | $ 637,000,000 | $ 634,200,000 | |
Wholesale and Direct-to-consumer | ||||
Property, Plant and Equipment [Line Items] | ||||
Contract duration (less than) | 1 year | |||
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average amortization period (in years) | 11 years | |||
Minimum | Wholesale | ||||
Property, Plant and Equipment [Line Items] | ||||
Payment terms (in days) | 30 days | |||
Minimum | Machinery and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of assets (in years) | 3 years | |||
Minimum | Land and Building | ||||
Property, Plant and Equipment [Line Items] | ||||
Leases term (in years) | 2 years | |||
Minimum | Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Leases term (in years) | 2 years | |||
Minimum | Vehicles | ||||
Property, Plant and Equipment [Line Items] | ||||
Leases term (in years) | 1 year | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Weighted average amortization period (in years) | 24 years | |||
Maximum | Wholesale | ||||
Property, Plant and Equipment [Line Items] | ||||
Payment terms (in days) | 60 days | |||
Maximum | Machinery and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of assets (in years) | 10 years | |||
Maximum | Building | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of assets (in years) | 40 years | |||
Maximum | Land and Building | ||||
Property, Plant and Equipment [Line Items] | ||||
Leases term (in years) | 15 years | |||
Maximum | Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Leases term (in years) | 5 years | |||
Maximum | Vehicles | ||||
Property, Plant and Equipment [Line Items] | ||||
Leases term (in years) | 6 years |
REVENUES - Contract Assets and
REVENUES - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 2,393 | $ 2,294 |
Contract liabilities | $ 67,115 | $ 62,214 |
REVENUES - Additional Informati
REVENUES - Additional Information (Details) $ in Millions | 12 Months Ended |
Mar. 30, 2024 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contracts with customer, liability, revenue recognized | $ 253.6 |
REVENUES - Additional Informa_2
REVENUES - Additional Information, Remaining Performance Obligation (Details) $ in Millions | Mar. 30, 2024 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 78.5 |
REVENUES - Schedule of Disaggre
REVENUES - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Net revenues | $ 10,454,667 | $ 11,612,475 | $ 11,841,840 |
Americas | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 5,464,868 | 6,682,721 | 6,805,296 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 3,428,572 | 3,411,695 | 3,399,299 |
Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 1,561,227 | 1,518,059 | 1,637,245 |
Wholesale | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 5,422,445 | 6,306,095 | 6,371,190 |
Direct-to-consumer | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 4,965,149 | 5,231,356 | 5,404,075 |
Royalty | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 67,073 | 75,024 | 66,575 |
Outdoor | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 5,501,399 | 5,647,526 | 5,327,568 |
Outdoor | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 2,498,520 | 2,921,383 | 2,748,935 |
Outdoor | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 2,080,583 | 1,960,485 | 1,877,502 |
Outdoor | Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 922,296 | 765,658 | 701,131 |
Outdoor | Wholesale | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 3,152,260 | 3,375,343 | 3,194,881 |
Outdoor | Direct-to-consumer | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 2,330,390 | 2,252,958 | 2,115,056 |
Outdoor | Royalty | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 18,749 | 19,225 | 17,631 |
Active | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 4,061,729 | 4,904,622 | 5,380,338 |
Active | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 2,255,982 | 2,912,666 | 3,155,870 |
Active | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 1,234,569 | 1,343,796 | 1,432,260 |
Active | Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 571,178 | 648,160 | 792,208 |
Active | Wholesale | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 1,579,251 | 2,082,875 | 2,256,444 |
Active | Direct-to-consumer | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 2,458,475 | 2,791,936 | 3,102,231 |
Active | Royalty | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 24,003 | 29,811 | 21,663 |
Work | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 891,539 | 1,060,179 | 1,133,149 |
Work | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 710,366 | 848,524 | 899,706 |
Work | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 113,420 | 107,414 | 89,537 |
Work | Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 67,753 | 104,241 | 143,906 |
Work | Wholesale | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 690,934 | 847,729 | 919,080 |
Work | Direct-to-consumer | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 176,284 | 186,462 | 186,788 |
Work | Royalty | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 24,321 | 25,988 | 27,281 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 0 | 148 | 785 |
Other | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 0 | 148 | 785 |
Other | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 0 | 0 | 0 |
Other | Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 0 | 0 | 0 |
Other | Wholesale | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 0 | 148 | 785 |
Other | Direct-to-consumer | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 0 | 0 | 0 |
Other | Royalty | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | $ 0 | $ 0 | $ 0 |
DISCONTINUED OPERATIONS - Addit
DISCONTINUED OPERATIONS - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 28, 2021 | Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operation, gain (loss) on disposal, statement of income or comprehensive income [extensible enumeration] | Income from discontinued operations, net of tax | |||
Income from discontinued operations, net of tax | $ 0 | $ 0 | $ 170,672 | |
Discontinued Operations, Disposed of by Sale | Occupational Workwear Business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of business | $ 616,900 | |||
After-tax gain on sale | $ 146,000 | 146,000 | ||
Income from discontinued operations, net of tax | $ 0 | $ 0 | $ 170,672 |
DISCONTINUED OPERATIONS - Disco
DISCONTINUED OPERATIONS - Discontinued Operations Presented in Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income from discontinued operations, net of tax | $ 0 | $ 0 | $ 170,672 |
Occupational Workwear Business | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net revenues | 0 | 0 | 181,424 |
Cost of goods sold | 0 | 0 | 117,193 |
Selling, general and administrative expenses | 0 | 0 | 38,735 |
Interest income, net | 0 | 0 | 194 |
Other income (expense), net | 0 | 0 | 6 |
Income from discontinued operations before income taxes | 0 | 0 | 25,696 |
Gain on the sale of discontinued operations before income taxes | 0 | 0 | 133,970 |
Total income from discontinued operations before income taxes | 0 | 0 | 159,666 |
Income tax benefit | 0 | 0 | (11,006) |
Income from discontinued operations, net of tax | $ 0 | $ 0 | 170,672 |
Deferred tax benefit | $ 12,000 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 1,300,334 | $ 1,638,370 |
Less allowance for doubtful accounts | 26,369 | 28,075 |
Accounts receivable, net | 1,273,965 | 1,610,295 |
Trade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 1,227,707 | 1,521,975 |
Other (including royalty) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 72,627 | $ 116,395 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 1,718,676 | $ 2,240,215 |
Work-in-process | 39,539 | 39,508 |
Raw materials | 8,151 | 13,067 |
Total inventories | $ 1,766,366 | $ 2,292,790 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid income taxes | $ 176,821 | $ 114,307 |
Prepaid expenses | 110,943 | 108,185 |
Right of return assets | 72,105 | 47,872 |
Assets held-for-sale | 55,082 | 14,769 |
Derivative financial instruments (Note 25) | 28,701 | 48,132 |
Other taxes | 28,401 | 43,712 |
Investments held for deferred compensation plans (Note 17) | 10,771 | 18,936 |
Other | 29,187 | 38,824 |
Other current assets | $ 512,011 | $ 434,737 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 1,958,338 | $ 2,017,467 |
Less accumulated depreciation and amortization | 1,134,452 | 1,075,027 |
Property, plant and equipment, net | 823,886 | 942,440 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 65,886 | 69,401 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 886,158 | 896,973 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 1,006,294 | $ 1,051,093 |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Indefinite-lived intangible assets: | ||
Trademarks and trade names | $ 2,553,519 | $ 2,553,919 |
Intangible assets, net | $ 2,628,482 | $ 2,642,821 |
Customer relationships and other | ||
Amortizable intangible assets: | ||
Weighted average amortization period (in years) | 19 years | 19 years |
Cost | $ 262,084 | $ 262,818 |
Accumulated Amortization | 187,121 | 173,916 |
Net Carrying Amount | $ 74,963 | $ 88,902 |
INTANGIBLE ASSETS - Additional
INTANGIBLE ASSETS - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of indefinite lived intangible assets | $ 0 | $ 0 | |
Amortization of intangible assets | 13,800,000 | $ 14,100,000 | $ 15,600,000 |
Estimated amortization expense, 2025 | 13,200,000 | ||
Estimated amortization expense, 2026 | 12,300,000 | ||
Estimated amortization expense, 2027 | 11,800,000 | ||
Estimated amortization expense, 2028 | 10,800,000 | ||
Estimated amortization expense, 2029 | $ 9,800,000 | ||
Supreme | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of indefinite lived intangible assets | $ 340,900,000 |
GOODWILL - Changes in Goodwill
GOODWILL - Changes in Goodwill (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 30, 2024 | Dec. 30, 2023 | Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Goodwill [Roll Forward] | |||||
Goodwill, beginning balance | $ 1,978,413,000 | $ 2,393,807,000 | |||
Impairment charges | (507,566,000) | (394,131,000) | $ 0 | ||
Foreign currency translation | (10,433,000) | (21,263,000) | |||
Goodwill, ending balance | $ 1,460,414,000 | 1,460,414,000 | 1,978,413,000 | 2,393,807,000 | |
Outdoor | |||||
Goodwill [Roll Forward] | |||||
Goodwill, beginning balance | 653,787,000 | 660,786,000 | |||
Impairment charges | (445,757,000) | 0 | |||
Foreign currency translation | (2,162,000) | (6,999,000) | |||
Goodwill, ending balance | 205,868,000 | 205,868,000 | 653,787,000 | 660,786,000 | |
Outdoor | Timberland | |||||
Goodwill [Roll Forward] | |||||
Goodwill, beginning balance | 407,900,000 | ||||
Impairment charges | (211,700,000) | $ (195,300,000) | |||
Goodwill, ending balance | 211,700,000 | 407,900,000 | 211,700,000 | ||
Outdoor | Icebreaker | |||||
Goodwill [Roll Forward] | |||||
Impairment charges | (38,800,000) | (38,800,000) | |||
Active | |||||
Goodwill [Roll Forward] | |||||
Goodwill, beginning balance | 1,211,244,000 | 1,619,121,000 | |||
Impairment charges | 0 | (394,131,000) | |||
Foreign currency translation | (8,198,000) | (13,746,000) | |||
Goodwill, ending balance | 1,203,046,000 | 1,203,046,000 | 1,211,244,000 | 1,619,121,000 | |
Work | |||||
Goodwill [Roll Forward] | |||||
Goodwill, beginning balance | 113,382,000 | 113,900,000 | |||
Impairment charges | (61,809,000) | 0 | |||
Foreign currency translation | (73,000) | (518,000) | |||
Goodwill, ending balance | 51,500,000 | 51,500,000 | $ 113,382,000 | $ 113,900,000 | |
Work | Dickies | |||||
Goodwill [Roll Forward] | |||||
Goodwill, beginning balance | $ 61,800,000 | 61,200,000 | |||
Impairment charges | (61,800,000) | $ (61,800,000) | |||
Goodwill, ending balance | $ 61,800,000 |
GOODWILL - Additional Informati
GOODWILL - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 30, 2024 | Dec. 30, 2023 | Apr. 01, 2023 | Oct. 01, 2022 | Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Goodwill [Line Items] | |||||||
Goodwill impairment charges | $ 507,566,000 | $ 394,131,000 | $ 0 | ||||
Outdoor | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charges | 445,757,000 | 0 | |||||
Accumulated impairment charges | $ 769,000,000 | $ 323,200,000 | 769,000,000 | 323,200,000 | |||
Work | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charges | 61,809,000 | 0 | |||||
Accumulated impairment charges | 61,800,000 | 61,800,000 | |||||
Active | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charges | 0 | 394,131,000 | |||||
Accumulated impairment charges | 394,100,000 | 394,100,000 | 394,100,000 | 394,100,000 | |||
Timberland | Outdoor | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charges | 211,700,000 | $ 195,300,000 | |||||
Icebreaker | Outdoor | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charges | $ 38,800,000 | 38,800,000 | |||||
Dickies | Work | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charges | $ 61,800,000 | $ 61,800,000 | |||||
Supreme Reporting Units | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charges | $ 165,100,000 | ||||||
Supreme Reporting Units | Active | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charges | $ 229,000,000 | $ 394,100,000 |
LEASES - Schedule of Assets and
LEASES - Schedule of Assets and Liabilities Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Assets: | ||
Operating lease assets | $ 1,330,361 | $ 1,372,182 |
Finance lease assets | 11,500 | 12,417 |
Total lease assets | 1,341,861 | 1,384,599 |
Current | ||
Operating lease liabilities | 309,444 | 332,222 |
Finance lease liabilities | 981 | 951 |
Noncurrent | ||
Operating lease liabilities | 1,156,858 | 1,171,941 |
Finance lease liabilities | 15,178 | 16,287 |
Total lease liabilities | $ 1,482,461 | $ 1,521,401 |
Finance lease, right-of-use asset, statement of financial position [extensible enumeration] | Property, plant and equipment: | Property, plant and equipment: |
Operating lease, liability, current, statement of financial position [extensible enumeration] | Accrued liabilities | Accrued liabilities |
Finance lease, liability, current, statement of financial position [extensible enumeration] | Current portion of long-term debt | Current portion of long-term debt |
Finance lease, liability, noncurrent, statement of financial position [extensible enumeration] | Long-term debt | Long-term debt |
LEASES - Schedule of Components
LEASES - Schedule of Components of Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Leases [Abstract] | |||
Operating lease cost | $ 426,602 | $ 418,716 | $ 435,637 |
Finance lease cost – amortization of right-of-use assets | 917 | 917 | 917 |
Finance lease cost – interest on lease liabilities | 457 | 486 | 513 |
Short-term lease cost | 25,256 | 22,154 | 17,602 |
Variable lease cost | 132,474 | 117,189 | 98,052 |
Impairment | 12,958 | 0 | 4,279 |
Gain recognized from sale-leaseback transaction | 0 | (13,189) | 0 |
Total lease cost | $ 598,664 | $ 546,273 | $ 557,000 |
LEASES - Cash Flow Information
LEASES - Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows – operating leases | $ 441,269 | $ 428,443 | $ 465,249 |
Operating cash flows – finance leases | 457 | 486 | 513 |
Financing cash flows – finance leases | 1,079 | 1,050 | 1,023 |
Right-of-use assets obtained in exchange for lease liabilities: | |||
Operating leases | 361,959 | 545,856 | 205,811 |
Finance leases | $ 0 | $ 0 | $ 0 |
LEASES - Lease Term and Discoun
LEASES - Lease Term and Discount Rate (Details) | Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 |
Weighted average remaining lease term: | |||
Operating leases (in years) | 6 years 3 months 3 days | 6 years 7 months 6 days | 6 years 2 months 1 day |
Finance leases (in years) | 12 years 6 months 3 days | 13 years 6 months 3 days | 14 years 6 months 3 days |
Weighted average discount rate: | |||
Operating leases | 3.29% | 2.61% | 1.78% |
Finance leases | 2.71% | 2.71% | 2.71% |
LEASES - Schedule of Maturities
LEASES - Schedule of Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Operating Leases | ||
2025 | $ 354,808 | |
2026 | 312,351 | |
2027 | 266,884 | |
2028 | 190,088 | |
2029 | 125,901 | |
Thereafter | 375,946 | |
Total lease payments | 1,625,978 | |
Less: present value adjustment | 159,676 | |
Present value of lease liabilities | 1,466,302 | |
Finance Leases | ||
2025 | 1,408 | |
2026 | 1,536 | |
2027 | 1,664 | |
2028 | 1,536 | |
2029 | 1,408 | |
Thereafter | 11,523 | |
Total lease payments | 19,075 | |
Less: present value adjustment | 2,916 | |
Present value of lease liabilities | 16,159 | $ 17,238 |
Total | ||
2025 | 356,216 | |
2026 | 313,887 | |
2027 | 268,548 | |
2028 | 191,624 | |
2029 | 127,309 | |
Thereafter | 387,469 | |
Total lease payments | 1,645,053 | |
Less: present value adjustment | 162,592 | |
Total lease liabilities | 1,482,461 | $ 1,521,401 |
Lease not yet commenced | $ 82,300 | |
Minimum | ||
Total | ||
Lease not yet commenced, term (in years) | 1 year | |
Maximum | ||
Total | ||
Lease not yet commenced, term (in years) | 15 years |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred income taxes (Note 20) | $ 389,783 | $ 95,117 |
Computer software, net of accumulated amortization of: March 2024 - $324,492; March 2023 - $256,414 | 300,963 | 348,739 |
Pension assets (Note 17) | 175,110 | 183,929 |
Investments held for deferred compensation plans (Note 17) | 86,623 | 120,423 |
Income taxes receivable and prepaid income taxes | 42,993 | 1,004,289 |
Other investments | 39,764 | 27,542 |
Deposits | 36,958 | 42,746 |
Partnership stores and shop-in-shop costs, net of accumulated amortization of: March 2024 - $91,042; March 2023 - $90,072 | 26,362 | 24,743 |
Derivative financial instruments (Note 25) | 3,847 | 1,556 |
Other | 40,470 | 52,839 |
Other assets | 1,142,873 | 1,901,923 |
Accumulated amortization | 324,492 | 256,414 |
Partnership stores, accumulated amortization | $ 91,042 | $ 90,072 |
SUPPLY CHAIN FINANCING PROGRAM
SUPPLY CHAIN FINANCING PROGRAM (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Accounts payable | $ 817,128 | $ 936,319 |
SCF Program | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Accounts payable | $ 485,000 | $ 510,900 |
SHORT-TERM BORROWINGS - Schedul
SHORT-TERM BORROWINGS - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Debt Disclosure [Abstract] | ||
Commercial paper borrowings | $ 250,000 | $ 0 |
International borrowing arrangements | 13,938 | 11,491 |
Short-term borrowings | $ 263,938 | $ 11,491 |
SHORT-TERM BORROWINGS - Additio
SHORT-TERM BORROWINGS - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Mar. 30, 2024 | Jul. 01, 2023 | Apr. 01, 2023 | |
Short-term Debt [Line Items] | |||
Ratio of consolidated indebtedness to consolidated capitalization, 2024 | 70% | ||
Ratio of consolidated indebtedness to consolidated capitalization, 2025 | 65% | ||
Ratio of consolidated indebtedness to consolidated capitalization, thereafter | 60% | ||
Commercial paper borrowings | $ 250,000,000 | $ 0 | |
Global Credit Facility | |||
Short-term Debt [Line Items] | |||
Debt capacity | $ 2,250,000,000 | $ 2,250,000,000 | |
Extension period (in years) | 1 year | ||
Remaining life limit (in years) | 5 years | ||
Credit facility fee | 0.15% | ||
Credit facility amount available for borrowing | $ 2,000,000,000 | 2,200,000,000 | |
Global Credit Facility | SOFR or EURIBOR | |||
Short-term Debt [Line Items] | |||
Debt instrument basis spread on variable rate | 1.225% | ||
Global Credit Facility | Secure Overnight Financing Rate (SOFR) | |||
Short-term Debt [Line Items] | |||
Debt instrument basis spread on variable rate | 0.225% | ||
Global Credit Facility | Letter of Credit | |||
Short-term Debt [Line Items] | |||
Debt capacity | $ 75,000,000 | ||
Line of credit | 0 | 0 | |
Letter of credit, outstanding | 600,000 | 7,700,000 | |
Global Credit Facility | Commercial Paper | |||
Short-term Debt [Line Items] | |||
Debt capacity | 2,250,000,000 | ||
U.S. Commercial Paper Program | Commercial Paper | |||
Short-term Debt [Line Items] | |||
Commercial paper borrowings | $ 250,000,000 | 0 | |
Weighted average interest rate | 6.40% | ||
Euro Commercial Paper | Commercial Paper | |||
Short-term Debt [Line Items] | |||
Commercial paper borrowings | $ 0 | ||
International Lending Agreements | |||
Short-term Debt [Line Items] | |||
Debt capacity | 81,200,000 | ||
Letter of credit, outstanding | $ 13,900,000 | $ 11,500,000 | |
Weighted average interest rate of international bank borrowings | 51.60% | 39.10% |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 |
Payables and Accruals [Abstract] | |||
Current portion of operating lease liabilities (Note 10) | $ 309,444 | $ 332,222 | |
Customer discounts and allowances | 270,838 | 220,614 | |
Other taxes | 145,226 | 151,621 | |
Compensation | 133,754 | 141,437 | |
Income taxes | 113,288 | 314,465 | |
Contract liabilities (Note 2) | 67,115 | 62,214 | |
Restructuring (Note 27) | 52,465 | 43,121 | |
Interest | 46,398 | 60,504 | |
Derivative financial instruments (Note 25) | 35,578 | 59,995 | |
Freight, duties and postage | 31,801 | 57,271 | |
Insurance | 16,690 | 15,501 | |
Product warranty claims (Note 16) | 12,893 | 11,308 | $ 11,742 |
Deferred compensation (Note 17) | 10,771 | 18,936 | |
Advertising | 8,775 | 41,338 | |
Pension liabilities (Note 17) | 6,597 | 20,727 | |
Other | 113,559 | 122,377 | |
Accrued liabilities | $ 1,375,192 | $ 1,673,651 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Debt Instrument [Line Items] | ||
Delayed Draw Term Loan Agreement, due December 2024 | $ 999,740 | $ 999,269 |
Finance leases | 16,159 | 17,238 |
Total long-term debt | 5,703,005 | 6,635,319 |
Less current portion | 1,000,721 | 924,305 |
Long-term debt, due beyond one year | $ 4,702,284 | 5,711,014 |
0.625% notes, due September 2023 ("2023 notes") | Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 0.625% | |
Long-term debt | $ 0 | 923,354 |
2.400% notes, due April 2025 ("2025 notes") | Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 2.40% | |
Long-term debt | $ 748,385 | $ 746,933 |
4.125% notes, due March 2026 ("2026 notes") | Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.125% | 4.125% |
Long-term debt | $ 536,553 | $ 539,121 |
2.800% notes, due April 2027 ("2027 notes") | Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 2.80% | |
Long-term debt | $ 497,713 | 497,029 |
0.250% notes, due February 2028 ("2028 notes") | Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 0.25% | |
Long-term debt | $ 535,849 | $ 538,923 |
4.250% notes, due March 2029 ("2029 notes") | Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.25% | 4.25% |
Long-term debt | $ 534,690 | $ 537,809 |
2.950% notes, due April 2030 ("2030 notes") | Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 2.95% | |
Long-term debt | $ 744,986 | 744,246 |
0.625% notes, due February 2032 ("2032 notes") | Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 0.625% | |
Long-term debt | $ 531,760 | 534,763 |
6.000% notes, due October 2033 ("2033 notes") | Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6% | |
Long-term debt | $ 272,255 | 271,869 |
6.450% notes, due November 2037 ("2037 notes") | Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.45% | |
Long-term debt | $ 284,915 | $ 284,765 |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Aug. 31, 2022 USD ($) loan | Apr. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) draw | Mar. 30, 2024 USD ($) | Apr. 01, 2023 USD ($) | Apr. 02, 2022 USD ($) | Mar. 30, 2024 EUR (€) | Apr. 01, 2023 EUR (€) | |
Debt Instrument [Line Items] | |||||||||||
Proceeds from long-term debt | $ 0 | $ 2,058,341,000 | $ 0 | ||||||||
Repayments of long-term debt | $ 908,199,000 | $ 501,051,000 | $ 504,200,000 | ||||||||
Redemption price percentage | 100% | ||||||||||
Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cross - acceleration trigger, other note | $ 100,000,000 | ||||||||||
Repurchase obligation percentage | 101% | ||||||||||
Delayed Draw Term Loan Agreement | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of delayed draw term loans | loan | 3 | ||||||||||
Debt capacity | $ 1,000,000,000 | ||||||||||
Line of credit facility, accordion feature, increase limit | $ 1,100,000,000 | ||||||||||
Number of draws on credit facility | draw | 2 | ||||||||||
Proceeds from long-term debt | $ 1,000,000,000 | ||||||||||
Weighted average interest rate | 6.30% | 6.30% | 5.73% | ||||||||
Delayed Draw Term Loan Agreement | Line of Credit | Secure Overnight Financing Rate (SOFR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument basis spread on variable rate | 0.10% | ||||||||||
Delayed Draw Term Loan Agreement | Line of Credit | Secure Overnight Financing Rate (SOFR) | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument basis spread on variable rate | 0.70% | ||||||||||
Delayed Draw Term Loan Agreement | Line of Credit | Secure Overnight Financing Rate (SOFR) | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument basis spread on variable rate | 0.875% | ||||||||||
4.125% notes, due March 2026 ("2026 notes") | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal balance of notes | € | € 500,000,000 | € 500,000,000 | |||||||||
Debt instrument, stated interest rate | 4.125% | 4.125% | 4.125% | ||||||||
Additional basis point | 0.25% | ||||||||||
Redemption price percentage | 100% | ||||||||||
Redemption period (in months) | 1 month | ||||||||||
Effective annual interest rate | 4.339% | 4.339% | |||||||||
4.250% notes, due March 2029 ("2029 notes") | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal balance of notes | € | € 500,000,000 | € 500,000,000 | |||||||||
Debt instrument, stated interest rate | 4.25% | 4.25% | 4.25% | ||||||||
Additional basis point | 0.30% | ||||||||||
Redemption price percentage | 100% | ||||||||||
Redemption period (in months) | 3 months | ||||||||||
Effective annual interest rate | 4.409% | 4.409% | |||||||||
0.625% Senior Notes Due September 2023 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, stated interest rate | 0.625% | 0.625% | |||||||||
Repayments of senior debt | $ 907,100,000 | € 850,000,000 | |||||||||
2.050% notes, due April 2022 ("2022 notes") | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal balance of notes | $ 500,000,000 | ||||||||||
Debt instrument, stated interest rate | 2.05% | 2.05% | |||||||||
Additional basis point | 0.387% | ||||||||||
Redemption premium | $ 3,200,000 | ||||||||||
Write off, issuance cost | $ 500,000 | ||||||||||
Repayments of long-term debt | $ 500,000,000 | ||||||||||
6.000% notes, due October 2033 ("2033 notes") | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal balance of notes | $ 277,000,000 | ||||||||||
Debt instrument, stated interest rate | 6% | 6% | |||||||||
Additional basis point | 0.15% | ||||||||||
Cross - acceleration trigger, other note | $ 50,000,000 | ||||||||||
Effective annual interest rate | 6.19% | 6.19% | |||||||||
0.625% notes, due February 2032 ("2032 notes") | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal balance of notes | € | € 500,000,000 | ||||||||||
Debt instrument, stated interest rate | 0.625% | 0.625% | |||||||||
Additional basis point | 0.15% | ||||||||||
Redemption price percentage | 100% | ||||||||||
Redemption period (in months) | 3 months | ||||||||||
Effective annual interest rate | 0.789% | 0.789% | |||||||||
0.250% notes, due February 2028 ("2028 notes") | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal balance of notes | € | € 500,000,000 | ||||||||||
Debt instrument, stated interest rate | 0.25% | 0.25% | |||||||||
Additional basis point | 0.15% | ||||||||||
Redemption price percentage | 100% | ||||||||||
Redemption period (in months) | 2 months | ||||||||||
Effective annual interest rate | 0.388% | 0.388% | |||||||||
6.450% notes, due November 2037 ("2037 notes") | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal balance of notes | $ 286,900,000 | ||||||||||
Debt instrument, stated interest rate | 6.45% | 6.45% | |||||||||
Additional basis point | 0.25% | ||||||||||
Effective annual interest rate | 6.57% | 6.57% | |||||||||
2.400% notes, due April 2025 ("2025 notes") | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal balance of notes | $ 750,000,000 | ||||||||||
Debt instrument, stated interest rate | 2.40% | 2.40% | |||||||||
Additional basis point | 0.35% | ||||||||||
Redemption price percentage | 100% | ||||||||||
Redemption period (in months) | 1 month | ||||||||||
Effective annual interest rate | 2.603% | 2.603% | |||||||||
2.800% notes, due April 2027 ("2027 notes") | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal balance of notes | $ 500,000,000 | ||||||||||
Debt instrument, stated interest rate | 2.80% | 2.80% | |||||||||
Additional basis point | 0.40% | ||||||||||
Redemption price percentage | 100% | ||||||||||
Redemption period (in months) | 2 months | ||||||||||
Effective annual interest rate | 2.953% | 2.953% | |||||||||
2.950% notes, due April 2030 ("2030 notes") | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal balance of notes | $ 750,000,000 | ||||||||||
Debt instrument, stated interest rate | 2.95% | 2.95% | |||||||||
Additional basis point | 0.40% | ||||||||||
Redemption period (in months) | 3 months | ||||||||||
Effective annual interest rate | 3.071% | 3.071% | |||||||||
0.625% Notes, Due September 2030 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price percentage | 100% |
LONG-TERM DEBT - Scheduled Paym
LONG-TERM DEBT - Scheduled Payments of Long-term Debt (Details) $ in Thousands | Mar. 30, 2024 USD ($) |
Notes and Other | |
2025 | $ 1,000,000 |
2026 | 1,289,450 |
2027 | 0 |
2028 | 1,039,450 |
2029 | 539,450 |
Thereafter | 1,853,423 |
Total, notes and other | 5,721,773 |
Less unamortized debt discount | 15,077 |
Less unamortized debt issuance costs | 19,850 |
Total long-term debt | 5,686,846 |
Less current portion | 999,740 |
Long-term debt, due beyond one year | $ 4,687,106 |
OTHER LIABILITIES - Schedule of
OTHER LIABILITIES - Schedule of Components of Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 |
Other Liabilities Disclosure [Abstract] | |||
Income taxes | $ 356,099 | $ 273,955 | |
Deferred compensation (Note 17) | 81,103 | 77,428 | |
Pension liabilities (Note 17) | 78,628 | 72,825 | |
Product warranty claims | 48,373 | 41,111 | $ 41,745 |
Deferred income taxes (Note 20) | 10,080 | 107,546 | |
Derivative financial instruments (Note 25) | 4,656 | 12,658 | |
Other | 59,538 | 65,531 | |
Other liabilities | $ 638,477 | $ 651,054 |
OTHER LIABILITIES - Schedule _2
OTHER LIABILITIES - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Balance, beginning of year | $ 52,419 | $ 53,487 | $ 62,087 |
Accrual for products sold during the year | 22,555 | 11,086 | 8,815 |
Repair or replacement costs incurred and other | (13,658) | (12,024) | (17,025) |
Currency translation | (50) | (130) | (390) |
Balance, end of year | 61,266 | 52,419 | 53,487 |
Less current portion (Note 14) | 12,893 | 11,308 | 11,742 |
Long-term portion | $ 48,373 | $ 41,111 | $ 41,745 |
RETIREMENT AND SAVINGS BENEFI_3
RETIREMENT AND SAVINGS BENEFIT PLANS - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2022 USD ($) participant | Mar. 30, 2024 USD ($) | Apr. 01, 2023 USD ($) | Apr. 02, 2022 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of U.S. plan | 86% | |||
Projected benefit obligation | 81% | |||
Pension settlement charge | $ 91,800 | |||
Settlement | $ 330,000 | |||
Number of participants | participant | 17,700 | |||
Defined benefit plan, net periodic benefit (cost) credit, settlement gain (loss), statement of income or comprehensive income [extensible enumeration] | Other income (expense), net | |||
Project benefit obligation amortized over five years minimum (as percent) | 20% | |||
Number of years amortized (in years) | 5 years | |||
Projected benefit obligations amortized over the expected average remaining service of active participants minimum (as percent) | 10% | |||
Projected benefit obligations amortized over the expected average remaining service of active participants maximum (as percent) | 20% | |||
Plan assets or projected benefit obligations unamortized, maximum percentage | 10% | |||
Plan assets, target allocation percentage | 90% | |||
Estimated future benefit payments, 2025 | $ 66,400 | |||
Estimated future benefit payments, 2026 | 67,200 | |||
Estimated future benefit payments, 2027 | 70,000 | |||
Estimated future benefit payments, 2028 | 69,500 | |||
Estimated future benefit payments, 2029 | 70,900 | |||
Estimated future benefit payments, 2030-2034 | 361,700 | |||
VF's current liability to participants of the deferred compensation plans | 10,771 | $ 18,936 | ||
VF's liability to participants of the deferred compensation plans, expected to be paid beyond one year | 81,103 | 77,428 | ||
Supplemental Defined Benefit Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension settlement charge | 3,500 | 1,900 | $ 7,500 | |
Other Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
VF contribution, next fiscal year | 18,800 | |||
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Deferred compensation plans expense | 400 | 800 | 1,300 | |
Deferred compensation liability, current and noncurrent | 91,900 | |||
VF's current liability to participants of the deferred compensation plans | 10,800 | |||
VF's liability to participants of the deferred compensation plans, expected to be paid beyond one year | 81,100 | |||
Fair value of investments | 97,400 | |||
Defined contribution plans expense | 43,600 | $ 42,600 | $ 42,000 | |
Other Postretirement Benefits Plan [Member] | Other Current Assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of investments | 10,800 | |||
Other Postretirement Benefits Plan [Member] | Other Assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of investments | $ 86,600 |
RETIREMENT AND SAVINGS BENEFI_4
RETIREMENT AND SAVINGS BENEFIT PLANS - Schedule of Components of Pension Cost and Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | $ 91,800 | ||
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost — benefits earned during the period | $ 8,924 | 10,632 | $ 14,288 |
Interest cost on projected benefit obligations | 47,079 | 44,732 | 37,534 |
Expected return on plan assets | (63,569) | (63,157) | (77,432) |
Settlement charges | 3,538 | 93,731 | 7,466 |
Amortization of deferred amounts: | |||
Net deferred actuarial losses | 16,195 | 16,395 | 11,310 |
Deferred prior service credits | (80) | (453) | (440) |
Net periodic pension cost (income) | $ 12,087 | $ 101,880 | $ (7,274) |
Weighted average actuarial assumptions used to determine pension cost (income): | |||
Discount rate in effect for determining service cost | 2.50% | 1.42% | 0.46% |
Discount rate in effect for determining interest cost | 4.85% | 4.09% | 2.16% |
Expected long-term return on plan assets | 5.99% | 5.24% | 4.53% |
Rate of compensation increase | 2.19% | 1.95% | 2.01% |
RETIREMENT AND SAVINGS BENEFI_5
RETIREMENT AND SAVINGS BENEFIT PLANS - Schedule of Reconciliation of Changes in Fair Value of Defined Benefit Plan Assets and Projected Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2022 | Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Projected benefit obligations | ||||
Settlement | $ (330,000) | |||
Amounts included in Consolidated Balance Sheets: | ||||
Other assets (Note 11) | $ 175,110 | $ 183,929 | ||
Accrued liabilities (Note 14) | (6,597) | (20,727) | ||
Other liabilities (Note 16) | (78,628) | (72,825) | ||
Weighted average actuarial assumptions used to determine pension obligations: | ||||
Settlement | $ 330,000 | |||
Pension Plan | ||||
Fair value of plan assets | ||||
Fair value of plan assets, beginning of period | 1,111,710 | 1,643,435 | ||
Actual return on plan assets | 17,332 | (146,068) | ||
VF contributions | 30,167 | 22,683 | ||
Participant contributions | 5,447 | 5,035 | ||
Settlement | 0 | (328,412) | ||
Benefits paid | (81,150) | (79,865) | ||
Currency translation | 1,736 | (5,098) | ||
Fair value of plan assets, end of period | 1,085,242 | 1,111,710 | $ 1,643,435 | |
Projected benefit obligations | ||||
Projected benefit obligations, beginning of period | 1,021,333 | 1,557,715 | ||
Service cost | 8,924 | 10,632 | 14,288 | |
Interest cost | 47,079 | 44,732 | 37,534 | |
Participant contributions | 5,447 | 5,035 | ||
Actuarial gain | (7,518) | (183,536) | ||
Settlement | 0 | (328,412) | ||
Benefits paid | (81,150) | (79,865) | ||
Plan amendments | (489) | (478) | ||
Currency translation | 1,731 | (4,490) | ||
Projected benefit obligations, end of period | 995,357 | 1,021,333 | $ 1,557,715 | |
Funded status, end of period | 89,885 | 90,377 | ||
Amounts included in Consolidated Balance Sheets: | ||||
Other assets (Note 11) | 175,110 | 183,929 | ||
Accrued liabilities (Note 14) | (6,597) | (20,727) | ||
Other liabilities (Note 16) | (78,628) | (72,825) | ||
Funded status | 89,885 | 90,377 | ||
Accumulated other comprehensive loss, pretax: | ||||
Net deferred actuarial losses | 260,512 | 241,864 | ||
Net deferred prior service credits | (4,290) | (4,286) | ||
Total accumulated other comprehensive loss, pretax | 256,222 | 237,578 | ||
Accumulated benefit obligations | $ 976,120 | $ 1,005,159 | ||
Weighted average actuarial assumptions used to determine pension obligations: | ||||
Discount rate | 4.94% | 4.89% | ||
Rate of compensation increase | 2.11% | 2.15% | ||
Settlement | $ 0 | $ 328,412 |
RETIREMENT AND SAVINGS BENEFI_6
RETIREMENT AND SAVINGS BENEFIT PLANS - Schedule of Components of Pension Plans with an Accumulated Benefit Obligation and Projected Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligations | $ 183,329 | $ 186,532 |
Accumulated benefit obligations | 164,092 | 170,357 |
Fair value of plan assets | 98,104 | 92,980 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligations | 183,329 | 186,532 |
Accumulated benefit obligations | 164,092 | 170,357 |
Fair value of plan assets | 98,104 | 92,980 |
Net amount of projected benefit obligation in excess of plan assets for pension plan | $ 85,200 | $ 93,600 |
RETIREMENT AND SAVINGS BENEFI_7
RETIREMENT AND SAVINGS BENEFIT PLANS - Schedule of Fair Value of Investments Held by Defined Benefit Plan (Details) - Pension Plan - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 1,085,242 | $ 1,111,710 | $ 1,643,435 |
Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 110,453 | 105,064 | |
Level 1, 2 and 3 | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4,428 | 983 | |
Level 1, 2 and 3 | U.S. Treasury and government agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 2 | 3 | |
Level 1, 2 and 3 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 103,362 | 97,429 | |
Level 1, 2 and 3 | Futures contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 2,661 | 6,649 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 7,089 | 7,632 | |
Level 1 | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4,428 | 983 | |
Level 1 | U.S. Treasury and government agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Level 1 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Level 1 | Futures contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 2,661 | 6,649 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 103,364 | 97,432 | |
Level 2 | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Level 2 | U.S. Treasury and government agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 2 | 3 | |
Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 103,362 | 97,429 | |
Level 2 | Futures contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Level 3 | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Level 3 | U.S. Treasury and government agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Level 3 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Level 3 | Futures contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 974,789 | 1,006,646 | |
Plan assets measured at net asset value | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 87,748 | 118,114 | |
Plan assets measured at net asset value | Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 33,510 | 34,957 | |
Plan assets measured at net asset value | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 40,933 | 51,577 | |
Plan assets measured at net asset value | Corporate and international bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 751,147 | 734,455 | |
Plan assets measured at net asset value | Alternative investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 61,451 | $ 67,543 |
CAPITAL AND ACCUMULATED OTHER_3
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Repurchase Agreement Counterparty [Line Items] | |||
Common stock value, purchased | $ 350,004 | ||
Treasury shares (in shares) | 0 | 0 | 0 |
Common stock (in USD per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Share Repurchase Program | |||
Repurchase Agreement Counterparty [Line Items] | |||
Common stock, shares purchased (in shares) | 0 | 0 | 4,800,000 |
Common stock value, purchased | $ 350,000 |
CAPITAL AND ACCUMULATED OTHER_4
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated OCI in Stockholders' Equity (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ 1,658,365 | $ 2,910,713 | $ 3,530,355 | $ 3,056,164 |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (1,064,331) | (1,019,518) | (926,579) | (1,009,000) |
Foreign currency translation and other | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (868,439) | (859,651) | (751,632) | (700,173) |
Defined benefit pension plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (182,333) | (167,692) | (230,290) | (257,747) |
Derivative Financial Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ (13,559) | $ 7,825 | $ 55,343 | $ (51,080) |
CAPITAL AND ACCUMULATED OTHER_5
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Changes in Accumulated OCI, Net of Related Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 2,910,713 | $ 3,530,355 | $ 3,056,164 |
Other comprehensive income (loss) before reclassifications | (44,170) | (81,636) | 21,841 |
Amounts reclassified from accumulated other comprehensive loss | (643) | (11,303) | 60,580 |
Other comprehensive income (loss) | (44,813) | (92,939) | 82,421 |
Ending balance | 1,658,365 | 2,910,713 | 3,530,355 |
AOCI Attributable to Parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (1,019,518) | (926,579) | (1,009,000) |
Other comprehensive income (loss) | (44,813) | (92,939) | 82,421 |
Ending balance | (1,064,331) | (1,019,518) | (926,579) |
Foreign Currency Translation and Other | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (859,651) | (751,632) | (700,173) |
Other comprehensive income (loss) before reclassifications | (8,788) | (108,019) | (51,459) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Other comprehensive income (loss) | (8,788) | (108,019) | (51,459) |
Ending balance | (868,439) | (859,651) | (751,632) |
Defined Benefit Pension Plans | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (167,692) | (230,290) | (257,747) |
Other comprehensive income (loss) before reclassifications | (28,939) | (18,596) | 13,547 |
Amounts reclassified from accumulated other comprehensive loss | 14,298 | 81,194 | 13,910 |
Other comprehensive income (loss) | (14,641) | 62,598 | 27,457 |
Ending balance | (182,333) | (167,692) | (230,290) |
Derivative Financial Instruments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 7,825 | 55,343 | (51,080) |
Other comprehensive income (loss) before reclassifications | (6,443) | 44,979 | 59,753 |
Amounts reclassified from accumulated other comprehensive loss | (14,941) | (92,497) | 46,670 |
Other comprehensive income (loss) | (21,384) | (47,518) | 106,423 |
Ending balance | $ (13,559) | $ 7,825 | $ 55,343 |
CAPITAL AND ACCUMULATED OTHER_6
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassification Out of Accumulated OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income (expense), net | $ 23,785 | $ (119,774) | $ 26,154 |
Net revenues | 10,454,667 | 11,612,475 | 11,841,840 |
Cost of goods sold | (5,017,445) | (5,515,796) | (5,386,393) |
Selling, general and administrative expenses | (4,963,718) | (5,033,977) | (4,823,243) |
Total before tax | (233,685) | 43,287 | 1,523,250 |
Tax (expense) benefit | (735,197) | 75,297 | (306,981) |
Income (loss) from continuing operations | (968,882) | 118,584 | 1,216,269 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income (loss) from continuing operations | 643 | 11,303 | (60,580) |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income (expense), net | (3,538) | (93,731) | (7,466) |
Total before tax | (19,653) | (109,673) | (18,336) |
Tax (expense) benefit | 5,355 | 28,479 | 4,426 |
Income (loss) from continuing operations | (14,298) | (81,194) | (13,910) |
Reclassification out of Accumulated Other Comprehensive Income | Net deferred actuarial losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income (expense), net | (16,195) | (16,395) | (11,310) |
Reclassification out of Accumulated Other Comprehensive Income | Deferred prior service credits | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income (expense), net | 80 | 453 | 440 |
Reclassification out of Accumulated Other Comprehensive Income | Gains (losses) on derivative financial instruments: | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before tax | 18,121 | 110,160 | (54,326) |
Tax (expense) benefit | (3,180) | (17,663) | 7,656 |
Income (loss) from continuing operations | 14,941 | 92,497 | (46,670) |
Reclassification out of Accumulated Other Comprehensive Income | Gains (losses) on derivative financial instruments: | Foreign exchange contracts | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income (expense), net | (253) | (10,365) | (219) |
Net revenues | (5,004) | (6,843) | (27,382) |
Cost of goods sold | 15,703 | 120,438 | (26,346) |
Selling, general and administrative expenses | 3,437 | 6,695 | (487) |
Reclassification out of Accumulated Other Comprehensive Income | Gains (losses) on derivative financial instruments: | Interest rate contracts | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | $ 4,238 | $ 235 | $ 108 |
STOCK-BASED COMPENSATION - Sche
STOCK-BASED COMPENSATION - Schedule of Total Stock-Based Compensation Cost and Associated Income Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Stock-based compensation cost | $ 67,332 | $ 60,354 | $ 91,358 |
Income tax benefits | $ 15,018 | $ 13,714 | $ 21,917 |
STOCK-BASED COMPENSATION - Addi
STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost related to nonvested stock-based compensation | $ 64.5 | ||
Total unrecognized compensation cost related to nonvested stock-based compensation, period of recognition (in years) | 1 year 6 months | ||
Shares available for future grant (in shares) | 5,422,693 | ||
Share based compensation vesting period (in years) | 3 years | ||
Award expiration period from grant date (in years) | 10 years | ||
Total fair value of stock option vested | $ 21.8 | $ 23.2 | $ 16.6 |
Total intrinsic value of stock options exercised | $ 0 | $ 0.4 | $ 22.9 |
Performance-based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period, years | 3 years | 3 years | |
Baseline profitability goal period | 3 years | ||
Percentage of maximum payout target award | 225% | 225% | |
Grant date fair value of each restricted units granted (in USD per share) | $ 18.29 | $ 45.23 | $ 89.65 |
Total market value of awards outstanding | $ 17.4 | ||
Share earned in period (in shares) | 13,033 | 92,848 | |
Market value of shares vested | $ 0.3 | $ 4.4 | |
Performance-based | Valuation Technique, Option Pricing Model | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value of each restricted units granted (in USD per share) | $ 0.35 | $ 3.46 | |
Performance-based | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock to be issued for each restricted stock unit granted (in shares) | 0 | ||
Performance-based | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock to be issued for each restricted stock unit granted (in shares) | 2.25 | ||
TSR Adjustment Performance-Based RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period, years | 3 years | 3 years | 3 years |
Percentage, revenue growth | 50% | 50% | 50% |
Percentage, TSR | 50% | 50% | 50% |
Percentage of targets award adjusted to actual number of shares earned | 25% | 25% | |
Percentage of maximum payout target award | 225% | ||
Grant date fair value of each restricted units granted (in USD per share) | $ 101.56 | ||
Nonperformance-based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation vesting period (in years) | 4 years | ||
Grant date fair value of each restricted units granted (in USD per share) | $ 17.09 | $ 38.31 | $ 75.29 |
Total market value of awards outstanding | $ 66 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value of each restricted units granted (in USD per share) | $ 0 | ||
Share earned in period (in shares) | 248,590 | ||
Market value of shares vested | $ 4.7 | $ 11.1 | $ 5 |
Fair value of restricted stock | $ 4 | ||
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation vesting period (in years) | 4 years | ||
Non employee Board of Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted period of time options become exercisable (in years) | 1 year | ||
Non employee Board of Directors | Nonperformance-based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award expiration period from grant date (in years) | 1 year | ||
Number of shares of common stock to be issued for each restricted stock unit granted (in shares) | 1 |
STOCK-BASED COMPENSATION - Sc_2
STOCK-BASED COMPENSATION - Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted (Details) - $ / shares | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 33% | 30% | 28% |
Expected volatility, maximum | 54% | 46% | 41% |
Weighted average expected volatility | 42% | 39% | 36% |
Weighted average dividend yield | 3.70% | 2.90% | 2.60% |
Risk-free interest rate, minimum | 3.80% | 1.53% | 0.04% |
Risk-free interest rate, maximum | 5.50% | 4.89% | 1.81% |
Weighted average fair value at date of grant (in USD per share) | $ 5.74 | $ 13.46 | $ 20.17 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 10 months 24 days | 6 years | 6 years 1 month 6 days |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 7 years 9 months 18 days | 7 years 9 months 18 days | 7 years 10 months 24 days |
STOCK-BASED COMPENSATION - Sc_3
STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 30, 2024 USD ($) $ / shares shares | |
Number of Shares | |
Outstanding, beginning balance (in shares) | shares | 9,051,328 |
Granted (in shares) | shares | 5,869,857 |
Exercised (in shares) | shares | 0 |
Forfeited/cancelled (in shares) | shares | (1,886,645) |
Outstanding, ending balance (in shares) | shares | 13,034,540 |
Exercisable (in shares) | shares | 6,517,404 |
Weighted Average Exercise Price | |
Outstanding, beginning balance (in USD per share) | $ / shares | $ 62.42 |
Granted (in USD per share) | $ / shares | 18.10 |
Exercised (in USD per share) | $ / shares | 0 |
Forfeited/cancelled (in USD per share) | $ / shares | 44.58 |
Outstanding, ending balance (in USD per share) | $ / shares | 45.04 |
Exercisable (in USD per share) | $ / shares | $ 64.57 |
Options outstanding, weighted average remaining contractual term (years) | 6 years 10 months 24 days |
Options exercisable, weighted average remaining contractual term (years) | 4 years 9 months 18 days |
Options outstanding, aggregate intrinsic value | $ | $ 223 |
Options exercisable, aggregate intrinsic value | $ | $ 0 |
STOCK-BASED COMPENSATION - Sc_4
STOCK-BASED COMPENSATION - Schedule of RSU Activity (Details) - $ / shares | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Performance-based | |||
Number Outstanding | |||
Nonvested shares, beginning balance (in shares) | 863,928 | ||
Granted (in shares) | 709,338 | ||
Issued as Common Stock (in shares) | (13,033) | ||
Forfeited/cancelled (in shares) | (427,911) | ||
Nonvested shares, ending balance (in shares) | 1,132,322 | 863,928 | |
Vested (in shares) | 515,967 | ||
Weighted Average Grant Date Fair Value | |||
Nonvested shares, beginning balance (in USD per share) | $ 69.92 | ||
Granted (in USD per share) | 18.29 | $ 45.23 | $ 89.65 |
Issued as Common Stock (in USD per share) | 70.86 | ||
Forfeited/cancelled (in USD per share) | 63.12 | ||
Nonvested shares, ending balance (in USD per share) | 40.14 | $ 69.92 | |
Vested (in USD per share) | $ 58.63 | ||
Nonperformance-based | |||
Number Outstanding | |||
Nonvested shares, beginning balance (in shares) | 1,578,040 | ||
Granted (in shares) | 3,586,940 | ||
Issued as Common Stock (in shares) | (363,353) | ||
Forfeited/cancelled (in shares) | (496,331) | ||
Nonvested shares, ending balance (in shares) | 4,305,296 | 1,578,040 | |
Vested (in shares) | 338,605 | ||
Weighted Average Grant Date Fair Value | |||
Nonvested shares, beginning balance (in USD per share) | $ 50.85 | ||
Granted (in USD per share) | 17.09 | $ 38.31 | $ 75.29 |
Issued as Common Stock (in USD per share) | 59.41 | ||
Forfeited/cancelled (in USD per share) | 26.95 | ||
Nonvested shares, ending balance (in USD per share) | 24.68 | $ 50.85 | |
Vested (in USD per share) | $ 25.44 |
STOCK-BASED COMPENSATION - Sc_5
STOCK-BASED COMPENSATION - Schedule of Restricted Stock Activity (Details) - Restricted Stock | 12 Months Ended |
Mar. 30, 2024 $ / shares shares | |
Nonvested Shares Outstanding | |
Nonvested shares, beginning balance (in shares) | shares | 598,135 |
Granted (in shares) | shares | 0 |
Dividend equivalents (in shares) | shares | 8,696 |
Vested (in shares) | shares | (248,590) |
Forfeited (in shares) | shares | (95,158) |
Nonvested shares, ending balance (in shares) | shares | 263,083 |
Weighted Average Grant Date Fair Value | |
Nonvested shares, beginning balance (in USD per share) | $ / shares | $ 67.17 |
Granted (in USD per share) | $ / shares | 0 |
Dividend equivalents (in USD per share) | $ / shares | 18.41 |
Vested (in USD per share) | $ / shares | 78.06 |
Forfeited (in USD per share) | $ / shares | 37.78 |
Nonvested shares, ending balance (in USD per share) | $ / shares | $ 65.90 |
INCOME TAXES - Schedule of Prov
INCOME TAXES - Schedule of Provision for Income Taxes, Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (970,325) | $ (885,562) | $ 518,386 |
Foreign | 736,640 | 928,849 | 1,004,864 |
Income (loss) from continuing operations before income taxes | $ (233,685) | $ 43,287 | $ 1,523,250 |
INCOME TAXES - Schedule of Pr_2
INCOME TAXES - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Current: | |||
Federal | $ 236,135 | $ (114,772) | $ 231,469 |
Foreign | 759,679 | 106,192 | 196,540 |
State | 134,483 | (13,163) | 36,461 |
Total current income tax expense (benefit) | 1,130,297 | (21,743) | 464,470 |
Deferred: | |||
Federal and state | (316,470) | (46,677) | (177,381) |
Foreign | (78,630) | (6,877) | 19,892 |
Total deferred income tax expense (benefit) | (395,100) | (53,554) | (157,489) |
Income tax expense (benefit) | $ 735,197 | $ (75,297) | $ 306,981 |
INCOME TAXES - Schedule of Diff
INCOME TAXES - Schedule of Differences Between Income Taxes Computed by Applying Statutory Federal Income Tax Rate and Income Tax Expense reported In Consolidated Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 02, 2022 | Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Tax at federal statutory rate | $ (49,074) | $ 9,090 | $ 319,882 | |
State income taxes, net of federal tax benefit | (28,867) | (17,301) | 16,641 | |
Foreign rate differences | 54,941 | (38,609) | (62,928) | |
Tax reform | 0 | (94,877) | 67,358 | |
Tax litigation | 691,053 | 0 | 0 | |
Goodwill impairment | 55,076 | 74,624 | 0 | |
Stock compensation | 3,908 | 2,304 | (1,977) | |
Non-taxable contingent consideration adjustments | 0 | 0 | (28,090) | |
Interest on tax receivable | 11,972 | (11,972) | 0 | |
Other | $ 67,400 | (3,812) | 1,444 | (3,905) |
Income tax expense (benefit) | $ 735,197 | $ (75,297) | $ 306,981 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) $ / shares in Units, $ in Thousands, € in Millions | 3 Months Ended | 12 Months Ended | ||||||
Oct. 19, 2022 USD ($) | Sep. 30, 2023 USD ($) | Jul. 01, 2023 USD ($) | Apr. 02, 2022 USD ($) | Mar. 30, 2024 USD ($) $ / shares | Apr. 01, 2023 USD ($) $ / shares | Apr. 02, 2022 USD ($) $ / shares | Dec. 31, 2018 EUR (€) | |
Operating Loss Carryforwards [Line Items] | ||||||||
Tax settlement | $ 34,700 | $ 10,600 | $ 2,200 | |||||
Effective income tax rate reconciliation, tax settlement from transition tax liability, amount | 94,900 | |||||||
Other | $ 67,400 | (3,812) | 1,444 | (3,905) | ||||
Tax adjustments, settlements, and unusual provisions | 1,600 | |||||||
Potential tax benefits for federal capital loss carryforwards, foreign operations | 453,400 | |||||||
Portion of foreign operating loss carryforwards not subject to expiration | 86,300 | |||||||
Federal operating loss carryforwards | 153,800 | |||||||
Operating loss carryforwards, foreign, subject to expiration | 48,700 | |||||||
Deferred tax assets, tax credit carryforwards, general business | 5,300 | |||||||
State operating loss carryforwards and credit carryforwards, subject to expiration | 49,900 | |||||||
Net increase in valuation allowance related to state operating loss and credit carryforwards | 8,200 | |||||||
Net decrease in valuation allowance related to foreign carryforwards and other deferred tax asset | 44,600 | |||||||
Net unrecognized tax benefits including interest and penalties if recognized, would reduce the annual effective tax rate | $ 302,831 | 297,602 | ||||||
Payments for legal settlements | $ 875,700 | |||||||
Income tax examination, period | 12 months | |||||||
Possible decrease in unrecognized income tax benefits | $ 4,600 | |||||||
Capital Loss Carryforward | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Capital loss carryforwards, valuation allowance | 150,300 | |||||||
Valuation allowance increase | 1,200 | |||||||
Foreign Tax Credit | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Capital loss carryforwards, valuation allowance | 48,700 | |||||||
Valuation allowance increase | 48,700 | |||||||
Foreign | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Operating loss carryforwards, valuation allowance | 218,100 | |||||||
Foreign | Belgium tax authority | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Income taxes receivable | € | € 35 | |||||||
Tax adjustments, settlements, and unusual provisions | $ 26,100 | |||||||
Other Foreign | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Foreign jurisdiction income tax reduction | $ 44,200 | $ 57,800 | $ 400 | |||||
Income tax reduction per diluted share (in USD per share) | $ / shares | $ 0.11 | $ 0.15 | $ 0 | |||||
Operating loss carryforwards, valuation allowance | $ 700 | |||||||
State | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Operating loss carryforwards, valuation allowance | $ 18,200 | |||||||
Domestic Tax Authority | Internal Revenue Service (IRS) | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Tax adjustments, settlements, and unusual provisions | 690,000 | |||||||
Interest income reversal | $ 19,600 | $ 7,500 |
INCOME TAXES - Schedule of Defe
INCOME TAXES - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Deferred income tax assets: | ||
Inventories | $ 88,299 | $ 74,395 |
Depreciation and capitalized research and development | 12,785 | 0 |
Deferred compensation | 19,904 | 24,557 |
Stock compensation | 26,961 | 27,589 |
Operating lease liabilities | 352,821 | 361,676 |
Other employee benefits | 3,170 | 0 |
Other accrued expenses | 117,689 | 109,050 |
Interest expense limitation carryforward | 143,077 | 3,932 |
Capital loss carryforwards | 153,789 | 166,587 |
Operating loss and credit carryforwards | 557,272 | 331,167 |
Gross deferred income tax assets | 1,475,767 | 1,098,953 |
Valuation allowances | (436,047) | (424,932) |
Net deferred income tax assets | 1,039,720 | 674,021 |
Deferred income tax liabilities: | ||
Depreciation and capitalized research and development | 0 | 26,303 |
Intangible assets | 120,682 | 277,473 |
Operating lease right-of-use assets | 320,896 | 330,235 |
Other employee benefits | 0 | 3,707 |
Outside basis difference in subsidiaries | 216,215 | 46,690 |
Other deferred tax liabilities | 2,224 | 2,042 |
Deferred income tax liabilities | 660,017 | 686,450 |
Net deferred income tax assets | 379,703 | |
Net deferred income tax liabilities | (12,429) | |
Amounts included in the Consolidated Balance Sheets: | ||
Other assets (Note 11) | 389,783 | 95,117 |
Other liabilities (Note 16) | $ (10,080) | (107,546) |
Net deferred income tax liabilities | $ (12,429) |
INCOME TAXES - Schedule of Reco
INCOME TAXES - Schedule of Reconciliation of Change in Accrual for Unrecognized Income Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $ 432,777 | $ 403,960 | $ 261,151 |
Additions for current year tax positions | 15,982 | 22,319 | 28,098 |
Additions for prior year tax positions | 243,559 | 33,901 | 145,492 |
Reductions for prior year tax positions | (40,752) | (4,698) | (1,427) |
Reductions due to statute expirations | (1,819) | (17,068) | (6,643) |
Payments in settlement | (285,533) | (5,455) | (22,008) |
Decrease due to divestiture | (846) | ||
Currency translation | 143 | ||
Currency translation | (15) | (182) | |
Ending Balance | 364,199 | 432,777 | 403,960 |
Unrecognized Income Tax Benefits | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | 348,170 | 335,662 | 223,010 |
Additions for current year tax positions | 15,982 | 22,319 | 28,098 |
Additions for prior year tax positions | 165,426 | 13,324 | 112,850 |
Reductions for prior year tax positions | (36,943) | (3,747) | (895) |
Reductions due to statute expirations | (1,436) | (15,369) | (5,803) |
Payments in settlement | (210,874) | (3,847) | (21,278) |
Decrease due to divestiture | (506) | ||
Currency translation | 186 | ||
Currency translation | (11) | (172) | |
Ending Balance | 280,314 | 348,170 | 335,662 |
Accrued Interest and Penalties | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | 84,607 | 68,298 | 38,141 |
Additions for current year tax positions | 0 | 0 | 0 |
Additions for prior year tax positions | 78,133 | 20,577 | 32,642 |
Reductions for prior year tax positions | (3,809) | (951) | (532) |
Reductions due to statute expirations | (383) | (1,699) | (840) |
Payments in settlement | (74,659) | (1,608) | (730) |
Decrease due to divestiture | (340) | ||
Currency translation | (4) | (10) | (43) |
Ending Balance | $ 83,885 | $ 84,607 | $ 68,298 |
INCOME TAXES - Schedule of Amou
INCOME TAXES - Schedule of Amounts Included in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 |
Income Tax Disclosure [Abstract] | ||||
Unrecognized income tax benefits, including interest and penalties | $ 364,199 | $ 432,777 | $ 403,960 | $ 261,151 |
Less deferred tax benefits | 61,368 | 135,175 | ||
Total unrecognized tax benefits | $ 302,831 | $ 297,602 |
REPORTABLE SEGMENT INFORMATIO_2
REPORTABLE SEGMENT INFORMATION - Schedule of Financial Information for Reportable Segments (Details) - USD ($) | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Segment Reporting Information [Line Items] | |||
Total segment revenues | $ 10,454,667,000 | $ 11,612,475,000 | $ 11,841,840,000 |
Segment profit (loss): | (34,062,000) | 327,693,000 | 1,632,204,000 |
Impairment of goodwill and indefinite-lived intangible assets | (507,566,000) | (735,009,000) | 0 |
Loss on debt extinguishment | 0 | 0 | (3,645,000) |
Income (loss) from continuing operations before income taxes | (233,685,000) | 43,287,000 | 1,523,250,000 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total segment revenues | 10,454,667,000 | 11,612,475,000 | 11,841,840,000 |
Segment profit (loss): | 972,603,000 | 1,560,743,000 | 1,968,175,000 |
Operating Segments | Outdoor | |||
Segment Reporting Information [Line Items] | |||
Total segment revenues | 5,501,399,000 | 5,647,526,000 | 5,327,568,000 |
Segment profit (loss): | 602,708,000 | 785,431,000 | 795,523,000 |
Operating Segments | Active | |||
Segment Reporting Information [Line Items] | |||
Total segment revenues | 4,061,729,000 | 4,904,622,000 | 5,380,338,000 |
Segment profit (loss): | 352,248,000 | 654,691,000 | 979,746,000 |
Legal settlement gains | 29,100,000 | ||
Operating Segments | Work | |||
Segment Reporting Information [Line Items] | |||
Total segment revenues | 891,539,000 | 1,060,179,000 | 1,133,149,000 |
Segment profit (loss): | 17,647,000 | 121,157,000 | 193,492,000 |
Other | |||
Segment Reporting Information [Line Items] | |||
Total segment revenues | 0 | 148,000 | 785,000 |
Segment profit (loss): | 0 | (536,000) | (586,000) |
Impairment of goodwill and indefinite-lived intangible assets | (507,566,000) | (735,009,000) | 0 |
Interest expense, net | (223,408,000) | (164,632,000) | (131,463,000) |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Corporate and other expenses | $ (475,314,000) | $ (617,815,000) | $ (309,817,000) |
REPORTABLE SEGMENT INFORMATIO_3
REPORTABLE SEGMENT INFORMATION - Schedule of Reconciliation Assets (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total segment assets | $ 11,612,963 | $ 13,990,488 | |
Cash and equivalents | 674,605 | 814,887 | $ 1,275,943 |
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 | |
Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total segment assets | 3,040,331 | 3,903,085 | |
Consolidated assets | 3,040,331 | 3,903,085 | |
Operating Segments | Outdoor | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total segment assets | 1,544,364 | 1,936,090 | |
Consolidated assets | 1,544,364 | 1,936,090 | |
Operating Segments | Active | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total segment assets | 1,034,714 | 1,341,142 | |
Consolidated assets | 1,034,714 | 1,341,142 | |
Operating Segments | Work | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total segment assets | 452,384 | 610,798 | |
Consolidated assets | 452,384 | 610,798 | |
Other | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total segment assets | 8,869 | 15,055 | |
Consolidated assets | $ 8,869 | $ 15,055 |
REPORTABLE SEGMENT INFORMATIO_4
REPORTABLE SEGMENT INFORMATION - Schedule of Reconciliation of Capital Expenditures and Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation, amortization and other asset write-downs | $ 319,204 | $ 262,324 | $ 266,935 |
Operating Segments | Outdoor | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation, amortization and other asset write-downs | 103,586 | 94,448 | 95,860 |
Operating Segments | Active | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation, amortization and other asset write-downs | 93,587 | 81,106 | 87,235 |
Operating Segments | Work | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation, amortization and other asset write-downs | 13,620 | 12,524 | 14,439 |
Corporate and other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation, amortization and other asset write-downs | $ 108,411 | $ 74,246 | $ 69,401 |
REPORTABLE SEGMENT INFORMATIO_5
REPORTABLE SEGMENT INFORMATION - Schedule of Supplemental Information (with Revenues by Geographic Area Based on Location of Customer) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 10,454,667 | $ 11,612,475 | $ 11,841,840 |
Property, plant and equipment: | 823,886 | 942,440 | |
U.S. | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 4,843,098 | 6,043,359 | 6,178,300 |
Property, plant and equipment: | 596,387 | 707,035 | |
Foreign | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 5,611,569 | 5,569,116 | $ 5,663,540 |
Property, plant and equipment: | $ 227,499 | $ 235,405 |
COMMITMENTS (Details)
COMMITMENTS (Details) | Mar. 30, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Payments for purchase commitments 2025 | $ 2,300,000,000 |
Payments for purchase commitments 2026 | 73,200,000 |
Payments for purchase commitments 2027 | 3,000,000 |
Payments for purchase commitments thereafter | 0 |
Future payments under purchase commitments 2025 | 128,700,000 |
Future payments under purchase commitments 2026 | 80,600,000 |
Future payments under purchase commitments 2027 | 41,500,000 |
Future payments under purchase commitments 2028 | 6,600,000 |
Future payments under purchase commitments 2029 | 800,000 |
Future payments under purchase commitments thereafter | 0 |
Surety bonds, standby letters of credit and international bank guarantees | $ 106,300,000 |
EARNINGS (LOSS) PER SHARE - Sch
EARNINGS (LOSS) PER SHARE - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Earnings (loss) per share — basic: | |||
Income (loss) from continuing operations | $ (968,882) | $ 118,584 | $ 1,216,269 |
Weighted average common shares outstanding (in shares) | 388,360 | 387,763 | 390,291 |
Earnings (loss) per share from continuing operations, basic (in USD per share) | $ (2.49) | $ 0.31 | $ 3.12 |
Earnings (loss) per share — diluted: | |||
Income (loss) from continuing operations | $ (968,882) | $ 118,584 | $ 1,216,269 |
Weighted average common shares outstanding (in shares) | 388,360 | 387,763 | 390,291 |
Incremental shares from stock options and other dilutive securities (in shares) | 0 | 607 | 2,120 |
Adjusted weighted average common shares outstanding (in shares) | 388,360 | 388,370 | 392,411 |
Earnings (loss) per share from continuing operations (in USD per share) | $ (2.49) | $ 0.31 | $ 3.10 |
EARNINGS (LOSS) PER SHARE - Add
EARNINGS (LOSS) PER SHARE - Additional Information (Details) - shares shares in Millions | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Stock Options and Other Dilutive Securities | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options excluded from computation of earnings per share (in shares) | 19 | 9.7 | 3.3 |
Performance-Based RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options excluded from computation of earnings per share (in shares) | 0.6 | 0.5 |
FAIR VALUE MEASUREMENTS - Measu
FAIR VALUE MEASUREMENTS - Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Financial assets: | ||
Derivative financial instruments | $ 32,548 | $ 49,688 |
Deferred compensation and other | 95,236 | 99,200 |
Financial liabilities: | ||
Derivative financial instruments | 40,234 | 72,653 |
Deferred compensation | 90,804 | 96,364 |
Money market funds | ||
Financial assets: | ||
Cash equivalents: | 171,931 | 418,304 |
Time deposits | ||
Financial assets: | ||
Cash equivalents: | 54,853 | 21,233 |
Level 1 | ||
Financial assets: | ||
Derivative financial instruments | 0 | 0 |
Deferred compensation and other | 95,236 | 99,200 |
Financial liabilities: | ||
Derivative financial instruments | 0 | 0 |
Deferred compensation | 0 | 0 |
Level 1 | Money market funds | ||
Financial assets: | ||
Cash equivalents: | 171,931 | 418,304 |
Level 1 | Time deposits | ||
Financial assets: | ||
Cash equivalents: | 54,853 | 21,233 |
Level 2 | ||
Financial assets: | ||
Derivative financial instruments | 32,548 | 49,688 |
Deferred compensation and other | 0 | 0 |
Financial liabilities: | ||
Derivative financial instruments | 40,234 | 72,653 |
Deferred compensation | 90,804 | 96,364 |
Level 2 | Money market funds | ||
Financial assets: | ||
Cash equivalents: | 0 | 0 |
Level 2 | Time deposits | ||
Financial assets: | ||
Cash equivalents: | 0 | 0 |
Level 3 | ||
Financial assets: | ||
Derivative financial instruments | 0 | 0 |
Deferred compensation and other | 0 | 0 |
Financial liabilities: | ||
Derivative financial instruments | 0 | 0 |
Deferred compensation | 0 | 0 |
Level 3 | Money market funds | ||
Financial assets: | ||
Cash equivalents: | 0 | 0 |
Level 3 | Time deposits | ||
Financial assets: | ||
Cash equivalents: | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 30, 2024 USD ($) | Dec. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Apr. 01, 2023 USD ($) | Oct. 01, 2022 USD ($) | Mar. 30, 2024 USD ($) | Apr. 01, 2023 USD ($) | Apr. 02, 2022 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 28, 2020 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Long-term debt, carrying values | $ 5,703,005,000 | $ 6,635,319,000 | $ 5,703,005,000 | $ 6,635,319,000 | |||||||
Long-term debt, fair values | 5,263,300,000 | 6,244,400,000 | 5,263,300,000 | 6,244,400,000 | |||||||
Impairment charges for property, plant and equipment | 39,400,000 | 3,000,000 | $ 6,400,000 | ||||||||
Impairment of goodwill and intangible assets | $ 507,566,000 | 735,009,000 | 0 | ||||||||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Impairment of goodwill and intangible assets | ||||||||||
Goodwill | 1,460,414,000 | 1,978,413,000 | $ 1,460,414,000 | 1,978,413,000 | 2,393,807,000 | ||||||
Trademarks and trade names | $ 2,553,519,000 | 2,553,919,000 | 2,553,519,000 | 2,553,919,000 | |||||||
Impairment of goodwill and intangible assets | 507,566,000 | 394,131,000 | 0 | ||||||||
Impairment of indefinite lived intangible assets | $ 0 | 0 | |||||||||
Measurement Input, Discount Rate | Minimum | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Intangible assets measurement input | 0.120 | 0.120 | |||||||||
Measurement Input, Discount Rate | Maximum | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Intangible assets measurement input | 0.185 | 0.185 | |||||||||
Measurement Input, Discount Rate | Weighted Average | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Intangible assets measurement input | 0.142 | 0.142 | |||||||||
Measurement Input, Royalty Rate | Minimum | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Intangible assets measurement input | 0.040 | 0.040 | |||||||||
Measurement Input, Royalty Rate | Maximum | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Intangible assets measurement input | 0.100 | 0.100 | |||||||||
Measurement Input, Royalty Rate | Weighted Average | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Intangible assets measurement input | 0.070 | 0.070 | |||||||||
Measurement Input, Revenue Growth Rate | Minimum | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Intangible assets measurement input | 0.020 | 0.020 | |||||||||
Measurement Input, Revenue Growth Rate | Maximum | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Intangible assets measurement input | 0.035 | 0.035 | |||||||||
Measurement Input, Revenue Growth Rate | Weighted Average | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Intangible assets measurement input | 0.023 | 0.023 | |||||||||
Outdoor | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Goodwill | $ 205,868,000 | 653,787,000 | $ 205,868,000 | 653,787,000 | 660,786,000 | ||||||
Impairment of goodwill and intangible assets | 445,757,000 | 0 | |||||||||
Work | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Goodwill | 51,500,000 | 113,382,000 | 51,500,000 | 113,382,000 | 113,900,000 | ||||||
Impairment of goodwill and intangible assets | 61,809,000 | 0 | |||||||||
Active | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Goodwill | 1,203,046,000 | 1,211,244,000 | 1,203,046,000 | 1,211,244,000 | 1,619,121,000 | ||||||
Impairment of goodwill and intangible assets | 0 | 394,131,000 | |||||||||
Timberland | Outdoor | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Goodwill | 211,700,000 | $ 407,900,000 | 211,700,000 | ||||||||
Trademarks and trade names | 999,500,000 | 999,500,000 | 999,500,000 | ||||||||
Impairment of goodwill and intangible assets | 211,700,000 | 195,300,000 | |||||||||
Impairment of indefinite lived intangible assets | $ 0 | ||||||||||
Sensitivity analysis, decrease in annual growth rate assumption for revenues, percentage | 0.40 | ||||||||||
Sensitivity analysis, increase in the discount rate assumption | 0.0100 | ||||||||||
Timberland | Outdoor | Trademarks | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impairment of indefinite lived intangible assets | $ 0 | ||||||||||
Fair value exceeding carrying value of indefinite-lived intangible asset, percent | 14% | ||||||||||
Dickies | Work | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impairment of goodwill and intangible assets | $ 0 | ||||||||||
Goodwill | 61,800,000 | 61,200,000 | |||||||||
Trademarks and trade names | 290,000,000 | 290,000,000 | $ 290,000,000 | $ 290,000,000 | |||||||
Impairment of goodwill and intangible assets | $ 61,800,000 | $ 61,800,000 | |||||||||
Sensitivity analysis, decrease in annual growth rate assumption for revenues, percentage | 0.50 | ||||||||||
Sensitivity analysis, increase in the discount rate assumption | 0.0200 | ||||||||||
Fair value exceeding carrying value of goodwill, percent | 8% | ||||||||||
Dickies | Work | Trademarks | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impairment of indefinite lived intangible assets | $ 0 | ||||||||||
Fair value exceeding carrying value of indefinite-lived intangible asset, percent | 16% | ||||||||||
Icebreaker | Outdoor | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Goodwill | $ 81,200,000 | ||||||||||
Trademarks and trade names | 62,100,000 | ||||||||||
Impairment of goodwill and intangible assets | $ 38,800,000 | $ 38,800,000 | |||||||||
Icebreaker | Outdoor | Trademarks | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impairment of indefinite lived intangible assets | 0 | ||||||||||
Supreme Reporting Units | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Goodwill | 825,900,000 | 825,900,000 | |||||||||
Trademarks and trade names | 852,000,000 | 852,000,000 | |||||||||
Impairment of goodwill and intangible assets | 165,100,000 | ||||||||||
Impairment of indefinite lived intangible assets | $ 148,000,000 | ||||||||||
Supreme Reporting Units | Active | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impairment of goodwill and intangible assets | $ 0 | ||||||||||
Goodwill | $ 1,210,000,000 | 819,700,000 | |||||||||
Trademarks and trade names | 1,190,000,000 | 852,000,000 | |||||||||
Impairment of goodwill and intangible assets | 229,000,000 | $ 394,100,000 | |||||||||
Impairment of indefinite lived intangible assets | $ 192,900,000 | ||||||||||
Sensitivity analysis, decrease in annual growth rate assumption for revenues, percentage | 0.10 | ||||||||||
Sensitivity analysis, increase in the discount rate assumption | 0.0050 | ||||||||||
Fair value exceeding carrying value of goodwill, percent | 8% | ||||||||||
Sensitivity analysis, reduction in the annual growth assumption for EBITDA | 0.20 | ||||||||||
Sensitivity analysis, increase in the discount rate used in the discounted cash flow model | 0.0100 | ||||||||||
Supreme Reporting Units | Active | Trademarks | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Fair value exceeding carrying value of indefinite-lived intangible asset, percent | 3% | ||||||||||
Timberland Pro Reporting Unit | Outdoor | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Goodwill | 51,500,000 | ||||||||||
Fair value exceeding carrying value of goodwill, percent | 17% | ||||||||||
Sensitivity analysis, reduction in the annual growth assumption for EBITDA | 0.20 | ||||||||||
Sensitivity analysis, increase in the discount rate used in the discounted cash flow model | 0.0200 | ||||||||||
Altra Reporting Units | Outdoor | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Goodwill | 53,500,000 | ||||||||||
Trademarks and trade names | 75,400,000 | ||||||||||
Altra Reporting Units | Active | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impairment of goodwill and intangible assets | $ 0 | ||||||||||
Goodwill | 61,700,000 | ||||||||||
Trademarks and trade names | 46,400,000 | ||||||||||
Fair value exceeding carrying value of goodwill, percent | 15% | ||||||||||
Sensitivity analysis, reduction in the annual growth assumption for EBITDA | 0.10 | ||||||||||
Sensitivity analysis, increase in the discount rate used in the discounted cash flow model | 0.0200 | ||||||||||
Smartwool Reporting Units | Active | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impairment of goodwill and intangible assets | $ 0 | ||||||||||
Other Reporting Units | Active | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Goodwill | 443,500,000 | ||||||||||
Trademarks and trade names | $ 522,300,000 | ||||||||||
Selling, general and administrative expenses | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Contingent consideration arrangements, liability paid | $ 150,000,000 | ||||||||||
Supreme | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Contingent consideration liability | $ 207,000,000 | ||||||||||
Contingent consideration | $ 57,000,000 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Details) $ in Millions, € in Billions | 12 Months Ended | |||
Mar. 30, 2024 USD ($) | Apr. 01, 2023 USD ($) | Apr. 02, 2022 USD ($) | Mar. 30, 2024 EUR (€) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative contract maturity (up to) | 20 months | |||
Gain (loss) on derivatives recognized in income (loss) | $ (8.8) | |||
Net pretax deferred losses for foreign currency exchange contracts that are expected to be reclassified to earnings during next 12 months | 29.8 | |||
Deferred gain on discontinuation of interest rate fair value hedge | 2.3 | |||
Net Investment Hedging | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, notional amount | € | € 2 | |||
Gain (loss) on derivative used in net investment hedge | 21.6 | $ 5.2 | $ 99.5 | |
Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, notional amount | 3,100 | 3,400 | ||
Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, notional amount | $ 500 | $ 500 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivatives on Individual Contract Basis at Gross Amounts (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative financial instruments | $ 32,548 | $ 49,688 |
Derivative Liability | (40,234) | (72,653) |
Derivatives Designated as Hedging Instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative financial instruments | 31,992 | 46,752 |
Derivative Liability | (39,639) | (72,192) |
Derivatives Designated as Hedging Instruments | Foreign exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative financial instruments | 29,657 | 46,752 |
Derivative Liability | (39,639) | (71,052) |
Derivatives Designated as Hedging Instruments | Interest rate contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative financial instruments | 2,335 | 0 |
Derivative Liability | 0 | (1,140) |
Derivatives Not Designated as Hedging Instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative financial instruments | 556 | 2,936 |
Derivative Liability | $ (595) | $ (461) |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Fair Value of Derivative Assets and Liabilities in Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Derivative Asset | ||
Gross amounts presented in the Consolidated Balance Sheets | $ 32,548 | $ 49,688 |
Gross amounts not offset in the Consolidated Balance Sheets | (11,322) | (26,470) |
Net amounts | 21,226 | 23,218 |
Derivative Liability | ||
Gross amounts presented in the Consolidated Balance Sheets | (40,234) | (72,653) |
Gross amounts not offset in the Consolidated Balance Sheets | 11,322 | 26,470 |
Net amounts | $ (28,912) | $ (46,183) |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Derivatives Classified as Current or Noncurrent Based on Maturity Dates (Details) - USD ($) $ in Thousands | Mar. 30, 2024 | Apr. 01, 2023 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivate asset, statement of financial position [extensible enumeration] | Other current assets, Other assets | |
Derivate liability, statement of financial position [extensible enumeration] | Accrued liabilities, Other liabilities | |
Derivative Asset | $ 32,548 | $ 49,688 |
Derivative Liability | (40,234) | (72,653) |
Other Current Assets | Foreign exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset | 26,366 | 48,132 |
Other Current Assets | Interest rate contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset | 2,335 | 0 |
Accrued liabilities | Foreign exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability | (35,578) | (59,995) |
Other Assets | Foreign exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset | 3,847 | 1,556 |
Other liabilities | Foreign exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability | (4,656) | (11,518) |
Other liabilities | Interest rate contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability | $ 0 | $ (1,140) |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives Recognized in Accumulated OCL | $ (7,933) | $ 53,533 | $ 71,494 |
Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss) | 18,121 | 110,160 | (54,326) |
Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives Recognized in Accumulated OCL | (15,538) | 54,546 | 71,494 |
Foreign exchange contracts | Net revenues | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss) | (5,004) | (6,843) | (27,382) |
Foreign exchange contracts | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss) | 15,703 | 120,438 | (26,346) |
Foreign exchange contracts | Selling, general and administrative expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss) | 3,437 | 6,695 | (487) |
Foreign exchange contracts | Other income (expense), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss) | (253) | (10,365) | (219) |
Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives Recognized in Accumulated OCL | 7,605 | (1,013) | 0 |
Interest rate contracts | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss) | $ 4,238 | $ 235 | $ 108 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Income taxes paid, net of refunds | $ 349,978 | $ 1,113,940 | $ 263,733 |
Interest paid, net of amounts capitalized | 234,417 | 160,272 | 123,476 |
Computer Software | |||
Noncash transactions: | |||
Expenditures included in accounts payable or accrued liabilities | 17,080 | 28,519 | 33,997 |
Property, plant and equipment, net | |||
Noncash transactions: | |||
Expenditures included in accounts payable or accrued liabilities | $ 15,903 | $ 44,151 | $ 45,235 |
RESTRUCTURING - Additional Info
RESTRUCTURING - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 110,720 | $ 75,738 | $ 20,002 |
Severance and employee-related benefits | 70,008 | 57,433 | 12,283 |
Asset impairments and write-downs | 39,386 | 0 | 0 |
Cash payments | 48,607 | 41,683 | |
Restructuring reserve | 60,676 | 45,266 | 26,851 |
Accrued Current Liabilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | 52,500 | ||
Other Noncurrent Liabilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | 8,200 | ||
Selling, general and administrative expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 106,200 | 70,900 | 18,300 |
Cost of goods sold | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 4,500 | $ 4,800 | $ 1,700 |
Reinvent | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 108,700 | ||
Severance and employee-related benefits | 69,300 | ||
Asset impairments and write-downs | 39,400 | ||
Cash payments | 19,000 | ||
Minimum | Reinvent | |||
Restructuring Cost and Reserve [Line Items] | |||
Estimated restructuring and restructuring-related charges | 130,000 | ||
Maximum | Reinvent | |||
Restructuring Cost and Reserve [Line Items] | |||
Estimated restructuring and restructuring-related charges | $ 150,000 |
RESTRUCTURING - Restructuring C
RESTRUCTURING - Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Restructuring and Related Activities [Abstract] | |||
Severance and employee-related benefits | $ 70,008 | $ 57,433 | $ 12,283 |
Asset impairments and write-downs | 39,386 | 0 | 0 |
Accelerated depreciation | 0 | 8,016 | 7,016 |
Contract termination and other | 1,326 | 10,289 | 703 |
Total restructuring charges | $ 110,720 | $ 75,738 | $ 20,002 |
RESTRUCTURING - Restructuring_2
RESTRUCTURING - Restructuring costs by business segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 110,720 | $ 75,738 | $ 20,002 |
Operating Segments | Outdoor | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 242 | 1,088 | 4,523 |
Operating Segments | Active | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 434 | 1,478 | 1,008 |
Operating Segments | Work | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 9 | 2,315 |
Corporate and other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 110,044 | $ 73,163 | $ 12,156 |
RESTRUCTURING - Activity in Res
RESTRUCTURING - Activity in Restructuring Accrual (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Restructuring Reserve [Roll Forward] | ||
Amounts recorded in accrued liabilities, beginning balance | $ 45,266 | $ 26,851 |
Charges | 70,008 | 62,623 |
Cash payments and settlements | (48,607) | (41,683) |
Adjustments to accruals | (5,947) | (3,196) |
Impact of foreign currency | (44) | 671 |
Amounts recorded in accrued liabilities. ending balance | 60,676 | 45,266 |
Severance | ||
Restructuring Reserve [Roll Forward] | ||
Amounts recorded in accrued liabilities, beginning balance | 38,721 | 25,640 |
Charges | 70,008 | 57,433 |
Cash payments and settlements | (42,684) | (41,338) |
Adjustments to accruals | (5,660) | (3,236) |
Impact of foreign currency | (54) | 222 |
Amounts recorded in accrued liabilities. ending balance | 60,331 | 38,721 |
Other | ||
Restructuring Reserve [Roll Forward] | ||
Amounts recorded in accrued liabilities, beginning balance | 6,545 | 1,211 |
Charges | 0 | 5,190 |
Cash payments and settlements | (5,923) | (345) |
Adjustments to accruals | (287) | 40 |
Impact of foreign currency | 10 | 449 |
Amounts recorded in accrued liabilities. ending balance | $ 345 | $ 6,545 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) | May 14, 2024 $ / shares |
Subsequent Event | Dividend Declared | |
Subsequent Event [Line Items] | |
Cash dividend (in USD per share) | $ 0.09 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | Apr. 02, 2022 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 28,075 | $ 27,959 | $ 33,654 |
Charged to costs and expenses | 11,170 | 3,532 | (716) |
Charged to other accounts | 0 | 0 | 0 |
Deductions | 12,876 | 3,416 | 4,979 |
Balance at End of Period | 26,369 | 28,075 | 27,959 |
Valuation allowance for deferred income tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 424,932 | 616,533 | 500,601 |
Charged to costs and expenses | 0 | 0 | 0 |
Charged to other accounts | 11,115 | 0 | 115,932 |
Deductions | 0 | 191,601 | 0 |
Balance at End of Period | $ 436,047 | $ 424,932 | $ 616,533 |