Quarterly Report (10-q)

Date : 10/31/2019 @ 6:05PM
Source : Edgar (US Regulatory)
Stock : VF Corporation (VFC)
Quote : 83.66  -0.39 (-0.46%) @ 12:59AM
After Hours
Last Trade
Last $ 83.66 ◊ 0.00 (0.00%)

Quarterly Report (10-q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 28, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number: 1-5256
VFLOGO.JPG
V. F. CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania
 
23-1180120
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. employer identification number)
8505 E. Orchard Road
Greenwood Village, Colorado 80111
(Address of principal executive offices)
(720) 778-4000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
(Title of each class)
(Trading Symbol(s))
(Name of each exchange on which registered)
Common Stock, without par value, stated capital, $0.25 per share
VFC
New York Stock Exchange
0.625% Senior Notes due 2023
VFC23
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
  
Accelerated filer
 
 
 
 
 
 
 
 
Non-accelerated filer
 
 
  
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No   
On October 26, 2019, there were 399,373,631 shares of the registrant’s common stock outstanding.



VF CORPORATION
Table of Contents
 
Page
No.
 
 
 
3
 
 
3
 
 
4
 
 
5
 
 
6
 
 
8
 
 
10
 
 
33
 
 
43
 
 
43
 
 
 
 
 
44
 
 
44
 
 
44
 
 
45
 
 
46




PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED).
VF CORPORATION
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share amounts)
 
September 2019
 
 
March 2019
 
September 2018
ASSETS
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
Cash and equivalents
 
$
507,605

 
 
$
445,119

 
$
266,788

Accounts receivable, less allowance for doubtful accounts of: September 2019 ‑ $20,742; March 2019 - $19,638; September 2018 - $19,743
 
1,976,154

 
 
1,465,855

 
1,961,274

Inventories
 
1,890,716

 
 
1,432,660

 
1,723,057

Other current assets
 
400,732

 
 
433,793

 
422,287

Current assets held-for-sale
 

 
 

 
159,852

Current assets of discontinued operations
 

 
 
896,030

 
884,696

Total current assets
 
4,775,207

 
 
4,673,457

 
5,417,954

Property, plant and equipment, net
 
871,601

 
 
915,177

 
893,811

Intangible assets, net
 
1,919,770

 
 
1,972,364

 
2,029,901

Goodwill
 
1,529,385

 
 
1,541,314

 
1,543,143

Operating lease right-of-use assets
 
1,263,903

 
 

 

Other assets
 
910,489

 
 
772,755

 
763,762

Other assets of discontinued operations
 

 
 
481,718

 
481,854

TOTAL ASSETS
 
$
11,270,355

 
 
$
10,356,785

 
$
11,130,425

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
Short-term borrowings
 
$
484,321

 
 
$
659,060

 
$
1,564,899

Current portion of long-term debt
 
4,986

 
 
5,263

 
5,885

Accounts payable
 
550,700

 
 
580,867

 
603,575

Accrued liabilities
 
1,364,331

 
 
1,154,932

 
1,064,555

Current liabilities held-for-sale
 

 
 

 
11,358

Current liabilities of discontinued operations
 

 
 
261,482

 
258,424

Total current liabilities
 
2,404,338

 
 
2,661,604

 
3,508,696

Long-term debt
 
2,090,922

 
 
2,115,884

 
2,150,595

Operating lease liabilities
 
1,028,363

 
 

 

Other liabilities
 
1,099,113

 
 
1,232,200

 
1,246,962

Other liabilities of discontinued operations
 

 
 
48,581

 
44,616

Commitments and contingencies
 

 
 

 

Total liabilities
 
6,622,736

 
 
6,058,269

 
6,950,869

Stockholders’ equity
 
 
 
 
 
 
 
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at September 2019, March 2019 or September 2018
 

 
 

 

Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at September 2019 – 398,865,790; March 2019 – 396,824,662; September 2018 – 397,161,808
 
99,716

 
 
99,206

 
99,290

Additional paid-in capital
 
4,072,640

 
 
3,921,784

 
3,795,395

Accumulated other comprehensive income (loss)
 
(930,725
)
 
 
(902,075
)
 
(862,916
)
Retained earnings
 
1,405,988

 
 
1,179,601

 
1,147,787

Total stockholders’ equity
 
4,647,619

 
 
4,298,516

 
4,179,556

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
11,270,355

 
 
$
10,356,785

 
$
11,130,425

See notes to consolidated financial statements.


3 VF Corporation Q2 FY20 Form 10-Q


VF CORPORATION
Consolidated Statements of Income
(Unaudited)
 
 
Three Months Ended September
 
 
Six Months Ended September
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except per share amounts)
 
2019
 
 
2018
 
 
2019
 
 
2018
Net revenues
 
$
3,393,268

 
 
$
3,219,390

 
 
$
5,664,747

 
 
$
5,356,525

Costs and operating expenses
 
 
 
 
 
 
 
 
 
 
 
Cost of goods sold
 
1,597,307

 
 
1,545,391

 
 
2,633,421

 
 
2,550,680

Selling, general and administrative expenses
 
1,216,896

 
 
1,129,013

 
 
2,318,969

 
 
2,147,760

Total costs and operating expenses
 
2,814,203

 
 
2,674,404

 
 
4,952,390

 
 
4,698,440

Operating income
 
579,065

 
 
544,986

 
 
712,357

 
 
658,085

Interest income
 
4,983

 
 
1,484

 
 
12,112

 
 
3,630

Interest expense
 
(20,810
)
 
 
(28,305
)
 
 
(42,937
)
 
 
(55,304
)
Other income (expense), net
 
(1,813
)
 
 
(31,970
)
 
 
3,785

 
 
(51,395
)
Income from continuing operations before income taxes
 
561,425

 
 
486,195

 
 
685,317

 
 
555,016

Income tax expense (benefit)
 
(87,576
)
 
 
70,071

 
 
(60,933
)
 
 
77,528

Income from continuing operations
 
649,001

 
 
416,124

 
 
746,250

 
 
477,488

Income (loss) from discontinued operations, net of tax
 

 
 
90,997

 
 
(48,028
)
 
 
189,991

Net income
 
$
649,001

 
 
$
507,121

 
 
$
698,222

 
 
$
667,479

Earnings (loss) per common share - basic
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
1.63

 
 
$
1.05

 
 
$
1.88

 
 
$
1.21

Discontinued operations
 

 
 
0.23

 
 
(0.12
)
 
 
0.48

Total earnings per common share - basic
 
$
1.63

 
 
$
1.28

 
 
$
1.76

 
 
$
1.69

Earnings (loss) per common share - diluted
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
1.61

 
 
$
1.04

 
 
$
1.86

 
 
$
1.19

Discontinued operations
 

 
 
0.23

 
 
(0.12
)
 
 
0.47

Total earnings per common share - diluted
 
$
1.61

 
 
$
1.26

 
 
$
1.74

 
 
$
1.67

Weighted average shares outstanding
 
 
 
 
 
 
 
 
 
 
 
Basic
 
397,751

 
 
395,892

 
 
397,239

 
 
395,029

Diluted
 
402,261

 
 
401,939

 
 
402,088

 
 
400,744










See notes to consolidated financial statements.


VF Corporation Q2 FY20 Form 10-Q 4



VF CORPORATION
Consolidated Statements of Comprehensive Income
(Unaudited)
 
 
Three Months Ended September
 
 
Six Months Ended September
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
 
2019
 
 
2018
 
 
2019
 
 
2018
Net income
 
$
649,001

 
 
$
507,121

 
 
$
698,222

 
 
$
667,479

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation and other
 
 
 
 
 
 
 
 
 
 
 
Losses arising during the period
 
(70,473
)
 
 
(12,600
)
 
 
(57,644
)
 
 
(173,758
)
Income tax effect
 
(8,912
)
 
 
(1,623
)
 
 
(5,969
)
 
 
(15,335
)
Defined benefit pension plans
 
 
 
 
 
 
 
 
 
 
 
Current period actuarial gains (losses)
 
(14,610
)
 
 
(1,898
)
 
 
(14,610
)
 
 
52,042

Amortization of net deferred actuarial losses
 
4,014

 
 
6,655

 
 
8,033

 
 
15,477

Amortization of deferred prior service costs (credits)
 
12

 
 
(59
)
 
 
25

 
 
610

Reclassification of net actuarial loss from settlement charge
 
519

 
 
1,342

 
 
519

 
 
8,184

Reclassification of deferred prior service cost due to curtailments
 

 
 

 
 

 
 
9,483

Income tax effect
 
2,207

 
 
(1,562
)
 
 
499

 
 
(22,217
)
Derivative financial instruments
 
 
 
 
 
 
 
 
 
 
 
Gains arising during the period
 
51,396

 
 
15,240

 
 
66,170

 
 
109,869

Income tax effect
 
(7,048
)
 
 
(89
)
 
 
(10,922
)
 
 
(11,447
)
Reclassification to net income for (gains) losses realized
 
(23,688
)
 
 
13,846

 
 
(34,183
)
 
 
30,163

Income tax effect
 
3,244

 
 
(90
)
 
 
6,000

 
 
(1,957
)
Other comprehensive income (loss)
 
(63,339
)
 
 
19,162

 
 
(42,082
)
 
 
1,114

Comprehensive income
 
$
585,662

 
 
$
526,283

 
 
$
656,140

 
 
$
668,593














See notes to consolidated financial statements.


5 VF Corporation Q2 FY20 Form 10-Q


VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 
 
Six Months Ended September
 
 
 
 
 
 
(In thousands)
 
2019
 
 
2018
OPERATING ACTIVITIES
 
 
 
 
 
Net income
 
$
698,222

 
 
$
667,479

Income (loss) from discontinued operations, net of tax
 
(48,028
)
 
 
189,991

Income from continuing operations, net of tax
 
746,250

 
 
477,488

Adjustments to reconcile net income to cash used by operating activities:
 
 
 
 
 
Depreciation and amortization, including operating lease right-of-use assets
 
321,129

 
 
129,259

Stock-based compensation
 
71,419

 
 
46,669

Provision for doubtful accounts
 
6,234

 
 
6,714

Pension expense in excess of (less than) contributions
 
(6,125
)
 
 
1,595

Loss on sale of businesses, net of tax
 

 
 
29,791

Other, net
 
(99,762
)
 
 
21,604

Changes in operating assets and liabilities:
 
 
 
 
 
Accounts receivable
 
(544,133
)
 
 
(806,080
)
Inventories
 
(474,417
)
 
 
(384,093
)
Accounts payable
 
(23,959
)
 
 
124,101

Income taxes
 
(47,082
)
 
 
(91,183
)
Accrued liabilities
 
(125,950
)
 
 
333,511

Operating lease right-of-use assets and liabilities
 
(227,609
)
 
 

Other assets and liabilities
 
25,314

 
 
14,939

Cash used by operating activities - continuing operations
 
(378,691
)
 
 
(95,685
)
Cash provided by operating activities - discontinued operations
 
13,213

 
 
198,636

Cash provided (used) by operating activities
 
(365,478
)
 
 
102,951

INVESTING ACTIVITIES
 
 
 
 
 
Business acquisitions, net of cash received
 

 
 
(320,405
)
Proceeds from sale of businesses, net of cash sold
 

 
 
288,273

Capital expenditures
 
(108,596
)
 
 
(129,582
)
Software purchases
 
(25,576
)
 
 
(32,710
)
Other, net
 
59,087

 
 
(9,979
)
Cash used by investing activities - continuing operations
 
(75,085
)
 
 
(204,403
)
Cash used by investing activities - discontinued operations
 
(2,327
)
 
 
(13,924
)
Cash used by investing activities
 
(77,412
)
 
 
(218,327
)
FINANCING ACTIVITIES
 
 
 
 
 
Net increase (decrease) in short-term borrowings
 
(168,421
)
 
 
40,219

Payments on long-term debt
 
(2,868
)
 
 
(3,107
)
Purchases of treasury stock
 

 
 
(480
)
Cash dividends paid
 
(373,604
)
 
 
(363,851
)
Cash received from Kontoor Brands, net of cash transferred of $126.8 million
 
906,148

 
 

Proceeds from issuance of Common Stock, net of shares withheld for taxes
 
50,659

 
 
130,114

Cash provided (used) by financing activities
 
411,914

 
 
(197,105
)
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash
 
(5,385
)
 
 
(17,270
)
Net change in cash, cash equivalents and restricted cash
 
(36,361
)
 
 
(329,751
)
Cash, cash equivalents and restricted cash – beginning of year
 
556,587

 
 
689,190

Cash, cash equivalents and restricted cash – end of period
 
$
520,226

 
 
$
359,439


Continued on next page.
See notes to consolidated financial statements.


VF Corporation Q2 FY20 Form 10-Q 6



VF CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
 
 
Six Months Ended September
 
 
 
 
 
 
(In thousands)
 
2019
 
 
2018
Balances per Consolidated Balance Sheets:
 
 
 
 
 
Cash and cash equivalents
 
$
507,605

 
 
$
266,788

Other current assets
 
2,748

 
 
3,919

Current assets held-for-sale
 

 
 
2,059

Current and other assets of discontinued operations
 

 
 
86,009

Other assets
 
9,873

 
 
664

Total cash, cash equivalents and restricted cash
 
$
520,226

 
 
$
359,439














































See notes to consolidated financial statements.


7 VF Corporation Q2 FY20 Form 10-Q


VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)
 
Three Months Ended September 2019
 
 
 
 
 
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
 
 
 
Common Stock
 
 
 
 
 
 
 (In thousands, except share amounts)
Shares
 
Amounts
 
 
 
 
Total
 
Balance, June 2019
397,922,120

 
$
99,481

 
$
3,988,385

 
$
(867,386
)
 
$
931,134

 
$
4,151,614

 
Net income

 

 

 

 
649,001

 
649,001

 
Dividends on Common Stock ($0.43 per share)

 

 

 

 
(171,066
)
 
(171,066
)
 
Stock-based compensation, net
943,670

 
235

 
84,255

 

 
(3,081
)
 
81,409

 
Foreign currency translation and other

 

 

 
(79,385
)
 

 
(79,385
)
 
Defined benefit pension plans

 

 

 
(7,858
)
 

 
(7,858
)
 
Derivative financial instruments

 

 

 
23,904

 

 
23,904

 
Balance, September 2019
398,865,790

 
$
99,716

 
$
4,072,640

 
$
(930,725
)
 
$
1,405,988

 
$
4,647,619

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 2018
 
 
 
 
 
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
 
 
 
Common Stock
 
 
 
 
 
 
 (In thousands, except share amounts)
Shares
 
Amounts
 
 
 
 
Total
 
Balance, June 2018
395,509,138

 
$
98,877

 
$
3,688,529

 
$
(882,078
)
 
$
825,788

 
$
3,731,116

 
Net income

 

 

 

 
507,121

 
507,121

 
Dividends on Common Stock ($0.46 per share)

 

 

 

 
(182,334
)
 
(182,334
)
 
Purchase of treasury stock
(5,210
)
 
(1
)
 

 

 
(479
)
 
(480
)
 
Stock-based compensation, net
1,657,880

 
414

 
106,866

 

 
(2,309
)
 
104,971

 
Foreign currency translation and other

 

 

 
(14,223
)
 

 
(14,223
)
 
Defined benefit pension plans

 

 

 
4,478

 

 
4,478

 
Derivative financial instruments

 

 

 
28,907

 

 
28,907

 
Balance, September 2018
397,161,808

 
$
99,290

 
$
3,795,395

 
$
(862,916
)
 
$
1,147,787

 
$
4,179,556

 


















Continued on next page.


See notes to consolidated financial statements.



VF Corporation Q2 FY20 Form 10-Q 8



VF CORPORATION
Consolidated Statements of Stockholders’ Equity
(Unaudited)

Six Months Ended September 2019

 
 
 
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
 
 

Common Stock
 
 
 
 
 
 
 (In thousands, except share amounts)
Shares
 
Amounts
 
 
 
 
Total
 
Balance, March 2019
396,824,662

 
$
99,206

 
$
3,921,784

 
$
(902,075
)
 
$
1,179,601

 
$
4,298,516

 
Adoption of new accounting standard, ASU 2016-02

 

 

 

 
(2,491
)
 
(2,491
)
 
Adoption of new accounting standard, ASU 2018-02

 

 

 
(61,861
)
 
61,861

 

 
Net income

 

 

 

 
698,222

 
698,222

 
Dividends on Common Stock ($0.94 per share)

 

 

 

 
(373,604
)
 
(373,604
)
 
Stock-based compensation, net
2,041,128

 
510

 
150,856

 

 
(27,393
)
 
123,973

 
Foreign currency translation and other

 

 

 
(63,613
)
 

 
(63,613
)
 
Defined benefit pension plans

 

 

 
(5,534
)
 

 
(5,534
)
 
Derivative financial instruments

 

 

 
27,065

 

 
27,065

 
Spin-off of Jeans Business

 

 

 
75,293

 
(130,208
)
 
(54,915
)
 
Balance, September 2019
398,865,790

 
$
99,716

 
$
4,072,640

 
$
(930,725
)
 
$
1,405,988

 
$
4,647,619

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended September 2018
 
 

 

 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
 
 
 
Common Stock
 
 
 
 
 
 
 (In thousands, except share amounts)
Shares
 
Amounts
 
 
 
 
Total
 
Balance, March 2018
394,313,070

 
$
98,578

 
$
3,607,424

 
$
(864,030
)
 
$
846,124

 
$
3,688,096

 
Adoption of new accounting standard, ASU 2014-09

 

 

 

 
1,956

 
1,956

 
Net income

 

 

 

 
667,479

 
667,479

 
Dividends on Common Stock ($0.92 per share)

 

 

 

 
(363,851
)
 
(363,851
)
 
Purchase of treasury stock
(5,210
)
 
(1
)
 

 

 
(479
)
 
(480
)
 
Stock-based compensation, net
2,853,948

 
713

 
187,971

 

 
(3,442
)
 
185,242

 
Foreign currency translation and other

 

 

 
(189,093
)
 

 
(189,093
)
 
Defined benefit pension plans

 

 

 
63,579

 

 
63,579

 
Derivative financial instruments

 

 

 
126,628

 

 
126,628

 
Balance, September 2018
397,161,808

 
$
99,290

 
$
3,795,395

 
$
(862,916
)
 
$
1,147,787

 
$
4,179,556

 





See notes to consolidated financial statements.


9 VF Corporation Q2 FY20 Form 10-Q


VF CORPORATION
Notes to Consolidated Financial Statements
(Unaudited)
NOTE 1BASIS OF PRESENTATION

VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from March 31, 2019 through March 28, 2020 ("Fiscal 2020"). Accordingly, this Form 10-Q presents our second quarter of Fiscal 2020. For presentation purposes herein, all references to periods ended September 2019 and September 2018 relate to the fiscal periods ended on September 28, 2019 and September 29, 2018, respectively. References to March 2019 relate to information as of March 30, 2019.
On May 22, 2019, VF completed the spin-off of its Jeans business, which included the Wrangler®, Lee® and Rock & Republic® brands, as well as the VF OutletTM business, into an independent, publicly traded company. As a result, VF reported the operating results for the Jeans business in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Income and the related cash flows have been reported as discontinued operations in the Consolidated Statements of Cash Flows, for all periods presented. In addition, the related assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date the spin-off was completed.
Additionally, the Nautica® brand business has been reported as discontinued operations in our Consolidated Statements of Income and Consolidated Statements of Cash Flows, and the related held-for-sale assets and liabilities have been presented as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the April 30, 2018 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 5 for additional information on discontinued operations.
 
During the three months ended September 2018, the Company reached the decision to sell its Reef® brand and Van Moer businesses. The Company determined that the associated assets and liabilities met the held-for-sale accounting criteria and they were classified accordingly in the September 2018 Consolidated Balance Sheet. Refer to Note 5 for additional information on divestitures.
Certain prior year amounts have been reclassified to conform to the Fiscal 2020 presentation.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. Similarly, the March 2019 condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations and cash flows of VF for the interim periods presented. Operating results for the three and six months ended September 2019 are not necessarily indicative of results that may be expected for any other interim period or for Fiscal 2020. For further information, refer to the consolidated financial statements and notes included in VF’s Annual Report on Form 10-K for the year ended March 30, 2019 (“Fiscal 2019 Form 10-K”).
NOTE 2RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS

Recently Adopted Accounting Standards

In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, “Leases (Topic 842)”, a new accounting standard on leasing. The FASB subsequently issued updates to the standard to provide additional clarification on specific topics, including permitted transition methods. Collectively, the guidance is referred to as FASB Accounting Standards Codification ("ASC") 842. This standard requires companies to record most leased assets and liabilities on the balance sheet, and also retains a dual model approach for assessing lease classification and recognizing expense. The Company adopted this standard on March 31, 2019, utilizing the modified retrospective method and has recognized the cumulative effect of initially applying the new standard in retained earnings. The effective date of the adoption has been used as the date of initial application, and thus comparative prior period financial information has not been restated and continues to be reported under accounting standards in effect for those periods.
 
The standard provides certain optional practical expedients for transition. The Company elected the transition relief package of practical expedients by applying previous accounting conclusions under ASC Topic 840, Leases ("ASC 840"), to all leases that existed prior to the transition date. As a result, VF did not reassess (i) whether existing or expired contracts contain leases, (ii) lease classification for any existing or expired leases, or (iii) whether lease origination costs qualified as initial direct costs. The Company also elected the land easement practical expedient, which allows the Company to apply ASC 842 prospectively to land easements after the adoption date if they were not previously accounted for under ASC 840. Certain leases contain both lease and non-lease components. For leases associated with specific asset classes, including certain real estate, vehicles, manufacturing machinery 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 has elected to account for each


VF Corporation Q2 FY20 Form 10-Q 10



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 stand-alone prices. Further, the Company made an accounting policy election to not recognize right-of-use assets and lease liabilities for leases with terms of 12 months or less.
The adoption of ASC 842 resulted in a net decrease of $2.5 million in the retained earnings line item of the Consolidated Balance Sheet as of March 31, 2019. The adoption of ASC 842 also resulted in the recognition of operating lease right-of-use assets and operating lease liabilities within the Consolidated Balance Sheet. Refer to Note 10 for additional lease disclosures.
In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", an update that amends and simplifies certain aspects of hedge accounting rules to better portray the economic results of risk management activities in the financial statements. The FASB subsequently issued updates to the standard to provide additional guidance on specific topics. This guidance became effective for VF in the first quarter of Fiscal 2020, but did not impact VF's consolidated financial statements.
In February 2018, the FASB issued ASU No. 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income", an update that addresses the effect of the change in the U.S. federal corporate income tax rate due to the enactment of the Tax Cuts and Jobs Act ("U.S. Tax Act") on items within accumulated other comprehensive income (loss). The guidance became effective for VF in the first quarter of Fiscal 2020. The Company elected to reclassify the income tax effects of the U.S. Tax Act on items within accumulated other comprehensive income (loss) of $61.9 million to retained earnings, which primarily related to deferred taxes previously recorded for pension benefits. The adoption of this guidance did not have an impact on VF's consolidated results of operations or cash flows.
In June 2018, the FASB issued ASU No. 2018-07, "Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting", an update that expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. This guidance became effective for VF in the first quarter of Fiscal 2020, but did not impact VF's consolidated financial statements.
In July 2018, the FASB issued ASU No. 2018-09, "Codification Improvements", an update that provides technical corrections, clarifications and other improvements across a variety of accounting topics. The transition and effective date guidance is based on the facts and circumstances of each update; however, many of them became effective for VF in the first quarter of Fiscal 2020. The guidance did not impact VF's consolidated financial statements.
 
Recently Issued Accounting Standards
In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The FASB has subsequently issued updates to the standard to provide additional clarification on specific topics. This guidance will be effective for VF in the first quarter of the year ending April 3, 2021 ("Fiscal 2021") with early adoption permitted. The Company is evaluating the impact that adopting this guidance will have on VF’s consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement", an update that modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The guidance will be effective for VF in the first quarter of Fiscal 2021 with early adoption permitted. The Company is evaluating the impact that adopting this guidance will have on VF's disclosures.
In August 2018, the FASB issued ASU No. 2018-14, "Compensation— Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans", an update that modifies the disclosure requirements for employers who sponsor defined benefit pension or other postretirement plans. The guidance will be effective for VF in Fiscal 2021 with early adoption permitted. The Company is evaluating the impact that adopting this guidance will have on VF's disclosures.
In August 2018, the FASB issued ASU No. 2018-15, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract", an update that aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance will be effective for VF in the first quarter of Fiscal 2021 with early adoption permitted. The Company is evaluating the impact that adopting this guidance will have on VF's consolidated financial statements.


11 VF Corporation Q2 FY20 Form 10-Q


NOTE 3REVENUES
The following table provides information about accounts receivable, contract assets and contract liabilities:
(In thousands)
 
September 2019
 
 
March 2019
 
September 2018
Accounts receivable, net
 
$
1,976,154

 
 
$
1,465,855

 
$
1,961,274

Contract assets (a)
 
2,433

 
 
2,569

 
999

Contract liabilities (b)
 
41,228

 
 
30,181

 
29,559

(a) 
Included in the other current assets line item in the Consolidated Balance Sheets.
(b) 
Included in the accrued liabilities and other liabilities line items in the Consolidated Balance Sheets.

For the three and six months ended September 2019, the Company recognized $20.3 million and $45.0 million, respectively, of revenue that was included in the contract liability balance during the periods. 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.
For the three and six months ended September 2019, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not material.
As of September 2019, the Company expects to recognize $60.7 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 through December 2024. The variable consideration related to licensing arrangements is not disclosed as a remaining performance obligation as it qualifies for the sales-based royalty exemption. VF has also elected the practical expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with an original expected duration of one year or less.
As of September 2019, 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. The wholesale channel includes fees generated from sourcing activities as the customers and point-in-time revenue recognition are similar to other wholesale arrangements.

Three Months Ended September 2019
 
(In thousands)
Outdoor
 
Active
 
Work
 
Other
 
Total
 
Channel revenues

 

 

 

 

 
Wholesale
$
1,175,422

 
$
709,770

 
$
392,906

 
$
15,172

 
$
2,293,270

 
Direct-to-consumer
347,684

 
697,627

 
37,115

 
2,898

 
1,085,324

 
Royalty
2,831

 
6,237

 
5,606

 

 
14,674

 
Total
$
1,525,937

 
$
1,413,634

 
$
435,627

 
$
18,070

 
$
3,393,268

 
 
 
 
 
 
 
 
 
 
 
 
Geographic revenues

 

 

 

 

 
United States
$
737,255

 
$
711,541

 
$
345,548

 
$

 
$
1,794,344

 
International
788,682

 
702,093

 
90,079

 
18,070

 
1,598,924

 
Total
$
1,525,937

 
$
1,413,634

 
$
435,627

 
$
18,070

 
$
3,393,268

 


VF Corporation Q2 FY20 Form 10-Q 12



 
Three Months Ended September 2018
(In thousands)
Outdoor
 
Active
 
Work
 
Other
 
Total
Channel revenues

 

 

 

 

Wholesale
$
1,130,716

 
$
684,028

 
$
413,453

 
$
1,265

 
$
2,229,462

Direct-to-consumer
332,548

 
610,672

 
33,357

 

 
976,577

Royalty
3,239

 
5,261

 
4,851

 

 
13,351

Total
$
1,466,503

 
$
1,299,961

 
$
451,661

 
$
1,265

 
$
3,219,390

 
 
 
 
 
 
 
 
 
 
Geographic revenues

 

 

 

 

United States
$
674,076

 
$
652,494

 
$
355,438

 
$
1,265

 
$
1,683,273

International
792,427

 
647,467

 
96,223

 

 
1,536,117

Total
$
1,466,503

 
$
1,299,961

 
$
451,661

 
$
1,265

 
$
3,219,390

 
Six Months Ended September 2019
 
(In thousands)
Outdoor
 
Active
 
Work
 
Other
 
Total
 
Channel revenues

 

 

 

 

 
Wholesale
$
1,517,178

 
$
1,369,912

 
$
770,454

 
$
17,980

 
$
3,675,524

 
Direct-to-consumer
614,026

 
1,263,514

 
77,967

 
6,352

 
1,961,859

 
Royalty
5,353

 
12,334

 
9,677

 

 
27,364

 
Total
$
2,136,557

 
$
2,645,760

 
$
858,098

 
$
24,332

 
$
5,664,747

 
 
 
 
 
 
 
 
 
 
 
 
Geographic revenues
 
 
 
 
 
 
 
 
 
 
United States
$
1,040,307

 
$
1,422,746

 
$
691,708

 
$

 
$
3,154,761

 
International
1,096,250

 
1,223,014

 
166,390

 
24,332

 
2,509,986

 
Total
$
2,136,557

 
$
2,645,760

 
$
858,098

 
$
24,332

 
$
5,664,747

 
 
Six Months Ended September 2018
(In thousands)
Outdoor
 
Active
 
Work
 
Other
 
Total
Channel revenues
 
 
 
 
 
 
 
 
 
Wholesale
$
1,440,492

 
$
1,338,876

 
$
794,817

 
$
9,570

 
$
3,583,755

Direct-to-consumer
588,512

 
1,086,208

 
70,195

 

 
1,744,915

Royalty
6,099

 
11,814

 
9,942

 

 
27,855

Total
$
2,035,103

 
$
2,436,898

 
$
874,954

 
$
9,570

 
$
5,356,525

 
 
 
 
 
 
 
 
 
 
Geographic revenues
 
 
 
 
 
 
 
 
 
United States
$
936,932

 
$
1,296,599

 
$
686,537

 
$
9,570

 
$
2,929,638

International
1,098,171

 
1,140,299

 
188,417

 

 
2,426,887

Total
$
2,035,103

 
$
2,436,898

 
$
874,954

 
$
9,570

 
$
5,356,525




13 VF Corporation Q2 FY20 Form 10-Q


NOTE 4ACQUISITIONS
Icebreaker

On April 3, 2018, VF acquired 100% of the stock of Icebreaker Holdings Limited ("Icebreaker") for NZ$274.4 million ($198.5 million) in cash, subject to working capital and other adjustments. The purchase price was primarily funded with short-term borrowings. The purchase price decreased NZ$1.4 million ($0.9 million) for the year ended March 2019, related to working capital adjustments, resulting in a revised purchase price of NZ$273.0 million ($197.6 million). The purchase price allocation was finalized during the three months ended March 2019.
 
Icebreaker was a privately held company based in Auckland, New Zealand. Icebreaker®, the primary brand, specializes in high-performance apparel based on natural fibers, including Merino wool, plant-based fibers and recycled fibers. It is an ideal complement to VF's Smartwool® brand, which also features Merino wool in its clothing and accessories. Together, the Smartwool® and Icebreaker® brands position VF as a global leader in the Merino wool and natural fiber categories.
The following table summarizes the estimated fair values of the Icebreaker assets acquired and liabilities assu