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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended
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Mar. 28, 2020
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) |
(In thousands, except per share amounts) | First Quarter (a) (b) (c) |  | Second Quarter (a) (b) (c) (h) |  | Third Quarter (a) (b) (c) (f) |  | Fourth Quarter (a) (c) (d) (e) (g) (h) |  | Full Year |
Year Ended March 2020 |  |  |  |  |  |  |  |  |  |
Net revenues | $ | 2,050,654 |  |  | $ | 3,179,758 |  |  | $ | 3,155,723 |  |  | $ | 2,102,421 |  |  | $ | 10,488,556 |  |
Operating income (loss) | 95,965 |  |  | 548,562 |  |  | 540,039 |  |  | (256,761 | ) |  | 927,805 |  |
Income (loss) from continuing operations | 65,273 |  |  | 625,377 |  |  | 421,582 |  |  | (483,086 | ) |  | 629,146 |  |
Income (loss) from discontinued operations, net of tax | (16,052 | ) |  | 23,624 |  |  | 43,421 |  |  | (690 | ) |  | 50,303 |  |
Net income (loss) | $ | 49,221 |  |  | $ | 649,001 |  |  | $ | 465,003 |  |  | $ | (483,776 | ) |  | $ | 679,449 |  |
Earnings (loss) per common share - basic (m) |  |  |  |  |  |  |  |  |  |
Continuing operations | $ | 0.16 |  |  | $ | 1.57 |  |  | $ | 1.06 |  |  | $ | (1.23 | ) |  | $ | 1.59 |  |
Discontinued operations | (0.04 | ) |  | 0.06 |  |  | 0.11 |  |  | — |  |  | 0.13 |  |
Total earnings (loss) per common share - basic | $ | 0.12 |  |  | $ | 1.63 |  |  | $ | 1.17 |  |  | $ | (1.24 | ) |  | $ | 1.72 |  |
Earnings (loss) per common share - diluted (m) |  |  |  |  |  |  |  |  |  |
Continuing operations | $ | 0.16 |  |  | $ | 1.55 |  |  | $ | 1.05 |  |  | $ | (1.22 | ) |  | $ | 1.57 |  |
Discontinued operations | (0.04 | ) |  | 0.06 |  |  | 0.11 |  |  | — |  |  | 0.13 |  |
Total earnings (loss) per common share - diluted | $ | 0.12 |  |  | $ | 1.61 |  |  | $ | 1.16 |  |  | $ | (1.22 | ) |  | $ | 1.70 |  |
Dividends per common share | $ | 0.51 |  |  | $ | 0.43 |  |  | $ | 0.48 |  |  | $ | 0.48 |  |  | $ | 1.90 |  |
(In thousands, except per share amounts) | First Quarter (i) (l) |  | Second Quarter (i) (j) (l) |  | Third Quarter (i) (j) (l) |  | Fourth Quarter (i) (j) (k) (l) |  | Full Year |
Year Ended March 2019 |  |  |  |  |  |  |  |  |  |
Net revenues | $ | 1,924,421 |  |  | $ | 3,001,760 |  |  | $ | 2,983,297 |  |  | $ | 2,357,409 |  |  | $ | 10,266,887 |  |
Operating income | 76,543 |  |  | 510,736 |  |  | 476,543 |  |  | 126,360 |  |  | 1,190,182 |  |
Income from continuing operations | 29,409 |  |  | 390,563 |  |  | 374,833 |  |  | 75,621 |  |  | 870,426 |  |
Income from discontinued operations, net of tax | 130,949 |  |  | 116,558 |  |  | 88,676 |  |  | 53,183 |  |  | 389,366 |  |
Net income | $ | 160,358 |  |  | $ | 507,121 |  |  | $ | 463,509 |  |  | $ | 128,804 |  |  | $ | 1,259,792 |  |
Earnings per common share - basic (m) |  |  |  |  |  |  |  |  |  |
Continuing operations | $ | 0.07 |  |  | $ | 0.99 |  |  | $ | 0.95 |  |  | $ | 0.19 |  |  | $ | 2.20 |  |
Discontinued operations | 0.33 |  |  | 0.29 |  |  | 0.22 |  |  | 0.13 |  |  | 0.99 |  |
Total earnings per common share - basic | $ | 0.41 |  |  | $ | 1.28 |  |  | $ | 1.17 |  |  | $ | 0.33 |  |  | $ | 3.19 |  |
Earnings per common share - diluted (m) |  |  |  |  |  |  |  |  |  |
Continuing operations | $ | 0.07 |  |  | $ | 0.97 |  |  | $ | 0.94 |  |  | $ | 0.19 |  |  | $ | 2.17 |  |
Discontinued operations | 0.33 |  |  | 0.29 |  |  | 0.22 |  |  | 0.13 |  |  | 0.97 |  |
Total earnings per common share - diluted | $ | 0.40 |  |  | $ | 1.26 |  |  | $ | 1.16 |  |  | $ | 0.32 |  |  | $ | 3.15 |  |
Dividends per common share | $ | 0.46 |  |  | $ | 0.46 |  |  | $ | 0.51 |  |  | $ | 0.51 |  |  | $ | 1.94 |  |
(a) | VF recorded transaction and deal-related costs of $12.8 million ($9.7 million after-tax), $9.5 million ($6.8 million after-tax) and $0.1 million ($0.1 million after-tax) during the three months ended June 29, 2019, September 28, 2019 and March 28, 2020, respectively. The three months ended December 28, 2019 include an adjustment to tax expense of $10.2 million associated with the loss on sale for the divestiture of the Reef® brand. Full year transaction and deal-related costs totaled $22.4 million ($26.8 million after-tax). Transaction and deal-related costs include acquisition, integration and other costs related to the acquisitions of Icebreaker® and Altra® brands and separation and related expenses associated with the spin-off of the Jeans business and anticipated sale of the Occupational Workwear business that did not meet the criteria for discontinued operations.
(b) | VF recorded relocation costs of $15.0 million ($11.2 million after-tax), $15.7 million ($11.7 million after-tax) and $10.8 million ($8.0 million after-tax) during the three months ended June 29, 2019, September 28, 2019 and December 28, 2019, respectively. Full year relocation costs totaled $41.5 million ($30.9 million after-tax). Relocation costs primarily include costs associated with the relocation of VF's global headquarters and certain brands to Denver, Colorado.
(c) | VF recorded costs and operating results of jeanswear wind down activities in South America post the separation of Kontoor Brands and costs related to specified strategic business decisions to cease operations in Argentina and planned business model changes in certain other countries in South America, which totaled $2.0 million ($1.7 million after-tax), $2.2 million ($2.0 million after-tax), $5.4 million ($5.2 million after-tax) and $3.0 million ($3.2 million after-tax), during the three months ended June 29, 2019, September 28, 2019, December 28, 2019 and March 28, 2020, respectively. Full year specified strategic business costs totaled $12.6 million ($12.1 million after-tax). The three months ended March 28, 2020 also included a $48.3 million noncash non-operating charge related to the release of certain currency translation amounts associated with the substantial liquidation of foreign entities in certain countries in South America.
(d) | VF recorded $17.3 million ($17.3 million after-tax) of costs related to cost optimization activity indirectly related to the strategic review of the Occupational Workwear business in the three months ended March 28, 2020.
(e) | VF recognized a noncash goodwill impairment charge related to the Timberland reporting unit of $323.2 million ($322.9 million after-tax) during the three months ended March 28, 2020.
(f) | VF recorded a pension settlement charge of $22.9 million ($17.1 million after-tax) as a result of actions taken to reduce risk, volatility and the liability associated with VF's U.S. pension plan during the three months ended December 28, 2019.
(g) | VF recognized a total impact of debt extinguishment of $68.2 million ($56.9 million after-tax) during the three months ended March 28, 2020 as a result of the premiums, amortization and fees associated with cash tender offers for VF's outstanding 2033 and 2037 notes and the full redemption of VF's outstanding 2021 notes.
(h) | VF recorded a net tax benefit of $164.4 million and net tax expense of $70.8 million during the three months ended September 28, 2019 and March 28, 2020, respectively, related to the Swiss Tax Act. Full year impact of the Swiss Tax Act resulted in a net tax benefit of $93.6 million.
(i) | VF recorded transaction and deal-related costs of $16.0 million ($13.3 million after-tax), $37.3 million ($33.6 million after-tax), $11.8 million ($8.7 million after-tax) and $11.1 million ($8.6 million after-tax) during the three months ended June 30, 2018, September 29, 2018, December 29, 2018 and March 30, 2019, respectively. Full year transaction and deal-related costs totaled $76.2 million ($64.2 million after-tax). Transaction and deal-related costs include acquisition and integration costs related to the acquisitions of Williamson-Dickie and the Icebreaker® and Altra® brands, and divestiture costs related to the sale of the Reef® brand business. The costs also include separation and related expenses associated with the spin-off of the Jeans business that did not meet the criteria for discontinued operations and non-operating losses on sale related primarily to the divestitures of the Reef® brand and Van Moer business.
(j) | VF recorded relocation costs of $10.7 million ($8.0 million after-tax), $6.0 million ($4.4 million after-tax) and $30.7 million ($22.9 million after-tax) during the three months ended September 29, 2018, December 29, 2018 and March 30, 2019, respectively. Full year relocation costs totaled $47.4 million ($35.3 million after-tax). Relocation costs primarily include costs associated with the relocation of VF's global headquarters and certain brands to Denver, Colorado.
(k) | VF recorded costs related to strategic business decisions to cease operations in Argentina and planned business model changes in certain other countries in South America, which totaled $11.4 million ($11.3 million after-tax) during the three months ended March 30, 2019.
(l) | VF recorded a net tax benefit of $2.8 million, net tax expense of $15.8 million, net tax expense of $10.4 million and net tax expense of $13.9 million during the three months ended June 30, 2018, September 29, 2018, December 29, 2018 and March 30, 2019, respectively, related to measurement period adjustments related to the provisional net charge and subsequent adjustments related to published U.S. Tax Act regulations. Full year impact of the U.S. Tax Act resulted in net tax expense of $37.3 million.
(m) Per share amounts are computed independently for each quarter presented using unrounded numbers. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and rounding.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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