±«ÓãÖ±²¥

Annual report [Section 13 and 15(d), not S-K Item 405]

REPORTABLE SEGMENT INFORMATION

v3.25.1
REPORTABLE SEGMENT INFORMATION
 12 Months Ended
Mar. 29, 2025
Segment Reporting [Abstract] Ìý
REPORTABLE SEGMENT INFORMATION REPORTABLE SEGMENT INFORMATION
±«ÓãÖ±²¥'s President and Chief Executive Officer is the Company's CODM. The Company's individual global brands have been determined to be 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 ±«ÓãÖ±²¥'s reportable segments and the brands included within each:
REPORTABLE SEGMENT BRANDS
Outdoor - Outdoor apparel, footwear and equipment
The North Face®
Timberland®
Altra®
Smartwool®
Icebreaker®
Active - Active apparel, footwear and accessories
Vans®
Kipling®
Napapijri®
Eastpak®
JanSport®
Work - Performance and lifestyle workwear apparel and footwear
Dickies®
Timberland PRO®
Other - included in the table below for purposes of reconciliation of revenues and profit for the year ended March 2023, 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, if any, on our reportable segments, operating segments and reporting units.
The primary financial measures used by the CODM to assess performance and allocate resources to ±«ÓãÖ±²¥'s segments are segment revenues and segment profit. Segment profit comprises the operating income and other income (expense), net line items of each segment. Segment revenues and segment profit are regularly reviewed by the CODM and compared against historical results, forecast and budget information in order to make decisions about how to allocate capital and other resources to each segment.
Accounting policies used for internal management reporting at the individual segments are consistent with those in Note 1. Corporate costs (other than common costs allocated to the segments), goodwill and indefinite-lived intangible asset impairment charges and net interest expense 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 ±«ÓãÖ±²¥â€™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 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 receivable 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 ±«ÓãÖ±²¥â€™s reportable segments is as follows:
Year Ended March 2025
(In thousands) Outdoor Active Work Total
Revenues $ 5,576,301Ìý $ 3,095,292Ìý $ 833,098Ìý $ 9,504,691Ìý
Less:
Cost of goods sold
 2,627,678Ìý 1,312,186Ìý 479,116Ìý
SG&A expenses
 2,238,974Ìý 1,631,356Ìý 301,753Ìý
Other segment items (a)
14,748Ìý 1,092Ìý 918Ìý
Segment profit 724,397Ìý 152,842Ìý 53,147Ìý 930,386Ìý
Impairment of goodwill and indefinite-lived intangible assets (89,242)
Corporate and other expenses (546,740)
Interest expense, net (b)
(149,243)
Income from continuing operations before income taxes $ 145,161Ìý
(a)For each reportable segment, 'Other segment items' includes insurance recoveries, certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses, which are reported in the other income (expense), net line item in the Consolidated Statement of Operations.
(b)Interest expense and the related interest rate swap impact for the DDTL, which totaled $31.1Ìýmillion for the year ended March 2025, were allocated to discontinued operations due to the requirement within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.
Year Ended March 2024
(In thousands) Outdoor
Active
 Work Total
Revenues $ 5,501,399Ìý $ 3,522,740Ìý $ 891,539Ìý $ 9,915,678Ìý
Less:
Cost of goods sold 2,725,279Ìý 1,526,110Ìý 549,459Ìý
SG&A expenses 2,174,041Ìý 1,788,074Ìý 324,488Ìý
Other segment items (a)
629Ìý 28,973Ìý 55Ìý
Segment profit 602,708Ìý 237,529Ìý 17,647Ìý 857,884Ìý
Impairment of goodwill (507,566)
Corporate and other expenses (469,560)
Interest expense, net (b)
(165,679)
Loss from continuing operations before income taxes $ (284,921)
(a)For each reportable segment, 'Other segment items' includes certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses. For the Active reportable segment, 'Other segment items' also includes legal settlement gains of $29.1Ìýmillion. These are all reported in the other income (expense), net line item in the Consolidated Statement of Operations.
(b)Interest expense and the related interest rate swap impact for the DDTL, which totaled $59.1Ìýmillion for the year ended March 2024, were allocated to discontinued operations due to the requirement within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.
Year Ended March 2023
(In thousands) Outdoor Active Work Total
Segment revenues $ 5,647,526Ìý $ 4,381,506Ìý $ 1,060,179Ìý $ 11,089,211Ìý
Other revenues 148Ìý
Total revenues 11,089,359Ìý
Less:
Cost of goods sold 2,832,821Ìý 1,850,371Ìý 601,148Ìý
SG&A expenses 2,024,617Ìý 1,954,213Ìý 337,596Ìý
Other segment items (a)
(4,657) (1,376) (278)
Segment profit 785,431Ìý 575,546Ìý 121,157Ìý 1,482,134Ìý
Other profit (loss) (536)
Corporate and other expenses (600,148)
Interest expense, net (b)
(143,660)
Income from continuing operations before income taxes $ 737,790Ìý
(a)For each reportable segment, 'Other segment items' includes certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses which are reported in the other income (expense), net line item in the Consolidated Statement of Operations.
(b)Interest expense and the related interest rate swap impact for the DDTL, which totaled $21.9Ìýmillion for the year ended March 2023, were allocated to discontinued operations due to the requirement within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.
(In thousands) March 2025 March 2024 March 2023
Segment assets:
Outdoor $ 1,592,896Ìý $ 1,544,364Ìý $ 1,936,090Ìý
Active 934,768Ìý 955,535Ìý 1,271,590Ìý
Work 392,595Ìý 452,384Ìý 610,798Ìý
Other 28,429Ìý 8,869Ìý 15,055Ìý
Total segment assets 2,948,688Ìý 2,961,152Ìý 3,833,533Ìý
Cash and cash equivalents 429,382Ìý 656,376Ìý 799,441Ìý
Property, plant and equipment, net 720,879Ìý 788,992Ìý 910,938Ìý
Goodwill and intangible assets, net 2,314,093Ìý 2,421,838Ìý 2,946,391Ìý
Operating lease right-of-use assets 1,262,319Ìý 1,255,074Ìý 1,306,199Ìý
Other assets 1,702,175Ìý 1,703,664Ìý 2,288,643Ìý
Assets of discontinued operations —Ìý 1,825,867Ìý 1,905,343Ìý
Consolidated assets $ 9,377,536Ìý $ 11,612,963Ìý $ 13,990,488Ìý
Year Ended March
(In thousands) 2025 2024 2023
Depreciation, amortization and other asset write-downs:
Outdoor $ 106,732Ìý $ 103,586Ìý $ 94,448Ìý
Active 62,074Ìý 81,911Ìý 70,708Ìý
Work 14,736Ìý 13,620Ìý 12,524Ìý
Other 76,074Ìý 108,411Ìý 74,246Ìý
$ 259,616Ìý $ 307,528Ìý $ 251,926Ìý
Supplemental information (with revenues by geographic area primarily based on the origin of the shipment) is as follows:
Year Ended March
(In thousands) 2025 2024 2023
Total revenues:
U.S. $ 4,257,971Ìý $ 4,550,988Ìý $ 5,733,168Ìý
Foreign 5,246,720Ìý 5,364,690Ìý 5,356,191Ìý
$ 9,504,691Ìý $ 9,915,678Ìý $ 11,089,359Ìý
Property, plant and equipment:
U.S. $ 513,627Ìý $ 574,637Ìý
Foreign 207,252Ìý 214,355Ìý
$ 720,879Ìý $ 788,992Ìý
No single customer accounted for 10% or more of the Company’s total revenues in the years ended March 2025, 2024 and 2023.