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(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
(Title of each class) | (Trading Symbol(s)) | (Name of each exchange on which registered) | ||||||
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☑ | Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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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.
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PAGE NUMBER | |||||
ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED). |
(In thousands, except share amounts) | September 2024 | March 2024 | September 2023 | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets | |||||||||||||||||||||||
Cash and equivalents
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$ |
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$ |
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$ |
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|||||||||||||||||
Accounts receivable, less allowance for doubtful accounts of: September 2024 - $
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Inventories
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Other current assets
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Current assets of discontinued operations
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Total current assets |
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Property, plant and equipment, net
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Intangible assets, net
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Goodwill
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Operating lease right-of-use assets
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Other assets
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Other assets of discontinued operations
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TOTAL ASSETS | $ |
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$ |
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$ |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Short-term borrowings
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$ |
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$ |
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$ |
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|||||||||||||||||
Current portion of long-term debt
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Accounts payable
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Accrued liabilities
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Current liabilities of discontinued operations
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Total current liabilities |
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Long-term debt
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Operating lease liabilities
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Other liabilities
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Other liabilities of discontinued operations
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Total liabilities |
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Commitments and contingencies
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Stockholders’ equity | |||||||||||||||||||||||
Preferred Stock, par value $
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Common Stock, stated value $
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Additional paid-in capital
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||||||||||||||||||||
Accumulated other comprehensive loss
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(
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(
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(
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||||||||||||||||||||
Accumulated deficit
|
(
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(
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(
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||||||||||||||||||||
Total stockholders’ equity |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ |
|
$ |
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$ |
|
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||
Net revenues
|
$ |
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$ |
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$ |
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$ |
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|||||||||||||||||||||||||||
Costs and operating expenses
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|||||||||||||||||||||||||||||||||||
Cost of goods sold
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Selling, general and administrative expenses
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Total costs and operating expenses
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|||||||||||||||||||||||||||||||
Operating income
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|||||||||||||||||||||||||||||||
Interest income
|
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|||||||||||||||||||||||||||||||
Interest expense
|
(
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(
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(
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(
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|||||||||||||||||||||||||||||||
Other income (expense), net
|
(
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(
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(
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(
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|||||||||||||||||||||||||||||||
Income from continuing operations before income taxes
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|||||||||||||||||||||||||||||||
Income tax expense
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|||||||||||||||||||||||||||||||
Income (loss) from continuing operations
|
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(
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(
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|||||||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax
|
(
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(
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|||||||||||||||||||||||||||||||
Net income (loss) | $ |
|
$ |
(
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$ |
(
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$ |
(
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|||||||||||||||||||||||||||
Earnings (loss) per common share - basic
|
|||||||||||||||||||||||||||||||||||
Continuing operations
|
$ |
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$ |
(
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$ |
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$ |
(
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|||||||||||||||||||||||||||
Discontinued operations
|
(
|
|
(
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|||||||||||||||||||||||||||||||
Total earnings (loss) per common share - basic | $ |
|
$ |
(
|
$ |
(
|
$ |
(
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|||||||||||||||||||||||||||
Earnings (loss) per common share - diluted | |||||||||||||||||||||||||||||||||||
Continuing operations
|
$ |
|
$ |
(
|
$ |
|
$ |
(
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|||||||||||||||||||||||||||
Discontinued operations
|
(
|
|
(
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|||||||||||||||||||||||||||||||
Total earnings (loss) per common share - diluted
|
$ |
|
$ |
(
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$ |
(
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$ |
(
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|||||||||||||||||||||||||||
Weighted average shares outstanding
|
|||||||||||||||||||||||||||||||||||
Basic
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Diluted
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Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss)
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
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|||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
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|||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation and other
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) arising during the period
|
(
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(
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|||||||||||||||||||||||||||||||||||||||||||||||||
Income tax effect
|
|
(
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(
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|||||||||||||||||||||||||||||||||||||||||||||||||
Defined benefit pension plans
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period actuarial gains |
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Amortization of net deferred actuarial losses
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Amortization of deferred prior service credits
|
(
|
(
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(
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(
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|||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of net actuarial loss from settlement charges
|
|
|
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|
|||||||||||||||||||||||||||||||||||||||||||||||||
Income tax effect
|
(
|
(
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(
|
(
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|||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) arising during the period
|
(
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Income tax effect
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of net (gains) losses realized
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Income tax effect
|
(
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
(
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss)
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
Six Months Ended September | |||||||||||||||||
(In thousands) | 2024 | 2023 | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net loss
|
$ |
(
|
$ |
(
|
|||||||||||||
Income (loss) from discontinued operations, net of tax
|
(
|
|
|||||||||||||||
Income (loss) from continuing operations, net of tax
|
|
(
|
|||||||||||||||
Adjustments to reconcile net loss to cash used by operating activities:
|
|||||||||||||||||
Depreciation and amortization
|
|
|
|||||||||||||||
Reduction in the carrying amount of right-of-use assets
|
|
|
|||||||||||||||
Stock-based compensation
|
|
|
|||||||||||||||
Provision for doubtful accounts
|
|
|
|||||||||||||||
Pension expense in excess of (less than) contributions
|
|
(
|
|||||||||||||||
Deferred income taxes
|
(
|
(
|
|||||||||||||||
Write-off of income tax receivables and interest
|
|
|
|||||||||||||||
Other, net
|
(
|
|
|||||||||||||||
Changes in operating assets and liabilities:
|
|||||||||||||||||
Accounts receivable
|
(
|
(
|
|||||||||||||||
Inventories
|
(
|
(
|
|||||||||||||||
Accounts payable
|
|
|
|||||||||||||||
Income taxes
|
(
|
|
|||||||||||||||
Accrued liabilities
|
|
|
|||||||||||||||
Operating lease right-of-use assets and liabilities
|
(
|
(
|
|||||||||||||||
Other assets and liabilities
|
|
(
|
|||||||||||||||
Cash used by operating activities - continuing operations
|
(
|
(
|
|||||||||||||||
Cash provided by operating activities - discontinued operations
|
|
|
|||||||||||||||
Cash used by operating activities
|
(
|
(
|
|||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Proceeds from sale of assets
|
|
|
|||||||||||||||
Capital expenditures
|
(
|
(
|
|||||||||||||||
Software purchases
|
(
|
(
|
|||||||||||||||
Other, net
|
(
|
(
|
|||||||||||||||
Cash used by investing activities - continuing operations
|
(
|
(
|
|||||||||||||||
Cash used by investing activities - discontinued operations
|
(
|
(
|
|||||||||||||||
Cash used by investing activities
|
(
|
(
|
|||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Net increase in short-term borrowings
|
|
|
|||||||||||||||
Payments on long-term debt
|
(
|
(
|
|||||||||||||||
Payment of debt issuance costs
|
|
(
|
|||||||||||||||
Cash dividends paid
|
(
|
(
|
|||||||||||||||
Proceeds from issuance of Common Stock, net of payments for tax withholdings
|
(
|
(
|
|||||||||||||||
Cash provided (used) by financing activities
|
|
(
|
|||||||||||||||
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash
|
|
(
|
|||||||||||||||
Net change in cash, cash equivalents and restricted cash
|
(
|
(
|
|||||||||||||||
Cash, cash equivalents and restricted cash – beginning of year
|
|
|
|||||||||||||||
Cash, cash equivalents and restricted cash – end of period
|
$ |
|
$ |
|
|||||||||||||
Six Months Ended September | |||||||||||||||||
(In thousands) | 2024 | 2023 | |||||||||||||||
Balances per Consolidated Balance Sheets: | |||||||||||||||||
Cash and cash equivalents | $ |
|
$ |
|
|||||||||||||
Other current assets |
|
|
|||||||||||||||
Current and other assets of discontinued operations |
|
|
|||||||||||||||
Other assets |
|
|
|||||||||||||||
Total cash, cash equivalents and restricted cash | $ |
|
$ |
|
Three Months Ended September 2024 | ||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
(In thousands, except share amounts) | Shares | Amounts | Total | |||||||||||||||||||||||||||||||||||
Balance, June 2024 |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||
Net income (loss)
|
— | — | — | — |
|
|
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Dividends on Common Stock ($
|
— | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||
Stock-based compensation, net
|
|
|
|
— |
(
|
|
||||||||||||||||||||||||||||||||
Foreign currency translation and other
|
— | — | — |
|
— |
|
||||||||||||||||||||||||||||||||
Defined benefit pension plans
|
— | — | — |
|
— |
|
||||||||||||||||||||||||||||||||
Derivative financial instruments
|
— | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||
Balance, September 2024 |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||
Three Months Ended September 2023 | ||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
(In thousands, except share amounts) | Shares | Amounts | Total | |||||||||||||||||||||||||||||||||||
Balance, June 2023 |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||
Net income (loss)
|
— | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||
Dividends on Common Stock ($
|
— | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||
Stock-based compensation, net
|
|
|
|
— |
(
|
|
||||||||||||||||||||||||||||||||
Foreign currency translation and other
|
— | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||
Defined benefit pension plans
|
— | — | — |
|
— |
|
||||||||||||||||||||||||||||||||
Derivative financial instruments
|
— | — | — |
|
— |
|
||||||||||||||||||||||||||||||||
Balance, September 2023 |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
Six Months Ended September 2024 | ||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
(In thousands, except share amounts) | Shares | Amounts | Total | |||||||||||||||||||||||||||||||||||
Balance, March 2024 |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||
Net income (loss)
|
— | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||
Dividends on Common Stock ($
|
— | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||
Stock-based compensation, net
|
|
|
|
— |
(
|
|
||||||||||||||||||||||||||||||||
Foreign currency translation and other
|
— | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||
Defined benefit pension plans
|
— | — | — |
|
— |
|
||||||||||||||||||||||||||||||||
Derivative financial instruments
|
— | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||
Balance, September 2024 |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||
Six Months Ended September 2023 | ||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
(In thousands, except share amounts) | Shares | Amounts | Total | |||||||||||||||||||||||||||||||||||
Balance, March 2023 |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Net income (loss)
|
— | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||
Dividends on Common Stock ($
|
— | — |
(
|
— |
(
|
(
|
||||||||||||||||||||||||||||||||
Stock-based compensation, net
|
|
|
|
— |
(
|
|
||||||||||||||||||||||||||||||||
Foreign currency translation and other
|
— | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||
Defined benefit pension plans
|
— | — | — |
|
— |
|
||||||||||||||||||||||||||||||||
Derivative financial instruments
|
— | — | — |
|
— |
|
||||||||||||||||||||||||||||||||
Balance, September 2023 |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | PAGE NUMBER | |||||||
NOTE 1 | ||||||||
NOTE 2 | ||||||||
NOTE 3 | ||||||||
NOTE 4 | ||||||||
NOTE 5 | ||||||||
NOTE 6 | ||||||||
NOTE 7 | ||||||||
NOTE 8 | ||||||||
NOTE 9 | ||||||||
NOTE 10 | ||||||||
NOTE 11 | ||||||||
NOTE 12 | ||||||||
NOTE 13 | ||||||||
NOTE 14 | ||||||||
NOTE 15 | ||||||||
NOTE 16 | ||||||||
NOTE 17 | ||||||||
NOTE 18 | ||||||||
NOTE 19 |
(In thousands) | September 2024 | March 2024 | September 2023 | ||||||||||||||||||||
Contract assets
(a)
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||
Contract liabilities
(b)
|
|
|
|
Three Months Ended September 2024 | ||||||||||||||||||||||||||||||||
(In thousands) | Outdoor | Active | Work | Total | ||||||||||||||||||||||||||||
Channel revenues | ||||||||||||||||||||||||||||||||
Wholesale | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Direct-to-consumer |
|
|
|
|
||||||||||||||||||||||||||||
Royalty |
|
|
|
|
||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Geographic revenues | ||||||||||||||||||||||||||||||||
Americas | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Europe |
|
|
|
|
||||||||||||||||||||||||||||
Asia-Pacific |
|
|
|
|
||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended September 2023 | |||||||||||||||||||||||||||||
(In thousands) | Outdoor | Active | Work | Total | |||||||||||||||||||||||||
Channel revenues | |||||||||||||||||||||||||||||
Wholesale | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
Direct-to-consumer |
|
|
|
|
|||||||||||||||||||||||||
Royalty |
|
|
|
|
|||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
Geographic revenues | |||||||||||||||||||||||||||||
Americas | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
Europe |
|
|
|
|
|||||||||||||||||||||||||
Asia-Pacific |
|
|
|
|
|||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
Six Months Ended September 2024 | ||||||||||||||||||||||||||||||||
(In thousands) | Outdoor | Active | Work | Total | ||||||||||||||||||||||||||||
Channel revenues | ||||||||||||||||||||||||||||||||
Wholesale | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Direct-to-consumer |
|
|
|
|
||||||||||||||||||||||||||||
Royalty |
|
|
|
|
||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Geographic revenues | ||||||||||||||||||||||||||||||||
Americas | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||
Europe |
|
|
|
|
||||||||||||||||||||||||||||
Asia-Pacific |
|
|
|
|
||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
Six Months Ended September 2023 | |||||||||||||||||||||||||||||
(In thousands) | Outdoor | Active | Work | Total | |||||||||||||||||||||||||
Channel revenues | |||||||||||||||||||||||||||||
Wholesale | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
Direct-to-consumer |
|
|
|
|
|||||||||||||||||||||||||
Royalty |
|
|
|
|
|||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
Geographic revenues | |||||||||||||||||||||||||||||
Americas | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
Europe |
|
|
|
|
|||||||||||||||||||||||||
Asia-Pacific |
|
|
|
|
|||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||
Net revenues | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Cost of goods sold |
|
|
|
|
|||||||||||||||||||||||||||||||
Selling, general and administrative expenses |
|
|
|
|
|||||||||||||||||||||||||||||||
Impairment of goodwill and intangible assets |
|
|
|
|
|||||||||||||||||||||||||||||||
Interest expense, net
(a)
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||
Other income (expense), net |
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||
Income (loss) from discontinued operations before income taxes |
(
|
(
|
(
|
|
|||||||||||||||||||||||||||||||
Estimated loss on the sale of discontinued operations before income taxes |
(
|
|
(
|
|
|||||||||||||||||||||||||||||||
Total income (loss) from discontinued operations before income taxes |
(
|
(
|
(
|
|
|||||||||||||||||||||||||||||||
Income tax expense (benefit) |
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | $ |
(
|
$ |
|
$ |
(
|
$ |
|
(In thousands) | September 2024 | March 2024 | September 2023 | ||||||||||||||||||||
Cash and equivalents | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Accounts receivable, net |
|
|
|
||||||||||||||||||||
Inventories |
|
|
|
||||||||||||||||||||
Other current assets |
|
|
|
||||||||||||||||||||
Property, plant and equipment, net |
|
|
|
||||||||||||||||||||
Intangible assets, net |
|
|
|
||||||||||||||||||||
Goodwill |
|
|
|
||||||||||||||||||||
Operating lease right-of-use assets |
|
|
|
||||||||||||||||||||
Other assets |
|
|
|
||||||||||||||||||||
Deferred income tax assets
(a)
|
(
|
(
|
(
|
||||||||||||||||||||
Allowance to reduce assets to estimated fair value, less costs to sell |
(
|
|
|
||||||||||||||||||||
Total assets of discontinued operations | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Accounts payable | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Accrued liabilities |
|
|
|
||||||||||||||||||||
Operating lease liabilities |
|
|
|
||||||||||||||||||||
Other liabilities |
|
|
|
||||||||||||||||||||
Total liabilities of discontinued operations | $ |
|
$ |
|
$ |
|
(In thousands) | September 2024 | March 2024 | September 2023 | ||||||||||||||||||||
Finished products | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Work-in-process |
|
|
|
||||||||||||||||||||
Raw materials |
|
|
|
||||||||||||||||||||
Total inventories | $ |
|
$ |
|
$ |
|
September 2024 | March 2024 | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Weighted
Average Amortization Period |
Amortization
Method |
Cost |
Accumulated
Amortization |
Net
Carrying Amount |
Net
Carrying Amount |
||||||||||||||||||||||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||||||||||||||||||||||
Customer relationships and other |
|
Accelerated | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||||||||||||||||||||
Trademarks and trade names |
|
|
||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | $ |
|
$ |
|
(In thousands) | Outdoor | Active | Work | Total | ||||||||||||||||||||||
Balance, March 2024 | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Foreign currency translation |
|
|
|
|
||||||||||||||||||||||
Balance, September 2024 | $ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||
Operating lease cost | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Other lease cost |
|
|
|
|
|||||||||||||||||||||||||||||||
Total lease cost | $ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||
Service cost – benefits earned during the period | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Interest cost on projected benefit obligations |
|
|
|
|
|||||||||||||||||||||||||||||||
Expected return on plan assets |
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||
Settlement charges |
|
|
|
|
|||||||||||||||||||||||||||||||
Amortization of deferred amounts: | |||||||||||||||||||||||||||||||||||
Net deferred actuarial losses |
|
|
|
|
|||||||||||||||||||||||||||||||
Deferred prior service credits |
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||
Net periodic pension cost | $ |
|
$ |
|
$ |
|
$ |
|
(In thousands) | September 2024 | March 2024 | September 2023 | ||||||||||||||||||||
Foreign currency translation and other | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||
Defined benefit pension plans |
(
|
(
|
(
|
||||||||||||||||||||
Derivative financial instruments |
(
|
(
|
|
||||||||||||||||||||
Accumulated other comprehensive loss | $ |
(
|
$ |
(
|
$ |
(
|
Three Months Ended September 2024 | ||||||||||||||||||||||||||
(In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total | ||||||||||||||||||||||
Balance, June 2024 | $ |
(
|
$ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||
Other comprehensive income (loss) before reclassifications
|
|
(
|
(
|
(
|
||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
|
|
|
|
||||||||||||||||||||||
Net other comprehensive income (loss)
|
|
|
(
|
(
|
||||||||||||||||||||||
Balance, September 2024 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
Three Months Ended September 2023 | ||||||||||||||||||||||||||
(In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total | ||||||||||||||||||||||
Balance, June 2023 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||
Other comprehensive income (loss) before reclassifications
|
(
|
|
|
|
||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
|
|
(
|
(
|
||||||||||||||||||||||
Net other comprehensive income (loss)
|
(
|
|
|
|
||||||||||||||||||||||
Balance, September 2023 | $ |
(
|
$ |
(
|
$ |
|
$ |
(
|
Six Months Ended September 2024 | ||||||||||||||||||||||||||
(In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total | ||||||||||||||||||||||
Balance, March 2024 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||
Other comprehensive loss before reclassifications |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
|
|
|
|
||||||||||||||||||||||
Net other comprehensive income (loss)
|
(
|
|
(
|
(
|
||||||||||||||||||||||
Balance, September 2024 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
Six Months Ended September 2023 | ||||||||||||||||||||||||||
(In thousands) | Foreign Currency Translation and Other | Defined Benefit Pension Plans | Derivative Financial Instruments | Total | ||||||||||||||||||||||
Balance, March 2023 | $ |
(
|
$ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||
Other comprehensive income (loss) before reclassifications
|
(
|
|
|
|
||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
|
|
(
|
(
|
||||||||||||||||||||||
Net other comprehensive income (loss)
|
(
|
|
|
|
||||||||||||||||||||||
Balance, September 2023 | $ |
(
|
$ |
(
|
$ |
|
$ |
(
|
(In thousands) | Three Months Ended September | Six Months Ended September | |||||||||||||||||||||||||||||||||||||||
Details About Accumulated Other Comprehensive Loss Components | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension plans: | |||||||||||||||||||||||||||||||||||||||||
Net deferred actuarial losses
|
Other income (expense), net | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||||||||
Deferred prior service credits
|
Other income (expense), net |
|
|
|
|
||||||||||||||||||||||||||||||||||||
Pension settlement charges
|
Other income (expense), net |
|
(
|
|
(
|
||||||||||||||||||||||||||||||||||||
Total before tax
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||
Tax benefit
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Net of tax
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||
Gains (losses) on derivative financial instruments: | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
Net revenues |
(
|
(
|
(
|
|
||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
Cost of goods sold |
(
|
|
(
|
|
||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
Selling, general and administrative expenses |
(
|
|
(
|
|
||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
Other income (expense), net |
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||
Interest rate contracts
|
Interest expense |
|
|
|
|
||||||||||||||||||||||||||||||||||||
Interest rate contracts
|
Income (loss) from discontinued operations, net of tax |
|
|
|
|
||||||||||||||||||||||||||||||||||||
Total before tax
|
(
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||
Tax benefit (expense)
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||||||||||
Net of tax
|
(
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ |
(
|
$ |
|
$ |
(
|
$ |
|
Six Months Ended September 2024 | |||||||||||
Expected volatility |
|
||||||||||
Weighted average expected volatility |
|
||||||||||
Expected term (in years) |
|
||||||||||
Weighted average dividend yield |
|
||||||||||
Risk-free interest rate |
|
||||||||||
Weighted average fair value at date of grant |
$
|
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||
Segment revenues: | |||||||||||||||||||||||||||||||||||
Outdoor | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Active |
|
|
|
|
|||||||||||||||||||||||||||||||
Work |
|
|
|
|
|||||||||||||||||||||||||||||||
Total segment revenues | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||
Outdoor | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Active |
|
|
|
|
|||||||||||||||||||||||||||||||
Work |
|
|
|
|
|||||||||||||||||||||||||||||||
Total segment profit |
|
|
|
|
|||||||||||||||||||||||||||||||
Corporate and other expenses |
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||
Interest expense, net
(a)
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||
Income from continuing operations before income taxes
|
$ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||
Earnings (loss) per share – basic:
|
|||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||||||||||||||
Weighted average common shares outstanding
|
|
|
|
|
|||||||||||||||||||||||||||||||
Earnings (loss) per share from continuing operations
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||||||||||||||
Earnings (loss) per share – diluted:
|
|||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||||||||||||||
Weighted average common shares outstanding
|
|
|
|
|
|||||||||||||||||||||||||||||||
Incremental shares from stock options and other dilutive securities
|
|
|
|
|
|||||||||||||||||||||||||||||||
Adjusted weighted average common shares outstanding
|
|
|
|
|
|||||||||||||||||||||||||||||||
Earning (loss) per share from continuing operations
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
Total Fair Value |
Fair Value Measurement Using
(a)
|
|||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
September 2024 | ||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Time deposits |
|
|
|
|
||||||||||||||||||||||
Derivative financial instruments |
|
|
|
|
||||||||||||||||||||||
Deferred compensation and other |
|
|
|
|
||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Derivative financial instruments |
|
|
|
|
||||||||||||||||||||||
Deferred compensation |
|
|
|
|
||||||||||||||||||||||
Contingent consulting fees |
|
|
|
|
||||||||||||||||||||||
Total Fair Value |
Fair Value Measurement Using
(a)
|
|||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
March 2024 | ||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Money market funds | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Time deposits |
|
|
|
|
||||||||||||||||||||||
Derivative financial instruments |
|
|
|
|
||||||||||||||||||||||
Deferred compensation and other |
|
|
|
|
||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Derivative financial instruments |
|
|
|
|
||||||||||||||||||||||
Deferred compensation |
|
|
|
|
||||||||||||||||||||||
Fair Value of Derivatives
with Unrealized Gains |
Fair Value of Derivatives
with Unrealized Losses |
||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | September 2024 | March 2024 | September 2023 | September 2024 | March 2024 | September 2023 | |||||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||||||||||||||||
Interest rate contracts |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments |
|
|
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts |
|
|
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||
Total derivatives
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
September 2024 | March 2024 | September 2023 | |||||||||||||||||||||||||||||||||||||||
(In thousands) |
Derivative
Asset |
Derivative
Liability |
Derivative
Asset |
Derivative
Liability |
Derivative
Asset |
Derivative
Liability |
|||||||||||||||||||||||||||||||||||
Gross amounts presented in the Consolidated Balance Sheets
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||||||||||||||||
Gross amounts not offset in the Consolidated Balance Sheets
|
(
|
|
(
|
|
(
|
|
|||||||||||||||||||||||||||||||||||
Net amounts
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
(In thousands) | September 2024 | March 2024 | September 2023 | |||||||||||||||||||||||
Derivative Instruments | Balance Sheet Location | |||||||||||||||||||||||||
Foreign exchange contracts | Other current assets | $ |
|
$ |
|
$ |
|
|||||||||||||||||||
Foreign exchange contracts | Accrued liabilities |
(
|
(
|
(
|
||||||||||||||||||||||
Foreign exchange contracts | Other assets |
|
|
|
||||||||||||||||||||||
Foreign exchange contracts | Other liabilities |
(
|
(
|
(
|
||||||||||||||||||||||
Interest rate contracts | Other current assets |
|
|
|
||||||||||||||||||||||
Interest rate contracts | Other assets |
|
|
|
||||||||||||||||||||||
(In thousands) |
Gain (Loss) on Derivatives
Recognized in Accumulated OCL Three Months Ended September |
Gain (Loss) on Derivatives
Recognized in Accumulated OCL
Six Months Ended September
|
|||||||||||||||||||||||||||||||||
Cash Flow Hedging Relationships | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||
Foreign exchange contracts | $ |
(
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||
Interest rate contracts |
(
|
|
|
|
|||||||||||||||||||||||||||||||
Total | $ |
(
|
$ |
|
$ |
(
|
$ |
|
(In thousands) |
Gain (Loss) Reclassified from
Accumulated OCL into Net Income (Loss) Three Months Ended September |
Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss)
Six Months Ended September
|
||||||||||||||||||||||||||||||||||||
Cash Flow Hedging Relationships | Location of Gain (Loss) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net revenues | $ |
(
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||
Foreign exchange contracts | Cost of goods sold |
(
|
|
(
|
|
|||||||||||||||||||||||||||||||||
Foreign exchange contracts | Selling, general and administrative expenses |
(
|
|
(
|
|
|||||||||||||||||||||||||||||||||
Foreign exchange contracts | Other income (expense), net |
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||
Interest rate contracts | Interest expense |
|
|
|
|
|||||||||||||||||||||||||||||||||
Interest rate contracts | Income (loss) from discontinued operations, net of tax |
|
|
|
|
|||||||||||||||||||||||||||||||||
Total | $ |
(
|
$ |
|
$ |
(
|
$ |
|
(In thousands) | Three Months Ended September 2024 | Six Months Ended September 2024 |
Cumulative Charges
|
|||||||||||||||||||||||
Type of Cost | Statement of Operations Location | |||||||||||||||||||||||||
Severance and employee-related benefits | Selling, general and administrative expenses | $ |
|
$ |
|
$ |
|
|||||||||||||||||||
Severance and employee-related benefits | Cost of goods sold |
|
|
|
||||||||||||||||||||||
Contract termination and other | Selling, general and administrative expenses |
|
|
|
||||||||||||||||||||||
Contract termination and other | Cost of goods sold |
|
|
|
||||||||||||||||||||||
Asset impairments and write-downs | Selling, general and administrative expenses |
|
|
|
||||||||||||||||||||||
Pension withdrawal | Selling, general and administrative expenses |
|
|
|
||||||||||||||||||||||
Accelerated depreciation | Selling, general and administrative expenses |
|
|
|
||||||||||||||||||||||
Accelerated depreciation | Cost of goods sold |
|
|
|
||||||||||||||||||||||
Total Reinvent Restructuring Charges | $ |
|
$ |
|
$ |
|
Three Months Ended September | Six Months Ended September | |||||||||||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||
Type of Cost | Statement of Operations Location | |||||||||||||||||||||||||||||||||||||
Severance and employee-related benefits | Selling, general and administrative expenses | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||
Contract termination and other | Selling, general and administrative expenses |
|
|
|
|
|||||||||||||||||||||||||||||||||
Total Other Restructuring Charges | $ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||
Outdoor | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Active |
|
|
|
|
|||||||||||||||||||||||||||||||
Work |
|
|
|
|
|||||||||||||||||||||||||||||||
Corporate and other |
|
|
|
|
|||||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
(In thousands) | Severance | Other | Total | |||||||||||||||||
Accrual at March 2024 | $ |
|
$ |
|
$ |
|
||||||||||||||
Charges |
|
|
|
|||||||||||||||||
Cash payments and settlements |
(
|
(
|
(
|
|||||||||||||||||
Adjustments to accruals |
(
|
|
(
|
|||||||||||||||||
Impact of foreign currency |
|
|
|
|||||||||||||||||
Accrual at September 2024 | $ |
|
$ |
|
$ |
|
ITEM 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
RECENT DEVELOPMENTS |
SUMMARY
OF THE SECOND QUARTER OF FISCAL 2025
|
ANALYSIS OF RESULTS OF OPERATIONS
|
Consolidated Statements of Operations
|
(In millions) | Three Months Ended September | Six Months Ended September | |||||||||||||||
Net revenues — 2023 | $ | 2,920.1 | $ | 4,888.2 | |||||||||||||
Organic | (173.7) | (361.6) | |||||||||||||||
Impact of foreign currency | 11.5 | 0.4 | |||||||||||||||
Net revenues — 2024 | $ | 2,757.9 | $ | 4,527.0 |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||
Gross margin (net revenues less cost of goods sold) | 52.2 | % | 51.0 | % | 51.8 | % | 51.5 | % | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 42.3 | 39.0 | 48.5 | 44.9 | |||||||||||||||||||||||||||||||
Operating margin | 9.9 | % | 12.0 | % | 3.3 | % | 6.6 | % |
Information by Reportable Segment
|
Three Months Ended September | ||||||||||||||||||||||||||||||||
(In millions) | Outdoor | Active | Work | Total | ||||||||||||||||||||||||||||
Segment revenues — 2023 | $ | 1,713.7 | $ | 968.2 | $ | 238.3 | $ | 2,920.1 | ||||||||||||||||||||||||
Organic | (65.9) | (89.0) | (18.8) | (173.7) | ||||||||||||||||||||||||||||
Impact of foreign currency | 10.9 | 0.6 | — | 11.5 | ||||||||||||||||||||||||||||
Segment revenues — 2024 | $ | 1,658.7 | $ | 879.8 | $ | 219.5 | $ | 2,757.9 | ||||||||||||||||||||||||
Six Months Ended September | ||||||||||||||||||||||||||||||||
(In millions) | Outdoor | Active | Work | Total | ||||||||||||||||||||||||||||
Segment revenues — 2023 | $ | 2,543.4 | $ | 1,915.9 | $ | 428.9 | $ | 4,888.2 | ||||||||||||||||||||||||
Organic | (98.7) | (229.2) | (33.6) | (361.6) | ||||||||||||||||||||||||||||
Impact of foreign currency | 4.2 | (3.0) | (0.8) | 0.4 | ||||||||||||||||||||||||||||
Segment revenues — 2024 | $ | 2,448.9 | $ | 1,683.7 | $ | 394.5 | $ | 4,527.0 | ||||||||||||||||||||||||
Three Months Ended September | ||||||||||||||||||||||||||||||||
(In millions) | Outdoor | Active | Work | Total | ||||||||||||||||||||||||||||
Segment profit — 2023 | $ | 296.8 | $ | 121.2 | $ | 8.5 | $ | 426.5 | ||||||||||||||||||||||||
Organic | (13.7) | (18.2) | 11.8 | (20.1) | ||||||||||||||||||||||||||||
Impact of foreign currency | 4.3 | 0.7 | 0.1 | 5.1 | ||||||||||||||||||||||||||||
Segment profit — 2024 | $ | 287.4 | $ | 103.7 | $ | 20.4 | $ | 411.5 | ||||||||||||||||||||||||
Six Months Ended September | ||||||||||||||||||||||||||||||||
(In millions) | Outdoor | Active | Work | Total | ||||||||||||||||||||||||||||
Segment profit — 2023 | $ | 253.1 | $ | 222.3 | $ | 15.3 | $ | 490.8 | ||||||||||||||||||||||||
Organic | (52.6) | (50.0) | 10.3 | (92.4) | ||||||||||||||||||||||||||||
Impact of foreign currency | 3.5 | 0.5 | 0.1 | 4.1 | ||||||||||||||||||||||||||||
Segment profit — 2024 | $ | 204.0 | $ | 172.8 | $ | 25.7 | $ | 402.5 | ||||||||||||||||||||||||
Top Brand Revenues: | ||||||||||||||||||||||||||||||||
Three Months Ended September 2024 | ||||||||||||||||||||||||||||||||
(In millions) |
The North Face
®
|
Vans
®
|
Timberland
®
(a)
|
Dickies
®
|
Total | |||||||||||||||||||||||||||
Americas | $ | 465.5 | $ | 405.2 | $ | 199.0 | $ | 103.0 | $ | 1,172.7 | ||||||||||||||||||||||
Europe | 400.6 | 202.7 | 208.9 | 34.6 | 846.8 | |||||||||||||||||||||||||||
Asia-Pacific | 225.3 | 59.5 | 67.5 | 14.7 | 367.0 | |||||||||||||||||||||||||||
Global | $ | 1,091.4 | $ | 667.4 | $ | 475.3 | $ | 152.4 | $ | 2,386.5 | ||||||||||||||||||||||
Three Months Ended September 2023 | ||||||||||||||||||||||||||||||||
(In millions) |
The North Face
®
|
Vans
®
|
Timberland
®
(a)
|
Dickies
®
|
Total | |||||||||||||||||||||||||||
Americas | $ | 539.5 | $ | 449.9 | $ | 207.0 | $ | 120.0 | $ | 1,316.4 | ||||||||||||||||||||||
Europe | 401.7 | 217.8 | 216.2 | 33.9 | 869.6 | |||||||||||||||||||||||||||
Asia-Pacific | 187.7 | 81.1 | 65.4 | 17.5 | 351.7 | |||||||||||||||||||||||||||
Global | $ | 1,128.8 | $ | 748.8 | $ | 488.6 | $ | 171.4 | $ | 2,537.6 | ||||||||||||||||||||||
Six Months Ended September 2024 | ||||||||||||||||||||||||||||||||
(In millions) |
The North Face
®
|
Vans
®
|
Timberland
®
(a)
|
Dickies
®
|
Total | |||||||||||||||||||||||||||
Americas | $ | 716.0 | $ | 753.5 | $ | 312.1 | $ | 189.5 | $ | 1,971.1 | ||||||||||||||||||||||
Europe | 560.7 | 357.0 | 293.8 | 53.2 | 1,264.7 | |||||||||||||||||||||||||||
Asia-Pacific | 338.9 | 138.8 | 98.9 | 26.5 | 603.1 | |||||||||||||||||||||||||||
Global | $ | 1,615.6 | $ | 1,249.3 | $ | 704.8 | $ | 269.2 | $ | 3,838.9 | ||||||||||||||||||||||
Six Months Ended September 2023 | ||||||||||||||||||||||||||||||||
(In millions) |
The North Face
®
|
Vans
®
|
Timberland
®
(a)
|
Dickies
®
|
Total | |||||||||||||||||||||||||||
Americas | $ | 819.4 | $ | 916.2 | $ | 318.3 | $ | 219.6 | $ | 2,273.5 | ||||||||||||||||||||||
Europe | 572.8 | 377.0 | 316.9 | 52.9 | 1,319.6 | |||||||||||||||||||||||||||
Asia-Pacific | 274.8 | 193.2 | 107.3 | 35.5 | 610.8 | |||||||||||||||||||||||||||
Global | $ | 1,667.0 | $ | 1,486.3 | $ | 742.5 | $ | 308.1 | $ | 4,203.9 | ||||||||||||||||||||||
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2024 | 2023 |
Percent
Change |
2024 | 2023 |
Percent
Change |
|||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | 1,658.7 | $ | 1,713.7 | (3.2) | % | $ | 2,448.9 | $ | 2,543.4 | (3.7) | % | |||||||||||||||||||||||||||||||||||
Segment profit | 287.4 | 296.8 | (3.1) | % | 204.0 | 253.1 | (19.4) | % | |||||||||||||||||||||||||||||||||||||||
Operating margin | 17.3 | % | 17.3 | % | 8.3 | % | 10.0 | % |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2024 | 2023 |
Percent
Change |
2024 | 2023 |
Percent
Change |
|||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | 879.8 | $ | 968.2 | (9.1) | % | $ | 1,683.7 | $ | 1,915.9 | (12.1) | % | |||||||||||||||||||||||||||||||||||
Segment profit | 103.7 | 121.2 | (14.5) | % | 172.8 | 222.3 | (22.3) | % | |||||||||||||||||||||||||||||||||||||||
Operating margin | 11.8 | % | 12.5 | % | 10.3 | % | 11.6 | % |
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2024 | 2023 |
Percent
Change |
2024 | 2023 |
Percent
Change |
|||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | 219.5 | $ | 238.3 | (7.9) | % | $ | 394.5 | $ | 428.9 | (8.0) | % | |||||||||||||||||||||||||||||||||||
Segment profit | 20.4 | 8.5 | 139.7 | % | 25.7 | 15.3 | 67.7 | % | |||||||||||||||||||||||||||||||||||||||
Operating margin | 9.3 | % | 3.6 | % | 6.5 | % | 3.6 | % |
Reconciliation of Segment Profit to Income From Continuing Operations Before Income Taxes
|
Three Months Ended September | Six Months Ended September | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2024 | 2023 |
Percent
Change |
2024 | 2023 |
Percent
Change |
|||||||||||||||||||||||||||||||||||||||||
Corporate and other expenses | $ | 138.2 | $ | 78.1 | 77.0 | % | $ | 253.8 | $ | 175.9 | 44.3 | % | |||||||||||||||||||||||||||||||||||
Interest expense, net | 42.7 | 41.1 | 3.8 | % | 83.6 | 76.7 | 9.1 | % | |||||||||||||||||||||||||||||||||||||||
International
|
Direct-to-Consumer
|
Wholesale
|
ANALYSIS OF FINANCIAL CONDITION |
Consolidated Balance Sheets
|
Liquidity and Capital Resources
|
September | March | September | |||||||||||||||||||||
(Dollars in millions) | 2024 | 2024 | 2023 | ||||||||||||||||||||
Working capital | $33.2 | $733.6 | $1,657.1 | ||||||||||||||||||||
Current ratio | 1.0 to 1 | 1.2 to 1 | 1.5 to 1 | ||||||||||||||||||||
Net debt to total capital | 83.6% | 80.1% | 77.4% |
Six Months Ended September | |||||||||||||||||
(In thousands) | 2024 | 2023 | |||||||||||||||
Cash used by operating activities | $ | (301,823) | $ | (60,720) | |||||||||||||
Cash used by investing activities | (16,421) | (145,728) | |||||||||||||||
Cash provided (used) by financing activities | 125,974 | (125,901) |
Recent Accounting Pronouncements
|
Critical Accounting Policies and Estimates
|
Cautionary Statement on Forward-looking Statements
|
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
ITEM 4 — CONTROLS AND PROCEDURES. |
ITEM 1 — LEGAL PROCEEDINGS. |
ITEM 1A — RISK FACTORS. |
BUSINESS AND OPERATIONAL RISKS |
ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
Second Quarter Fiscal 2025 |
Total
Number of Shares Purchased |
Weighted
Average Price Paid per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Programs |
Dollar Value
of Shares that May Yet be Purchased Under the Program |
||||||||||||||||||||||
June 30 - July 27, 2024 | — | $ | — | — | $ | 2,486,971,057 | ||||||||||||||||||||
July 28 - August 24, 2024 | — | — | — | 2,486,971,057 | ||||||||||||||||||||||
August 25 - September 28, 2024 | — | — | — | 2,486,971,057 | ||||||||||||||||||||||
Total | — | — |
ITEM 5 — OTHER INFORMATION. |
RULE 10B5-1 TRADING PLANS |
ITEM 6 — EXHIBITS. |
1996 Stock Compensation Plan, as amended and restated as of May 14, 2024 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed July 24, 2024) | |||||
Form of Award Certificate for Performance-Based Restricted Stock Units (Incorporated by reference to Exhibit 10.4 to Form 10-Q for the quarter ended June 29, 2024) | |||||
Form of Award Certificate for Stock Units for Non-Employee Directors (Incorporated by reference to Exhibit 10.5 to Form 10-Q for the quarter ended June 29, 2024) | |||||
Form of Award Certificate for Restricted Stock Units (Incorporated by reference to Exhibit 10.6 to Form 10-Q for the quarter ended June 29, 2024) | |||||
Form of Award Certificate for Restricted Stock Units Special Award (Cliff Vesting) (Incorporated by reference to Exhibit 10.7 to Form 10-Q for the quarter ended June 29, 2024) | |||||
Form of Award Certificate for Restricted Stock Units Special Award (Split Vesting) (Incorporated by reference to Exhibit 10.8 to Form 10-Q for the quarter ended June 29, 2024) | |||||
Amendment No. 4 to Revolving Credit Agreement, dated as of August 2, 2024, by and among V.F. Corporation, JPMorgan Chase Bank, N.A., as the Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed August 6, 2024) | |||||
Amendment No. 2 to Term Loan Agreement, dated as of August 2, 2024, by and among V.F. Corporation, JPMorgan Chase Bank, N.A., as the Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.2 to Form 8-K filed August 6, 2024) | |||||
Certification of Chief Executive Officer, pursuant to 15 U.S.C. Section 10A, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||
Certification of Chief Financial Officer, pursuant to 15 U.S.C. Section 10A, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||
Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||
Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
* | Management compensation plans |
V.F. CORPORATION | |||||||||||
(Registrant) | |||||||||||
By: | /s/ Paul Vogel | ||||||||||
Paul Vogel | |||||||||||
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
|||||||||||
Date: October 30, 2024 | By: | /s/ Bryan H. McNeill | |||||||||
Bryan H. McNeill | |||||||||||
Vice President, Controller and Chief Accounting Officer
(Principal Accounting Officer) |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
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DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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Mr. Livingston served as the President and Chief Executive Officer of Dover Corporation from 2008 through 2018 and also served as its Chief Operating Officer in 2008. From 2007 to 2008, Mr. Livingston served as the president and chief executive officer of Dover Engineered Systems, Inc., and served as the president and chief executive officer of Dover Electronics, Inc. from 2004 to 2007. He also served as the president of Vectron International Inc. in 2004. Mr. Livingston also currently serves as director and member of the Compensation Committee and the Executive Committee of RPM International Inc. In addition to his public board service, Mr. Livingston serves on the board of a private company, Spectrum Control, as well as the non-profit Museum of Science and Industry in Chicago. From 2014 to 2021 he served on the board of the Chicago Council of Global Affairs. Mr. Livingston earned his BS degree in Business Administration from Salisbury University. | |||
Ms. Lane retired from Apple Inc. in 2014 where she had served as Vice President of Operations and oversaw the launch of the iPad ® and manufacturing of the Mac ® Desktop & Accessories product lines. From 2006 until 2008, Ms. Lane was Senior Vice President Integrated Supply Chain / Chief Procurement Officer at Motorola, Inc. Prior to working at Motorola, Ms. Lane held various senior-level operations roles at IBM for more than 10 years. Ms. Lane also served for five years as a Captain in the United States Air Force. She is a director of L3Harris Technologies, Inc. and Signify N.V. At L3Harris, Ms. Lane is a member of the Ad Hoc Business Review, Innovation and Cyber, and Nominating and Governance Committees, and at Signify, she is a member of the Nominating & Governance Committee and the Digital Committee. In addition to her public directorships, she currently serves on the private board of Alkegen and as a member of the Policy and Global Affairs Committee at the National Academy of Sciences. She has previously served on the Purdue University Electrical & Computer Engineering Advisory Board. Ms. Lane earned a BS degree in electrical engineering from the United States Air Force Academy, an MS in electrical engineering from Purdue University and an MBA from UC Berkeley. Purdue University has recognized her as a distinguished electrical engineering alumni (2011) and as a distinguished engineering alumni (2014). | |||
Mr. Singh is currently the President and Chief Executive Officer of Revvity, Inc. (which was previously affiliated with PerkinElmer, Inc.). He was promoted to President and Chief Executive Officer effective December 30, 2019 and was appointed to its Board of Directors in August 2019. Prior to his current role, he held various senior executive operating positions within PerkinElmer. Prior to joining PerkinElmer in 2014, Mr. Singh was a General Manager at GE Healthcare, and before that, Mr. Singh held senior executive level roles in strategy, business development and mergers & acquisitions at both GE Healthcare and Philips Healthcare. Earlier in his career, he held leadership roles of increasing responsibility at DuPont Pharmaceuticals and subsequently at Bristol-Myers Squibb Medical Imaging, which included managing the Asia Pacific and Middle East regions. In addition to his public board service, Mr. Singh also serves on the Board of the Analytical, Life Science & Diagnostics Association. Mr. Singh holds a degree from Wilson College, Mumbai, India and a PhD in chemistry from the University of Missouri-Columbia and an MBA from Northeastern University. His research work has resulted in several issued patents and publications in peer reviewed journals. | |||
Ms. Altobello was Global Vice Chair, Talent of Ernst & Young (“EY”), where she was responsible for the firm’s global talent and people strategy from July 2014 to June 2018. Prior to that, Ms. Altobello held a number of senior positions at EY, including Americas Vice Chair, Talent; Managing Partner, Northeast Region Audit and Advisory Practices; and Managing Partner, North American Audit Practice. During her time at EY, she also served as the audit partner for a number of leading global, publicly traded corporations. Ms. Altobello is also a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. At MarketAxess Holdings Inc. Ms. Altobello is the Lead Independent Director and a member of the Nominating and Corporate Governance Committee and Compensation and Talent Committee, and at Wex Inc. she is the chair of the Corporate Governance Committee and a member of the Leadership Development and Compensation Committee. Ms. Altobello was on the board at MTS Systems Corporation at the time it was acquired by the Company. Ms. Altobello also serves on the boards of Fidelity Charitable, National Mentoring Partnership, and Fairfield University, all not for profit organizations. Ms. Altobello earned her BS in accounting, with honors, from Fairfield University. She has attended numerous executive leadership programs including at Harvard Business School and Northwestern University. She has earned a certificate in Board Excellence from Harvard Business School and a certificate in Climate Change from Diligent. | |||
Mr. Loeffler had been an employee of the Company for 37 years when he retired in December 2010. He was executive chair of the Company from 2009 to 2010, chief executive officer of the Company from 1996 to 2008 and president of the Company from 1987 to 2007. Prior to assuming the position of president, he oversaw the Company’s international operations, and prior to that served in general management and operations roles in several European countries. He has a technology background with a PhD in physics and experience as a researcher in the field of semiconductors. Mr. Loeffler is of Austrian origin. He has residence, work and cultural experience in many European countries. He earned his BS and PhD from the University of Innsbruck, Austria. | |||
Mr. Falck has more than 40 years of experience as a legal advisor to public and private companies. From 2009 to 2017, Mr. Falck was Executive Vice President and General Counsel of Pinnacle West Capital Corporation and its primary subsidiary, Arizona Public Service Company, where he had responsibility for the company’s legal affairs and corporate secretary functions, while also serving on the executive risk and strategy committees. He continued as Executive Vice President, Law, from 2017 through April 2018. From 2007 to 2009, he was senior vice president, law for New Jersey-based Public Service Enterprise Group Inc. and served as a member of its executive group. From 1987 to 2007, Mr. Falck was an attorney, a partner and served on the managing board of Pillsbury Winthrop Shaw Pittman LLP. Mr. Falck provided strategic advice for a range of clients in the manufacturing, energy and telecommunications industries in the U.S. and abroad, including the Company. He has advised public company boards on a broad range of corporate governance matters. In his practice, he also advised on mergers and acquisitions both domestically and internationally. Mr. Falck also serves on the non-profit boards of Exeter Health Resources, Inc. and Exeter Hospital. He earned his BA magna cum laude, Phi Beta Kappa from Colgate University and his JD summa cum laude, Order of the Coif from Washington & Lee University School of Law. | |||
Ms. Wolff is the Founder and Chief Executive Officer of Independence Point Advisors, a women- and minority-owned investment bank and advisory services firm formed in 2021. Previously, Ms. Wolff was a Managing Director at Bank of America from 2011 until 2020 during which time she served as Chairman, Global Corporate and Investment Banking and Head of Global Corporate Banking and Leasing. Prior to that, from 2009 to 2011, Ms. Wolff held senior positions at JP Morgan Chase & Company and from 1998 to 2009 at Citigroup. Ms. Wolff began her career at Salomon Brothers, where she held positions of increasing responsibility from 1989 to 1998. Ms. Wolff earned a BA degree from Colby College, where she was also previously Vice Chairman of the Board of Trustees. She has an MBA from Northwestern University—Kellogg School of Management. | |||
Mr. Norwitt has been an employee of the Company or its subsidiaries for approximately 25 years. He has been President since 2007 and Chief Executive Officer since 2009. Mr. Norwitt was chief operating officer of the Company from 2007 through 2008. He was senior vice president and group general manager, worldwide RF and microwave products business of the Company during 2006 and vice president and group general manager, worldwide RF and microwave products group of the Company from 2004 until 2006. Prior thereto, Mr. Norwitt served as group general manager, general manager and business development manager with various operating groups in the Company, including approximately five years resident in Asia. Prior to joining the Company, Mr. Norwitt was a corporate lawyer at Gibson, Dunn & Crutcher LLP. Mr. Norwitt does not serve on the board of any other public company. Mr. Norwitt graduated with a BS degree in International Politics from the Georgetown University School of Foreign Service. He earned a JD from the University of Michigan Law School and an MBA from INSEAD. He has studied in the United States, Taiwan, China and France, and is fluent in French and Chinese. |
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R.A. Norwitt
President & Chief Executive Officer |
| | | | | 2023 | | | | | | | 1,455,000 | | | | | | | 0 | | | | | | | n/a | | | | | | | 9,098,783 | | | | | | | 0 | | | | | | | 8,800 | | | | | | | 382,124 | | | | | | | 10,944,707 | | | |
| | | 2022 | | | | | | | 1,400,000 | | | | | | | 0 | | | | | | | n/a | | | | | | | 8,424,801 | | | | | | | 3,780,000 | | | | | | | 0 | | | | | | | 350,882 | | | | | | | 13,955,683 | | | | |||||
| | | 2021 | | | | | | | 1,355,000 | | | | | | | 0 | | | | | | | n/a | | | | | | | 7,522,140 | | | | | | | 4,065,000 | | | | | | | 0 | | | | | | | 150,557 | | | | | | | 13,092,697 | | | | |||||
| |
C.A. Lampo
Senior Vice President & Chief Financial Officer |
| | | | | 2023 | | | | | | | 680,000 | | | | | | | 0 | | | | | | | n/a | | | | | | | 2,918,331 | | | | | | | 0 | | | | | | | 2,600 | | | | | | | 114,786 | | | | | | | 3,715,717 | | | |
| | | 2022 | | | | | | | 650,000 | | | | | | | 0 | | | | | | | n/a | | | | | | | 2,685,480 | | | | | | | 936,000 | | | | | | | 0 | | | | | | | 102,450 | | | | | | | 4,373,930 | | | | |||||
| | | 2021 | | | | | | | 625,000 | | | | | | | 0 | | | | | | | n/a | | | | | | | 2,392,200 | | | | | | | 1,000,000 | | | | | | | 0 | | | | | | | 51,612 | | | | | | | 4,068,812 | | | | |||||
| |
L. Walter
President, Harsh Environment Solutions Division |
| | | | | 2023 | | | | | | | 755,000 | | | | | | | 0 | | | | | | | n/a | | | | | | | 3,484,008 | | | | | | | 1,047,563 | | | | | | | 24,200 | | | | | | | 143,566 | | | | | | | 5,454,337 | | | |
| | | 2022 | | | | | | | 725,000 | | | | | | | 0 | | | | | | | n/a | | | | | | | 2,300,008 | | | | | | | 1,005,938 | | | | | | | 0 | | | | | | | 82,730 | | | | | | | 4,113,676 | | | | |||||
| | | 2021 | | | | | | | 656,000 | | | | | | | 0 | | | | | | | n/a | | | | | | | 1,767,570 | | | | | | | 469,040 | | | | | | | 0 | | | | | | | 49,039 | | | | | | | 2,941,649 | | | | |||||
| |
W.J. Doherty
President, Communications Solutions Division |
| | | | | 2023 | | | | | | | 680,000 | | | | | | | 0 | | | | | | | n/a | | | | | | | 3,484,008 | | | | | | | 0 | | | | | | | n/a | | | | | | | 120,660 | | | | | | | 4,284,668 | | | |
| | | 2022 | | | | | | | 650,000 | | | | | | | 0 | | | | | | | n/a | | | | | | | 2,300,008 | | | | | | | 975,000 | | | | | | | n/a | | | | | | | 88,350 | | | | | | | 4,013,358 | | | | |||||
| | | 2021 | | | | | | | 550,000 | | | | | | | 0 | | | | | | | n/a | | | | | | | 1,767,570 | | | | | | | 715,000 | | | | | | | n/a | | | | | | | 79,758 | | | | | | | 3,112,328 | | | | |||||
| |
L.E. D’Amico
Senior Vice President & General Counsel |
| | | | | 2023 | | | | | | | 580,000 | | | | | | | 0 | | | | | | | n/a | | | | | | | 1,819,445 | | | | | | | 0 | | | | | | | n/a | | | | | | | 90,665 | | | | | | | 2,490,110 | | | |
Customers
Customer name | Ticker |
---|---|
Abercrombie & Fitch Co. | ANF |
Macy's, Inc. | M |
The Gap, Inc. | GPS |
Kohl's Corporation | KSS |
L Brands, Inc. | LB |
Nordstrom, Inc. | JWN |
Ross Stores, Inc. | ROST |
The TJX Companies, Inc. | TJX |
Suppliers
Supplier name | Ticker |
---|---|
Canaan Inc. | CAN |
DuPont de Nemours, Inc. | DD |
Eastman Chemical Company | EMN |
Dow Inc. | DOW |
RPM International Inc. | RPM |
Huntsman Corporation | HUN |
Quaker Chemical Corporation | KWR |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
WALTER LUC | Director | 223,895 | 0 |
WALTER LUC | President, HES Division | 213,203 | 0 |
Lampo Craig A | Director | 158,116 | 39,884 |
Livingston Robert | Director | 59,120 | 0 |
Falck David P | Director | 42,477 | 0 |
D'AMICO LANCE E | Sr. VP, Secretary & GenCounsel | 25,700 | 0 |
D'AMICO LANCE E | Director | 25,700 | 0 |
Silverman David M | Senior VP, Human Resources | 7,000 | 0 |
NORWITT RICHARD ADAM | Director | 3,968 | 864,177 |
Lane Rita S. | Director | 2,375 | 7,503 |
NORWITT RICHARD ADAM | President & CEO | 1,984 | 465,918 |
Singh Prahlad R. | Director | 768 | 0 |
LOEFFLER MARTIN H | Director | 0 | 292,286 |