VF Corp loses appeal on Timberland tax dispute; to take up to $730M non-cash charge in Q2 FY2024

V F CORP

U.S. Court of Appeals upheld Tax Court ruling against VF on timing of income from 2011 Timberland acquisition.
VF paid $875.7M in Oct 2022 for disputed taxes and interest, recorded as income tax receivable.
Estimated net increase in tax expense up to $730M plus reversal of $19.6M accrued interest income.
Non-cash charge to be recorded in Q2 fiscal 2024; no impact on cash and debt outlook for FY2024.
Company disappointed with decision, believes Tax Court erred on technical merits.

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