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Document and Entity Information
6 Months Ended
Jul. 02, 2011
Jul. 31, 2011
Document and Entity Information
Document Type 10-Q
Amendment Flag false
Document Period End Date Jul 2, 2011
Entity Registrant Name V F CORP
Entity Central Index Key 0000103379
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2011
Document Fiscal Period Focus Q2
Entity Filer Category Large Accelerated Filer
Entity Common Stock, Shares Outstanding 109,713,697
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Consolidated Balance Sheets (USD  $)
In Thousands
Jul. 02, 2011
Jan. 01, 2011
Jul. 03, 2010
ASSETS
Cash and equivalents  $ 611,478  $ 792,239  $ 540,191
Accounts receivable, less allowance for doubtful accounts of: June 2011 -  $47,918; Dec. 2010 -  $44,599; June 2010 -  $57,910 889,201 773,083 735,022
Finished products 1,029,936 843,230 890,132
Work in process 92,146 78,226 82,054
Materials and supplies 163,868 149,238 129,994
Inventories 1,285,950 1,070,694 1,102,180
Other current assets 259,279 190,044 213,161
Total current assets 3,045,908 2,826,060 2,590,554
Property, Plant and Equipment 1,712,742 1,663,299 1,601,389
Less accumulated depreciation 1,086,471 1,060,391 1,007,924
Property, Plant and Equipment, net 626,271 602,908 593,465
Intangible Assets 1,555,517 1,490,925 1,496,682
Goodwill 1,194,342 1,166,638 1,335,526
Other Assets 378,408 371,025 308,329
Total assets 6,800,446 6,457,556 6,324,556
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term borrowings 42,567 36,576 41,970
Current portion of long-term debt 2,693 2,737 202,742
Accounts payable 456,114 510,998 427,955
Accrued liabilities 512,540 559,164 441,278
Total current liabilities 1,013,914 1,109,475 1,113,945
Long-term Debt 934,600 935,882 937,150
Other Liabilities 581,394 550,880 625,627
Commitments and Contingencies      
Stockholders' Equity
Common Stock, stated value  $1; shares authorized, 300,000,000; shares outstanding: June 2011 - 109,597,701; Dec 2010 - 107,938,105; June 2010 - 107,897,386 109,598 107,938 107,898
Additional paid-in capital 2,221,135 2,081,367 1,976,515
Accumulated other comprehensive income (loss) (179,783) (268,594) (314,793)
Retained earnings 2,118,343 1,940,508 1,879,305
Total equity attributable to VF Corporation 4,269,293 3,861,219 3,648,925
Noncontrolling interests 1,245 100 (1,091)
Total stockholders' equity 4,270,538 3,861,319 3,647,834
Total liabilities and stockholders' equity  $ 6,800,446  $ 6,457,556  $ 6,324,556
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Consolidated Balance Sheets (Parenthetical) (USD  $)
In Thousands, except Share data
Jul. 02, 2011
Jan. 01, 2011
Jul. 03, 2010
Consolidated Balance Sheets (Parenthetical)
Allowance for doubtful accounts  $ 47,918  $ 44,599  $ 57,910
Common stock, stated value  $ 1  $ 1  $ 1
Common stock, shares authorized 300,000,000 300,000,000 300,000,000
Common stock, shares outstanding 109,597,701 107,938,105 107,897,386
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Consolidated Statements of Income (USD  $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jul. 02, 2011
Jul. 03, 2010
Jul. 02, 2011
Jul. 03, 2010
Income Statement
Net Sales  $ 1,821,218  $ 1,576,947  $ 3,758,342  $ 3,307,033
Royalty Income 18,905 17,157 40,580 36,950
Total Revenues 1,840,123 1,594,104 3,798,922 3,343,983
Costs and Operating Expenses
Cost of goods sold 994,591 842,502 2,028,447 1,774,705
Marketing, administrative and general expenses 656,861 582,078 1,307,161 1,176,494
Costs and Operating Expenses, Total 1,651,452 1,424,580 3,335,608 2,951,199
Operating Income 188,671 169,524 463,314 392,784
Other Income (Expense)
Interest income 1,510 496 2,476 990
Interest expense (15,962) (20,494) (31,902) (40,993)
Miscellaneous, net (2,735) 1,923 (4,666) 8,346
Other Income (Expense), Total (17,187) (18,075) (34,092) (31,657)
Income Before Income Taxes 171,484 151,449 429,222 361,127
Income Taxes 41,917 39,959 98,235 86,178
Net Income 129,567 111,490 330,987 274,949
Net (Income) Loss Attributable to Noncontrolling Interests (199) (655) (916) (598)
Net Income Attributable to VF Corporation  $ 129,368  $ 110,835  $ 330,071  $ 274,351
Earnings Per Share
Earnings Per Common Share Attributable to VF Corporation Common Stockholders - Basic  $ 1.19  $ 1.02  $ 3.04  $ 2.5
Earnings Per Common Share Attributable to VF Corporation Common Stockholders - Diluted  $ 1.17  $ 1  $ 2.99  $ 2.47
Cash Dividends Per Common Share  $ 0.63  $ 0.6  $ 1.26  $ 1.2
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Consolidated Statements of Comprehensive Income (USD  $)
In Thousands
3 Months Ended 6 Months Ended
Jul. 02, 2011
Jul. 03, 2010
Jul. 02, 2011
Jul. 03, 2010
Consolidated Statements of Comprehensive Income
Net Income  $ 129,567  $ 111,490  $ 330,987  $ 274,949
Foreign currency translation
Gains (losses) arising during period 33,583 (104,664) 130,278 (179,427)
Less income tax effect (4,170) 20,252 (23,829) 31,489
Reclassification to net income for gains realized (11,995) 0 (11,995) 0
Less income tax effect 4,134 0 4,134 0
Defined benefit pension plans
Amortization of net deferred actuarial loss 10,779 11,379 21,543 22,751
Amortization of prior service cost 864 987 1,727 1,974
Less income tax effect (4,585) (3,854) (8,766) (8,624)
Derivative financial instruments
Gains (losses) arising during period (8,382) 15,674 (34,552) 36,515
Less income tax effect 3,232 (6,039) 13,312 (14,068)
Reclassification to net income for (gains) losses realized 293 (1,524) (2,617) 7,723
Less income tax effect (114) 587 1,010 (2,976)
Marketable securities
Gains (losses) arising during period (1,215) (1,350) (2,040) (408)
Less income tax effect (4) 0 (4) 0
Reclassification to net income for (gains) losses recognized 0 0 847 0
Less income tax effect 0 0 (237) 0
Other comprehensive income (loss) 22,420 (68,552) 88,811 (105,051)
Foreign currency translation gains attributable to noncontrolling interests 106 168 229 177
Other comprehensive income (loss) including noncontrolling interests 22,526 (68,384) 89,040 (104,874)
Comprehensive Income 152,093 43,106 420,027 170,075
Comprehensive (Income) Loss Attributable to Noncontrolling Interests (305) (823) (1,145) (775)
Comprehensive Income Attributable to VF Corporation  $ 151,788  $ 42,283  $ 418,882  $ 169,300
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Consolidated Statements of Cash Flows (USD  $)
In Thousands
6 Months Ended
Jul. 02, 2011
Jul. 03, 2010
Operating Activities
Net income  $ 330,987  $ 274,949
Adjustments to reconcile net income to cash provided (used) by operating activities:
Depreciation 57,091 52,485
Amortization of intangible assets 19,246 19,859
Other amortization 11,418 7,588
Stock-based compensation 32,977 31,353
Pension funding less than expense 22,029 24,190
Other, net 6,523 18,694
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable (97,162) 3,271
Inventories (199,650) (161,541)
Other current assets (15,124) (9,182)
Accounts payable (73,723) 64,007
Accrued compensation (50,222) (14,125)
Accrued income taxes (56,817) (42,120)
Accrued liabilities (38,883) 44,590
Other assets and liabilities 8,989 (5,518)
Cash provided (used) by operating activities (42,321) 308,500
Investing Activities
Capital expenditures (64,022) (45,309)
Business acquisitions, net of cash acquired 0 (38,446)
Trademarks acquisition (56,598) 0
Software purchases (8,221) (2,937)
Other, net (1,107) (3,957)
Cash used by investing activities (129,948) (90,649)
Financing Activities
Net increase (decrease) in short-term borrowings 6,252 (2,551)
Payments on long-term debt (1,260) (1,719)
Purchase of Common Stock (5,166) (317,911)
Cash dividends paid (137,182) (131,340)
Proceeds from issuance of Common Stock, net 83,845 75,490
Tax benefits of stock option exercises 14,718 2,758
Cash used by financing activities (38,793) (375,273)
Effect of Foreign Currency Rate Changes on Cash and Equivalents 30,301 (33,936)
Net Change in Cash and Equivalents (180,761) (191,358)
Cash and Equivalents - Beginning of Year 792,239 731,549
Cash and Equivalents - End of Year  $ 611,478  $ 540,191
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Consolidated Statements of Stockholders' Equity (USD  $)
In Thousands
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Non-controlling Interests
Total
Balance at Jan. 02, 2010  $ 110,285  $ 1,864,499  $ (209,742)  $ 2,050,109  $ (1,866)
Net income 571,362 2,150
Dividends on Common Stock (264,281)
Purchase of treasury stock (5,023) (401,925)
Stock compensation plans, net 2,815 216,868 0 (4,072)
Common Stock held in trust for deferred compensation plans (139) (10,685)
Distributions to noncontrolling interests (240)
Foreign currency translation (65,398) 56
Defined benefit pension plans (155)
Derivative financial instruments 4,464
Marketable securities 2,237
Balance at Jan. 01, 2011 107,938 2,081,367 (268,594) 1,940,508 100 3,861,319
Net income 330,071 916 330,987
Dividends on Common Stock (137,182)
Purchase of treasury stock            
Stock compensation plans, net 1,709 139,768 (10,610)
Common Stock held in trust for deferred compensation plans (49) (4,444)
Foreign currency translation 98,588 229
Defined benefit pension plans 14,504
Derivative financial instruments (22,847)
Marketable securities (1,434)
Balance at Jul. 02, 2011  $ 109,598  $ 2,221,135  $ (179,783)  $ 2,118,343  $ 1,245  $ 4,270,538
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Basis of Presentation
6 Months Ended
Jul. 02, 2011
Basis of Presentation [Abstract]
Basis of Presentation
Note A — Basis of Presentation
VF Corporation (and its subsidiaries, collectively known as "VF") uses a 52/53 week fiscal year ending on the Saturday closest to December 31 of each year. For presentation purposes herein, all references to periods ended June 2011, December 2010 and June 2010 relate to the fiscal periods ended on July 2, 2011, January 1, 2011 and July 3, 2010, respectively.
The accompanying unaudited 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 ("GAAP") in the United States of America for complete financial statements. Similarly, the December 2010 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 consolidated financial statements contain all normal and recurring adjustments necessary to fairly present 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 June 2011 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2011. 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 December 2010 ("2010 Form 10-K").
Certain prior year amounts, none of which are material, have been reclassified to conform with the 2011 presentation.
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Change in Accounting Principle
6 Months Ended
Jul. 02, 2011
Change in Accounting Principle [Abstract]
Change in Accounting Principle
Note B — Change in Accounting Principle
VF has historically valued inventories using both the first-in, first out ("FIFO") and last-in, first-out ("LIFO") methods. At the end of December 2010, approximately 25% of total inventories were valued using the LIFO method. On January 2, 2011, VF changed its method of accounting for inventories previously valued on the LIFO method to the FIFO method. This change is preferable because the FIFO inventory valuation (i) better reflects the current value of inventories on the Consolidated Balance Sheets, (ii) provides for a single inventory valuation method for all business units globally, and (iii) enhances comparability with the reporting of VF's peers.
The effect of retrospectively applying this change in accounting principle on previously reported financial statements was not material and therefore those periods have not been restated. The impact of recording this change in the Consolidated Statement of Income for the six months ended June 2011 was as follows:
         
    Increase
In thousands except per share amounts   (Decrease)
Cost of goods sold
   $ (8,027 )
Income before income taxes
    8,027  
Income tax expense
    3,160  
Net income attributable to VF Corporation
    4,867  
 
Basic earnings per common share attributable to
       
VF Corporation common stockholders
   $ 0.04  
Diluted earnings per common share attributable to
       
VF Corporation common stockholders
    0.04  
The impact of recording this change in the Consolidated Balance Sheet as of January 2, 2011 was as follows:
         
In thousands Increase
Inventories
   $ 8,027  
Accrued liabilities
    3,160  
Retained earnings
    4,867  
The impact of continuing to account for inventory on a LIFO instead of FIFO basis, had VF not made this change in accounting principle, would not have been material to the financial position, results of operations, cash flows and earnings per common share attributable to VF Corporation common stockholders for the three or six months ended June 2011.
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Acquisitions
6 Months Ended
Jul. 02, 2011
Acquisitions
Acquisitions
Note C Acquisitions
On March 30, 2011, VF acquired the trademarks and related intellectual property of Rock and Republic Enterprises, Inc. VF has accounted for this transaction as an asset acquisition and recorded the purchase price as an indefinite-lived intangible asset. The total purchase price is expected to be approximately  $57.0 million plus expenses. The purchase price will be finalized after all contingencies have been resolved, which should occur by the end of 2011. Rock and Republic® jeanswear and related products will be offered through an exclusive licensing and wholesale distribution arrangement with Kohl's Department Stores. Operating results will be reported as part of the Jeanswear Coalition.
On June 12, 2011, VF entered into a definitive merger agreement to acquire 100% of the outstanding shares of The Timberland Company for approximately  $2.3 billion net of cash acquired. The acquisition is expected to close in the third quarter of 2011, subject to satisfaction of customary closing conditions.
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Sale of Accounts Receivable
6 Months Ended
Jul. 02, 2011
Accounts Receivable
Sale of Accounts Receivable
Note D — Sale of Accounts Receivable
VF has an agreement with a financial institution to sell selected trade accounts receivable on a nonrecourse basis. This agreement allows VF to have up to  $237.5 million of accounts receivable held by the financial institution at any point in time. After the sale, VF continues to service and collect these accounts receivable on behalf of the financial institution but does not retain any other interests in the receivables. At the end of June 2011, December 2010 and June 2010, accounts receivable in the Consolidated Balance Sheets had been reduced by  $123.0 million,  $112.3 million and  $112.3 million, respectively, related to balances sold under this program. During the first half of 2011, VF sold  $537.1 million of accounts receivable at their stated amounts, less a funding fee of  $1.0 million, which was recorded in Miscellaneous Expense. Net proceeds of this program are classified in operating activities in the Consolidated Statements of Cash Flows.
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Intangible Assets
6 Months Ended
Jul. 02, 2011
Intangible Assets
Intangible Assets
Note E Intangible Assets
                                         
            June 2011     December 2010  
    Weighted     Gross             Net     Net  
    Average     Carrying     Accumulated     Carrying     Carrying  
Dollars in thousands   Life     Amount     Amortization     Amount     Amount  
Amortizable intangible assets:
                                       
Customer relationships
  19years    $ 452,179      $ 123,599      $ 328,580      $ 337,307  
License agreements
  24years     180,214       56,436       123,778       127,741  
Trademarks and other
  9years     10,215       6,257       3,958       4,670  
 
                                   
 
                                       
Amortizable intangible assets, net
                            456,316       469,718  
 
                                       
Indefinite-lived intangible assets:
                                       
Trademarks and tradenames
                            1,099,201       1,021,207  
 
                                   
 
                                       
Intangible assets, net
                           $ 1,555,517      $ 1,490,925  
 
                                   
Intangible assets are amortized using the following methods: customer relationships — accelerated methods; license agreements — accelerated and straight-line methods; trademarks and other — straight-line method.
Indefinite-lived intangible assets increased from December 2010 due to the Rock and Republic trademarks acquisition in the first quarter of 2011 as discussed in Note C, and the impact of foreign currency translation.
Amortization of intangible assets for the second quarter and first six months of 2011 was  $9.5 million and  $19.2 million, respectively, and is expected to be  $37.8 million for the year 2011. Estimated amortization expense for the years 2012 through 2015 is  $34.6 million,  $33.0 million,  $31.9 million and  $30.5 million, respectively.
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Goodwill
6 Months Ended
Jul. 02, 2011
Goodwill
Goodwill
Note F — Goodwill
                                                 
    Outdoor &                             Contemporary        
In thousands   Action Sports     Jeanswear     Imagewear     Sportswear     Brands     Total  
Balances, December 2010
   $ 574,747      $ 235,513      $ 56,703      $ 157,314      $ 142,361      $ 1,166,638  
Currency translation
    22,103       5,601                         27,704  
 
                                   
 
                                               
Balances, June 2011
   $ 596,850      $ 241,114      $ 56,703      $ 157,314      $ 142,361      $ 1,194,342  
 
                                   
Balances at December 2010 are net of cumulative impairment charges recorded as follows: Outdoor & Action Sports —  $43.4 million, Sportswear —  $58.5 million and Contemporary Brands —  $195.2 million.
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Pension Plans
6 Months Ended
Jul. 02, 2011
Pension Plans [Abstract]
Pension Plans
Note G — Pension Plans
VF's pension cost was composed of the following components:
                                 
    Three Months     Six Months  
    Ended June     Ended June  
In thousands   2011     2010     2011     2010  
Service cost — benefits earned during the year
   $ 5,272      $ 4,077      $ 10,454      $ 8,160  
Interest cost on projected benefit obligations
    19,738       19,116       39,443       38,224  
Expected return on plan assets
    (22,442 )     (19,183 )     (44,858 )     (38,355 )
Amortization of:
                               
Net deferred actuarial loss
    10,779       11,379       21,543       22,751  
Prior service cost
    864       987       1,727       1,974  
 
                       
 
                               
Net periodic pension cost
   $ 14,211      $ 16,376      $ 28,309      $ 32,754  
 
                       
During the first half of 2011, VF contributed  $6.6 million to its defined benefit pension plans. VF currently anticipates making  $4.1 million of additional contributions during the remainder of 2011.
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Business Segment Information
6 Months Ended
Jul. 02, 2011
Business Segment Information
Business Segment Information
Note H — Business Segment Information
VF's businesses are grouped into product categories, and by brands within those product categories, for internal financial reporting used by management. These groupings of businesses within VF are referred to as "coalitions" and are the basis for VF's reportable business segments. Financial information for VF's reportable segments is as follows:
                                 
    Three Months     Six Months  
    Ended June     Ended June  
In thousands   2011     2010     2011     2010  
Coalition revenues:
                               
Outdoor & Action Sports
   $ 717,928      $ 584,447      $ 1,506,143      $ 1,263,009  
Jeanswear
    613,367       556,016       1,292,610       1,178,081  
Imagewear
    244,074       211,225       490,882       432,523  
Sportswear
    120,272       109,074       232,166       211,251  
Contemporary Brands
    118,103       106,083       230,019       210,172  
Other
    26,379       27,259       47,102       48,947  
 
                       
 
                               
Total coalition revenues
   $ 1,840,123      $ 1,594,104      $ 3,798,922      $ 3,343,983  
 
                       
 
                               
Coalition profit:
                               
Outdoor & Action Sports
   $ 89,472      $ 81,524      $ 233,377      $ 208,551  
Jeanswear
    94,365       94,741       217,491       201,549  
Imagewear
    40,271       26,020       77,169       48,832  
Sportswear
    11,658       9,740       19,088       16,908  
Contemporary Brands
    10,689       8,214       20,373       16,666  
Other
    64       (10 )     (2,010 )     (1,235 )
 
                       
 
                               
Total coalition profit
    246,519       220,229       565,488       491,271  
 
                       
 
                               
Corporate and other expenses
    (60,583 )     (48,782 )     (106,840 )     (90,141 )
Interest, net
    (14,452 )     (19,998 )     (29,426 )     (40,003 )
 
                       
 
                               
Income before income taxes
   $ 171,484      $ 151,449      $ 429,222      $ 361,127  
 
                       
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Capital and Accumulated Other Comprehensive Income (Loss)
6 Months Ended
Jul. 02, 2011
Capital and Accumulated Other Comprehensive Income (Loss)
Capital and Accumulated Other Comprehensive Income (Loss)
Note I — Capital and Accumulated Other Comprehensive Income (Loss)
Common stock outstanding is net of shares held in treasury and, in substance, retired. There were 19,270,341 treasury shares at June 2011, 19,099,644 at December 2010 and 18,022,755 at June 2010. The excess of the cost of treasury shares acquired over the  $1 per share stated value of Common Stock is deducted from Retained Earnings. In addition, 241,059 shares of VF Common Stock at June 2011, 246,860 shares at December 2010 and 268,169 shares at June 2010 were held in connection with deferred compensation plans. These shares, having a cost of  $10.4 million,  $10.7 million and  $12.1 million at the respective dates, are treated as treasury shares for financial reporting purposes.
There are 25,000,000 authorized shares of Preferred Stock,  $1 par value, of which none are outstanding.
Comprehensive income includes net income and specified components of other comprehensive income ("OCI"). OCI consists of changes in assets and liabilities that are not included in net income under GAAP but are instead deferred and accumulated within a separate component of stockholders' equity in the balance sheet. VF's comprehensive income is presented in the Consolidated Statements of Comprehensive Income. The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in Accumulated Other Comprehensive Income (Loss) in Stockholders' Equity, as follows:
                         
    June     December     June  
In thousands   2011     2010     2010  
Foreign currency translation
   $ 92,861      $ (5,727 )    $ (88,267 )
Defined benefit pension plans
    (251,621 )     (266,125 )     (249,869 )
Derivative financial instruments
    (24,563 )     (1,716 )     21,014  
Marketable securities
    3,540       4,974       2,329  
 
                 
 
                       
Accumulated other comprehensive income (loss)
   $ (179,783 )    $ (268,594 )    $ (314,793 )
 
                 
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Stock-based Compensation
6 Months Ended
Jul. 02, 2011
Stock-based Compensation
Stock-based Compensation
Note J — Stock-based Compensation
During the quarter ended June 2011, VF did not grant any stock-based compensation awards.
During the first six months of 2011, VF granted options to purchase 925,635 shares of Common Stock at an exercise price of  $95.56, equal to the market value of VF Common Stock on the option grant date. The options vest in equal annual installments, generally over a three year period. The fair value of these options was estimated using a lattice valuation model, with the following assumptions: expected volatility ranging from 27% to 38%, with a weighted average of 34%; expected term of 5.6 to 7.5 years; expected dividend yield of 3.1%; and a risk-free interest rate ranging from 0.2% at six months to 3.5% at 10 years. The resulting weighted average fair value of these options at the grant date was  $24.99 per option.
Also during the first six months of 2011, VF granted 241,751 performance-based restricted stock units that generally entitle the recipients to receive shares of VF Common Stock at the end of a three year performance period. The actual number of shares that will be earned, if any, will be based on VF's performance over that period. The fair value of VF's Common Stock at the date the units were granted was  $95.23 per share.
VF also granted, during the first six months of 2011, 19,000 shares of restricted VF Common Stock and 15,000 restricted stock units with a fair value at the grant date of  $86.51 per share. These shares and units will vest in 2015, assuming the grantees remain employed through the vesting date.
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Income Taxes
6 Months Ended
Jul. 02, 2011
Income Taxes
Income Taxes
Note K — Income Taxes
The effective income tax rate was 23.9% in the first half of 2010, compared with 22.9% in the first half of 2011. The tax rates in both periods were lowered by discrete items. The first half of 2010 included a  $13.0 million income tax benefit related to refund claims in a foreign jurisdiction. The first six months of 2011 included  $10.0 million in tax benefits related to settlements of prior years' tax audits and  $2.8 million of tax benefits related to the realization of unrecognized tax benefits resulting from expiration of statutes of limitations. In addition, the tax rate in the first six months of 2011 benefited from a higher percentage of income in lower tax rate jurisdictions compared with the 2010 period. The effective tax rate for the full year 2010 was 23.6% (24.9% on earnings before the goodwill and intangible asset impairment charge).
VF files a consolidated U.S. federal income tax return, as well as separate and combined income tax returns in numerous states and foreign jurisdictions. During 2010, the United States Internal Revenue Service ("IRS") commenced an examination of tax years 2007, 2008 and 2009. During the first quarter of 2011, VF settled with the IRS its examination of tax years 2004, 2005 and 2006. VF is currently subject to examination by various state tax authorities. While the outcome of any one examination is not expected to have a material impact on VF's consolidated financial statements, management regularly assesses the outcomes of both ongoing and future examinations to ensure VF's provision for income taxes is sufficient. Management believes that some of these audits and negotiations will conclude during the next 12 months.
During the first six months of 2011, the amount of unrecognized tax benefits and associated interest decreased by  $16.3 million, primarily due to the audit settlements. Of the  $16.3 million net decrease,  $6.4 million favorably impacted income tax expense in the first six months. Management believes that it is reasonably possible that the amount of unrecognized income tax benefits may decrease during the next 12 months by approximately  $4.7 million related to the completion of audits and other settlements with tax authorities and the expiration of statutes of limitations. Of the  $4.7 million,  $1.8 million would reduce income tax expense.
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Earnings Per Share
6 Months Ended
Jul. 02, 2011
Earnings Per Share
Earnings Per Share
Note L — Earnings Per Share
                                 
    Three Months     Six Months  
    Ended June     Ended June  
In thousands, except per share amounts   2011     2010     2011     2010  
Earnings per share — basic:
                               
Net income
   $ 129,567      $ 111,490      $ 330,987      $ 274,949  
Net (income) loss attributable to noncontrolling interests
    (199 )     (655 )     (916 )     (598 )
 
                       
 
                               
Net income attributable to VF Corporation
   $ 129,368      $ 110,835      $ 330,071      $ 274,351  
 
                       
 
                               
Weighted average Common Stock outstanding
    109,079       108,957       108,651       109,608  
 
                       
 
                               
Earnings per common share attributable to VF Corporation common stockholders
   $ 1.19      $ 1.02      $ 3.04      $ 2.50  
 
                       
 
                               
Earnings per share — diluted:
                               
Net income attributable to VF Corporation
   $ 129,368      $ 110,835      $ 330,071      $ 274,351  
 
                       
 
                               
Weighted average Common Stock outstanding
    109,079       108,957       108,651       109,608  
Incremental shares from stock options and other dilutive securities
    1,811       1,522       1,802       1,446  
 
                       
 
                               
Adjusted weighted average Common Stock outstanding
    110,890       110,479       110,453       111,054  
 
                       
 
                               
Earnings per common share attributable to VF Corporation common stockholders
   $ 1.17      $ 1.00      $ 2.99      $ 2.47  
 
                       
Outstanding options to purchase 0.9 million shares of Common Stock for the three and six months ended June 2011, and outstanding options to purchase 1.2 million shares and 2.5 million shares of Common Stock for the three and six months ended June 2010, respectively, were excluded from the computations of diluted earnings per share because the effect of their inclusion would have been antidilutive. In addition, 0.3 million performance-based restricted stock units were excluded from the computation of diluted earnings per share for each of the three and six month periods ended June 2011 and 2010 because these units are subject to performance-based vesting conditions that had not been achieved by the end of those periods.
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Fair Value Measurements
6 Months Ended
Jul. 02, 2011
Fair Value Measurements
Fair Value Measurements
Note M — Fair Value Measurements
Fair value is the price that would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market in an orderly transaction between market participants. In determining fair value, the accounting standards distinguish between (i) market data obtained or developed from independent sources (i.e., observable data inputs) and (ii) a reporting entity's own data and assumptions that market participants would use in pricing an asset or liability (i.e., unobservable data inputs). Financial assets and financial liabilities measured and reported at fair value are classified in a three level hierarchy that prioritizes the inputs used in the valuation process. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows:
  Level 1 — Quoted prices in active markets for identical assets or liabilities.
  Level 2 — Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data.
  Level 3 — Prices or valuation techniques that require significant unobservable data inputs. Inputs would normally be a reporting entity's own data and judgments about assumptions that market participants would use in pricing the asset or liability.
The fair value measurement level for an asset or liability is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs.
The following table summarizes the classes of financial assets and financial liabilities measured and recorded at fair value on a recurring basis:
                                 
In thousands           Fair Value Measurement Using:
            Quoted Prices   Significant    
            in Active   Other   Significant
    Total   Markets for   Observable   Unobservable
    Fair   Identical Assets   Inputs   Inputs
    Value   (Level 1)   (Level 2)   (Level 3)
June 2011
                               
Financial assets:
                               
Cash equivalents:
                               
Money market funds
   $ 275,206      $ 275,206      $      $  
Time deposits
    116,220       116,220              
Derivative instruments
    23,839             23,839        
Investment securities
    187,511       156,100       31,411        
Other marketable securities
    8,991       8,991              
 
                               
Financial liabilities:
                               
Derivative instruments
    63,906             63,906        
Deferred compensation
    221,981             221,981        
 
                               
December 2010
                               
Financial assets:
                               
Cash equivalents:
                               
Money market funds
   $ 437,229      $ 437,229      $      $  
Time deposits
    93,254       93,254              
Derivative instruments
    18,568             18,568        
Investment securities
    182,673       147,380       35,293        
Other marketable securities
    12,388       12,388              
 
                               
Financial liabilities:
                               
Derivative instruments
    28,815             28,815        
Deferred compensation
    212,011             212,011        
All other financial assets and financial liabilities are carried at cost, which may differ from fair value. At June 2011 and December 2010, the carrying values of VF's cash held as demand deposits, accounts receivable, life insurance contracts, short-term borrowings, accounts payable and accrued liabilities approximated their fair values. At June 2011 and December 2010, the carrying value of VF's long-term debt, including the current portion, was  $937.3 million and  $938.6 million, respectively, compared with fair value of  $1,037.8 million and  $1,025.1 million at those dates. Fair value for long-term debt was estimated based on quoted market prices or values of comparable borrowings.
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Derivative Financial Instruments and Hedging Activities
6 Months Ended
Jul. 02, 2011
Derivative Financial Instruments and Hedging Activities
Derivative Financial Instruments and Hedging Activities
Note N — Derivative Financial Instruments and Hedging Activities
     Summary of derivative instruments — All of VF's derivative instruments are forward exchange contracts and meet the criteria for hedge accounting at the inception of the hedging relationship. However, derivative instruments that are cash flow hedges of forecasted cash receipts are dedesignated as hedges near the end of their term and do not qualify for hedge accounting after the date of dedesignation. The notional amounts of outstanding derivative contracts at June 2011, December 2010 and June 2010 totaled  $1.5 billion,  $1.1 billion and  $1.4 billion, respectively, consisting of contracts hedging primarily exposures to the euro, British pound, Mexican peso, Polish zloty and Canadian dollar. Derivative contracts have maturities up to 20 months. The following table presents outstanding derivatives on an individual contract basis:
                                                 
In thousands   Fair Value of Derivatives     Fair Value of Derivatives  
    with Unrealized Gains     with Unrealized Losses  
    June     December     June     June     December     June  
    2011     2010     2010     2011     2010     2010  
Foreign exchange contracts designated as hedging instruments
   $ 22,141      $ 18,389      $ 41,845      $ 63,722      $ 27,916      $ 14,360  
 
                                               
Foreign exchange contracts not designated as hedging instruments
    1,698       179       169       184       899       909  
 
                                   
 
                                               
Total derivatives
   $ 23,839      $ 18,568      $ 42,014      $ 63,906      $ 28,815      $ 15,269  
 
                                   
Outstanding derivatives have been included in the Consolidated Balance Sheets and classified as current or noncurrent based on the derivatives' maturity dates, as follows:
                         
In thousands   June 2011   December 2010   June 2010
Other current assets
   $ 21,421      $ 15,296      $ 39,430  
Accrued current liabilities
    (58,040 )     (25,440 )     (11,772 )
Other assets (noncurrent)
    2,418       3,272       2,584  
Other liabilities (noncurrent)
    (5,866 )     (3,375 )     (3,497 )
     Fair value hedges — VF enters into derivative contracts to hedge intercompany loans between a domestic company and a foreign subsidiary or between two foreign subsidiaries having different functional currencies. VF's Consolidated Statements of Income include the following effects related to fair value hedging:
                                             
In thousands   Location                            
    of Gain                       Location of    
    (Loss) on                   Hedged Items   Gain (Loss)   Gain (Loss) on
Fair Value   Derivatives   Gain (Loss) on Derivatives   in Fair Value   Recognized   Related Hedged Item
Hedging   Recognized   Recognized in Income   Hedge   on Related   Recognized in Income
Relationships   in Income   Three Months   Six Months   Relationships   Hedged Items   Three Months   Six Months
Period ended June 2011
                                           
Foreign exchange
  Miscellaneous
income
(expense)
   $ (3,817 )    $ (5,047 )   Advances — intercompany   Miscellaneous
income
(expense)
   $ 2,829      $ 3,799  
 
                                           
Period ended June 2010
                                           
Foreign exchange
  Miscellaneous
income
(expense)
   $ 16,051      $ 23,084     Advances — intercompany   Miscellaneous
income
(expense)
   $ (15,959 )    $ (23,001 )
     Cash flow hedges — VF uses derivative contracts to hedge a portion of the exchange risk for its forecasted inventory purchases and production costs and for its forecasted cash receipts arising from sales of inventory. In addition, VF's domestic companies hedge the receipt of forecasted intercompany royalties from foreign subsidiaries. As discussed below in "derivative contracts not designated as hedges", cash flow hedges of forecasted cash receipts are dedesignated as hedges when the sale is recorded, and hedge accounting is not applied after that date.
     The effects of cash flow hedging included in VF's Consolidated Statements of Income and Consolidated Statements of Comprehensive Income are summarized as follows:
                                         
In thousands                            
                    Location of        
                    Gain (Loss)     Gain (Loss) Reclassified  
Cash Flow   Gain (Loss) on Derivatives     Reclassified from     from Accumulated  
Hedging   Recognized in OCI     Accumulated     OCI into Income  
Relationships   Three Months     Six Months     OCI into Income     Three Months     Six Months  
Periods ended June 2011
                                       
Foreign exchange
   $ (8,370 )    $ (34,552 )   Net sales    $ 1,627      $ 1,231  
 
                  Cost of goods sold     (338 )     4,804  
 
                  Miscellaneous income (expense)     (1,591 )     (3,536 )
Interest rate
              Interest expense     29       58  
 
                               
 
                                       
Total
   $ (8,370 )    $ (34,552 )            $ (273 )    $ 2,557  
 
                               
 
                                       
Periods ended June 2010
                                       
Foreign exchange
   $ 15,674      $ 36,515     Net sales    $ (295 )    $ (1,264 )
 
                  Cost of goods sold     1,241       (5,713 )
 
                  Miscellaneous income (expense)     549       (804 )
Interest rate
              Interest expense     29       58  
 
                               
 
                                       
Total
   $ 15,674      $ 36,515              $ 1,524      $ (7,723 )
 
                               
     Net investment hedges — In limited instances, VF may choose to hedge the risk of changes in its investment in foreign subsidiaries. Changes in the fair value of derivatives designated as net investment hedges, except for any ineffective portion, are reported as a component of OCI and deferred in Accumulated OCI, along with the foreign currency translation adjustments on that investment. Upon settlement of net investment hedges, cash flows are classified in investing activities in the Consolidated Statements of Cash Flows. The effects of net investment hedging included in VF's Consolidated Statements of Income and Consolidated Statements of Comprehensive Income were not material for the three and six month periods ended June 2011 or June 2010.
There were no significant amounts recognized in earnings related to ineffective hedging during the three or six month periods ended June 2011 or June 2010.
At June 2011, Accumulated OCI included  $31.8 million of net deferred pretax losses for foreign exchange contracts that are expected to be reclassified to earnings during the next 12 months. The amounts reclassified to earnings will depend on exchange rates when the outstanding derivative contracts are settled.
In addition, VF entered into an interest rate swap derivative contract in 2003 to hedge the interest rate risk for issuance of long-term debt due in 2033. The contract was terminated concurrent with the issuance of the debt and the realized gain was deferred in Accumulated OCI. The remaining pretax deferred gain in Accumulated OCI was  $2.6 million at June 2011, which will be reclassified into earnings over the remaining term of the debt.
     Derivative contracts not designated as hedges — As noted in a preceding section, cash flow hedges of forecasted cash receipts are dedesignated as hedges when the sales are recognized. At that time, the amount of unrealized hedging gain or loss is recognized in net sales, and hedge accounting is not applied after the date of dedesignation. These derivatives remain outstanding and serve as an economic hedge of foreign currency exposures related to the ultimate collection of the trade receivables. During the period that hedge accounting is not applied, changes in the fair value of the derivative contracts are recognized directly in earnings. For the three and six months ended June 2011 and June 2010, VF recorded net losses of less than  $1 million in Miscellaneous Income (Expense) for derivatives not designated as hedging instruments, effectively offsetting the net remeasurement gains on the related accounts receivable.
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Recently Issued Accounting Standards
6 Months Ended
Jul. 02, 2011
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards
Note O — Recently Issued Accounting Standards
     In June 2011, the FASB issued an update to their accounting guidance regarding other comprehensive income which requires that all non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements of income and comprehensive income. The guidance provided by this update becomes effective for VF in the first quarter of fiscal 2012. VF does not expect that the adoption of this guidance will have a material effect on the financial statements.
In May 2011, the FASB issued an update to their authoritative guidance regarding fair value measurements and related disclosures. Additional disclosure requirements in the update include: (1) for Level 3 fair value measurements, quantitative information about unobservable inputs used, a description of the valuation processes used, and a qualitative discussion about the sensitivity of the measurements to changes in the unobservable inputs; (2) for the use of a nonfinancial asset that is different from the asset's highest and best use, the reason for the difference; (3) for financial instruments not measured at fair value but for which disclosure of fair value is required, the fair value hierarchy level in which the fair value measurements were determined; and (4) the disclosure of all transfers between Level 1 and Level 2 of the fair value hierarchy. This guidance will be effective in the first quarter of fiscal 2012, and will be applied on a prospective basis. VF is currently evaluating the impact on the financial statements.
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Subsequent Events
6 Months Ended
Jul. 02, 2011
Subsequent Events
Subsequent Events
Note P — Subsequent Event
VF's Board of Directors declared a quarterly cash dividend of  $0.63 per share, payable on September 19, 2011 to shareholders of record on September 9, 2011.
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Change in Accounting Principle (Tables)
6 Months Ended
Jul. 02, 2011
Change in Accounting Principle [Abstract]
Impact of Accounting Change in Accounting Principle on the Consolidated Statement of Income Text Block
         
    Increase
In thousands except per share amounts   (Decrease)
Cost of goods sold
   $ (8,027 )
Income before income taxes
    8,027  
Income tax expense
    3,160  
Net income attributable to VF Corporation
    4,867  
 
Basic earnings per common share attributable to
       
VF Corporation common stockholders
   $ 0.04  
Diluted earnings per common share attributable to
       
VF Corporation common stockholders
    0.04  
Impact of Accounting Change in Accounting Principle on the Consolidated Balance Sheet Text Block
         
In thousands Increase
Inventories
   $ 8,027  
Accrued liabilities
    3,160  
Retained earnings
    4,867  
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Intangible Assets (Tables)
6 Months Ended
Jul. 02, 2011
Intangible Assets
Schedule of Indefinite-Lived Intangible Assets by Major Class
                                         
            June 2011     December 2010  
    Weighted     Gross             Net     Net  
    Average     Carrying     Accumulated     Carrying     Carrying  
Dollars in thousands   Life     Amount     Amortization     Amount     Amount  
Amortizable intangible assets:
                                       
Customer relationships
  19years    $ 452,179      $ 123,599      $ 328,580      $ 337,307  
License agreements
  24years     180,214       56,436       123,778       127,741  
Trademarks and other
  9years     10,215       6,257       3,958       4,670  
 
                                   
 
                                       
Amortizable intangible assets, net
                            456,316       469,718  
 
                                       
Indefinite-lived intangible assets:
                                       
Trademarks and tradenames
                            1,099,201       1,021,207  
 
                                   
 
                                       
Intangible assets, net
                           $ 1,555,517      $ 1,490,925  
 
                                   
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Goodwill (Tables)
6 Months Ended
Jul. 02, 2011
Goodwill
Summary of goodwill by business segment
                                                 
    Outdoor &                             Contemporary        
In thousands   Action Sports     Jeanswear     Imagewear     Sportswear     Brands     Total  
Balances, December 2010
   $ 574,747      $ 235,513      $ 56,703      $ 157,314      $ 142,361      $ 1,166,638  
Currency translation
    22,103       5,601                         27,704  
 
                                   
 
                                               
Balances, June 2011
   $ 596,850      $ 241,114      $ 56,703      $ 157,314      $ 142,361      $ 1,194,342  
 
                                   
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Pension Plans (Tables)
6 Months Ended
Jul. 02, 2011
Pension Plans [Abstract]
Components of net periodic pension cost, Table
                                 
    Three Months     Six Months  
    Ended June     Ended June  
In thousands   2011     2010     2011     2010  
Service cost — benefits earned during the year
   $ 5,272      $ 4,077      $ 10,454      $ 8,160  
Interest cost on projected benefit obligations
    19,738       19,116       39,443       38,224  
Expected return on plan assets
    (22,442 )     (19,183 )     (44,858 )     (38,355 )
Amortization of:
                               
Net deferred actuarial loss
    10,779       11,379       21,543       22,751  
Prior service cost
    864       987       1,727       1,974  
 
                       
 
                               
Net periodic pension cost
   $ 14,211      $ 16,376      $ 28,309      $ 32,754  
 
                       
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Business Segment Information (Tables)
6 Months Ended
Jul. 02, 2011
Business Segment Information
Reconciliation of operating profit (loss) from Segments
                                 
    Three Months     Six Months  
    Ended June     Ended June  
In thousands   2011     2010     2011     2010  
Coalition revenues:
                               
Outdoor & Action Sports
   $ 717,928      $ 584,447      $ 1,506,143      $ 1,263,009  
Jeanswear
    613,367       556,016       1,292,610       1,178,081  
Imagewear
    244,074       211,225       490,882       432,523  
Sportswear
    120,272       109,074       232,166       211,251  
Contemporary Brands
    118,103       106,083       230,019       210,172  
Other
    26,379       27,259       47,102       48,947  
 
                       
 
                               
Total coalition revenues
   $ 1,840,123      $ 1,594,104      $ 3,798,922      $ 3,343,983  
 
                       
 
                               
Coalition profit:
                               
Outdoor & Action Sports
   $ 89,472      $ 81,524      $ 233,377      $ 208,551  
Jeanswear
    94,365       94,741       217,491       201,549  
Imagewear
    40,271       26,020       77,169       48,832  
Sportswear
    11,658       9,740       19,088       16,908  
Contemporary Brands
    10,689       8,214       20,373       16,666  
Other
    64       (10 )     (2,010 )     (1,235 )
 
                       
 
                               
Total coalition profit
    246,519       220,229       565,488       491,271  
 
                       
 
                               
Corporate and other expenses
    (60,583 )     (48,782 )     (106,840 )     (90,141 )
Interest, net
    (14,452 )     (19,998 )     (29,426 )     (40,003 )
 
                       
 
                               
Income before income taxes
   $ 171,484      $ 151,449      $ 429,222      $ 361,127  
 
                       
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Capital and Accumulated Other Comprehensive Income (Loss) (Tables)
6 Months Ended
Jul. 02, 2011
Capital and Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
                         
    June     December     June  
In thousands   2011     2010     2010  
Foreign currency translation
   $ 92,861      $ (5,727 )    $ (88,267 )
Defined benefit pension plans
    (251,621 )     (266,125 )     (249,869 )
Derivative financial instruments
    (24,563 )     (1,716 )     21,014  
Marketable securities
    3,540       4,974       2,329  
 
                 
 
                       
Accumulated other comprehensive income (loss)
   $ (179,783 )    $ (268,594 )    $ (314,793 )
 
                 
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Earnings Per Share (Tables)
6 Months Ended
Jul. 02, 2011
Earnings Per Share
Earnings Per Share
                                 
    Three Months     Six Months  
    Ended June     Ended June  
In thousands, except per share amounts   2011     2010     2011     2010  
Earnings per share — basic:
                               
Net income
   $ 129,567      $ 111,490      $ 330,987      $ 274,949  
Net (income) loss attributable to noncontrolling interests
    (199 )     (655 )     (916 )     (598 )
 
                       
 
                               
Net income attributable to VF Corporation
   $ 129,368      $ 110,835      $ 330,071      $ 274,351  
 
                       
 
                               
Weighted average Common Stock outstanding
    109,079       108,957       108,651       109,608  
 
                       
 
                               
Earnings per common share attributable to VF Corporation common stockholders
   $ 1.19      $ 1.02      $ 3.04      $ 2.50  
 
                       
 
                               
Earnings per share — diluted:
                               
Net income attributable to VF Corporation
   $ 129,368      $ 110,835      $ 330,071      $ 274,351  
 
                       
 
                               
Weighted average Common Stock outstanding
    109,079       108,957       108,651       109,608  
Incremental shares from stock options and other dilutive securities
    1,811       1,522       1,802       1,446  
 
                       
 
                               
Adjusted weighted average Common Stock outstanding
    110,890       110,479       110,453       111,054  
 
                       
 
                               
Earnings per common share attributable to VF Corporation common stockholders
   $ 1.17      $ 1.00      $ 2.99      $ 2.47  
 
                       
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Fair Value Measurements (Tables)
6 Months Ended
Jul. 03, 2010
Fair Value Measurements
Fair Value, by Balance Sheet Grouping
                                 
In thousands           Fair Value Measurement Using:
            Quoted Prices   Significant    
            in Active   Other   Significant
    Total   Markets for   Observable   Unobservable
    Fair   Identical Assets   Inputs   Inputs
    Value   (Level 1)   (Level 2)   (Level 3)
June 2011
                               
Financial assets:
                               
Cash equivalents:
                               
Money market funds
   $ 275,206      $ 275,206      $      $  
Time deposits
    116,220       116,220              
Derivative instruments
    23,839             23,839        
Investment securities
    187,511       156,100       31,411        
Other marketable securities
    8,991       8,991              
 
                               
Financial liabilities:
                               
Derivative instruments
    63,906             63,906        
Deferred compensation
    221,981             221,981        
 
                               
December 2010
                               
Financial assets:
                               
Cash equivalents:
                               
Money market funds
   $ 437,229      $ 437,229      $      $  
Time deposits
    93,254       93,254              
Derivative instruments
    18,568             18,568        
Investment securities
    182,673       147,380       35,293        
Other marketable securities
    12,388       12,388              
 
                               
Financial liabilities:
                               
Derivative instruments
    28,815             28,815        
Deferred compensation
    212,011             212,011        
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Derivative Financial Instruments and Hedging Activities (Tables)
6 Months Ended
Jul. 02, 2011
Derivative Financial Instruments and Hedging Activities
Schedule of Derivative Instruments
                                                 
In thousands   Fair Value of Derivatives     Fair Value of Derivatives  
    with Unrealized Gains     with Unrealized Losses  
    June     December     June     June     December     June  
    2011     2010     2010     2011     2010     2010  
Foreign exchange contracts designated as hedging instruments
   $ 22,141      $ 18,389      $ 41,845      $ 63,722      $ 27,916      $ 14,360  
 
                                               
Foreign exchange contracts not designated as hedging instruments
    1,698       179       169       184       899       909  
 
                                   
 
                                               
Total derivatives
   $ 23,839      $ 18,568      $ 42,014      $ 63,906      $ 28,815      $ 15,269  
 
                                   
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
                         
In thousands   June 2011   December 2010   June 2010
Other current assets
   $ 21,421      $ 15,296      $ 39,430  
Accrued current liabilities
    (58,040 )     (25,440 )     (11,772 )
Other assets (noncurrent)
    2,418       3,272       2,584  
Other liabilities (noncurrent)
    (5,866 )     (3,375 )     (3,497 )
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
                                             
In thousands   Location                            
    of Gain                       Location of    
    (Loss) on                   Hedged Items   Gain (Loss)   Gain (Loss) on
Fair Value   Derivatives   Gain (Loss) on Derivatives   in Fair Value   Recognized   Related Hedged Item
Hedging   Recognized   Recognized in Income   Hedge   on Related   Recognized in Income
Relationships   in Income   Three Months   Six Months   Relationships   Hedged Items   Three Months   Six Months
Period ended June 2011
                                           
Foreign exchange
  Miscellaneous
income
(expense)
   $ (3,817 )    $ (5,047 )   Advances — intercompany   Miscellaneous
income
(expense)
   $ 2,829      $ 3,799  
 
                                           
Period ended June 2010
                                           
Foreign exchange
  Miscellaneous
income
(expense)
   $ 16,051      $ 23,084     Advances — intercompany   Miscellaneous
income
(expense)
   $ (15,959 )    $ (23,001 )
Schedule of Derivative Instruments, Cash Flow Hedges
                                         
In thousands                            
                    Location of        
                    Gain (Loss)     Gain (Loss) Reclassified  
Cash Flow   Gain (Loss) on Derivatives     Reclassified from     from Accumulated  
Hedging   Recognized in OCI     Accumulated     OCI into Income  
Relationships   Three Months     Six Months     OCI into Income     Three Months     Six Months  
Periods ended June 2011
                                       
Foreign exchange
   $ (8,370 )    $ (34,552 )   Net sales    $ 1,627      $ 1,231  
 
                  Cost of goods sold     (338 )     4,804  
 
                  Miscellaneous income (expense)     (1,591 )     (3,536 )
Interest rate
              Interest expense     29       58  
 
                               
 
                                       
Total
   $ (8,370 )    $ (34,552 )            $ (273 )    $ 2,557  
 
                               
 
                                       
Periods ended June 2010
                                       
Foreign exchange
   $ 15,674      $ 36,515     Net sales    $ (295 )    $ (1,264 )
 
                  Cost of goods sold     1,241       (5,713 )
 
                  Miscellaneous income (expense)     549       (804 )
Interest rate
              Interest expense     29       58  
 
                               
 
                                       
Total
   $ 15,674      $ 36,515              $ 1,524      $ (7,723 )
 
                               
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Change in Accounting Principle (Details) (USD  $)
In Thousands, except Per Share data, unless otherwise specified
6 Months Ended
Jul. 02, 2011
Change in Accounting Principle [Abstract]
Percentage of LIFO Inventory 25.00%
Effect of change on Cost of goods sold  $ (8,027)
Effect of change on Income before income taxes 8,027
Effect of change on Income tax expense 3,160
Effect of change on Net income 4,867
Effect of change on Basic earnings per share  $ 0.04
Effect of change on Diluted earnings per share  $ 0.04
Effect of change on Inventories 8,027
Effect of change on Accrued liabilities 3,160
Effect of change on Retained earnings  $ 4,867
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Acquisitions (Narrative) (Details) (USD  $)
Jul. 02, 2011
Rock and Republic [Member]
Purchase price of acquired asset  $ 57,000,000
The Timberland Company [Member]
Enterprise value net of cash acquired  $ 2,300,000,000
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Sale of Accounts Receivable (Narrative) (Detail) (USD  $)
In Millions
6 Months Ended
Jul. 02, 2011
Jan. 01, 2011
Jul. 03, 2010
Accounts Receivable
Maximum amount of accounts receivable sold at any point in time  $ 237.5
Decrease in receivables related to balances sold 123 112.3 112.3
Sale of accounts receivable, nonrecourse basis 537.1
Funding fee  $ 1
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Intangible Assets (Schedule of Indefinite-Lived Intangible Assets by Major Class) (Details) (USD  $)
In Thousands, unless otherwise specified
Jul. 02, 2011
Jan. 01, 2011
Jul. 03, 2010
Jul. 02, 2011
Customer Relationships [Member]
Jan. 01, 2011
Customer Relationships [Member]
Jul. 02, 2011
License Agreements [Member]
Jan. 01, 2011
License Agreements [Member]
Jul. 02, 2011
Trademarks [Member]
Jan. 01, 2011
Trademarks [Member]
Amortizable intangible assets, Weighted Average Amortization Period 19 24 9
Amortizable intangible assets, Cost  $ 452,179  $ 180,214  $ 10,215
Amortizable intangible assets, Accumulated Amortization 123,599 56,436 6,257
Amortizable intangible assets, Net Carrying Amount 456,316 469,718 328,580 337,307 123,778 127,741 3,958 4,670
Indefinite-lived trademarks and tradenames 1,099,201 1,021,207
Intangible assets, net  $ 1,555,517  $ 1,490,925  $ 1,496,682
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Intangible Assets (Narrative) (Details) (USD  $)
In Millions
3 Months Ended 6 Months Ended
Jul. 02, 2011
Jul. 02, 2011
Intangible Assets
Intangible asset amortization expense  $ 9.5  $ 19.2
Estimated amortization expense, 2011 37.8
Estimated amortization expense, 2012 34.6
Estimated amortization expense, 2013 33
Estimated amortization expense, 2014 31.9
Estimated amortization expense, 2015  $ 30.5
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Goodwill (Summary of Goodwill by Business Segment) (Details) (USD  $)
In Thousands
6 Months Ended
Jul. 02, 2011
Jul. 03, 2010
Goodwill, beginning balance  $ 1,166,638  $ 1,335,526
Currency translation 27,704
Goodwill, ending balance 1,194,342 1,335,526
Goodwill, Outdoor and Action Sports [Member]
Goodwill, beginning balance 574,747
Currency translation 22,103
Goodwill, ending balance 596,850
Goodwill, Jeanswear [Member]
Goodwill, beginning balance 235,513
Currency translation 5,601
Goodwill, ending balance 241,114
Goodwill, Imagewear [Member]
Goodwill, beginning balance 56,703
Currency translation  
Goodwill, ending balance 56,703
Goodwill, Sportswear [Member]
Goodwill, beginning balance 157,314
Currency translation  
Goodwill, ending balance 157,314
Goodwill, Contemporary Brands [Member]
Goodwill, beginning balance 142,361
Currency translation  
Goodwill, ending balance  $ 142,361
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Goodwill (Narrative) (Details) (USD  $)
In Millions
12 Months Ended
Jan. 01, 2011
Goodwill, Outdoor and Action Sports [Member]
Recorded impairment charges to write down the goodwill  $ 43.4
Goodwill, Sportswear [Member]
Recorded impairment charges to write down the goodwill 58.5
Goodwill, Contemporary Brands [Member]
Recorded impairment charges to write down the goodwill  $ 195.2
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Pension Plans (Details) (USD  $)
In Thousands
3 Months Ended 6 Months Ended
Jul. 02, 2011
Jul. 03, 2010
Jul. 02, 2011
Jul. 03, 2010
Pension Plans [Abstract]
Service cost - benefits earned during the year  $ 5,272  $ 4,077  $ 10,454  $ 8,160
Interest cost on projected benefit obligations 19,738 19,116 39,443 38,224
Expected return on plan assets (22,442) (19,183) (44,858) (38,355)
Amortization of net deferred actuarial losses 10,779 11,379 21,543 22,751
Amortization of prior service cost 864 987 1,727 1,974
Net periodic pension cost 14,211 16,376 28,309 32,754
Employer contributions 6,600
Estimated future employer contributions  $ 4,100  $ 4,100
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Business Segment Information (Schedule of Revenues for VF's Reportable Segments) (Details) (USD  $)
In Thousands
3 Months Ended 6 Months Ended
Jul. 02, 2011
Jul. 03, 2010
Jul. 02, 2011
Jul. 03, 2010
Total revenues  $ 1,840,123  $ 1,594,104  $ 3,798,922  $ 3,343,983
Total coalition profit 246,519 220,229 565,488 491,271
Corporate and other expenses (60,583) (48,782) (106,840) (90,141)
Interest, net (14,452) (19,998) (29,426) (40,003)
Income Before Income Taxes 171,484 151,449 429,222 361,127
Outdoor & Action Sports [Member]
Coalition revenues 717,928 584,447 1,506,143 1,263,009
Coalition profit 89,472 81,524 233,377 208,551
Jeanswear [Member]
Coalition revenues 613,367 556,016 1,292,610 1,178,081
Coalition profit 94,365 94,741 217,491 201,549
Imagewear [Member]
Coalition revenues 244,074 211,225 490,882 432,523
Coalition profit 40,271 26,020 77,169 48,832
Sportswear [Member]
Coalition revenues 120,272 109,074 232,166 211,251
Coalition profit 11,658 9,740 19,088 16,908
Contemporary Brands [Member]
Coalition revenues 118,103 106,083 230,019 210,172
Coalition profit 10,689 8,214 20,373 16,666
Other [Member]
Coalition revenues 26,379 27,259 47,102 48,947
Coalition profit  $ 64  $ (10)  $ (2,010)  $ (1,235)
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Capital and Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) (USD  $)
In Millions, except Share data
Jul. 02, 2011
Jan. 01, 2011
Jul. 03, 2010
Capital and Accumulated Other Comprehensive Income (Loss)
Treasury shares 19,270,341 19,099,644 18,022,755
Common Stock, stated value  $ 1  $ 1  $ 1
Number of Common Stock shares held in trust in connection with deferred compensation plans 241,059 246,860 268,169
Common Stock held in trust in connection with deferred compensation plans  $ 10.4  $ 10.7  $ 12.1
Preferred Stock, authorized shares 25,000,000
Preferred Stock, par value  $ 1
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Capital and Accumulated Other Comprehensive Income (Loss) (Schedule of Deferred Gains (Losses) Comprising Accumulated OCI) (Details) (USD  $)
In Thousands
Jul. 02, 2011
Jan. 01, 2011
Jul. 03, 2010
Capital and Accumulated Other Comprehensive Income (Loss)
Foreign currency translation  $ 92,861  $ (5,727)  $ (88,267)
Defined benefit pension plans (251,621) (266,125) (249,869)
Derivative financial instruments (24,563) (1,716) 21,014
Marketable securities 3,540 4,974 2,329
Accumulated other comprehensive income (loss)  $ (179,783)  $ (268,594)  $ (314,793)
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Stock-based Compensation (Narrative) (Details) (USD  $)
6 Months Ended
Jul. 02, 2011
Options granted in period 925,635
Exercise price of options granted  $ 95.56
Expected volatility, minimum 27.00%
Expected volatility, maximum 38.00%
Weighted average expected volatility 34.00%
Expected term, minimum 5.6
Expected term, maximum 7.5
Dividend yield 3.10%
Six-month risk-free interest rate 0.20%
Ten-year risk-free interest rate 3.50%
Weighted average fair value of options granted  $ 24.99
Restricted Stock Award [Member]
Restricted stock units granted in period 19,000
Weighted-average fair value of restricted stock units granted  $ 86.51
Performance-based Restricted Stock Unit Grant [Member]
Restricted stock units granted in period 241,751
Weighted-average fair value of restricted stock units granted  $ 95.23
Restricted Stock Units [Member]
Restricted stock units granted in period 15,000
Weighted-average fair value of restricted stock units granted  $ 86.51
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Income Taxes (Narrative) (Details) (USD  $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Jul. 02, 2011
Jul. 03, 2010
Jan. 01, 2011
Income Taxes
Effective income tax rate 22.90% 23.90% 23.60%
Tax settlement on U.S. tax audits  $ 10
Foreign rate differences 13
Reductions due to statute expirations 2.8
Effective Income Tax Rate Continuing Operations excluding goodwill 24.90%
Unrecognized tax benefits and associated interest primarily due to the audit settlements 16.3
Unrecognized tax benefits and interest 6.4
Estimated change in the amount of unrecognized income tax benefits  $ 4.7
Estimated change in the amount of unrecognized income tax benefits 1.8
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Earnings Per Share (Schedule of Earnings Per Share) (Details) (USD  $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jul. 02, 2011
Jul. 03, 2010
Jul. 02, 2011
Jul. 03, 2010
Earnings Per Share
Net Income  $ 129,567  $ 111,490  $ 330,987  $ 274,949
Net (Income) Loss Attributable to Noncontrolling Interests (199) (655) (916) (598)
Net Income Attributable to VF Corporation  $ 129,368  $ 110,835  $ 330,071  $ 274,351
Weighted average Common Stock outstanding 109,079 108,957 108,651 109,608
Earnings Per Common Share Attributable to VF Corporation Common Stockholders - Basic  $ 1.19  $ 1.02  $ 3.04  $ 2.5
Incremental shares from stock options and other dilutive securities 1,811 1,522 1,802 1,446
Adjusted weighted average Common Stock outstanding 110,890 110,479 110,453 111,054
Earnings Per Common Share Attributable to VF Corporation Common Stockholders - Diluted  $ 1.17  $ 1  $ 2.99  $ 2.47
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Earnings Per Share (Narrative) (Details)
In Millions
3 Months Ended 6 Months Ended
Jul. 02, 2011
Jul. 03, 2010
Jul. 02, 2011
Jul. 03, 2010
Stock options excluded from computation of earnings per share 0.9 1.2 0.9 2.5
Performance-based Restricted Stock Unit Grant [Member]
Stock options excluded from computation of earnings per share 0.3 0.3 0.3 0.3
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Fair Value Measurements (Schedule of Recurring Fair Value Measurements) (Details) (USD  $)
In Thousands
Jul. 02, 2011
Jan. 01, 2011
Cash equivalents, money market funds  $ 275,206  $ 437,229
Cash equivalents, time deposits 116,220 93,254
Derivative financial instruments, assets 23,839 18,568
Investment securities 187,511 182,673
Other marketable securities 8,991 12,388
Derivative financial instruments, liabilities 63,906 28,815
Deferred compensation 221,981 212,011
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member]
Cash equivalents, money market funds 275,206 437,229
Cash equivalents, time deposits 116,220 93,254
Investment securities 156,100 147,380
Other marketable securities 8,991 12,388
Significant Other Observable Inputs, Level 2 [Member]
Derivative financial instruments, assets 23,839 18,568
Investment securities 31,411 35,293
Derivative financial instruments, liabilities 63,906 28,815
Deferred compensation 221,981 212,011
Significant Unobservable Inputs, Level 3 [Member]
Cash equivalents, money market funds    
Cash equivalents, time deposits    
Derivative financial instruments, assets    
Investment securities    
Other marketable securities    
Derivative financial instruments, liabilities    
Deferred compensation    
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Fair Value Measurements (Narrative) (Details) (USD  $)
In Millions
Jul. 02, 2011
Jan. 01, 2011
Fair Value Measurements
Long-term debt, carrying value  $ 937.3  $ 938.6
Long-term debt, fair value  $ 1,037.8  $ 1,025.1
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Derivative Financial Instruments and Hedging Activities (Narrative) (Details) (USD  $)
In Millions
6 Months Ended
Jul. 02, 2011
Jan. 01, 2011
Jul. 03, 2010
Derivative Financial Instruments and Hedging Activities
Notional amount of foreign currency derivatives  $ 1.5  $ 1.1  $ 1.4
Accumulated OCI including net deferred pretax losses for foreign exchange contracts 31.8
Remaining pretax gain, deferred in Accumulated OCI 2.6
Miscellaneous income (expense) for derivatives not designated as hedging instruments  $ 1
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Derivative Financial Instruments and Hedging Activities (Outstanding Derivatives on Individual Contract Basis) (Details) (USD  $)
In Thousands
Jul. 02, 2011
Jan. 01, 2011
Jul. 03, 2010
Derivative Financial Instruments and Hedging Activities
Foreign exchange contracts designated as hedging instruments  $ 22,141  $ 18,389  $ 41,845
Derivative liability designated as hedging instrument, fair value 63,722 27,916 14,360
Foreign exchange contracts not designated as hedging instruments 1,698 179 169
Derivative liability not designated as hedging instrument, fair value 184 899 909
Total derivative assets 23,839 18,568 42,014
Total derivative liability  $ 63,906  $ 28,815  $ 15,269
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Derivative Financial Instruments and Hedging Activities (Current or Noncurrent Derivative Assets and Liabilities) (Details) (USD  $)
In Thousands
Jul. 02, 2011
Jan. 01, 2011
Jul. 03, 2010
Derivative Financial Instruments and Hedging Activities
Other current assets  $ 21,421  $ 15,296  $ 39,430
Accrued current liabilities (58,040) (25,440) (11,772)
Other assets (noncurrent) 2,418 3,272 2,584
Other liabilities (noncurrent)  $ (5,866)  $ (3,375)  $ (3,497)
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Derivative Financial Instruments and Hedging Activities (Summary of the Effects of Fair Value Hedging Relationships Included in VF's Consolidated Statement of Income) (Details) (Miscellaneous Income (Expense) [Member], USD  $)
In Thousands
3 Months Ended 6 Months Ended
Jul. 02, 2011
Jul. 03, 2010
Jul. 02, 2011
Jul. 03, 2010
Foreign Exchange Contract - Fair Value Hedge [Member]
Derivative instruments, gain (loss) recognized in income  $ (3,817)  $ 16,051  $ (5,047)  $ 23,084
Advances - Intercompany [Member]
Change in unrealized gain (loss) on hedged item in fair value hedge  $ 2,829  $ (15,959)  $ 3,799  $ (23,001)
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Derivative Financial Instruments and Hedging Activities (Summary of the Effects of Cash Flow Hedging Relationships Included in VF's Consolidated Statement of Income and Consolidated Statements of Comprehensive Income) (Details) (USD  $)
In Thousands
3 Months Ended 6 Months Ended
Jul. 02, 2011
Jul. 03, 2010
Jul. 02, 2011
Jul. 03, 2010
Derivative instruments, gain (loss) recognized in other comprehensive income  $ (8,370)  $ 15,674  $ (34,552)  $ 36,515
Cash flow hedge gain (loss) reclassified to earnings, net (273) 1,524 2,557 (7,723)
Net sales [Member] | Foreign Exchange Contract - Fair Value Hedge [Member]
Cash flow hedge gain (loss) reclassified to revenue 1,627 (295) 1,231 (1,264)
Cost of goods sold [Member]
Cash flow hedge gain (loss) reclassified to cost of sales (338) 1,241 4,804 (5,713)
Miscellaneous Income (Expense) [Member]
Cash flow hedge gain (loss) reclassified to other income (1,591) 549 (3,536) (804)
Interest expense [Member]
Cash flow hedge gain (loss) reclassified to interest expense, net 29 29 58 58
Foreign Exchange Contract - Fair Value Hedge [Member]
Derivative instruments, gain (loss) recognized in other comprehensive income  $ (8,370)  $ 15,674  $ (34,552)  $ 36,515
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Subsequent Events (Narrative) (Details) (USD  $)
Jul. 02, 2011
Subsequent Events
Cash dividend  $ 0.63
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