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Document And Entity Information
9 Months Ended
Oct. 01, 2011
Oct. 29, 2011
Document And Entity Information [Abstract]
Document Type 10-Q
Amendment Flag false
Document Period End Date Oct 1, 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 Q3
Entity Filer Category Large Accelerated Filer
Entity Common Stock, Shares Outstanding 110,362,801
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Consolidated Balance Sheets (USD  $)
In Thousands
Oct. 01, 2011
Jan. 01, 2011
Oct. 02, 2010
ASSETS
Cash and equivalents  $ 337,391  $ 792,239  $ 402,863
Accounts receivable, less allowance for doubtful accounts of: Sept. 2011 -  $57,279; Dec. 2010 -  $44,599; Sept. 2010 -  $60,608 1,547,741 773,083 1,098,858
Finished products 1,513,801 843,230 994,076
Work in process 89,261 78,226 77,920
Materials and supplies 174,840 149,238 139,311
Inventories 1,777,902 1,070,694 1,211,307
Other current assets 279,358 190,044 171,666
Total current assets 3,942,392 2,826,060 2,884,694
Property, Plant and Equipment 1,787,668 1,663,299 1,639,271
Less accumulated depreciation 1,082,733 1,060,391 1,041,097
Property, Plant and Equipment, net 704,935 602,908 598,174
Intangible Assets 2,978,238 1,490,925 1,515,261
Goodwill 2,077,701 1,166,638 1,370,262
Other Assets 415,782 371,025 322,725
Total assets 10,119,048 6,457,556 6,691,116
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term borrowings 1,145,845 36,576 49,022
Current portion of long-term debt 2,709 2,737 2,751
Accounts payable 666,845 510,998 482,082
Accrued liabilities 849,165 559,164 623,425
Total current liabilities 2,664,564 1,109,475 1,157,280
Long-term Debt 1,832,412 935,882 936,511
Other Liabilities 1,162,173 550,880 659,016
Commitments and Contingencies      
Stockholders' Equity
Common stock, stated value  $1; shares authorized, 300,000,000; shares outstanding: Sept. 2011 - 110,081,241; Dec. 2010 - 107,938,105; Sept. 2010 - 108,144,163 110,081 107,938 108,144
Additional paid-in capital 2,280,544 2,081,367 2,002,160
Accumulated other comprehensive income (loss) (279,966) (268,594) (229,199)
Retained earnings 2,348,152 1,940,508 2,057,965
Total equity attributable to VF Corporation 4,458,811 3,861,219 3,939,070
Noncontrolling interests 1,088 100 (761)
Total stockholders' equity 4,459,899 3,861,319 3,938,309
Total liabilities and stockholders' equity  $ 10,119,048  $ 6,457,556  $ 6,691,116
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Consolidated Balance Sheets (Parenthetical) (USD  $)
In Thousands, except Share data
Oct. 01, 2011
Jan. 01, 2011
Oct. 02, 2010
Consolidated Balance Sheets [Abstract]
Allowance for doubtful accounts  $ 57,279  $ 44,599  $ 60,608
Common stock, stated value  $ 1  $ 1  $ 1
Common stock, shares authorized 300,000,000 300,000,000 300,000,000
Common stock, shares outstanding 110,081,241 107,938,105 108,144,163
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Consolidated Statements Of Income (USD  $)
In Thousands, except Per Share data
3 Months Ended 9 Months Ended
Oct. 01, 2011
Oct. 02, 2010
Oct. 01, 2011
Oct. 02, 2010
Consolidated Statements Of Income [Abstract]
Net Sales  $ 2,727,704  $ 2,213,151  $ 6,486,046  $ 5,520,184
Royalty Income 22,367 19,216 62,947 56,166
Total Revenues 2,750,071 2,232,367 6,548,993 5,576,350
Costs and Operating Expenses
Cost of goods sold 1,504,982 1,195,379 3,533,429 2,970,084
Marketing, administrative and general expenses 814,971 682,443 2,122,132 1,858,937
Costs and Operating Expenses, Total 2,319,953 1,877,822 5,655,561 4,829,021
Operating Income 430,118 354,545 893,432 747,329
Other Income (Expense)
Interest income 1,371 610 3,847 1,600
Interest expense (20,671) (20,557) (52,573) (61,550)
Miscellaneous, net (6,473) 599 (11,139) 8,945
Other Income (Expense), Total (25,773) (19,348) (59,865) (51,005)
Income Before Income Taxes 404,345 335,197 833,567 696,324
Income Taxes 102,933 91,943 201,168 178,121
Net Income 301,412 243,254 632,399 518,203
Net (Income) Loss Attributable to Noncontrolling Interests (712) (467) (1,628) (1,065)
Net Income Attributable to VF Corporation  $ 300,700  $ 242,787  $ 630,771  $ 517,138
Earnings Per Common Share Attributable to VF Corporation Common Stockholders
Basic  $ 2.74  $ 2.25  $ 5.79  $ 4.74
Diluted  $ 2.69  $ 2.22  $ 5.69  $ 4.68
Cash Dividends Per Common Share  $ 0.63  $ 0.6  $ 1.89  $ 1.8
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Consolidated Statements Of Comprehensive Income (USD  $)
In Thousands
3 Months Ended 9 Months Ended
Oct. 01, 2011
Oct. 02, 2010
Oct. 01, 2011
Oct. 02, 2010
Consolidated Statements Of Comprehensive Income [Abstract]
Net Income  $ 301,412  $ 243,254  $ 632,399  $ 518,203
Foreign currency translation
Gains (losses) arising during the period (121,686) 125,026 8,592 (54,401)
Less income tax effect 25,434 (19,473) 1,605 12,016
Reclassification to net income for (gains) losses realized (11,995)
Less income tax effect 4,134
Defined benefit pension plans
Amortization of net deferred actuarial loss 10,783 11,381 32,326 34,132
Amortization of prior service cost 863 987 2,590 2,961
Less income tax effect (4,775) (5,387) (13,541) (14,011)
Derivative financial instruments
Gains (losses) arising during the period (25,218) (36,261) (59,770) 254
Less income tax effect 9,716 13,969 23,028 (99)
Reclassification to net income for (gains) losses realized 12,321 (8,241) 9,704 (518)
Less income tax effect (4,747) 3,176 (3,737) 200
Marketable securities
Gains (losses) arising during the period (2,863) (4,903) (408)
Less income tax effect 4 417 417
Reclassification to net income for (gains) losses recognized (15) 832
Less income tax effect (237)
Other comprehensive income (loss) (100,183) 85,594 (11,372) (19,457)
Foreign currency translation gains (losses) attributable to noncontrolling interests (458) (137) (229) 40
Other comprehensive income (loss) including noncontrolling interests (100,641) 85,457 (11,601) (19,417)
Comprehensive Income 200,771 328,711 620,798 498,786
Comprehensive (Income) Loss Attributable to Noncontrolling Interests (254) (330) (1,399) (1,105)
Comprehensive Income Attributable to VF Corporation  $ 200,517  $ 328,381  $ 619,399  $ 497,681
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Consolidated Statements Of Cash Flows (USD  $)
In Thousands
9 Months Ended
Oct. 01, 2011
Oct. 02, 2010
Operating Activities
Net income  $ 632,399  $ 518,203
Adjustments to reconcile net income to cash provided (used) by operating activities:
Depreciation 85,398 81,618
Amortization of intangible assets 29,092 29,621
Other amortization 17,554 12,141
Stock-based compensation 54,247 47,591
Pension funding under (over) expense 32,153 39,637
Other, net (83,439) 54,647
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable (573,511) (332,006)
Inventories (328,330) (249,593)
Other current assets 44,109 (6,584)
Accounts payable (19,681) 110,382
Accrued compensation 1,257 24,675
Accrued income taxes 26,576 (1,890)
Accrued liabilities 39,238 116,654
Other assets and liabilities 14,105 3,528
Cash provided (used) by operating activities (28,833) 448,624
Investing Activities
Capital expenditures (98,173) (73,592)
Business acquisitions, net of cash acquired (2,207,065) (38,446)
Trademarks acquisition (56,598)
Software purchases (14,836) (5,825)
Other, net (3,280) (6,842)
Cash used by investing activities (2,379,952) (124,705)
Financing Activities
Net increase in short-term borrowings 1,127,805 1,794
Payments on long-term debt (1,932) (202,384)
Proceeds from long-term debt 898,450
Payments of debt issuance costs (5,969)
Purchase of Common Stock (6,941) (322,206)
Cash dividends paid (206,277) (195,999)
Proceeds from issuance of Common Stock, net 109,671 80,680
Tax benefits of stock option exercises 22,037 3,280
Acquisition of remaining noncontrolling interest (108)
Cash provided (used) by financing activities 1,936,736 (634,835)
Effect of Foreign Currency Rate Changes on Cash and Equivalents 17,201 (17,770)
Net Change in Cash and Equivalents (454,848) (328,686)
Cash and Equivalents - Beginning of Year 792,239 731,549
Cash and Equivalents - End of Period  $ 337,391  $ 402,863
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Consolidated Statements Of Stockholders' Equity (USD  $)
In Thousands
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Non-Controlling Interests [Member]
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 (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 630,771 1,628 632,399
Dividends on Common Stock (206,277)
Purchase of treasury stock          
Stock compensation plans, net 2,202 199,040 (11,297)
Common Stock held in trust for deferred compensation plans (59) (5,553)
Acquisition of remaining noncontrolling interest 137 (411) (108)
Foreign currency translation 2,336 (229)
Defined benefit pension plans 21,375
Derivative financial instruments (30,775)
Marketable securities (4,308)
Balance at Oct. 01, 2011  $ 110,081  $ 2,280,544  $ (279,966)  $ 2,348,152  $ 1,088  $ 4,459,899
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Basis Of Presentation
9 Months Ended
Oct. 01, 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 September 2011, December 2010 and September 2010 relate to the fiscal periods ended on October 1, 2011, January 1, 2011 and October 2, 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 nine months ended September 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
9 Months Ended
Oct. 01, 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 nine months ended September 2011 was as follows:

 

 $(8,027)
In thousands except per share amounts    Increase
(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:

 

 $(8,027)
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 nine months ended September 2011.

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Acquisitions
9 Months Ended
Oct. 01, 2011
Acquisitions [Abstract]
Acquisitions

Note C — Acquisitions

On September 13, 2011, VF acquired 100% of the outstanding shares of The Timberland Company ("Timberland") for  $2.3 billion in cash. The purchase price was funded by the issuance of  $900 million of term debt, together with available cash on hand and short term borrowings.

Timberland is a global footwear and apparel company based in New Hampshire whose primary brands are Timberland® and Smartwool®. Timberland contributed  $163.6 million of revenues and  $7.9 million of earnings in the third quarter of 2011. In addition, VF incurred  $26.6 million and  $30.3 million of acquisition-related expenses during the third quarter and first nine months of 2011, respectively. The results of Timberland have been included in VF's consolidated financial statements since the date of acquisition and are reported as part of the Outdoor & Action Sports Coalition.

This acquisition strengthens VF's position within the outdoor industry by adding two strong, global, and authentic brands with significant momentum and growth opportunities. Factors that contributed to recognition of goodwill for the acquisition included (1) expected growth rates and profitability of Timberland, (2) the opportunity to leverage VF's skills to achieve higher growth in sales, income and cash flows of the business and (3) expected synergies with existing VF business units. Goodwill resulting from this transaction is not tax deductible and has been assigned to the Outdoor & Action Sports Coalition.

The Timberland® and Smartwool® trademarks and tradenames, which management believes have indefinite lives, have been preliminarily valued at  $1,274.1 million. Amortizable intangible assets have been assigned preliminary values of  $174.4 million for customer relationships,  $5.8 million for distributor agreements and  $4.5 million for license agreements. Customer relationships are being amortized using an accelerated method over 20 years. Distributor agreements and license agreements are being amortized on a straight-line basis over ten and five years, respectively.

The Timberland acquisition occurred late in the third quarter, and VF is still in the process of valuing the assets acquired and liabilities assumed. The allocation of the purchase price is preliminary and subject to change. Accordingly, adjustments may be made to the values of the acquired assets and liabilities as additional information is obtained about the facts and circumstances that existed at the valuation date.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:

 

In thousands       

Cash and equivalents

    $ 92,442   

Inventory

     390,183   

Other current assets

     311,725   

Property, plant and equipment

     84,111   

Intangible assets

     1,458,800   

Other assets

     33,582   
  

 

 

 

Total assets acquired

     2,370,843   

Current liabilities

     351,522   

Other liabilities, primarily deferred income taxes

     633,379   
  

 

 

 

Total liabilities assumed

     984,901   

Net assets acquired

     1,385,942   

Goodwill

     913,565   
  

 

 

 

Purchase price

    $ 2,299,507   
  

 

 

 

Unaudited pro forma results of operations for VF are presented below assuming that the 2011 acquisition of Timberland had occurred at the beginning of 2010.

 

Pro forma financial information is not necessarily indicative of VF's operating results if the acquisition had been effected at the date indicated, nor is it necessarily indicative of future operating results. Amounts do not include any marketing leverage, operating efficiencies or cost savings that VF believes are achievable.

Information on Timberland's historical filings with the Securities and Exchange Commission can be located at www.sec.gov.

On September 30, 2011, VF acquired the remaining noncontrolling interest in Napapijri Japan Ltd.

On March 30, 2011, VF acquired the trademarks and related intellectual property of Rock and Republic Enterprises, Inc. for  $56.5 million, plus expenses. VF has accounted for this transaction as an asset acquisition and recorded the purchase price as an indefinite-lived intangible asset. Rock and Republic® jeanswear and related products will be offered in the United States through an exclusive wholesale distribution and licensing arrangement with Kohl's Department Stores. Operating results will be reported as part of the Jeanswear Coalition.

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Sale Of Accounts Receivable
9 Months Ended
Oct. 01, 2011
Sale Of Accounts Receivable [Abstract]
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 September 2011, December 2010 and September 2010, accounts receivable in the Consolidated Balance Sheets had been reduced by  $133.9 million,  $112.3 million and  $118.5 million, respectively, related to balances sold under this program. During the first nine months of 2011, VF sold  $867.3 million of accounts receivable at their stated amounts, less a funding fee of  $1.5 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
9 Months Ended
Oct. 01, 2011
Intangible Assets [Abstract]
Intangible Assets

Note E — Intangible Assets

 

            September 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

     19        $ 618,767        $ 128,350        $ 490,417        $ 337,307   

License agreements

     24         184,105         58,570         125,535         127,741   

Trademarks and other

     9         16,969         6,772         10,197         4,670   
           

 

 

    

 

 

 

Amortizable intangible assets, net

              626,149         469,718   

Indefinite-lived intangible assets:

              

Trademarks and tradenames

              2,352,089         1,021,207   
           

 

 

    

 

 

 

Intangible assets, net

             $  2,978,238        $ 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.

Intangible assets increased from December 2010 due to the Rock and Republic® trademarks acquisition in the first quarter of 2011 and the Timberland acquisition in the third quarter of 2011 as discussed in Note C.

Amortization of intangible assets for the third quarter and first nine months of 2011 was  $9.9 million and  $29.1 million, respectively, and is expected to be  $41.5 million for the year ended 2011. Estimated amortization expense for the years ending 2012 through 2015 is  $47.0 million,  $45.0 million,  $43.7 million and  $42.2 million, respectively.

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Goodwill
9 Months Ended
Oct. 01, 2011
Goodwill [Abstract]
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   

2011 acquisition

     913,565        —          —           —           —           913,565   

Currency translation

     (84     (2,418     —           —           —           (2,502
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Balances, September 2011

    $ 1,488,228       $ 233,095       $ 56,703        $ 157,314        $ 142,361        $ 2,077,701   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

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
9 Months Ended
Oct. 01, 2011
Pension Plans [Abstract]
Pension Plans

Note G — Pension Plans

VF's pension cost was composed of the following components:

 

     Three Months     Nine Months  
     Ended September     Ended September  
In thousands    2011     2010     2011     2010  

Service cost – benefits earned during the year

    $ 5,322       $ 4,076       $ 15,776       $ 12,236   

Interest cost on projected benefit obligations

     19,730        19,116        59,173        57,340   

Expected return on plan assets

     (22,432     (19,183     (67,290     (57,538

Amortization of:

        

Net deferred actuarial loss

     10,783        11,381        32,326        34,132   

Prior service cost

     863        987        2,590        2,961   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic pension cost

    $ 14,266       $ 16,377       $ 42,575       $ 49,131   
  

 

 

   

 

 

   

 

 

   

 

 

 

During the first nine months of 2011, VF contributed  $10.2 million to its defined benefit pension plans. VF currently anticipates making  $2.1 million of additional contributions during the remainder of 2011.

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Business Segment Information
9 Months Ended
Oct. 01, 2011
Business Segment Information [Abstract]
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     Nine Months  
     Ended September     Ended September  
In thousands    2011     2010     2011     2010  

Coalition revenues:

        

Outdoor & Action Sports

    $ 1,436,832       $ 1,045,111       $ 2,942,975       $ 2,308,120   

Jeanswear

     727,595        671,023        2,020,205        1,849,104   

Imagewear

     277,564        243,075        768,446        675,598   

Sportswear

     151,826        129,011        383,992        340,262   

Contemporary Brands

     126,182        113,303        356,201        323,475   

Other

     30,072        30,844        77,174        79,791   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total coalition revenues

    $ 2,750,071       $ 2,232,367       $ 6,548,993       $ 5,576,350   
  

 

 

   

 

 

   

 

 

   

 

 

 

Coalition profit:

        

Outdoor & Action Sports

    $ 320,876       $ 247,832       $ 554,253       $ 456,383   

Jeanswear

     109,691        118,490        327,182        320,039   

Imagewear

     39,728        32,719        116,897        81,551   

Sportswear

     18,294        13,789        37,382        30,697   

Contemporary Brands

     8,076        5,200        28,449        21,866   

Other

     7        170        (2,003     (1,065
  

 

 

   

 

 

   

 

 

   

 

 

 

Total coalition profit

     496,672        418,200        1,062,160        909,471   

Corporate and other expenses

     (73,027     (63,056     (179,867     (153,197

Interest, net

     (19,300     (19,947     (48,726     (59,950
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    $ 404,345       $ 335,197       $ 833,567       $ 696,324   
  

 

 

   

 

 

   

 

 

   

 

 

 

Timberland has been reported in the Outdoor & Action Sports Coalition.

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Capital And Accumulated Other Comprehensive Income (Loss)
9 Months Ended
Oct. 01, 2011
Capital And Accumulated Other Comprehensive Income (Loss) [Abstract]
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 19,286,190 treasury shares at September 2011, 19,099,644 at December 2010 and 17,910,533 at September 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, 235,011 shares of VF Common Stock at September 2011, 246,860 shares at December 2010 and 246,410 shares at September 2010 were held in connection with deferred compensation plans. These shares, having a cost of  $10.2 million,  $10.7 million and  $10.6 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:

 

     September     December     September  
In thousands    2011     2010     2010  

Foreign currency translation

    $ (3,391    $ (5,727    $ 17,286   

Defined benefit pension plans

     (244,750     (266,125     (242,888

Derivative financial instruments

     (32,491     (1,716     (6,343

Marketable securities

     666        4,974        2,746   
  

 

 

   

 

 

   

 

 

 

Accumulated other comprehensive income (loss)

    $ (279,966    $ (268,594    $ (229,199
  

 

 

   

 

 

   

 

 

 
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Stock-Based Compensation
9 Months Ended
Oct. 01, 2011
Stock-Based Compensation [Abstract]
Stock-Based Compensation

Note J — Stock-based Compensation

During the first nine months of 2011, VF granted options to purchase 945,712 shares of Common Stock at a weighted average exercise price of  $96.06, 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 nine months to 3.5% at 10 years. The resulting weighted average fair value of these options at the grant date was  $25.12 per option.

Also during the first nine months of 2011, VF granted 247,008 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 weighted average fair value of VF's Common Stock at the date the units were granted was  $95.74 per share.

VF also granted, during the first nine months of 2011, 32,000 shares of restricted VF Common Stock and 44,000 restricted stock units with weighted average fair values at the grant date of  $97.22 and  $103.88 per share, respectively. These shares and units will vest in 2015, assuming the grantees remain employed through the vesting date.

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Income Taxes
9 Months Ended
Oct. 01, 2011
Income Taxes [Abstract]
Income Taxes

Note K — Income Taxes

The effective income tax rate was 25.6% in the first nine months of 2010, compared with 24.1% in the first nine months of 2011. The tax rates in both periods were lowered by discrete items. The first nine months of 2010 included a  $13.0 million income tax benefit related to refund claims in a foreign jurisdiction. The first nine months of 2011 included  $6.0 million in net tax benefits related to settlements of prior years' tax audits and prior years' tax fillings,  $2.8 million of tax benefits related to the realization of unrecognized tax benefits resulting from expiration of statutes of limitations and  $16.8 million in income tax benefits related to the release of valuation allowances in foreign jurisdictions due to improved profitability in the respective jurisdictions. In addition, the tax rate in the first nine 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 nine months of 2011, the amount of unrecognized tax benefits and associated interest increased by  $14.4 million to  $72.0 million. This increase included the addition of  $26.6 million unrecognized tax benefits and associated interest from the Timberland acquisition, which was partially offset by VF's audit settlements and other net reductions of  $12.2 million. Of the  $12.2 million net decrease,  $5.4 million favorably impacted income tax expense. Management believes that it is reasonably possible that the amount of unrecognized income tax benefits may decrease during the next 12 months by approximately  $13.3 million related to the completion of audits and other settlements with tax authorities and the expiration of statutes of limitations. Of the  $13.3 million,  $10.1 million would reduce income tax expense.

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Earnings Per Share
9 Months Ended
Oct. 01, 2011
Earnings Per Share [Abstract]
Earnings Per Share

Note L — Earnings Per Share

 

     Three Months     Nine Months  
     Ended September     Ended September  
In thousands, except per share amounts    2011     2010     2011     2010  

Earnings per share – basic:

        

Net income

    $ 301,412       $ 243,254       $ 632,399       $ 518,203   

Net income (loss) attributable to noncontrolling interests

     (712     (467     (1,628     (1,065
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to VF Corporation

    $ 300,700       $ 242,787       $ 630,771       $ 517,138   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average Common Stock outstanding

     109,643        107,881        108,982        109,093   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share attributable to VF Corporation common stockholders

    $ 2.74       $ 2.25       $ 5.79       $ 4.74   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share – diluted:

        

Net income attributable to VF Corporation

    $ 300,700       $ 242,787       $ 630,771       $ 517,138   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average Common Stock outstanding

     109,643        107,881        108,982        109,093   

Incremental shares from stock options and other dilutive securities

     1,939        1,309        1,847        1,399   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted weighted average Common Stock outstanding

     111,582        109,190        110,829        110,492   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share attributable to VF Corporation common stockholders

    $ 2.69       $ 2.22       $ 5.69       $ 4.68   
  

 

 

   

 

 

   

 

 

   

 

 

 

Outstanding options to purchase approximately 20,000 and 600,000 shares of Common Stock for the three and nine months ended September 2011, respectively, and outstanding options to purchase 2.4 million shares and 2.5 million shares of Common Stock for the three and nine months ended September 2010, respectively, were excluded from the computations of diluted earnings per share because the effect of their inclusion would have been antidilutive. In addition, approximately 300,000 performance-based restricted stock units were excluded from the computation of diluted earnings per share for each of the three and nine month periods ended September 2011 and 2010 because these units have not been earned yet in accordance with the vesting conditions of the plan.

 

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Fair Value Measurements
9 Months Ended
Oct. 01, 2011
Fair Value Measurements [Abstract]
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:

 

            Fair Value Using:  
In thousands    Total Fair
Value
     Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs (Level
3)
 
September 2011            

Financial assets:

           

Cash equivalents:

           

Money market funds

    $ 19,099        $ 19,099        $ —          $ —     

Time deposits

     106,876         106,876         —           —     

Derivative instruments

     31,374         —           31,374         —     

Investment securities

     168,602         136,569         32,033         —     

Other marketable securities

     5,662         5,662         —           —     

Financial liabilities:

           

Derivative instruments

     24,609         —           24,609         —     

Deferred compensation

     211,931         —           211,931         —     
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 September 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 September 2011 and December 2010, the carrying value of VF's long-term debt, including the current portion, was  $1,835.1 million and  $938.6 million, respectively, compared with fair value of  $2,003.0 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
9 Months Ended
Oct. 01, 2011
Derivative Financial Instruments And Hedging Activities [Abstract]
Derivative Financial Instruments And Hedging Activities

Note N — Derivative Financial Instruments and Hedging Activities

Summary of derivative instruments — All of VF's outstanding derivative instruments are forward exchange contracts. Most derivatives meet the criteria for hedge accounting at the inception of the hedging relationship, but a limited number of derivative contracts are undesignated economic hedges of assets and liabilities. Additionally, 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 September 2011, December 2010 and September 2010 totaled  $1.4 billion,  $1.1 billion and  $1.5 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:

 

     Fair Value of Derivatives with
Unrealized Gains
     Fair Value of Derivatives with
Unrealized Losses
 
In thousands    September
2011
     December
2010
     September
2010
     September
2011
     December
2010
     September
2010
 

Foreign exchange contracts designated as hedging instruments

    $ 29,073        $ 18,389        $ 18,738        $ 24,231        $ 27,916        $ 54,264   

Foreign exchange contracts dedesignated as hedging instruments

     2,220         179         1,211         201         899         575   

Foreign exchange contracts not designated as hedging instruments

     81         —           —           177         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total derivatives

    $ 31,374        $ 18,568        $ 19,949        $ 24,609        $ 28,815        $ 54,839   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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    September     December     September  
   2011     2010     2010  

Other current assets

    $ 26,100       $ 15,296       $ 15,786   

Accrued current liabilities

     (18,260     (25,440     (45,431

Other assets (noncurrent)

     5,274        3,272        4,163   

Other liabilities (noncurrent)

     (6,349     (3,375     (9,408

 

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

Fair Value Hedging
Relationships

   Location of Gain
(Loss) on
Derivatives
Recognized in
Income
  Gain (Loss) on Derivatives
Recognized in Income
     Hedged Items
in Fair Value
Hedge
Relationships
   Location of Gain
(Loss)
Recognized on
Related Hedged
Items
  Gain (Loss) on Related
Hedged Items Recognized in
Income
 
     Three Months     Nine Months           Three Months     Nine Months  

Periods ended September 2011

             

Foreign exchange

   Miscellaneous
income
(expense)
   $ 6,716       $ 1,669       Advances –
intercompany
   Miscellaneous
income

(expense)

   $ (6,606    $ (2,807

Periods ended September 2010

             

Foreign exchange

   Miscellaneous
income
(expense)
   $ (2,222    $ 20,862       Advances –
intercompany
   Miscellaneous
income

(expense)

   $ 1,755       $ (21,246
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

Cash Flow

Hedging

Relationships

   Gain (Loss) on Derivatives
Recognized in OCI
   

Location of

Gain (Loss)

Reclassified from

Accumulated

OCI into Income

   Gain (Loss) Reclassified
from Accumulated
OCI into Income
 
       
       
       
       
   Three Months     Nine Months        Three Months     Nine Months  

Periods ended September 2011

 

        

Foreign exchange

    $ 23,048       $ (11,504   Net sales     $ 3,034       $ 4,265   
       Cost of goods sold      (10,293     (5,489
       Miscellaneous income (expense)      (3,484     (7,020

Interest rate

     (48,266     (48,266   Interest expense      (1,578     (1,520
  

 

 

   

 

 

      

 

 

   

 

 

 

Total

    $ (25,218    $ (59,770       $ (12,321    $ (9,764
  

 

 

   

 

 

      

 

 

   

 

 

 

Periods ended September 2010

 

        

Foreign exchange

    $ (36,261    $ 254      Net sales     $ 432       $ (832
       Cost of goods sold      8,186        2,473   
       Miscellaneous income (expense)      (406     (1,210

Interest rate

     —          —        Interest expense      29        87   
  

 

 

   

 

 

      

 

 

   

 

 

 

Total

    $ (36,261    $ 254          $ 8,241       $ 518   
  

 

 

   

 

 

      

 

 

   

 

 

 

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 nine month periods ended September 2011 or September 2010.

There were no significant amounts recognized in earnings related to ineffective hedging during the three or nine month periods ended September 2011 or September 2010.

At September 2011, Accumulated OCI included  $10.4 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 interest rate swap derivative contracts in 2011 and 2003 to hedge the interest rate risk for issuance of long-term debt due in 2021 and 2033, respectively. In each case, the contracts were terminated concurrent with the issuance of the debt and the realized gain or loss was deferred in Accumulated OCI. The remaining pretax deferred net loss in Accumulated OCI was  $44.1 million at September 2011, which will be reclassified into the statement of income over the remaining terms of the associated debt instruments.

Derivative contracts not designated as hedges — As previously noted, cash flow hedges of certain forecasted cash receipts are dedesignated as hedges when the sales are recognized. At that time, hedge accounting is no longer applied and the amount of unrealized hedging gain or loss is recognized in net sales. 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.

In addition, forward contracts are used as undesignated economic hedges of assets and liabilities. Those contracts are recorded at fair value in the balance sheet, with changes in fair value recognized in earnings immediately. The gains or losses related to the derivative contracts largely offset the remeasurement of those assets and liabilities.

For the three and nine months ended September 2011 and September 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 assets and liabilities.

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Recently Issued Accounting Standards
9 Months Ended
Oct. 01, 2011
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards

Note O — Recently Issued Accounting Standards

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 of this update on the financial statements and disclosures.

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 September 2011, the FASB issued an update to their authoritative guidance regarding goodwill impairment testing. The amendment is intended to reduce the complexity of testing by allowing companies to assess qualitative factors to determine the likelihood of goodwill impairment and whether it is necessary to perform the two-step impairment test currently required. This guidance will be effective for fiscal years beginning after December 15, 2011, with early adoption permitted. VF is currently evaluating this guidance but does not expect that the adoption of this guidance will have a material effect on the financial statements.

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Subsequent Event
9 Months Ended
Oct. 01, 2011
Subsequent Event [Abstract]
Subsequent Event

Note P — Subsequent Event

VF's Board of Directors declared a quarterly cash dividend of  $0.72 per share, payable on December 19, 2011 to shareholders of record on December 9, 2011.

On November 2, 2011, VF acquired the remaining 40% ownership interest of VF Arvind Brands Private Limited for  $52.4 million.

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Change In Accounting Principle (Tables)
9 Months Ended
Oct. 01, 2011
Change In Accounting Principle [Abstract]
Impact Of Accounting Change In Accounting Principle On The Consolidated Statement Of Income
 $(8,027)
In thousands except per share amounts    Increase
(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
 $(8,027)
In thousands    Increase  

Inventories

    $ 8,027   

Accrued liabilities

     3,160   

Retained earnings

     4,867   
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Acquisitions (Tables)
9 Months Ended
Oct. 01, 2011
Acquisitions [Abstract]
Assets Acquired And Liabilities Assumed In Acquisition
In thousands       

Cash and equivalents

    $ 92,442   

Inventory

     390,183   

Other current assets

     311,725   

Property, plant and equipment

     84,111   

Intangible assets

     1,458,800   

Other assets

     33,582   
  

 

 

 

Total assets acquired

     2,370,843   

Current liabilities

     351,522   

Other liabilities, primarily deferred income taxes

     633,379   
  

 

 

 

Total liabilities assumed

     984,901   

Net assets acquired

     1,385,942   

Goodwill

     913,565   
  

 

 

 

Purchase price

    $ 2,299,507   
  

 

 

 
Pro Forma Results Of Operations
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Intangible Assets (Tables)
9 Months Ended
Oct. 01, 2011
Intangible Assets [Abstract]
Schedule Of Indefinite-Lived Intangible Assets By Major Class
            September 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

     19        $ 618,767        $ 128,350        $ 490,417        $ 337,307   

License agreements

     24         184,105         58,570         125,535         127,741   

Trademarks and other

     9         16,969         6,772         10,197         4,670   
           

 

 

    

 

 

 

Amortizable intangible assets, net

              626,149         469,718   

Indefinite-lived intangible assets:

              

Trademarks and tradenames

              2,352,089         1,021,207   
           

 

 

    

 

 

 

Intangible assets, net

             $  2,978,238        $ 1,490,925   
           

 

 

    

 

 

 
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Goodwill (Tables)
9 Months Ended
Oct. 01, 2011
Goodwill [Abstract]
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   

2011 acquisition

     913,565        —          —           —           —           913,565   

Currency translation

     (84     (2,418     —           —           —           (2,502
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Balances, September 2011

    $ 1,488,228       $ 233,095       $ 56,703        $ 157,314        $ 142,361        $ 2,077,701   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
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Pension Plans (Tables)
9 Months Ended
Oct. 01, 2011
Pension Plans [Abstract]
Components Of Net Periodic Pension Cost, Table
     Three Months     Nine Months  
     Ended September     Ended September  
In thousands    2011     2010     2011     2010  

Service cost – benefits earned during the year

    $ 5,322       $ 4,076       $ 15,776       $ 12,236   

Interest cost on projected benefit obligations

     19,730        19,116        59,173        57,340   

Expected return on plan assets

     (22,432     (19,183     (67,290     (57,538

Amortization of:

        

Net deferred actuarial loss

     10,783        11,381        32,326        34,132   

Prior service cost

     863        987        2,590        2,961   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic pension cost

    $ 14,266       $ 16,377       $ 42,575       $ 49,131   
  

 

 

   

 

 

   

 

 

   

 

 

 
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Business Segment Information (Tables)
9 Months Ended
Oct. 01, 2011
Business Segment Information [Abstract]
Schedule Of Revenues For VF's Reportable Segments
     Three Months     Nine Months  
     Ended September     Ended September  
In thousands    2011     2010     2011     2010  

Coalition revenues:

        

Outdoor & Action Sports

    $ 1,436,832       $ 1,045,111       $ 2,942,975       $ 2,308,120   

Jeanswear

     727,595        671,023        2,020,205        1,849,104   

Imagewear

     277,564        243,075        768,446        675,598   

Sportswear

     151,826        129,011        383,992        340,262   

Contemporary Brands

     126,182        113,303        356,201        323,475   

Other

     30,072        30,844        77,174        79,791   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total coalition revenues

    $ 2,750,071       $ 2,232,367       $ 6,548,993       $ 5,576,350   
  

 

 

   

 

 

   

 

 

   

 

 

 

Coalition profit:

        

Outdoor & Action Sports

    $ 320,876       $ 247,832       $ 554,253       $ 456,383   

Jeanswear

     109,691        118,490        327,182        320,039   

Imagewear

     39,728        32,719        116,897        81,551   

Sportswear

     18,294        13,789        37,382        30,697   

Contemporary Brands

     8,076        5,200        28,449        21,866   

Other

     7        170        (2,003     (1,065
  

 

 

   

 

 

   

 

 

   

 

 

 

Total coalition profit

     496,672        418,200        1,062,160        909,471   

Corporate and other expenses

     (73,027     (63,056     (179,867     (153,197

Interest, net

     (19,300     (19,947     (48,726     (59,950
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    $ 404,345       $ 335,197       $ 833,567       $ 696,324   
  

 

 

   

 

 

   

 

 

   

 

 

 
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Capital And Accumulated Other Comprehensive Income (Loss) (Tables)
9 Months Ended
Oct. 01, 2011
Capital And Accumulated Other Comprehensive Income (Loss) [Abstract]
Schedule Of Deferred Gains (Losses) Comprising Accumulated OCI
     September     December     September  
In thousands    2011     2010     2010  

Foreign currency translation

    $ (3,391    $ (5,727    $ 17,286   

Defined benefit pension plans

     (244,750     (266,125     (242,888

Derivative financial instruments

     (32,491     (1,716     (6,343

Marketable securities

     666        4,974        2,746   
  

 

 

   

 

 

   

 

 

 

Accumulated other comprehensive income (loss)

    $ (279,966    $ (268,594    $ (229,199
  

 

 

   

 

 

   

 

 

 
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Earnings Per Share (Tables)
9 Months Ended
Oct. 01, 2011
Earnings Per Share [Abstract]
Schedule Of Earnings Per Share
     Three Months     Nine Months  
     Ended September     Ended September  
In thousands, except per share amounts    2011     2010     2011     2010  

Earnings per share – basic:

        

Net income

    $ 301,412       $ 243,254       $ 632,399       $ 518,203   

Net income (loss) attributable to noncontrolling interests

     (712     (467     (1,628     (1,065
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to VF Corporation

    $ 300,700       $ 242,787       $ 630,771       $ 517,138   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average Common Stock outstanding

     109,643        107,881        108,982        109,093   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share attributable to VF Corporation common stockholders

    $ 2.74       $ 2.25       $ 5.79       $ 4.74   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share – diluted:

        

Net income attributable to VF Corporation

    $ 300,700       $ 242,787       $ 630,771       $ 517,138   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average Common Stock outstanding

     109,643        107,881        108,982        109,093   

Incremental shares from stock options and other dilutive securities

     1,939        1,309        1,847        1,399   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted weighted average Common Stock outstanding

     111,582        109,190        110,829        110,492   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share attributable to VF Corporation common stockholders

    $ 2.69       $ 2.22       $ 5.69       $ 4.68   
  

 

 

   

 

 

   

 

 

   

 

 

 
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Fair Value Measurements (Tables)
9 Months Ended
Oct. 01, 2011
Fair Value Measurements [Abstract]
Schedule Of Recurring Fair Value Measurements
            Fair Value Using:  
In thousands    Total Fair
Value
     Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs (Level
3)
 
September 2011            

Financial assets:

           

Cash equivalents:

           

Money market funds

    $ 19,099        $ 19,099        $ —          $ —     

Time deposits

     106,876         106,876         —           —     

Derivative instruments

     31,374         —           31,374         —     

Investment securities

     168,602         136,569         32,033         —     

Other marketable securities

     5,662         5,662         —           —     

Financial liabilities:

           

Derivative instruments

     24,609         —           24,609         —     

Deferred compensation

     211,931         —           211,931         —     
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)
9 Months Ended
Oct. 01, 2011
Derivative Financial Instruments And Hedging Activities [Abstract]
Outstanding Derivatives On Individual Contract Basis
     Fair Value of Derivatives with
Unrealized Gains
     Fair Value of Derivatives with
Unrealized Losses
 
In thousands    September
2011
     December
2010
     September
2010
     September
2011
     December
2010
     September
2010
 

Foreign exchange contracts designated as hedging instruments

    $ 29,073        $ 18,389        $ 18,738        $ 24,231        $ 27,916        $ 54,264   

Foreign exchange contracts dedesignated as hedging instruments

     2,220         179         1,211         201         899         575   

Foreign exchange contracts not designated as hedging instruments

     81         —           —           177         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total derivatives

    $ 31,374        $ 18,568        $ 19,949        $ 24,609        $ 28,815        $ 54,839   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Current Or Noncurrent Derivative Assets And Liabilities
In thousands    September     December     September  
   2011     2010     2010  

Other current assets

    $ 26,100       $ 15,296       $ 15,786   

Accrued current liabilities

     (18,260     (25,440     (45,431

Other assets (noncurrent)

     5,274        3,272        4,163   

Other liabilities (noncurrent)

     (6,349     (3,375     (9,408
Summary Of The Effects Of Fair Value Hedging Relationships Included In VF's Consolidated Statement of Income

In thousands

Fair Value Hedging
Relationships

   Location of Gain
(Loss) on
Derivatives
Recognized in
Income
  Gain (Loss) on Derivatives
Recognized in Income
     Hedged Items
in Fair Value
Hedge
Relationships
   Location of Gain
(Loss)
Recognized on
Related Hedged
Items
  Gain (Loss) on Related
Hedged Items Recognized in
Income
 
     Three Months     Nine Months           Three Months     Nine Months  

Periods ended September 2011

             

Foreign exchange

   Miscellaneous
income
(expense)
   $ 6,716       $ 1,669       Advances –
intercompany
   Miscellaneous
income

(expense)

   $ (6,606    $ (2,807

Periods ended September 2010

             

Foreign exchange

   Miscellaneous
income
(expense)
   $ (2,222    $ 20,862       Advances –
intercompany
   Miscellaneous
income

(expense)

   $ 1,755       $ (21,246
Effects Of Cash Flow Hedging Included In Consolidated Statements Of Income And Comprehensive Income

In thousands

Cash Flow

Hedging

Relationships

   Gain (Loss) on Derivatives
Recognized in OCI
   

Location of

Gain (Loss)

Reclassified from

Accumulated

OCI into Income

   Gain (Loss) Reclassified
from Accumulated
OCI into Income
 
       
       
       
       
   Three Months     Nine Months        Three Months     Nine Months  

Periods ended September 2011

 

        

Foreign exchange

    $ 23,048       $ (11,504   Net sales     $ 3,034       $ 4,265   
       Cost of goods sold      (10,293     (5,489
       Miscellaneous income (expense)      (3,484     (7,020

Interest rate

     (48,266     (48,266   Interest expense      (1,578     (1,520
  

 

 

   

 

 

      

 

 

   

 

 

 

Total

    $ (25,218    $ (59,770       $ (12,321    $ (9,764
  

 

 

   

 

 

      

 

 

   

 

 

 

Periods ended September 2010

 

        

Foreign exchange

    $ (36,261    $ 254      Net sales     $ 432       $ (832
       Cost of goods sold      8,186        2,473   
       Miscellaneous income (expense)      (406     (1,210

Interest rate

     —          —        Interest expense      29        87   
  

 

 

   

 

 

      

 

 

   

 

 

 

Total

    $ (36,261    $ 254          $ 8,241       $ 518   
  

 

 

   

 

 

      

 

 

   

 

 

 
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Change In Accounting Principle (Details) (USD  $)
In Thousands, except Per Share data, unless otherwise specified
9 Months Ended
Oct. 01, 2011
Change In Accounting Principle [Abstract]
Percentage of LIFO Inventory 25.00%
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
Inventories 8,027
Accrued liabilities 3,160
Retained earnings  $ 4,867
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Acquisitions (Narrative) (Details) (USD  $)
3 Months Ended 9 Months Ended
Oct. 01, 2011
Oct. 01, 2011
Business Acquisition [Line Items]
Acquisition related expenses  $ 26,600,000  $ 30,300,000
Trademarks And Tradenames [Member] | The Timberland Company [Member]
Business Acquisition [Line Items]
Value of indefinite lived intangible assets acquired 1,274,100,000 1,274,100,000
Customer Relationships [Member] | The Timberland Company [Member]
Business Acquisition [Line Items]
Value of amortizable intangible assets acquired 174,400,000 174,400,000
Amortization period of intangible assets acquired (years) 20
Distributor Agreements [Member] | The Timberland Company [Member]
Business Acquisition [Line Items]
Value of amortizable intangible assets acquired 5,800,000 5,800,000
Amortization period of intangible assets acquired (years) 10
License Agreements [Member] | The Timberland Company [Member]
Business Acquisition [Line Items]
Value of amortizable intangible assets acquired 4,500,000 4,500,000
Amortization period of intangible assets acquired (years) 5
The Timberland Company [Member]
Business Acquisition [Line Items]
Enterprise value net of cash acquired 2,299,507,000 2,299,507,000
Purchase price of acquisition funded by issuance of term debt 900,000,000 900,000,000
Revenue contributed by acquiree 163,600,000
Earnings contributed by acquiree 7,900,000
Rock And Republic [Member]
Business Acquisition [Line Items]
Purchase price of acquired asset  $ 56,500,000  $ 56,500,000
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Acquisitions (Assets Acquired And Liabilities Assumed In Acquisition) (Details) (The Timberland Company [Member], USD  $)
In Thousands
Oct. 01, 2011
The Timberland Company [Member]
Business Acquisition [Line Items]
Cash and equivalents  $ 92,442
Inventory 390,183
Other current assets 311,725
Property, plant and equipment 84,111
Intangible assets 1,458,800
Other assets 33,582
Total assets acquired 2,370,843
Current liabilities 351,522
Other liabilities, primarily deferred income taxes 633,379
Total liabilities assumed 984,901
Net assets acquired 1,385,942
Goodwill 913,565
Purchase price  $ 2,299,507
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Acquisitions (Pro Forma Results Of Operations) (Details) (The Timberland Company [Member], USD  $)
3 Months Ended 9 Months Ended
Oct. 01, 2011
Oct. 02, 2010
Oct. 01, 2011
Oct. 02, 2010
The Timberland Company [Member]
Business Acquisition [Line Items]
Total Revenues  $ 3,113,686,000 [1]  $ 2,664,711,000  $ 7,501,739,000 [1]  $ 6,514,690,000
Net Income attributable to VF Corporation 221,915,000 [1] 286,937,000 535,483,000 [1] 550,288,000
Earnings per common share: Basic  $ 2.02 [1]  $ 2.66  $ 4.91 [1]  $ 5.04
Earnings per common share: Diluted  $ 1.99 [1]  $ 2.63  $ 4.83 [1]  $ 4.98
Expenses for acceleration of vesting unvested stock-based compensation awards  $ 96,200,000
[1] Pro forma operating results for 2011 include expenses totaling  $96.2 million for acceleration of vesting for all unvested stock-based compensation awards, including tax gross-up payments required under employment agreements with certain Timberland executives.
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Sale Of Accounts Receivable (Details) (USD  $)
In Millions
9 Months Ended
Oct. 01, 2011
Jan. 01, 2011
Oct. 02, 2010
Sale Of Accounts Receivable [Abstract]
Maximum amount of accounts receivable sold at any point in time  $ 237.5
Decrease in receivables related to balances sold 133.9 112.3 118.5
Sale of accounts receivable, nonrecourse basis 867.3
Funding fee  $ 1.5
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Intangible Assets (Narrative) (Details) (USD  $)
In Millions
3 Months Ended 9 Months Ended
Oct. 01, 2011
Oct. 01, 2011
Intangible Assets [Abstract]
Intangible asset amortization expense  $ 9.9  $ 29.1
Estimated amortization expense, 2011 41.5
Estimated amortization expense, 2012 47
Estimated amortization expense, 2013 45
Estimated amortization expense, 2014 43.7
Estimated amortization expense, 2015  $ 42.2
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Intangible Assets (Schedule Of Indefinite-Lived Intangible Assets By Major Class) (Details) (USD  $)
In Thousands, unless otherwise specified
Oct. 01, 2011
Jan. 01, 2011
Oct. 02, 2010
Oct. 01, 2011
Customer Relationships [Member]
Jan. 01, 2011
Customer Relationships [Member]
Oct. 01, 2011
License Agreements [Member]
Jan. 01, 2011
License Agreements [Member]
Oct. 01, 2011
Trademarks And Other [Member]
Jan. 01, 2011
Trademarks And Other [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, Weighted Average Life 19 24 9
Amortizable intangible assets, Gross Carrying Amount  $ 618,767  $ 184,105  $ 16,969
Amortizable intangible assets, Accumulated Amortization 128,350 58,570 6,772
Amortizable intangible assets, Net Carrying Amount 626,149 469,718 490,417 337,307 125,535 127,741 10,197 4,670
Indefinite-lived trademarks and tradenames 2,352,089 1,021,207
Intangible assets, net  $ 2,978,238  $ 1,490,925  $ 1,515,261
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Goodwill (Narrative) (Details) (USD  $)
In Millions
12 Months Ended
Jan. 01, 2011
Goodwill, Outdoor And Action Sports [Member]
Goodwill [Line Items]
Recorded impairment charges to write down the goodwill  $ 43.4
Goodwill, Sportswear [Member]
Goodwill [Line Items]
Recorded impairment charges to write down the goodwill 58.5
Goodwill, Contemporary Brands [Member]
Goodwill [Line Items]
Recorded impairment charges to write down the goodwill  $ 195.2
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Goodwill (Summary Of Goodwill By Business Segment) (Details) (USD  $)
In Thousands
9 Months Ended 9 Months Ended
Oct. 01, 2011
Oct. 02, 2010
Oct. 01, 2011
Goodwill, Outdoor And Action Sports [Member]
Oct. 01, 2011
Goodwill, Jeanswear [Member]
Oct. 01, 2011
Goodwill, Imagewear [Member]
Jan. 01, 2011
Goodwill, Imagewear [Member]
Oct. 01, 2011
Goodwill, Sportswear [Member]
Jan. 01, 2011
Goodwill, Sportswear [Member]
Oct. 01, 2011
Goodwill, Contemporary Brands [Member]
Jan. 01, 2011
Goodwill, Contemporary Brands [Member]
Goodwill [Line Items]
Goodwill, beginning balance  $ 1,166,638  $ 1,370,262  $ 574,747  $ 235,513  $ 56,703  $ 56,703  $ 157,314  $ 157,314  $ 142,361  $ 142,361
2011 acquisition 913,565 913,565
Currency translation (2,502) (84) (2,418)
Goodwill, ending balance  $ 2,077,701  $ 1,370,262  $ 1,488,228  $ 233,095  $ 56,703  $ 56,703  $ 157,314  $ 157,314  $ 142,361  $ 142,361
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Pension Plans (Details) (USD  $)
3 Months Ended 9 Months Ended
Oct. 01, 2011
Oct. 02, 2010
Oct. 01, 2011
Oct. 02, 2010
Pension Plans [Abstract]
Service cost - benefits earned during the year  $ 5,322,000  $ 4,076,000  $ 15,776,000  $ 12,236,000
Interest cost on projected benefit obligations 19,730,000 19,116,000 59,173,000 57,340,000
Expected return on plan assets (22,432,000) (19,183,000) (67,290,000) (57,538,000)
Amortization of net deferred actuarial losses 10,783,000 11,381,000 32,326,000 34,132,000
Amortization of prior service cost 863,000 987,000 2,590,000 2,961,000
Net periodic pension cost 14,266,000 16,377,000 42,575,000 49,131,000
Employer contributions 10,200,000
Estimated future employer contributions  $ 2,100,000  $ 2,100,000
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Business Segment Information (Schedule Of Revenues For VF's Reportable Segments) (Details) (USD  $)
In Thousands
3 Months Ended 9 Months Ended
Oct. 01, 2011
Oct. 02, 2010
Oct. 01, 2011
Oct. 02, 2010
Total revenues  $ 2,750,071  $ 2,232,367  $ 6,548,993  $ 5,576,350
Total coalition profit 496,672 418,200 1,062,160 909,471
Corporate and other expenses (73,027) (63,056) (179,867) (153,197)
Interest, net (19,300) (19,947) (48,726) (59,950)
Income Before Income Taxes 404,345 335,197 833,567 696,324
Outdoor & Action Sports [Member]
Coalition revenues 1,436,832 1,045,111 2,942,975 2,308,120
Total coalition profit 320,876 247,832 554,253 456,383
Jeanswear [Member]
Coalition revenues 727,595 671,023 2,020,205 1,849,104
Total coalition profit 109,691 118,490 327,182 320,039
Imagewear [Member]
Coalition revenues 277,564 243,075 768,446 675,598
Total coalition profit 39,728 32,719 116,897 81,551
Sportswear [Member]
Coalition revenues 151,826 129,011 383,992 340,262
Total coalition profit 18,294 13,789 37,382 30,697
Contemporary Brands [Member]
Coalition revenues 126,182 113,303 356,201 323,475
Total coalition profit 8,076 5,200 28,449 21,866
Other [Member]
Coalition revenues 30,072 30,844 77,174 79,791
Total coalition profit  $ 7  $ 170  $ (2,003)  $ (1,065)
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Capital And Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) (USD  $)
In Millions, except Share data
Oct. 01, 2011
Jan. 01, 2011
Oct. 02, 2010
Capital And Accumulated Other Comprehensive Income (Loss) [Abstract]
Treasury shares 19,286,190 19,099,644 17,910,533
Common Stock, stated value  $ 1  $ 1  $ 1
Number of Common Stock shares held in trust in connection with deferred compensation plans 235,011 246,860 246,410
Common Stock held in trust in connection with deferred compensation plans  $ 10.2  $ 10.7  $ 10.6
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
Oct. 01, 2011
Jan. 01, 2011
Oct. 02, 2010
Capital And Accumulated Other Comprehensive Income (Loss) [Abstract]
Foreign currency translation  $ (3,391)  $ (5,727)  $ 17,286
Defined benefit pension plans (244,750) (266,125) (242,888)
Derivative financial instruments (32,491) (1,716) (6,343)
Marketable securities 666 4,974 2,746
Accumulated other comprehensive income (loss)  $ (279,966)  $ (268,594)  $ (229,199)
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Stock-Based Compensation (Details) (USD  $)
9 Months Ended
Oct. 01, 2011
Stock Based Compensation [Line Items]
Options granted in period 945,712
Exercise price of options granted  $ 96.06
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%
Nine-month risk-free interest rate 0.20%
Ten-year risk-free interest rate 3.50%
Weighted average fair value of options granted  $ 25.12
Restricted Stock Award [Member]
Stock Based Compensation [Line Items]
Restricted stock units granted in period 32,000
Weighted-average fair value of restricted stock units granted  $ 97.22
Performance-Based Restricted Stock Unit Grant [Member]
Stock Based Compensation [Line Items]
Restricted stock units granted in period 247,008
Weighted-average fair value of restricted stock units granted  $ 95.74
Restricted Stock Units [Member]
Stock Based Compensation [Line Items]
Restricted stock units granted in period 44,000
Weighted-average fair value of restricted stock units granted  $ 103.88
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Income Taxes (Details) (USD  $)
In Millions, unless otherwise specified
9 Months Ended 12 Months Ended
Oct. 01, 2011
Oct. 02, 2010
Jan. 01, 2011
Income Taxes [Abstract]
Effective income tax rate 24.10% 25.60% 23.60%
Tax settlement on U.S. tax audits and tax fillings  $ 6
Foreign rate differences 13
Income tax benefits related to release of valuation allowance in foreign jurisdictions 16.8
Reductions due to statute expirations 2.8
Effective income tax rate, continuing operations excluding goodwill 24.90%
Increase in unrecognized tax benefits and associated interest primarily due to the audit settlements 14.4
Reductions in unrecognized tax benefits and associated interest primarily due to the audit settlements 12.2
Total unrecognized tax benefits 72
Unrecognized tax benefit increase resulting from acquisition 26.6
Unrecognized tax benefits and interest 5.4
Decrease in unrecognized income tax benefits  $ 13.3
Estimated change in the amount of unrecognized income tax benefits 10.1
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Earnings Per Share (Narrative) (Details)
3 Months Ended 9 Months Ended
Oct. 01, 2011
Oct. 02, 2010
Oct. 01, 2011
Oct. 02, 2010
Earnings Per Share [Line Items]
Stock options excluded from computation of earnings per share 20,000 2,400,000 600,000 2,500,000
Performance-Based Restricted Stock Unit Grant [Member]
Earnings Per Share [Line Items]
Stock options excluded from computation of earnings per share 300,000 300,000 300,000 300,000
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Earnings Per Share (Schedule Of Earnings Per Share) (Details) (USD  $)
In Thousands, except Per Share data
3 Months Ended 9 Months Ended
Oct. 01, 2011
Oct. 02, 2010
Oct. 01, 2011
Oct. 02, 2010
Earnings Per Share [Abstract]
Net income  $ 301,412  $ 243,254  $ 632,399  $ 518,203
Net income (loss) attributable to noncontrolling interests (712) (467) (1,628) (1,065)
Net Income Attributable to VF Corporation  $ 300,700  $ 242,787  $ 630,771  $ 517,138
Weighted average Common Stock outstanding 109,643 107,881 108,982 109,093
Earnings per common share attributable to VF Corporation  $ 2.74  $ 2.25  $ 5.79  $ 4.74
Incremental shares from stock options and other dilutive securities 1,939 1,309 1,847 1,399
Adjusted weighted average Common Stock outstanding 111,582 109,190 110,829 110,492
Earnings per share attributable to VF Corporation common stockholders  $ 2.69  $ 2.22  $ 5.69  $ 4.68
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Fair Value Measurements (Narrative) (Details) (USD  $)
In Millions
Oct. 01, 2011
Jan. 01, 2011
Fair Value Measurements [Abstract]
Long-term debt, carrying value  $ 1,835.1  $ 938.6
Long-term debt, fair value  $ 2,003  $ 1,025.1
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Fair Value Measurements (Schedule Of Recurring Fair Value Measurements) (Details) (USD  $)
In Thousands
Oct. 01, 2011
Jan. 01, 2011
Fair Value Measurements [Line Items]
Cash equivalents, Money market funds  $ 19,099  $ 437,229
Cash equivalents, Time deposits 106,876 93,254
Derivative instruments 31,374 18,568
Investment securities 168,602 182,673
Other marketable securities 5,662 12,388
Derivative instruments 24,609 28,815
Deferred compensation 211,931 212,011
Quoted Prices In Active Markets For Identical Assets, Level 1 [Member]
Fair Value Measurements [Line Items]
Cash equivalents, Money market funds 19,099 437,229
Cash equivalents, Time deposits 106,876 93,254
Investment securities 136,569 147,380
Other marketable securities 5,662 12,388
Significant Other Observable Inputs, Level 2 [Member]
Fair Value Measurements [Line Items]
Derivative instruments 31,374 18,568
Investment securities 32,033 35,293
Derivative instruments 24,609 28,815
Deferred compensation 211,931 212,011
Significant Unobservable Inputs, Level 3 [Member]
Fair Value Measurements [Line Items]
Cash equivalents, Money market funds    
Cash equivalents, Time deposits    
Derivative instruments    
Investment securities    
Other marketable securities    
Derivative instruments    
Deferred compensation    
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Derivative Financial Instruments And Hedging Activities (Narrative) (Details) (USD  $)
9 Months Ended
Oct. 01, 2011
Jan. 01, 2011
Oct. 02, 2010
Derivative Financial Instruments And Hedging Activities [Abstract]
Notional amount of foreign currency derivatives  $ 1,400,000,000  $ 1,100,000,000  $ 1,500,000,000
Accumulated OCI including net deferred pretax losses for foreign exchange contracts 10,400,000
Remaining pretax loss, deferred in Accumulated OCI 44,100,000
Miscellaneous income (expense) for derivatives not designated as hedging instruments  $ 1,000,000
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Derivative Financial Instruments And Hedging Activities (Outstanding Derivatives On Individual Contract Basis) (Details) (USD  $)
In Thousands
Oct. 01, 2011
Jan. 01, 2011
Oct. 02, 2010
Derivative Financial Instruments And Hedging Activities [Line Items]
Foreign exchange contracts, derivative assets  $ 31,374  $ 18,568  $ 19,949
Foreign exchange contracts, derivative liability 24,609 28,815 54,839
Designated As Hedging Instrument [Member]
Derivative Financial Instruments And Hedging Activities [Line Items]
Foreign exchange contracts, derivative assets 29,073 18,389 18,738
Foreign exchange contracts, derivative liability 24,231 27,916 54,264
Dedesignated As Hedging Instrument [Member]
Derivative Financial Instruments And Hedging Activities [Line Items]
Foreign exchange contracts, derivative assets 2,220 179 1,211
Foreign exchange contracts, derivative liability 201 899 575
Not Designated As Hedging Instrument [Member]
Derivative Financial Instruments And Hedging Activities [Line Items]
Foreign exchange contracts, derivative assets 81
Foreign exchange contracts, derivative liability  $ 177
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Derivative Financial Instruments And Hedging Activities (Current Or Noncurrent Derivative Assets And Liabilities) (Details) (USD  $)
In Thousands
Oct. 01, 2011
Jan. 01, 2011
Oct. 02, 2010
Derivative Financial Instruments And Hedging Activities [Abstract]
Other current assets  $ 26,100  $ 15,296  $ 15,786
Accrued current liabilities (18,260) (25,440) (45,431)
Other assets (noncurrent) 5,274 3,272 4,163
Other liabilities (noncurrent)  $ (6,349)  $ (3,375)  $ (9,408)
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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) (Fair Value Hedging [Member], Miscellaneous Income (Expense) [Member], USD  $)
In Thousands
3 Months Ended 9 Months Ended
Oct. 01, 2011
Oct. 02, 2010
Oct. 01, 2011
Oct. 02, 2010
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in Income  $ 6,716  $ (2,222)  $ 1,669  $ 20,862
Advances - Intercompany [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Related Hedged Items Recognized in Income  $ (6,606)  $ 1,755  $ (2,807)  $ (21,246)
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Derivative Financial Instruments And Hedging Activities (Effects Of Cash Flow Hedging Included In Consolidated Statements Of Income And Comprehensive Income) (Details) (Cash Flow Hedging [Member], USD  $)
In Thousands
3 Months Ended 9 Months Ended
Oct. 01, 2011
Oct. 02, 2010
Oct. 01, 2011
Oct. 02, 2010
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in OCI  $ (25,218)  $ (36,261)  $ (59,770)  $ 254
Gain (Loss) Reclassified from Accumulated OCI into Income (12,321) 8,241 (9,764) 518
Miscellaneous Income (Expense) [Member] | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income (3,484) (406) (7,020) (1,210)
Net Sales [Member] | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income 3,034 432 4,265 (832)
Cost Of Goods Sold [Member] | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income (10,293) 8,186 (5,489) 2,473
Interest Expense [Member] | Interest Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income (1,578) 29 (1,520) 87
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in OCI 23,048 (36,261) (11,504) 254
Interest Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in OCI  $ (48,266)    $ (48,266)  
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Subsequent Event (Details) (USD  $)
In Millions, except Per Share data, unless otherwise specified
Oct. 01, 2011
Nov. 02, 2011
VF Arvind Brands Private Limited [Member]
Cash dividend  $ 0.72
Acquisition of remaining ownership interest 40.00%
Purchase price of acquired asset  $ 52.4
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