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Document and Entity Information
6 Months Ended
Jun. 30, 2012
Jul. 28, 2012
Document Information [Line Items]
Document Type 10-Q
Amendment Flag false
Document Period End Date Jun 30, 2012
Document Fiscal Year Focus 2012
Document Fiscal Period Focus Q2
Trading Symbol VFC
Entity Registrant Name V F CORP
Entity Central Index Key 0000103379
Current Fiscal Year End Date --12-29
Entity Filer Category Large Accelerated Filer
Entity Common Stock, Shares Outstanding 109,898,532
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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2011
Current Assets
Cash and equivalents $ 330,512 $ 341,228 $ 611,478
Accounts receivable, less allowance for doubtful accounts of: June 2012 - $49,653; Dec. 2011 - $54,010; June 2011 - $47,918 1,033,835 1,120,246 889,201
Inventories:
Finished products 1,305,605 1,197,928 1,029,936
Work in process 103,179 86,902 92,146
Materials and supplies 161,514 168,815 163,868
Inventories 1,570,298 1,453,645 1,285,950
Other current assets 405,164 272,825 259,279
Total current assets 3,339,809 3,187,944 3,045,908
Property, Plant and Equipment 1,852,871 1,830,039 1,712,742
Less accumulated depreciation 1,117,044 1,092,588 1,086,471
Property, Plant and Equipment, Net 735,827 737,451 626,271
Intangible Assets 2,928,311 2,958,463 1,555,517
Goodwill 1,996,355 2,023,460 1,194,342
Other Assets 425,767 405,808 378,408
Total assets 9,426,069 9,313,126 6,800,446
Current Liabilities
Short-term borrowings 681,835 281,686 42,567
Current portion of long-term debt 2,801 2,744 2,693
Accounts payable 506,742 637,116 456,114
Accrued liabilities 576,661 744,486 512,540
Total current liabilities 1,768,039 1,666,032 1,013,914
Long-term Debt 1,830,473 1,831,781 934,600
Other Liabilities 1,303,505 1,290,138 581,394
Commitments and Contingencies         
Stockholders' Equity
Common stock, stated value $1; shares authorized, 300,000,000; shares outstanding: June 2012 - 109,438,153; Dec. 2011 - 110,556,981; June 2011 - 109,597,701 109,438 110,557 109,598
Additional paid-in capital 2,421,564 2,316,107 2,221,135
Accumulated other comprehensive income (loss) (416,386) (421,477) (179,783)
Retained earnings 2,409,436 2,520,804 2,118,343
Total equity attributable to VF Corporation 4,524,052 4,525,991 4,269,293
Noncontrolling interests (816) 1,245
Total stockholders' equity 4,524,052 4,525,175 4,270,538
Total liabilities and stockholders' equity $ 9,426,069 $ 9,313,126 $ 6,800,446
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Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2011
Accounts receivable, allowance for doubtful accounts $ 49,653 $ 54,010 $ 47,918
Common stock, stated value $ 1 $ 1 $ 1
Common stock, shares authorized 300,000,000 300,000,000 300,000,000
Common stock, shares outstanding 109,438,153 110,556,981 109,597,701
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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Net Sales $ 2,115,629 $ 1,821,218 $ 4,643,046 $ 3,758,342
Royalty Income 26,157 18,905 55,195 40,580
Total Revenues 2,141,786 1,840,123 4,698,241 3,798,922
Costs and Operating Expenses
Cost of goods sold 1,155,412 994,591 2,544,278 2,028,447
Marketing, administrative and general expenses 822,389 656,861 1,675,876 1,307,161
Costs and Operating Expenses, Total 1,977,801 1,651,452 4,220,154 3,335,608
Operating Income 163,985 188,671 478,087 463,314
Other Income (Expense)
Interest income 1,188 1,510 2,226 2,476
Interest expense (23,593) (15,962) (46,938) (31,902)
Miscellaneous, net 41,557 (2,735) 43,303 (4,666)
Other Income (Expense), Total 19,152 (17,187) (1,409) (34,092)
Income before income taxes 183,137 171,484 476,678 429,222
Income Taxes 27,712 41,917 106,026 98,235
Net Income 155,425 129,567 370,652 330,987
Net Income Attributable to Noncontrolling Interests (128) (199) (139) (916)
Net Income Attributable to VF Corporation $ 155,297 $ 129,368 $ 370,513 $ 330,071
Earnings Per Common Share Attributable to VF Corporation Common Stockholders
Basic $ 1.42 $ 1.19 $ 3.37 $ 3.04
Diluted $ 1.4 $ 1.17 $ 3.31 $ 2.99
Cash Dividends Per Common Share $ 0.72 $ 0.63 $ 1.44 $ 1.26
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Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Net income $ 155,425 $ 129,567 $ 370,652 $ 330,987
Foreign currency translation
Gains (losses) arising during the period (79,722) 33,583 (30,228) 130,278
Less income tax effect 11,956 (4,170) 134 (23,829)
Reclassification to Net Income for (gains) losses realized (11,995) (11,995)
Less income tax effect 4,134 4,134
Defined benefit pension plans
Amortization of net deferred actuarial losses 17,621 10,779 35,239 21,543
Amortization of deferred prior service cost 838 864 1,677 1,727
Less income tax effect (7,350) (4,585) (14,307) (8,766)
Derivative financial instruments
Gains (losses) arising during the period 26,386 (8,382) 18,675 (34,552)
Less income tax effect (10,185) 3,232 (7,213) 13,312
Reclassification to Net Income for (gains) losses realized 2,575 293 3,135 (2,617)
Less income tax effect (991) (114) (1,207) 1,010
Marketable securities
Gains (losses) arising during the period (535) (1,215) (814) (2,040)
Less income tax effect (4) (4)
Reclassification to Net Income for (gains) losses recognized 847
Less income tax effect (237)
Other comprehensive income (loss) (39,407) 22,420 5,091 88,811
Foreign currency translation gains (losses) attributable to noncontrolling interests 106 229
Other comprehensive income (loss) including noncontrolling interests (39,407) 22,526 5,091 89,040
Comprehensive Income 116,018 152,093 375,743 420,027
Comprehensive Income Attributable to Noncontrolling Interests (128) (305) (139) (1,145)
Comprehensive Income Attributable to VF Corporation $ 115,890 $ 151,788 $ 375,604 $ 418,882
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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Operating Activities
Net income $ 370,652 $ 330,987
Adjustments to reconcile net income to cash provided (used) by operating activities:
Depreciation 70,504 57,091
Amortization of intangible assets 24,221 19,246
Other amortization 16,046 11,418
Stock-based compensation 46,516 32,977
Pension expense in excess of contributions 38,297 22,029
Gain on sale of business (41,745)
Other, net 9,446 6,523
Changes in operating assets and liabilities, net of purchases and sales of businesses:
Accounts receivable 71,072 (97,162)
Inventories (136,497) (199,650)
Other current assets (45,419) (15,124)
Accounts payable (126,875) (73,723)
Accrued compensation (65,615) (50,222)
Accrued income taxes (84,510) (56,817)
Accrued liabilities (75,738) (38,883)
Other assets and liabilities 2,774 8,989
Cash provided (used) by operating activities 73,129 (42,321)
Investing Activities
Capital expenditures (118,980) (64,022)
Proceeds from sale of business 68,264
Trademarks acquisition (56,598)
Software purchases (7,792) (8,221)
Other, net 3,854 (1,107)
Cash used by investing activities (54,654) (129,948)
Financing Activities
Net increase in short-term borrowings 400,166 6,252
Payments on long-term debt (1,398) (1,260)
Purchase of Common Stock (299,096) (5,166)
Cash dividends paid (158,581) (137,182)
Proceeds from issuance of Common Stock, net 7,180 83,845
Tax benefits of stock option exercises 25,243 14,718
Cash used by financing activities (26,486) (38,793)
Effect of Foreign Currency Rate Changes on Cash and Equivalents (2,705) 30,301
Net Change in Cash and Equivalents (10,716) (180,761)
Cash and Equivalents - Beginning of Year 341,228 792,239
Cash and Equivalents - End of Period $ 330,512 $ 611,478
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Consolidated Statements of Stockholders' Equity (USD $)
In Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Non- controlling Interests
Beginning balance at Dec. 31, 2010 $ 107,938 $ 2,081,367 $ (268,594) $ 1,940,508 $ 100
Net income 888,089 2,304
Dividends on Common Stock (285,722)
Stock compensation plans, net 2,685 284,966 (15,645)
Common Stock held in trust for deferred compensation plans (66) (6,426)
Distributions to noncontrolling interests (338)
Acquisition of remaining noncontrolling interest (50,226) (2,653)
Foreign currency translation (45,432) (229)
Defined benefit pension plans (90,568)
Derivative financial instruments (12,451)
Marketable securities (4,432)
Ending balance at Dec. 31, 2011 4,525,175 110,557 2,316,107 (421,477) 2,520,804 (816)
Net income 370,652 370,513 139
Dividends on Common Stock (158,581)
Purchase of treasury stock (2,000) (295,075)
Stock compensation plans, net 891 105,457 (26,870)
Common Stock held in trust for deferred compensation plans (10) (1,355)
Disposition of remaining noncontrolling interest 677
Foreign currency translation (30,094)
Defined benefit pension plans 22,609
Derivative financial instruments 13,390
Marketable securities (814)
Ending balance at Jun. 30, 2012 $ 4,524,052 $ 109,438 $ 2,421,564 $ (416,386) $ 2,409,436
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Basis of Presentation
6 Months Ended
Jun. 30, 2012
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 2012, December 2011 and June 2011 relate to the fiscal periods ended on June 30, 2012, December 31, 2011 and July 2, 2011, 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 2011 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 2012 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 29, 2012. 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 2011 (“2011 Form 10-K”).

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Acquisitions and Dispositions
6 Months Ended
Jun. 30, 2012
Acquisitions and Dispositions

Note B — Acquisitions and Dispositions

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 $900.0 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®. 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. Timberland contributed $239.4 million and $595.4 million of revenues and $(37.2) million and $(26.3) million of pretax losses in the second quarter and first six months of 2012, respectively.

This acquisition strengthens VF’s position within the outdoor apparel and footwear industry by adding two strong, global and authentic brands with significant 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 trade names, which management believes have indefinite lives, have been valued at $1,274.1 million. Amortizable intangible assets have been assigned 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 following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition:

 

In thousands       

Cash and equivalents

   $ 92,442   

Inventories

     390,180   

Other current assets

     318,755   

Property, plant and equipment

     89,581   

Intangible assets

     1,458,800   

Other assets

     42,635   
  

 

 

 

Total assets acquired

     2,392,393   

Current liabilities

     364,608   

Other liabilities, primarily deferred income taxes

     580,182   
  

 

 

 

Total liabilities assumed

     944,790   

Net assets acquired

     1,447,603   

Goodwill

     851,904   
  

 

 

 

Purchase price

   $ 2,299,507   
  

 

 

 

Since December 2011, goodwill decreased by $20.0 million as a result of adjustments to the acquired income tax balances. The purchase price allocation related to income tax balances was finalized in the second quarter of 2012.

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.

 

     Three Months      Six Months  

In thousands, except per share amounts

   Ended June 2011      Ended June 2011  

Total Revenues

   $ 2,080,250       $ 4,388,053   

Net Income attributable to VF Corporation

     101,105         311,254   

Earnings per common share

     

Basic

   $ 0.93       $ 2.86   

Diluted

     0.91         2.82   

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 April 30, 2012, VF sold its ownership in John Varvatos Enterprises, Inc. (John Varvatos). VF recorded a $41.7 million gain on the sale which is included in Miscellaneous Income (Expense).

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Sale of Accounts Receivable
6 Months Ended
Jun. 30, 2012
Sale of Accounts Receivable

Note C — 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 2012, December 2011 and June 2011, accounts receivable in the Consolidated Balance Sheets had been reduced by $135.5 million, $115.4 million and $123.0 million, respectively, related to balances sold under this program. During the first half of 2012, VF sold $598.3 million of accounts receivable at their stated amounts, less a funding fee of $1.0 million, which was recorded in Miscellaneous Income (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
Jun. 30, 2012
Intangible Assets

Note D — Intangible Assets

 

Dollars in thousands    Weighted
Average
Amortization
Period
     June 2012      December 2011  
                      Net      Net  
             Accumulated      Carrying      Carrying  
      Cost      Amortization      Amount      Amount  

Amortizable intangible assets:

              

Customer relationships

     19 years       $ 613,210       $ 154,960       $ 458,250       $ 477,817   

License agreements

     24 years         183,527         63,551         119,976         124,239   

Trademarks and other

     8 years         19,292         8,718         10,574         11,934   
           

 

 

    

 

 

 

Amortizable intangible assets, net

              588,800         613,990   

Indefinite-lived intangible assets:

              

Trademarks and trade names

              2,339,511         2,344,473   
           

 

 

    

 

 

 

Intangible assets, net

            $ 2,928,311       $ 2,958,463   
           

 

 

    

 

 

 

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.

Amortization of intangible assets for the second quarter and first six months of 2012 was $12.0 million and $24.2 million, respectively, and is expected to be $47.9 million for the year ended 2012. Estimated amortization expense for the years ending 2013 through 2016 is $46.3 million, $44.6 million, $42.8 million and $41.1 million, respectively.

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Goodwill
6 Months Ended
Jun. 30, 2012
Goodwill

Note E — Goodwill

 

In thousands

   Outdoor  &
Action Sports
                        Contemporary
Brands
     Total  
     Jeanswear     Imagewear      Sportswear        

Balances, December 2011

   $ 1,437,596      $ 228,421      $ 57,768       $ 157,314       $ 142,361       $ 2,023,460   

Adjustments to purchase price allocation

     (19,991     —          978         —           —           (19,013

Currency translation

     (5,407     (2,685     —           —           —           (8,092
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Balances, June 2012

   $ 1,412,198      $ 225,736      $ 58,746       $ 157,314       $ 142,361       $ 1,996,355   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Balances at December 2011 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
Jun. 30, 2012
Pension Plans

Note F — Pension Plans

The following components comprise VF’s pension cost:

 

     Three Months Ended June     Six Months Ended June  
In thousands    2012     2011     2012     2011  

Service cost – benefits earned during the year

   $ 5,794      $ 5,272      $ 11,605      $ 10,454   

Interest cost on projected benefit obligations

     19,249        19,738        38,498        39,443   

Expected return on plan assets

     (20,158     (22,442     (40,314     (44,858

Amortization of deferred amounts:

        

Net deferred actuarial losses

     17,621        10,779        35,239        21,543   

Deferred prior service cost

     838        864        1,677        1,727   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic pension cost

   $ 23,344      $ 14,211      $ 46,705      $ 28,309   
  

 

 

   

 

 

   

 

 

   

 

 

 

During the first half of 2012, VF contributed $8.4 million to its defined benefit pension plans. VF currently anticipates making $7.5 million of additional contributions during the remainder of 2012.

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Business Segment Information
6 Months Ended
Jun. 30, 2012
Business Segment Information

Note G — 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 Ended June     Six Months Ended June  
In thousands    2012     2011     2012     2011  

Coalition revenues:

        

Outdoor & Action Sports

   $ 1,039,974      $ 717,928      $ 2,303,941      $ 1,506,143   

Jeanswear

     594,006        613,367        1,335,717        1,292,610   

Imagewear

     251,493        244,074        529,014        490,882   

Sportswear

     117,488        120,272        240,403        232,166   

Contemporary Brands

     107,947        118,103        234,851        230,019   

Other

     30,878        26,379        54,315        47,102   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total coalition revenues

   $ 2,141,786      $ 1,840,123      $ 4,698,241      $ 3,798,922   
  

 

 

   

 

 

   

 

 

   

 

 

 

Coalition profit:

        

Outdoor & Action Sports

   $ 82,469      $ 89,472      $ 284,169      $ 233,377   

Jeanswear

     93,347        94,365        204,119        217,491   

Imagewear

     30,364        40,271        73,290        77,169   

Sportswear

     11,486        11,658        22,212        19,088   

Contemporary Brands

     11,992        10,689        26,850        20,373   

Other

     366        64        (1,244     (2,010
  

 

 

   

 

 

   

 

 

   

 

 

 

Total coalition profit

     230,024        246,519        609,396        565,488   

Corporate and other expenses

     (24,482     (60,583     (88,006     (106,840

Interest, net

     (22,405     (14,452     (44,712     (29,426
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

   $ 183,137      $ 171,484      $ 476,678      $ 429,222   
  

 

 

   

 

 

   

 

 

   

 

 

 

Timberland has been reported in the Outdoor & Action Sports Coalition since its acquisition date.

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Capital and Accumulated Other Comprehensive Income (Loss)
6 Months Ended
Jun. 30, 2012
Capital and Accumulated Other Comprehensive Income (Loss)

Note H — Capital and Accumulated Other Comprehensive Income (Loss)

Common stock outstanding is net of shares held in treasury and, in substance, retired. During the quarter ended June 2012, VF restored 19,000,000 shares of treasury stock to unissued status. There were 2,474,996 treasury shares at June 2012, 19,289,690 at December 2011 and 19,270,341 at June 2011. 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, 234,301 shares of VF Common Stock at June 2012, 238,275 shares at December 2011 and 241,059 shares at June 2011 were held in connection with deferred compensation plans. These shares, having a cost of $11.2 million, $11.0 million and $10.4 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    2012     2011     2011  

Foreign currency translation

   $ (81,253   $ (51,159   $ 92,861   

Defined benefit pension plans

     (334,084     (356,693     (251,621

Derivative financial instruments

     (777     (14,167     (24,563

Marketable securities

     (272     542        3,540   
  

 

 

   

 

 

   

 

 

 

Accumulated other comprehensive income (loss)

   $ (416,386   $ (421,477   $ (179,783
  

 

 

   

 

 

   

 

 

 
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Stock-based Compensation
6 Months Ended
Jun. 30, 2012
Stock-based Compensation

Note I — Stock-based Compensation

During the first quarter of 2012, VF granted options to purchase 855,058 shares of Common Stock at an exercise price of $145.58, equal to the fair market value of VF Common Stock on the option grant date. Employee stock options vest in equal annual installments over three years and options granted to VF’s Board of Directors become exercisable one year from the date of grant. The grant date fair value of all options was estimated using a lattice option-pricing valuation model, with the following assumptions: expected volatility ranging from 27% to 31%, with a weighted average of 30%; expected term of 5.6 to 7.5 years; expected dividend yield of 2.5%; and a risk-free interest rate ranging from 0.1% at six months to 2.1% at 10 years. The resulting weighted average fair value of these options at the grant date was $33.43 per option.

Also during the first quarter of 2012, VF granted 191,788 performance-based restricted stock units that enable the recipients to receive shares of VF Common Stock at the end of a three year period. The actual number of shares that will be earned can range from 0-200% of the target award, based on achievement of a three year baseline profitability goal and annually established performance goals set by the Compensation Committee of the Board of Directors. The actual number of earned shares may be adjusted upward or downward by 25% of the target award (but not below a zero percentage payout), based on VF’s total shareholder return (“TSR”) over a three year period compared with the TSR for companies included in the Standard & Poor’s 500 index.

VF granted 4,345 nonperformance-based restricted stock units to members of the Board of Directors during the first quarter of 2012. These units vest upon grant and will be settled in shares of VF Common Stock one year from the date of grant. The fair market value of VF’s Common Stock at the date the units were granted was $145.58 per share.

VF also granted, during the first quarter of 2012, 5,500 shares of restricted VF Common Stock with a grant date fair value of $141.77 per share. These shares will vest in 2016, assuming the grantees remain employed through the vesting date.

During the quarter ended June 2012, VF did not grant any stock-based compensation awards.

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Income Taxes
6 Months Ended
Jun. 30, 2012
Income Taxes

Note J — Income Taxes

The effective income tax rate was 22.2% in the first six months of 2012, compared with 22.9% in the first six months of 2011. The tax rates in both periods were lowered by discrete items. The first six months of 2012 included $8.0 million in tax benefits related to the settlement of prior years’ tax audits, $3.5 million in tax benefits related to the realization of unrecognized tax benefits related to foreign taxes and $11.1 million in tax benefits from the utilization of a capital loss carryforward, which was triggered by the sale of John Varvatos. The first six months of 2011 included $12.8 million in tax benefits related to the realization of unrecognized tax benefits.

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. In addition, Timberland filed a consolidated U.S. federal income tax return through the time of acquisition. The United States Internal Revenue Service (“IRS”) is currently examining VF’s tax years 2007, 2008 and 2009. The IRS commenced an examination of Timberland’s 2010 tax year during the second quarter of 2012. Additionally, the IRS audit of Timberland’s 2008 and 2009 tax years was settled during the second quarter of 2012. 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 2012, the amount of unrecognized tax benefits and associated interest decreased by $8.0 million to $94.7 million. Management believes that it is reasonably possible that the amount of unrecognized income tax benefits may decrease during the next 12 months by approximately $5.5 million related to the completion of audits and other settlements with tax authorities and the expiration of statutes of limitations. Of the $5.5 million, $5.3 million would reduce income tax expense.

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Earnings Per Share
6 Months Ended
Jun. 30, 2012
Earnings Per Share

Note K — Earnings Per Share

 

In thousands, except per share amounts    Three Months Ended June     Six Months Ended June  
     2012     2011     2012     2011  

Earnings per share – basic:

        

Net income

   $ 155,425      $ 129,567      $ 370,652      $ 330,987   

Net (income) loss attributable to noncontrolling interests

     (128     (199     (139     (916
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to VF Corporation

   $ 155,297      $ 129,368      $ 370,513      $ 330,071   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average Common Stock outstanding

     109,216        109,079        109,874        108,651   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share attributable to VF Corporation common stockholders

   $ 1.42      $ 1.19      $ 3.37      $ 3.04   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share – diluted:

        

Net income attributable to VF Corporation

   $ 155,297      $ 129,368      $ 370,513      $ 330,071   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average Common Stock outstanding

     109,216        109,079        109,874        108,651   

Incremental shares from stock options and other dilutive securities

     2,012        1,811        2,118        1,802   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted weighted average Common Stock outstanding

     111,228        110,890        111,992        110,453   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share attributable to VF Corporation common stockholders

   $ 1.40      $ 1.17      $ 3.31      $ 2.99   
  

 

 

   

 

 

   

 

 

   

 

 

 

Outstanding options to purchase approximately 0.9 million shares of Common Stock for each of the three and six month periods ended June 2012 and June 2011, were excluded from the computations of diluted earnings per share because the options were antidilutive. In addition, approximately 0.4 million performance-based restricted stock units were excluded from the computation of diluted earnings per share for the three and six month periods ended June 2012, and 0.3 million were excluded for the three and six month periods ended June 2011, because these units have not yet been earned in accordance with the vesting conditions of the plan.

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Fair Value Measurements
6 Months Ended
Jun. 30, 2012
Fair Value Measurements

Note L — 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 Measurement Using:  
            Quoted Prices      Significant         
            In Active      Other      Significant  
            Markets for      Observable      Unobservable  
     Total Fair      Identical Assets      Inputs      Inputs  
In thousands    Value      (Level 1)      (Level 2)      (Level 3)  

June 2012

           

Financial assets:

           

Cash equivalents:

           

Money market funds

   $ 7,438       $ 7,438       $ —         $ —     

Time deposits

     124,688         124,688         —           —     

Derivative instruments

     57,135         —           57,135         —     

Investment securities

     181,864         152,730         29,134         —     

Other marketable securities

     4,099         4,099         —           —     

Financial liabilities:

           

Derivative instruments

     21,618         —           21,618         —     

Deferred compensation

     228,202         —           228,202         —     

December 2011

           

Financial assets:

           

Cash equivalents:

           

Money market funds

   $ 117       $ 117       $ —         $ —     

Time deposits

     89,585         89,585         —           —     

Derivative instruments

     46,328         —           46,328         —     

Investment securities

     175,225         144,391         30,834         —     

Other marketable securities

     4,913         4,913         —           —     

Financial liabilities:

           

Derivative instruments

     23,513         —           23,513         —     

Deferred compensation

     220,056         —           220,056         —     

The financial assets and financial liabilities in the above table have been recorded in the financial statements at fair value. All other financial assets and financial liabilities are recorded in the financial statements at cost, except life insurance contracts which are recorded at cash surrender value. These other financial assets and financial liabilities include cash held as demand deposits, accounts receivable, life insurance contracts, short-term borrowings, accounts payable and accrued liabilities. At June 2012 and December 2011, their carrying values approximated their fair values. Additionally, at June 2012 and December 2011, the carrying value of VF’s long-term debt, including the current portion, was $1,833.3 million and $1,834.5 million, respectively, compared with fair value of $2,110.6 million and $2,079.5 million at those dates. Fair value for long-term debt is a Level 2 estimate based on quoted market prices or values of comparable borrowings.

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Derivative Financial Instruments and Hedging Activities
6 Months Ended
Jun. 30, 2012
Derivative Financial Instruments and Hedging Activities

Note M — Derivative Financial Instruments and Hedging Activities

Summary of Derivative Instruments: All of VF’s outstanding derivative instruments are forward foreign exchange contracts. Most derivatives meet the criteria for hedge accounting at the inception of the hedging relationship, but a limited number of derivative contracts intended to hedge assets and liabilities are not designated as hedges for accounting purposes. Additionally, derivative instruments that are cash flow hedges of forecasted third party sales 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 2012, December 2011 and June 2011 totaled $1.6 billion, $1.5 billion and $1.5 billion, respectively, consisting of contracts hedging primarily exposures to the euro, British pound, Canadian dollar, Mexican peso, Polish zloty, and Japanese yen. Derivative contracts have maturities up to 20 months. The following table presents outstanding derivatives on an individual contract basis:

 

     Fair Value of Derivatives with      Fair Value of Derivatives with  
     Unrealized Gains      Unrealized Losses  
     June      December      June      June      December      June  
In thousands    2012      2011      2011      2012      2011      2011  

Foreign exchange contracts designated as hedging instruments

   $ 56,894       $ 45,071       $ 22,141       $ 18,977       $ 22,406       $ 63,722   

Foreign exchange contracts dedesignated as hedging instruments

     170         1,245         1,698         2,427         930         184   

Foreign exchange contracts not designated as hedging instruments

     71         12         —           214         177         —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total derivatives

   $ 57,135       $ 46,328       $ 23,839       $ 21,618       $ 23,513       $ 63,906   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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
2012
    December
2011
    June
2011
 

Other current assets

   $ 50,313      $ 39,076      $ 21,421   

Accrued current liabilities

     (18,739     (19,326     (58,040

Other assets (noncurrent)

     6,822        7,252        2,418   

Other liabilities (noncurrent)

     (2,879     (4,187     (5,866

Fair Value Hedges: VF enters into derivative contracts to hedge intercompany balances between related parties having different functional currencies, and has historically designated these as fair value hedge relationships. Effective January 1, 2012, VF no longer designates these types of derivative contracts as hedge relationships. Accordingly, gains (losses) related to these derivatives are included in the disclosure of “Derivative Contracts Not Designated as Hedges” during the first six months of 2012. VF’s Consolidated Statements of Income include the following effects related to fair value hedging:

 

      Location of
Gain  (Loss)
on Derivatives
Recognized
in  Income
              Hedged Items
in Fair  Value
Hedge
Relationships
   Location of
Gain  (Loss)
Recognized
on Related
Hedged  Items
            
In thousands                       Gain (Loss) on  
       Gain (Loss) on Derivatives          Related Hedged Items  

Fair Value Hedging

Relationships

     Recognized in Income          Recognized in Income  
     Three
Months
    Six
Months
         Three
Months
     Six
Months
 

Periods ended June 2012

                
Foreign exchange    Miscellaneous
income
(expense)
  $ —        $ —        Advances –
intercompany
   Miscellaneous
income
(expense)
  $ —         $ —     

Periods ended June 2011

                

Foreign exchange

   Miscellaneous
income
(expense)
  $ (3,817   $ (5,047   Advances –
intercompany
   Miscellaneous
income
(expense)
  $ 2,829       $ 3,799   

 

Cash Flow Hedges: VF uses derivative contracts primarily 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 hedges the exchange risk of forecasted intercompany royalties. As discussed below in “Derivative Contracts Dedesignated as Hedges”, cash flow hedges of forecasted inventory sales to third parties 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    Gain (Loss) on         Gain (Loss) Reclassified  
     Derivatives         from Accumulated  
Cash Flow Hedging    Recognized in OCI     Location of Gain (Loss)   OCI into Income  
   Three     Six     Reclassification From   Three     Six  

Relationships

   Months     Months     Accumulated OCI into Income   Months     Months  

Periods ended June 2012

          

Foreign exchange

   $ 26,386      $ 18,675      Net sales   $ (2,484   $ (1,780
       Cost of goods sold     283        597   
       Miscellaneous income (expense)     553        (114
       Interest expense     (927     (1,838
  

 

 

   

 

 

     

 

 

   

 

 

 

Total

   $ 26,386      $ 18,675      Total   $ (2,575   $ (3,135
  

 

 

   

 

 

     

 

 

   

 

 

 

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 expense     29        58   
  

 

 

   

 

 

     

 

 

   

 

 

 

Total

   $ (8,370   $ (34,552   Total   $ (273   $ 2,557   
  

 

 

   

 

 

     

 

 

   

 

 

 

Derivative Contracts Dedesignated as Hedges: As previously noted, cash flow hedges of certain forecasted inventory sales to third parties 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. For the three and six months ended June 2012, VF recorded net losses of $1.1 million and $1.9 million in Miscellaneous Income (Expense) for derivatives dedesignated as hedging instruments, effectively offsetting the net remeasurement gains on the related assets and liabilities. For the three and six months ended June 2011, VF recorded net losses of less than $1.0 million in Miscellaneous Income (Expense) for dedesignated derivatives.

Derivative Contracts Not Designated as Hedges: VF uses derivative contracts to manage foreign currency exchange risk on intercompany loans, accounts receivable and payable, and third-party accounts receivable and payable. These contracts, which are not designated as hedges, are recorded at fair value in the Consolidated Balance Sheets, with changes in the fair values of these instruments recognized directly in earnings. Gains or losses on these contracts largely offset the net remeasurement gains or losses on the related assets and liabilities. Following is a summary of these hedges included in VF’s Consolidated Statements of Income:

 

     Location of Gain (Loss)   Gain
(Loss) on Derivatives
 
Derivatives Not    on Derivatives   Recognized in Income  

Designated as Hedges

   Recognized in Income   2012      2011  

Foreign exchange

   Miscellaneous income (expense)   $ 1,376       $ —     

Other Derivative Information: There were no significant amounts recognized in earnings for the ineffective portion of any hedging relationships during the three and six months ended June 2012 and June 2011.

At June 2012, Accumulated OCI included $32.9 million of net pretax deferred gains 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 in effect when currently outstanding derivative contracts are settled.

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 net pretax deferred loss in Accumulated OCI related to the contracts was $41.4 million at June 2012, which will be reclassified into the Consolidated Statement of Income over the remaining terms of the associated debt instruments.

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Recently Adopted/Issued Accounting Standards
6 Months Ended
Jun. 30, 2012
Recently Adopted/Issued Accounting Standards

Note N — Recently Adopted/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 became effective during the first quarter of 2012 and will be applied on a prospective basis.

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. This guidance became effective during the first quarter of 2012 but did not have any effect on VF’s consolidated financial statements since the current statement of comprehensive income complies with this guidance.

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 became effective during the first quarter of 2012 and will be considered during the 2012 goodwill impairment testing. It is not expected to have an impact on the consolidated financial statements.

In December 2011, the FASB issued guidance enhancing disclosure requirements surrounding the nature of an entity’s right of offset associated with its financial instruments and derivative instruments. The new guidance is effective January 2013 with retrospective application required. It is not expected to have a material effect on the consolidated financial statements.

In July 2012, the FASB issued an update to their accounting guidance regarding indefinite-lived intangible asset impairment testing and whether it is necessary to perform the quantitative impairment test currently required. The guidance is effective for interim and annual periods beginning after September 15, 2012, with early adoption permitted. The adoption of this pronouncement will not have a material impact on the consolidated financial statements.

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Subsequent Events
6 Months Ended
Jun. 30, 2012
Subsequent Events

Note O — Subsequent Events

On July 17, 2012, VF’s Board of Directors declared a quarterly cash dividend of $0.72 per share, payable on September 20, 2012 to shareholders of record on September 10, 2012.

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Acquisitions and Dispositions (Tables)
6 Months Ended
Jun. 30, 2012
Fair Values of Assets Acquired and Liabilities Assumed at Date of Acquisition

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

 

In thousands       

Cash and equivalents

   $ 92,442   

Inventories

     390,180   

Other current assets

     318,755   

Property, plant and equipment

     89,581   

Intangible assets

     1,458,800   

Other assets

     42,635   
  

 

 

 

Total assets acquired

     2,392,393   

Current liabilities

     364,608   

Other liabilities, primarily deferred income taxes

     580,182   
  

 

 

 

Total liabilities assumed

     944,790   

Net assets acquired

     1,447,603   

Goodwill

     851,904   
  

 

 

 

Purchase price

   $ 2,299,507   
  

 

 

 
Pro Forma Results of Operations Assuming that 2011 Acquisition of Timberland had Occured at Beginning of 2010

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.

 

     Three Months      Six Months  

In thousands, except per share amounts

   Ended June 2011      Ended June 2011  

Total Revenues

   $ 2,080,250       $ 4,388,053   

Net Income attributable to VF Corporation

     101,105         311,254   

Earnings per common share

     

Basic

   $ 0.93       $ 2.86   

Diluted

     0.91         2.82   
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Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2012
Intangible Assets
Dollars in thousands    Weighted
Average
Amortization
Period
     June 2012      December 2011  
                      Net      Net  
             Accumulated      Carrying      Carrying  
      Cost      Amortization      Amount      Amount  

Amortizable intangible assets:

              

Customer relationships

     19 years       $ 613,210       $ 154,960       $ 458,250       $ 477,817   

License agreements

     24 years         183,527         63,551         119,976         124,239   

Trademarks and other

     8 years         19,292         8,718         10,574         11,934   
           

 

 

    

 

 

 

Amortizable intangible assets, net

              588,800         613,990   

Indefinite-lived intangible assets:

              

Trademarks and trade names

              2,339,511         2,344,473   
           

 

 

    

 

 

 

Intangible assets, net

            $ 2,928,311       $ 2,958,463   
           

 

 

    

 

 

 
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Goodwill (Tables)
6 Months Ended
Jun. 30, 2012
Goodwill

In thousands

   Outdoor  &
Action Sports
                        Contemporary
Brands
     Total  
     Jeanswear     Imagewear      Sportswear        

Balances, December 2011

   $ 1,437,596      $ 228,421      $ 57,768       $ 157,314       $ 142,361       $ 2,023,460   

Adjustments to purchase price allocation

     (19,991     —          978         —           —           (19,013

Currency translation

     (5,407     (2,685     —           —           —           (8,092
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Balances, June 2012

   $ 1,412,198      $ 225,736      $ 58,746       $ 157,314       $ 142,361       $ 1,996,355   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
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Pension Plans (Tables)
6 Months Ended
Jun. 30, 2012
Components of Pension Cost

The following components comprise VF’s pension cost:

 

     Three Months Ended June     Six Months Ended June  
In thousands    2012     2011     2012     2011  

Service cost – benefits earned during the year

   $ 5,794      $ 5,272      $ 11,605      $ 10,454   

Interest cost on projected benefit obligations

     19,249        19,738        38,498        39,443   

Expected return on plan assets

     (20,158     (22,442     (40,314     (44,858

Amortization of deferred amounts:

        

Net deferred actuarial losses

     17,621        10,779        35,239        21,543   

Deferred prior service cost

     838        864        1,677        1,727   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic pension cost

   $ 23,344      $ 14,211      $ 46,705      $ 28,309   
  

 

 

   

 

 

   

 

 

   

 

 

 
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Business Segment Information (Tables)
6 Months Ended
Jun. 30, 2012
Financial Information for Reportable Segments

Financial information for VF’s reportable segments is as follows:

 

     Three Months Ended June     Six Months Ended June  
In thousands    2012     2011     2012     2011  

Coalition revenues:

        

Outdoor & Action Sports

   $ 1,039,974      $ 717,928      $ 2,303,941      $ 1,506,143   

Jeanswear

     594,006        613,367        1,335,717        1,292,610   

Imagewear

     251,493        244,074        529,014        490,882   

Sportswear

     117,488        120,272        240,403        232,166   

Contemporary Brands

     107,947        118,103        234,851        230,019   

Other

     30,878        26,379        54,315        47,102   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total coalition revenues

   $ 2,141,786      $ 1,840,123      $ 4,698,241      $ 3,798,922   
  

 

 

   

 

 

   

 

 

   

 

 

 

Coalition profit:

        

Outdoor & Action Sports

   $ 82,469      $ 89,472      $ 284,169      $ 233,377   

Jeanswear

     93,347        94,365        204,119        217,491   

Imagewear

     30,364        40,271        73,290        77,169   

Sportswear

     11,486        11,658        22,212        19,088   

Contemporary Brands

     11,992        10,689        26,850        20,373   

Other

     366        64        (1,244     (2,010
  

 

 

   

 

 

   

 

 

   

 

 

 

Total coalition profit

     230,024        246,519        609,396        565,488   

Corporate and other expenses

     (24,482     (60,583     (88,006     (106,840

Interest, net

     (22,405     (14,452     (44,712     (29,426
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

   $ 183,137      $ 171,484      $ 476,678      $ 429,222   
  

 

 

   

 

 

   

 

 

   

 

 

 
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Capital and Accumulated Other Comprehensive Income (Loss) (Tables)
6 Months Ended
Jun. 30, 2012
Deferred Components of Other Comprehensive Income (Loss) Reported, Net of Related Income Taxes, in Accumulated Other Comprehensive Income (Loss) in Stockholders' Equity

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    2012     2011     2011  

Foreign currency translation

   $ (81,253   $ (51,159   $ 92,861   

Defined benefit pension plans

     (334,084     (356,693     (251,621

Derivative financial instruments

     (777     (14,167     (24,563

Marketable securities

     (272     542        3,540   
  

 

 

   

 

 

   

 

 

 

Accumulated other comprehensive income (loss)

   $ (416,386   $ (421,477   $ (179,783
  

 

 

   

 

 

   

 

 

 
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Earnings Per Share (Tables)
6 Months Ended
Jun. 30, 2012
Earnings Per Share
In thousands, except per share amounts    Three Months Ended June     Six Months Ended June  
     2012     2011     2012     2011  

Earnings per share – basic:

        

Net income

   $ 155,425      $ 129,567      $ 370,652      $ 330,987   

Net (income) loss attributable to noncontrolling interests

     (128     (199     (139     (916
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to VF Corporation

   $ 155,297      $ 129,368      $ 370,513      $ 330,071   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average Common Stock outstanding

     109,216        109,079        109,874        108,651   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share attributable to VF Corporation common stockholders

   $ 1.42      $ 1.19      $ 3.37      $ 3.04   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share – diluted:

        

Net income attributable to VF Corporation

   $ 155,297      $ 129,368      $ 370,513      $ 330,071   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average Common Stock outstanding

     109,216        109,079        109,874        108,651   

Incremental shares from stock options and other dilutive securities

     2,012        1,811        2,118        1,802   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted weighted average Common Stock outstanding

     111,228        110,890        111,992        110,453   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share attributable to VF Corporation common stockholders

   $ 1.40      $ 1.17      $ 3.31      $ 2.99   
  

 

 

   

 

 

   

 

 

   

 

 

 
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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2012
Classes of Financial Assets and Financial Liabilities Measured and Recorded at Fair Value on Recurring Basis

The following table summarizes the classes of financial assets and financial liabilities measured and recorded at fair value on a recurring basis:

 

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

June 2012

           

Financial assets:

           

Cash equivalents:

           

Money market funds

   $ 7,438       $ 7,438       $ —         $ —     

Time deposits

     124,688         124,688         —           —     

Derivative instruments

     57,135         —           57,135         —     

Investment securities

     181,864         152,730         29,134         —     

Other marketable securities

     4,099         4,099         —           —     

Financial liabilities:

           

Derivative instruments

     21,618         —           21,618         —     

Deferred compensation

     228,202         —           228,202         —     

December 2011

           

Financial assets:

           

Cash equivalents:

           

Money market funds

   $ 117       $ 117       $ —         $ —     

Time deposits

     89,585         89,585         —           —     

Derivative instruments

     46,328         —           46,328         —     

Investment securities

     175,225         144,391         30,834         —     

Other marketable securities

     4,913         4,913         —           —     

Financial liabilities:

           

Derivative instruments

     23,513         —           23,513         —     

Deferred compensation

     220,056         —           220,056         —     
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Derivative Financial Instruments and Hedging Activities (Tables)
6 Months Ended
Jun. 30, 2012
Outstanding Derivatives on Individual Contract Basis

The following table presents outstanding derivatives on an individual contract basis:

 

     Fair Value of Derivatives with      Fair Value of Derivatives with  
     Unrealized Gains      Unrealized Losses  
     June      December      June      June      December      June  
In thousands    2012      2011      2011      2012      2011      2011  

Foreign exchange contracts designated as hedging instruments

   $ 56,894       $ 45,071       $ 22,141       $ 18,977       $ 22,406       $ 63,722   

Foreign exchange contracts dedesignated as hedging instruments

     170         1,245         1,698         2,427         930         184   

Foreign exchange contracts not designated as hedging instruments

     71         12         —           214         177         —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total derivatives

   $ 57,135       $ 46,328       $ 23,839       $ 21,618       $ 23,513       $ 63,906   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Outstanding Derivatives Classified as Current or Noncurrent Based on Derivatives' Maturity Dates

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
2012
    December
2011
    June
2011
 

Other current assets

   $ 50,313      $ 39,076      $ 21,421   

Accrued current liabilities

     (18,739     (19,326     (58,040

Other assets (noncurrent)

     6,822        7,252        2,418   

Other liabilities (noncurrent)

     (2,879     (4,187     (5,866
Effects of Fair Value Hedging included in Consolidated Statements of Income

VF’s Consolidated Statements of Income include the following effects related to fair value hedging:

 

      Location of
Gain  (Loss)
on Derivatives
Recognized
in  Income
              Hedged Items
in Fair  Value
Hedge
Relationships
   Location of
Gain  (Loss)
Recognized
on Related
Hedged  Items
            
In thousands                       Gain (Loss) on  
       Gain (Loss) on Derivatives          Related Hedged Items  

Fair Value Hedging

Relationships

     Recognized in Income          Recognized in Income  
     Three
Months
    Six
Months
         Three
Months
     Six
Months
 

Periods ended June 2012

                
Foreign exchange    Miscellaneous
income
(expense)
  $ —        $ —        Advances –
intercompany
   Miscellaneous
income
(expense)
  $ —         $ —     

Periods ended June 2011

                

Foreign exchange

   Miscellaneous
income
(expense)
  $ (3,817   $ (5,047   Advances –
intercompany
   Miscellaneous
income
(expense)
  $ 2,829       $ 3,799   
Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

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    Gain (Loss) on         Gain (Loss) Reclassified  
     Derivatives         from Accumulated  
Cash Flow Hedging    Recognized in OCI     Location of Gain (Loss)   OCI into Income  
   Three     Six     Reclassification From   Three     Six  

Relationships

   Months     Months     Accumulated OCI into Income   Months     Months  

Periods ended June 2012

          

Foreign exchange

   $ 26,386      $ 18,675      Net sales   $ (2,484   $ (1,780
       Cost of goods sold     283        597   
       Miscellaneous income (expense)     553        (114
       Interest expense     (927     (1,838
  

 

 

   

 

 

     

 

 

   

 

 

 

Total

   $ 26,386      $ 18,675      Total   $ (2,575   $ (3,135
  

 

 

   

 

 

     

 

 

   

 

 

 

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 expense     29        58   
  

 

 

   

 

 

     

 

 

   

 

 

 

Total

   $ (8,370   $ (34,552   Total   $ (273   $ 2,557   
  

 

 

   

 

 

     

 

 

   

 

 

 
Not Designated as Hedging Instrument
Effects of Fair Value Hedging included in Consolidated Statements of Income

Following is a summary of these hedges included in VF’s Consolidated Statements of Income:

 

     Location of Gain (Loss)   Gain
(Loss) on Derivatives
 
Derivatives Not    on Derivatives   Recognized in Income  

Designated as Hedges

   Recognized in Income   2012      2011  

Foreign exchange

   Miscellaneous income (expense)   $ 1,376       $ —     
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Acquisitions And Dispositions - Additional Information (Detail) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2012
Sep. 13, 2011
Business Acquisition [Line Items]
Goodwill, period increase (decrease) $ (20,000,000)
Gain on sale of business 41,745,000
The Timberland Company
Business Acquisition [Line Items]
Percent of outstanding shares acquired 100.00%
Enterprise value net of cash acquired 2,299,507,000
Debt issued to fund timberland company acquisition 900,000,000
Revenue contributed by acquiree 239,400,000 595,400,000
Earnings contributed by acquiree (37,200,000) (26,300,000)
The Timberland Company | Trademarks And Tradenames
Business Acquisition [Line Items]
Value of indefinite lived intangible assets acquired 1,274,100,000 1,274,100,000
The Timberland Company | Customer Relationships
Business Acquisition [Line Items]
Value of amortizable intangible assets acquired 174,400,000 174,400,000
Amortization period of intangible assets acquired (years) 20 years
The Timberland Company | Distributor Agreements
Business Acquisition [Line Items]
Value of amortizable intangible assets acquired 5,800,000 5,800,000
Amortization period of intangible assets acquired (years) 10 years
The Timberland Company | Licensing Agreements
Business Acquisition [Line Items]
Value of amortizable intangible assets acquired $ 4,500,000 $ 4,500,000
Amortization period of intangible assets acquired (years) 5 years
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Fair Values of Assets Acquired and Liabilities Assumed at Date of Acquisition (Detail) (The Timberland Company, USD $)
In Thousands, unless otherwise specified
Sep. 13, 2011
The Timberland Company
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Cash and equivalents $ 92,442
Inventories 390,180
Other current assets 318,755
Property, plant and equipment 89,581
Intangible assets 1,458,800
Other assets 42,635
Total assets acquired 2,392,393
Current liabilities 364,608
Other liabilities, primarily deferred income taxes 580,182
Total liabilities assumed 944,790
Net assets acquired 1,447,603
Goodwill 851,904
Purchase price $ 2,299,507
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Pro Forma Results of Operations Assuming that 2011 Acquisition of Timberland had Occured at Beginning of 2010 (Detail) (The Timberland Company, USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2011
The Timberland Company
Business Acquisition, Pro Forma Information [Line Items]
Total Revenues $ 2,080,250 $ 4,388,053
Net Income attributable to VF Corporation $ 101,105 $ 311,254
Earnings per common share: Basic $ 0.93 $ 2.86
Earnings per common share: Diluted $ 0.91 $ 2.82
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Sale of Accounts Receivable - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2011
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum amount of accounts receivable sold at any point in time $ 237.5
Decrease in receivables related to balances sold 135.5 115.4 123
Sale of accounts receivable 598.3
Funding fee $ 1
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Intangible Assets (Detail) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2011
Jun. 30, 2012
Customer Relationships
Dec. 31, 2011
Customer Relationships
Jun. 30, 2012
Licensing Agreements
Dec. 31, 2011
Licensing Agreements
Jun. 30, 2012
Trademarks and other
Dec. 31, 2011
Trademarks and other
Intangible Assets by Major Class [Line Items]
Intangible assets, net $ 2,928,311 $ 2,958,463 $ 1,555,517
Amortizable intangible assets, Weighted Average Amortization Period (in years) 19 years 24 years 8 years
Amortizable intangible assets, Cost 613,210 183,527 19,292
Amortizable intangible assets, Accumulated Amortization 154,960 63,551 8,718
Amortizable intangible assets, Net Carrying Amount 588,800 613,990 458,250 477,817 119,976 124,239 10,574 11,934
Indefinite-lived intangible assets, Trademarks and trade names $ 2,339,511 $ 2,344,473
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Intangible Assets - Additional Information (Detail) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2012
Jun. 30, 2011
Schedule of Actual and Estimated Amortization Expense [Line Items]
Intangible asset amortization expense $ 12,000,000 $ 24,221,000 $ 19,246,000
Estimated amortization expense, 2012 47,900,000 47,900,000
Estimated amortization expense, 2013 46,300,000 46,300,000
Estimated amortization expense, 2014 44,600,000 44,600,000
Estimated amortization expense, 2015 42,800,000 42,800,000
Estimated amortization expense, 2016 $ 41,100,000 $ 41,100,000
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Goodwill (Detail) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Goodwill [Line Items]
Goodwill, beginning balance $ 2,023,460 $ 1,194,342
Adjustments to purchase price allocation (19,013)
Currency translation (8,092)
Goodwill, ending balance 1,996,355 1,194,342
Outdoor & Action Sports
Goodwill [Line Items]
Goodwill, beginning balance 1,437,596
Adjustments to purchase price allocation (19,991)
Currency translation (5,407)
Goodwill, ending balance 1,412,198
Jeanswear
Goodwill [Line Items]
Goodwill, beginning balance 228,421
Adjustments to purchase price allocation   
Currency translation (2,685)
Goodwill, ending balance 225,736
Imagewear
Goodwill [Line Items]
Goodwill, beginning balance 57,768
Adjustments to purchase price allocation 978
Currency translation   
Goodwill, ending balance 58,746
Sportswear
Goodwill [Line Items]
Goodwill, beginning balance 157,314
Adjustments to purchase price allocation   
Currency translation   
Goodwill, ending balance 157,314
Contemporary Brands
Goodwill [Line Items]
Goodwill, beginning balance 142,361
Adjustments to purchase price allocation   
Currency translation   
Goodwill, ending balance $ 142,361
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Goodwill - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Outdoor & Action Sports
Goodwill [Line Items]
Cumulative impairment charges $ 43.4
Sportswear
Goodwill [Line Items]
Cumulative impairment charges 58.5
Contemporary Brands
Goodwill [Line Items]
Cumulative impairment charges $ 195.2
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Components of Pension Cost (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost - benefits earned during the year $ 5,794 $ 5,272 $ 11,605 $ 10,454
Interest cost on projected benefit obligations 19,249 19,738 38,498 39,443
Expected return on plan assets (20,158) (22,442) (40,314) (44,858)
Amortization of deferred amounts, Net deferred actuarial losses 17,621 10,779 35,239 21,543
Amortization of deferred amounts, Deferred prior service cost 838 864 1,677 1,727
Net periodic pension cost $ 23,344 $ 14,211 $ 46,705 $ 28,309
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Pension Plans - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plan contributed $ 8.4
Defined benefit pension plan anticipated during the remainder of 2012 $ 7.5
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Financial Information for Reportable Segments (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Segment Reporting Information [Line Items]
Coalition revenues $ 2,141,786 $ 1,840,123 $ 4,698,241 $ 3,798,922
Coalition profit 230,024 246,519 609,396 565,488
Corporate and other expenses (24,482) (60,583) (88,006) (106,840)
Interest, net (22,405) (14,452) (44,712) (29,426)
Income before income taxes 183,137 171,484 476,678 429,222
Outdoor & Action Sports
Segment Reporting Information [Line Items]
Coalition revenues 1,039,974 717,928 2,303,941 1,506,143
Coalition profit 82,469 89,472 284,169 233,377
Jeanswear
Segment Reporting Information [Line Items]
Coalition revenues 594,006 613,367 1,335,717 1,292,610
Coalition profit 93,347 94,365 204,119 217,491
Imagewear
Segment Reporting Information [Line Items]
Coalition revenues 251,493 244,074 529,014 490,882
Coalition profit 30,364 40,271 73,290 77,169
Sportswear
Segment Reporting Information [Line Items]
Coalition revenues 117,488 120,272 240,403 232,166
Coalition profit 11,486 11,658 22,212 19,088
Contemporary Brands
Segment Reporting Information [Line Items]
Coalition revenues 107,947 118,103 234,851 230,019
Coalition profit 11,992 10,689 26,850 20,373
Other
Segment Reporting Information [Line Items]
Coalition revenues 30,878 26,379 54,315 47,102
Coalition profit $ 366 $ 64 $ (1,244) $ (2,010)
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Capital and Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2011
Class of Stock [Line Items]
Treasury shares restored as unissued status 19,000,000
Treasury shares 2,474,996 19,289,690 19,270,341
Common stock, stated value $ 1 $ 1 $ 1
Number of common stock shares held in connection with deferred compensation plans 234,301 238,275 241,059
Common Stock held in trust in connection with deferred compensation plans $ 11.2 $ 11 $ 10.4
Preferred Stock, authorized shares 25,000,000
Preferred Stock, par value $ 1
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Deferred Components of Other Comprehensive Income (Loss) Reported, Net of Related Income Taxes, in Accumulated Other Comprehensive Income (Loss) in Stockholders' Equity (Detail) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2011
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation $ (81,253) $ (51,159) $ 92,861
Defined benefit pension plans (334,084) (356,693) (251,621)
Derivative financial instruments (777) (14,167) (24,563)
Marketable securities (272) 542 3,540
Accumulated other comprehensive income (loss) $ (416,386) $ (421,477) $ (179,783)
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Stock-based Compensation - Additional Information (Detail) (USD $)
3 Months Ended
Mar. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period 855,058
Exercise price of options granted $ 145.58
Vesting period 3 years
Expected volatility, minimum 27.00%
Expected volatility, maximum 31.00%
Weighted average, expected volatility 30.00%
Expected dividend yield 2.50%
Risk-free interest rate, at ten years 2.10%
Risk-free interest rate, at six months 0.10%
Weighted average fair value of options granted $ 33.43
Performance based period 3 years
Performance based adjustment 25.00%
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock units at the grant date $ 145.58
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted in period 5,500
Fair value of restricted stock units at the grant date $ 141.77
Share based compensation expected vesting period assuming grantees remain employed 2016
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term 5 years 219 days
Performance based adjustment 0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term 7 years 183 days
Performance-Based | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted in period 191,788
Share based compensation vesting period 3 years
Performance-Based | Minimum | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of possible awards 0.00%
Performance-Based | Maximum | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of possible awards 200.00%
Nonperformance Based | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted in period 4,345
Board Of Director Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted period of time options become exercisable 1 year
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Income Taxes - Additional information (Detail) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Income Taxes [Line Items]
Effective income tax rate 22.20% 22.90%
Tax settlements of prior years tax audits $ 8
Reductions due to settlement of foreign tax claim 3.5
Tax benefits from partial release of a valuation allowance related to capital loss carryforwards 11.1
Realization of unrecognized tax benefits 12.8
Decrease in unrecognized tax benefits and associated interest primarily due to the audit settlements 8
Total unrecognized tax benefits 94.7
Unrecognized tax benefits and interest 5.3
Possible decrease in unrecognized income tax benefits $ 5.5
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Earnings Per Share (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Earnings per share - basic:
Net income $ 155,425 $ 129,567 $ 370,652 $ 330,987
Net (income) loss attributable to noncontrolling interests (128) (199) (139) (916)
Net income attributable to VF Corporation 155,297 129,368 370,513 330,071
Weighted average Common Stock outstanding 109,216 109,079 109,874 108,651
Earnings per common share attributable to VF Corporation common stockholders $ 1.42 $ 1.19 $ 3.37 $ 3.04
Earnings per common share - diluted:
Net income attributable to VF Corporation $ 155,297 $ 129,368 $ 370,513 $ 330,071
Weighted average Common Stock outstanding 109,216 109,079 109,874 108,651
Incremental shares from stock options and other dilutive securities 2,012 1,811 2,118 1,802
Adjusted weighted average Common Stock outstanding 111,228 110,890 111,992 110,453
Earnings per common share attributable to VF Corporation common stockholders $ 1.4 $ 1.17 $ 3.31 $ 2.99
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Earnings Per Share - Additional information (Detail)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Stock Options
Earnings Per Share Disclosure [Line Items]
Stock options excluded from computation of earnings per share 0.9 0.9 0.9 0.9
Performance-Based | Restricted Stock Units (RSUs)
Earnings Per Share Disclosure [Line Items]
Stock options excluded from computation of earnings per share 0.4 0.3 0.4 0.3
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Classes of Financial Assets and Financial Liabilities Measured and Recorded at Fair Value on Recurring Basis (Detail) (USD $)
In Thousands, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents, money market funds $ 7,438 $ 117
Cash equivalents, time deposits 124,688 89,585
Derivative instruments 57,135 46,328
Investment securities 181,864 175,225
Other marketable securities 4,099 4,913
Derivative instruments 21,618 23,513
Deferred compensation 228,202 220,056
Quoted Prices In Active Markets For Identical Assets, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents, money market funds 7,438 117
Cash equivalents, time deposits 124,688 89,585
Investment securities 152,730 144,391
Other marketable securities 4,099 4,913
Significant Other Observable Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative instruments 57,135 46,328
Investment securities 29,134 30,834
Derivative instruments 21,618 23,513
Deferred compensation $ 228,202 $ 220,056
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Fair Value Measurements - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Fair Value, Measurement Inputs, Disclosure [Line Items]
Long-term debt, carrying value $ 1,833.3 $ 1,834.5
Long-term debt, fair value $ 2,110.6 $ 2,079.5
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Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) (USD $)
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2011
Jun. 30, 2011
Maximum
Jun. 30, 2011
Maximum
Jun. 30, 2012
Interest Rate Swap Derivative Contracts In 2011
Jun. 30, 2012
Interest Rate Swap Derivative Contracts In 2003
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Notional amount of foreign currency derivatives $ 1,600,000,000 $ 1,600,000,000 $ 1,500,000,000 $ 1,500,000,000
Higher derivative maturity range by months 20 months
Miscellaneous Income (Expense) for derivatives designated as hedging instruments 1,100,000 1,900,000 1,000,000 1,000,000
Accumulated OCI including net pretax deferred gains for foreign exchange contracts 32,900,000
Remaining pretax deferred net loss in Accumulated OCI $ 41,400,000 $ 41,400,000
Long-term debt, maturity date Dec 31, 2021 Dec 31, 2033
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Outstanding Derivatives on Individual Contract Basis (Detail) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2011
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Fair Value of Derivatives with Unrealized Gains $ 57,135 $ 46,328 $ 23,839
Fair Value of Derivatives with Unrealized Losses 21,618 23,513 63,906
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Fair Value of Derivatives with Unrealized Gains 56,894 45,071 22,141
Fair Value of Derivatives with Unrealized Losses 18,977 22,406 63,722
Dedesignated As Hedging Instrument
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Fair Value of Derivatives with Unrealized Gains 170 1,245 1,698
Fair Value of Derivatives with Unrealized Losses 2,427 930 184
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Fair Value of Derivatives with Unrealized Gains 71 12
Fair Value of Derivatives with Unrealized Losses $ 214 $ 177
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Outstanding Derivatives Classified as Current or Noncurrent Based on Derivatives' Maturity Dates (Detail) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2011
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Other current assets $ 50,313 $ 39,076 $ 21,421
Accrued current liabilities (18,739) (19,326) (58,040)
Other assets (noncurrent) 6,822 7,252 2,418
Other liabilities (noncurrent) $ (2,879) $ (4,187) $ (5,866)
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Effects of Fair Value Hedging Included in Consolidated Statements of Income (Detail) (Designated as Hedging Instrument, Fair Value Hedging, Miscellaneous Income (Expense), USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2011
Advances - Intercompany
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Related Hedged Items Recognized in Income $ 2,829 $ 3,799
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in Income $ (3,817) $ (5,047)
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Effects of Cash Flow Hedging Included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Detail) (Cash Flow Hedging, USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in OCI $ 26,386 $ (8,370) $ 18,675 $ (34,552)
Gain (Loss) Reclassified from Accumulated OCI into Income (2,575) (273) (3,135) 2,557
Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income (2,484) 1,627 (1,780) 1,231
Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income 283 (338) 597 4,804
Miscellaneous Income (Expense)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income 553 (1,591) (114) (3,536)
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income (927) 29 (1,838) 58
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in OCI $ 26,386 $ (8,370) $ 18,675 $ (34,552)
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Hedges Included in Consolidated Statements of Income (Detail) (Not Designated as Hedging Instrument, Fair Value Hedging, Miscellaneous Income (Expense), Foreign Exchange Contract, USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Not Designated as Hedging Instrument | Fair Value Hedging | Miscellaneous Income (Expense) | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in Income $ 1,376
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Subsequent Events - Additional Information (Detail) (Dividend Declared, USD $)
6 Months Ended
Jun. 30, 2012
Dividend Declared
Subsequent Event [Line Items]
Dividends declared date Jul 17, 2012
Cash dividend $ 0.72
Dividends payable date Sep 20, 2012
Dividends record date Sep 10, 2012
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