V.F. (VFC) 10-K 3 Mar 10 2010 FY Annual report Financial data

Document and Entity Information

Document and Entity Information (USD $)
	12 Months Ended Jan. 02, 2010	Jan. 30, 2010	Jul. 04, 2009
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	2010-01-02
Entity Information [Line Items]
Entity Registrant Name	V F CORP
Entity Central Index Key	0000103379
Current Fiscal Year End Date	--01-02
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$4,439,000,000
Entity Common Stock, Shares Outstanding		110,589,533

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Thousands	Jan. 02, 2010	Jan. 03, 2009
ASSETS
Cash and equivalents	$731,549	$381,844
Accounts receivable, less allowance for doubtful accounts of $60,380 in 2009 and $48,163 in 2008	776,140	851,282
Inventories	958,639	1,151,895
Deferred income taxes	64,959	96,339
Other current assets	98,069	171,650
Total current assets	2,629,356	2,653,010
Property, Plant and Equipment	614,178	642,727
Intangible Assets	1,535,121	1,366,222
Goodwill	1,367,680	1,313,798
Other Assets	324,322	458,111
Total Assets	6,470,657	6,433,868
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term borrowings	45,453	53,580
Current portion of long-term debt	203,179	3,322
Accounts payable	373,186	435,381
Accrued liabilities	470,765	519,899
Total current liabilities	1,092,583	1,012,182
Long-term Debt	938,494	1,141,546
Other Liabilities	626,295	722,895
Stockholders' Equity
Common stock, stated value $1; shares authorized, 300,000,000; 110,285,132 shares outstanding in 2009 and 109,847,563 in 2008	110,285	109,848
Additional paid-in capital	1,864,499	1,749,464
Accumulated other comprehensive income (loss)	(209,742)	(276,294)
Retained earnings	2,050,109	1,972,874
Noncontrolling interests in subsidiaries	(1,866)	1,353
Total stockholders' equity	3,813,285	3,557,245
Total liabilities and stockholders' equity	$6,470,657	$6,433,868

Consolidated Balance Sheets (pa

Consolidated Balance Sheets (parenthetical) (USD $)
In Thousands, except Share data	Jan. 02, 2010	Jan. 03, 2009
Consolidated Balance Sheets (parenthetical)
Allowance for doubtful accounts	$60,380	$48,163
Common stock, stated value	$1	$1
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares outstanding	110,285,132	109,847,563

Consolidated Statements of Inco

Consolidated Statements of Income (USD $)
In Thousands, except Per Share data	12 Months Ended Jan. 02, 2010	12 Months Ended Jan. 03, 2009	12 Months Ended Dec. 29, 2007
Net Sales	$7,143,074	$7,561,621	$7,140,811
Royalty Income	77,212	80,979	78,548
Total Revenues	7,220,286	7,642,600	7,219,359
Costs and Operating Expenses
Cost of goods sold	4,025,122	4,283,680	4,080,022
Marketing, administrative and general expenses	2,336,394	2,419,925	2,173,896
Impairment of goodwill and intangible assets	121,953	0	0
Costs and Operating Expenses Total	6,483,469	6,703,605	6,253,918
Operating Income	736,817	938,995	965,441
Other Income (Expense)
Interest income	2,230	6,115	9,310
Interest expense	(85,902)	(94,050)	(72,122)
Miscellaneous, net	1,528	(2,969)	4,074
Other Income (Expense) Total	(82,144)	(90,904)	(58,738)
Income from Continuing Operations Before Income Taxes	654,673	848,091	906,703
Income Taxes	196,215	245,244	292,832
Income from Continuing Operations	458,458	602,847	613,871
Discontinued Operations	0	0	(21,625)
Net income	458,458	602,847	592,246
Net (Income) Loss Attributable to Noncontrolling Interests in Subsidiaries	2,813	(99)	(625)
Net Income Attributable to VF Corporation	$461,271	$602,748	$591,621
Earnings (Loss) Per Common Share Attributable to VF Corporation Common Stockholders - Basic
Income from continuing operations	4.18	5.52	5.55
Discontinued operations	$0	$0	-0.2
Net income	4.18	5.52	5.36
Earnings (Loss) Per Common Share Attributable to VF Corporation Common Stockholders - Diluted
Income from continuing operations	4.13	5.42	5.41
Discontinued operations	$0	$0	-0.19
Net income	4.13	5.42	5.22
Cash Dividends Per Common Share	2.37	2.33	2.23

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (USD $)
In Thousands	12 Months Ended Jan. 02, 2010	12 Months Ended Jan. 03, 2009	12 Months Ended Dec. 29, 2007
Net income	$458,458	$602,847	$592,246
Foreign currency translation
Gains (losses) arising during year	52,735	(133,035)	136,877
Less income tax effect	(15,267)	30,057	(33,493)
Reclassifcation of (gains) losses to Net Income
Continuing operations	0	(1,522)	(8,517)
Less income tax effect	0	532	2,981
Discontinued operations	0	0	50,191
Less income tax effect	0	0	(18,081)
Defined benefit pension plans
Current year actuarial gain (loss)	(9,916)	(378,272)	66,999
Amortization of deferred actuarial loss	60,525	1,562	5,296
Plan amendment	(13,024)	0	0
Amortization of prior service cost	4,266	2,691	2,691
Settlement charge	0	4,383	0
Less income tax effect	(16,830)	142,620	(28,724)
Derivative financial instruments
Losses arising during year	(8,971)	(10,099)	(26,377)
Less income tax effect	3,457	3,795	10,119
Reclassification to net income for losses realized	9,802	12,869	8,746
Less income tax effect	(3,778)	(4,836)	(3,355)
Marketable securities
Gains (losses) arising during year	3,553	(8,534)	(9,438)
Less income tax effect	0	0	6,693
Other comprehensive income (loss)	66,552	(337,789)	162,608
Comprehensive Income	525,010	265,058	754,854
Comprehensive (Income) Loss Attributable to Noncontrolling Interests	2,739	(377)	(961)
Comprehensive Income Attributable to VF Corporation	$527,749	$264,681	$753,893

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Thousands	12 Months Ended Jan. 02, 2010	12 Months Ended Jan. 03, 2009	12 Months Ended Dec. 29, 2007
Operating Activities
Net income	$458,458	$602,847	$592,246
Adjustments to reconcile net income to cash provided by operating activities of continuing operations:
Loss from discontinued operations	0	0	21,625
Impairment of goodwill and intangible assets	121,953	0	0
Depreciation	113,207	105,059	94,540
Amortization of intangible assets	40,500	39,427	27,106
Other amortization	16,745	21,685	19,581
Stock-based compensation	36,038	31,592	62,413
Provision for doubtful accounts	24,836	22,062	13,859
Pension funding under (over) expense	(114,149)	(4,787)	7,094
Deferred income taxes	54,674	23,654	(3,748)
Other, net	(6,923)	(11,477)	(13,548)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	75,449	52,679	(49,673)
Inventories	209,439	(38,275)	(24,113)
Other current assets	77,173	(66,866)	15,644
Accounts payable	(69,560)	(67,214)	77,212
Accrued compensation	(11,714)	471	(1,932)
Accrued income taxes	14,763	24,118	(7,541)
Accrued liabilities	(25,182)	(22,438)	31,986
Other assets and liabilities	(42,222)	(33,065)	(29,122)
Cash provided by operating activities of continuing operations	973,485	679,472	833,629
Loss from discontinued operations	0	0	(21,625)
Adjustments to reconcile loss from discontinued operations to cash used by discontinued operations:
Loss on disposal of discontinued operations	0	0	24,554
Other, net	0	(1,071)	(15,982)
Cash used by operating activities of discontinued operations	0	(1,071)	(13,053)
Cash provided by operating activities	973,485	678,401	820,576
Investing Activities
Capital expenditures	(85,859)	(124,207)	(113,863)
Business acquisitions, net of cash acquired	(212,339)	(93,377)	(1,060,636)
Software purchases	(9,735)	(10,601)	(6,367)
Sale of intimate apparel business	0	0	348,714
Sale of other businesses	580	537	12,368
Other, net	(9,523)	11,862	13,965
Cash used by investing activities of continuing operations	(316,876)	(215,786)	(805,819)
Discontinued operations, net	0	0	(243)
Cash used by investing activities	(316,876)	(215,786)	(806,062)
Financing Activities
Increase (decrease) in short-term borrowings	(11,019)	(67,736)	36,785
Proceeds from long-term debt	0	0	592,758
Payments on long-term debt	(3,242)	(3,632)	(168,671)
Purchase of Common Stock	(111,974)	(149,729)	(350,000)
Cash dividends paid	(261,682)	(255,235)	(246,634)
Proceeds from issuance of Common Stock	62,590	64,972	69,539
Tax benefits of stock option exercises	6,464	22,504	15,571
Other, net	(480)	(905)	0
Cash used by financing activities	(319,343)	(389,761)	(50,652)
Effect of Foreign Currency Rate Changes on Cash	12,439	(12,873)	14,777
Net Change in Cash and Equivalents	349,705	59,981	(21,361)
Cash and Equivalents - Beginning of Year	381,844	321,863	343,224
Cash and Equivalents - End of Year	$731,549	$381,844	$321,863

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (USD $)
In Thousands	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Common Stock	Retained Earnings	Noncontrolling Interests	Total
Balance at Dec. 30, 2006	$1,469,764	($123,652)	$112,185	$1,806,875	$232
Net income				591,621	625	592,246
Common Stock dividends				(246,634)
Purchase of treasury stock			(4,116)	(345,884)
Stock compensation plans, net	149,556		1,752	(11,641)
Common Stock held in trust for deferred compensation plans			(23)	(2,036)
Acquisition of noncontrolling interest in subsidiary					1,095
Distributions to noncontrolling interests					(562)
Foreign currency translation		129,958			336
Defined benefit pension plans		46,262
Changes in accounting policies (Note A)		22,539		(6,085)
Derivative financial instruments		(10,867)
Marketable securities		(2,745)
Balance at Dec. 29, 2007	1,619,320	61,495	109,798	1,786,216	1,726
Net income				602,748	99	602,847
Common Stock dividends				(255,235)
Purchase of treasury stock			(2,000)	(147,729)
Stock compensation plans, net	130,144		2,027	(14,162)
Common Stock held in trust for deferred compensation plans			23	1,036
Distributions to noncontrolling interests					(750)
Foreign currency translation		(103,968)			278
Defined benefit pension plans		(227,016)
Derivative financial instruments		1,729
Marketable securities		(8,534)
Balance at Jan. 03, 2009	1,749,464	(276,294)	109,848	1,972,874	1,353	3,557,245
Net income				461,271	(2,813)	458,458
Common Stock dividends				(261,682)
Purchase of treasury stock			(1,560)	(110,415)
Stock compensation plans, net	115,035		1,977	(12,732)
Common Stock held in trust for deferred compensation plans			20	793
Distributions to noncontrolling interests					(480)
Foreign currency translation		37,468			74
Defined benefit pension plans		25,021
Derivative financial instruments		510
Marketable securities		3,553
Balance at Jan. 02, 2010	$1,864,499	($209,742)	$110,285	$2,050,109	($1,866)	$3,813,285

Significant Accounting Policies

Significant Accounting Policies
	12 Months Ended Jan. 02, 2010 USD / shares
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note A Significant Accounting Policies Description of Business: VF Corporation (and its subsidiaries, collectively known as VF) is a global apparel company based in the United States. VF designs and manufactures or sources from independent contractors a variety of apparel and footwear for all ages. Products are marketed primarily under VF-owned brand names. VF has significant market shares in outdoor and action sports apparel, jeanswear and sportswear. VF is also a leader in daypacks, backpacks and technical outdoor equipment and in occupational apparel. VF markets these products to a broad customer base throughout the world. Products having various price points are sold through multiple channels of distribution, including specialty stores, department stores, national chains, mass merchants and VF-operated retail stores. VFs ten largest customers, all U.S.-based retailers, accounted for 27% of 2009 total revenues. Sales are made on an unsecured basis under customary terms that may vary by product, channel of distribution or geographic region. VF continuously monitors the creditworthiness of its customers and has established internal policies regarding customer credit limits. The breadth of product offerings, combined with the large number and geographic diversity of its customers, limits VFs concentration of risks. Basis of Presentation: All financial statements and related disclosures are presented in accordance with generally accepted accounting principles (GAAP) in the United States of America. The consolidated financial statements include the accounts of VF and its majority-owned subsidiaries, after elimination of intercompany transactions and balances. For consolidated subsidiaries that are not wholly owned, the minority owners interests (noncontrolling interests) in net income, comprehensive income and stockholders equity are separately presented in the financial statements. Investments in entities that VF does not control but has the ability to exercise significant influence (generally 20-50% owned companies) are accounted for using the equity method of accounting. Equity method investments are recorded initially at cost in Other Assets in the Consolidated Balance Sheets. Those amounts are adjusted to recognize VFs proportional share of the investees earnings and dividends after the date of investment. VFs share of net income of these investments, totaling $0.8 million in 2009, $7.3 million in 2008 and $4.2 million in 2007, is included in Marketing, Administrative and General Expenses in the Consolidated Statements of Income. In April 2007, VF sold its intimate apparel business consisting of its domestic and international womens intimate apparel business units. Accordingly, the 2007 Consolidated Statement of Income and the 2008 and 2007 Consolidated Statements of Cash Flows present the intimate apparel businesses as discontinued operations. Interest expense was not allocated to the discontinued operations. Amounts presented herein, unless otherwise stated, relate to continuing operations. See Note C. Fiscal Year: VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to Decemb

Acquisitions

Acquisitions
	12 Months Ended Jan. 02, 2010 USD / shares
Acquisitions [Abstract]
Acquisitions	Note B Acquisitions On March 11, 2009, VF completed the acquisition of Mo Industries Holdings, Inc. ("Mo Industries"), owner of the Splendid and Ella Moss brands of premium sportswear marketed to upscale department and specialty stores. This transaction resulted in VF acquiring the remaining two-thirds equity of Mo Industries for a purchase price of $160.8 million (consisting of $156.1 million of cash and $4.7 million of notes) and payment of $52.3 million of debt. In June 2008, VF had acquired one-third of the outstanding equity of Mo Industries for $77.4 million. The agreement included put/call rights to acquire the remaining equity during the first half of 2009 at a price based on the acquired companys earnings. The initial investment was recorded in Other Assets and was accounted for using the equity method of accounting. The carrying value of the investment was $80.5 million at the time of the March 2009 acquisition, consisting of the initial cost of the investment, plus the equity in net income of the investment to the date of acquisition. In accordance with authoritative guidance, VF recognized a gain in the first quarter of $0.3 million from remeasuring its one-third interest in Mo Industries to fair value. The gain was included in Miscellaneous Income in VFs Consolidated Statement of Income. This acquisition contributed $61.2 million to revenues and $12.0 million to operating earnings in 2009. Acquisition-related expenses were not significant. Operating results are reported as part of the Contemporary Brands Coalition. On July 31, 2008, VF acquired 100% ownership of its former 50%-owned joint venture that markets Lee branded products in Spain and Portugal (Lee Spain). The cost of the additional investment was $25.4 million, consisting of $14.9 million in cash, plus the transfer of certain nonmonetary assets held by the former joint venture. The joint venture was accounted for using the equity method of accounting through July 2008, and Lee Spain is accounted for as a consolidated subsidiary subsequent to that date. Operating results are reported as part of the Jeanswear Coalition. On February 28, 2007, VF acquired substantially all the operating assets of Majestic Athletic, Inc. (Majestic) for a cost of $131.5 million. Majestic holds exclusive on-field uniform rights for all 30 major league baseball teams, including supplying each team with on-field MLB Authentic Collection outerwear, batting practice jerseys, T-shirts, shorts and fleece. Majestic also markets Majestic brand baseball-related consumer apparel to wholesale accounts. On August 27, 2007, VF acquired lucy activewear, inc. (lucy activewear), a chain of retail stores marketing lucy brand womens activewear, for a cost of $114.1 million. On August 31, 2007, VF acquired Seven For All Mankind, LLC (Seven For All Mankind), marketer of the 7 For All Mankind brand of womens and mens premium denim jeanswear and related apparel products in the United States and Europe, for a cost of $773.1 million. The lucy activewear business and the Seven For All Mankind business together formed the foundation for a new lifestyle-based coalition called Contemporary Brands. On January 26

Sale of Intimates Apparel Bus.

Sale of Intimates Apparel Bus.
	12 Months Ended Jan. 02, 2010 USD / shares
Sale of Intimates Apparel Bus. [Abstract]
Sale of Intimates Apparel Bus.	Note C Sale of Intimate Apparel Business and Sale of H.I.S Brand Sale of Intimate Apparel Business Classified as Discontinued Operations: In December 2006, management and the Board of Directors decided to exit VFs domestic and international womens intimate apparel business (formerly referred to as the Intimate Apparel Coalition, a reportable business segment). On April 1, 2007, VF sold the net assets of this business (except for an investment in marketable securities of an intimate apparel supplier) for $348.7 million, plus $28.8 million related to the business units Cash and Equivalents. The transaction was consistent with VFs stated objective of focusing on lifestyle businesses having high growth and profit potential. The results of operations and cash flows of the intimate apparel business are separately presented as discontinued operations. VF recorded a charge of $42.2 million in 2006 for the difference between the recorded book value of the intimate apparel business and the expected net sales proceeds. In 2007, VF recorded an additional loss on disposal of $24.6 million due to changes in noncore assets sold, final determination of the sales price and income tax adjustments. Summarized 2007 operating results for the discontinued intimate apparel business prior to its sale were as follows (in thousands): Total revenues $ 196,167 Income from operations, net of income taxes of $3,851 $ 2,929 Loss on disposal (no income tax benefit) (24,554) Loss from discontinued operations $ (21,625) Sale of H.I.S Brand: VF sold its H.I.S trademarks and related intellectual property for $11.5 million in 2007. H.I.S was a female jeanswear and casual apparel brand marketed primarily in Germany. Net foreign currency translation gains previously deferred in Accumulated OCI on the H.I.S net operating assets of $3.9 million, net of $2.2 million income taxes, were recognized in the Consolidated Statement of Income. The sale proceeds and recognition of the deferred foreign currency translation gains, less employee termination and other exit costs, resulted in a $5.7 million pretax gain, which was recorded as $2.6 million of additional expense in Cost of Goods Sold and a reduction of $8.3 million in Marketing, Administrative and General Expenses. Revenues of the H.I.S brand totaled $25 million in 2007.

Accounts Receivable

Accounts Receivable
	12 Months Ended Jan. 02, 2010 USD / shares
Accounts Receivable [Abstract]
Accounts Receivable	Note D Accounts Receivable In thousands 2009 2008 Trade $ 786,604 $ 833,561 Royalty and other 49,916 65,884 Total accounts receivable 836,520 899,445 Less allowance for doubtful accounts 60,380 48,163 Accounts receivable, net $ 776,140 $ 851,282 In September 2009, VF entered into an agreement to sell selected trade accounts receivable, on a revolving basis, to a financial institution. The agreement covers the sale of up to $105.0 million of accounts receivable on a nonrecourse basis. 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. Since the inception of the agreement, VF sold a total of $239.3 million of accounts receivable at their stated amounts, less a funding fee. The funding fee charged by the financial institution for this program, which totaled $0.4 million, is recorded in Miscellaneous Expense. Net proceeds of this accounts receivable sale program are recognized as part of the change in accounts receivable in cash provided by operating activities in the Consolidated Statement of Cash Flows. At the end of December 2009, accounts receivable in the Consolidated Balance Sheet had been reduced by $74.2 million related to balances sold under the program.

Inventories

Inventories
	12 Months Ended Jan. 02, 2010 USD / shares
Inventories [Abstract]
Inventories	Note E Inventories In thousands 2009 2008 Finished products $ 772,458 $ 931,122 Work in process 70,507 87,543 Materials and supplies 115,674 133,230 Inventories $ 958,639 $ 1,151,895

Propery, Plant and Equipment

Propery, Plant and Equipment
	12 Months Ended Jan. 02, 2010 USD / shares
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note F Property, Plant and Equipment In thousands 2009 2008 Land $ 47,731 $ 47,288 Buildings and improvements 578,861 555,407 Machinery and equipment 975,016 954,939 Property, plant and equipment, at cost 1,601,608 1,557,634 Less accumulated depreciation 987,430 914,907 Property, plant and equipment, net $ 614,178 $ 642,727 Assets recorded under capital leases, primarily buildings and improvements, are included in Property, Plant and Equipment at a cost of $45.3 million, less accumulated amortization of $12.1 million, at the end of 2009 and a cost of $51.9 million, less accumulated amortization of $14.1 million, at the end of 2008. Amortization expense for assets under capital leases is included in depreciation expense. Assets having a cost of $21.2 million, less accumulated depreciation of $1.1 million at the end of 2009 and $0.6 million at the end of 2008, are subject to a mortgage. All other Property, Plant and Equipment is unencumbered.

Intangible Assets

Intangible Assets
	12 Months Ended Jan. 02, 2010 USD / shares
Intangible Assets [Abstract]
Intangible Assets	Note G Intangible Assets Weighted Net Average Accumulated Carrying Dollars in thousands Life Cost Amortization Amount December 2009 Amortizable intangible assets:* Customer relationships 19 years $ 442,549 $ 81,510 $ 361,039 License agreements 24 years 180,111 42,664 137,447 Trademarks and other 7 years 17,726 11,111 6,615 Amortizable intangible assets, net 505,101 Indefinite-lived intangible assets: Trademarks and tradenames 1,030,020 Intangible assets, net $ 1,535,121 December 2008 Amortizable intangible assets:* Customer relationships 20 years $ 324,191 $ 52,105 $ 272,086 License agreements 22 years 180,158 34,769 145,389 Trademarks and other 7 years 17,509 8,269 9,240 Amortizable intangible assets, net 426,715 Indefinite-lived intangible assets: Trademarks and tradenames 939,507 Intangible assets, net $ 1,366,222 * Amortization of customer relationships accelerated methods; license agreements accelerated and straight-line methods; trademarks and other straight-line method. The carrying amount of indefinite-lived intangible assets was reduced in 2009 by impairment charges totaling $20.1 million. See Notes H and U. Cost and accumulated amortization of $17.5 million were eliminated from license agreements in 2008 because the underlying intangible assets became fully amortized in that year. Amortization expense was $40.5 million in 2009, $39.4 million in 2008 and $27.1 million in 2007. Estimated amortization expense for the years 2010 through 2014 is $38.8 million, $36.5 million, $33.8 million, $32.5 million and $31.5 million, respectively.

Goodwill

Goodwill
	12 Months Ended Jan. 02, 2010 USD / shares
Goodwill [Abstract]
Goodwill	Note H Goodwill Activity is summarized by business segment as follows: Outdoor Contemporary In thousands Action Sports Jeanswear Imagewear Sportswear Brands Balance, December 2006 $ 531,884 $ 225,202 $ 56,246 $ 217,593 Change in accounting policy (Note A) (1,014) - - (1,809) 2007 Acquisitions 12,785 - - - $ 209,215 Additional purchase cost - 50 - - - Adjustments to purchase price allocation (6,240) (5,027) - (17) - Currency translation 27,452 11,843 - - - Balance, December 2007 564,867 232,068 56,246 215,767 209,215 2008 acquisition - 15,678 - - - Contingent consideration 5,309 - 457 - - Adjustments to purchase price allocation (426) - - - 41,215 * Currency translation (15,040) (11,928) - - 370 Balance, December 2008 554,710 235,818 56,703 215,767 250,800 2009 acquisition - - - - 142,361 Impairment charges (31,142) - - (58,453) (12,256) Contingent consideration 3,818 - - - - Adjustments to purchase price allocation - - - - (3,454) Currency translation 8,149 3,112 - - 1,747 Balance, December 2009 $ 535,535 $ 238,930 $ 56,703 $ 157,314 $ 379,198 * Represents reclassification from indefinite-lived Intangible Assets upon finalization of purchase price allocation. VF completed its annual impairment testing for goodwill and indefinite-lived intangible assets in the fourth quarter of 2009. Based on (i) assessment of current and expected future economic conditions, (ii) trends, strategies and forecasted cash flows at each business unit and (iii) assumptions similar to those that market participants would make in valuing VFs business units, VF management determined that the carrying values of goodwill and trademark intangible assets at its Reef, Nautica and lucy business units exceeded their fair value. Accordingly, VF recorded noncash impairment charges totaling $122.0 million in the Consolidated Statement of Income. These impairment charges consisted of $31.1 million, $58.5 million and $12.3 million to reduce goodwill at its Reef, Nautica and lucy business units to their respective implied fair values and $5.6 million and $14.5 million to reduce the Reef and lucy trademark assets to their respective fair values. The Reef business unit is a component of the Outdoor Action Sports Coalition, the Nautica business unit is a component of the Sportswear Coalition, and the lucy business unit is a component of the Contemporary Brands Coalition. See Notes G U.

Other Assets

Other Assets
	12 Months Ended Jan. 02, 2010 USD / shares
Other Assets [Abstract]
Other Assets	Note I Other Assets In thousands 2009 2008 Investment securities held for deferred compensation plans (Note N) $ 179,276 $ 152,653 Other investment securities 17,138 12,216 Investments accounted for under the equity method (Note B) 6,123 85,642 Deferred income taxes (Note Q) 11,182 90,947 Computer software, net of accumulated amortization of $39,695 in 2009 and $67,268 in 2008 41,200 47,091 Deferred debt issuance costs 10,159 11,130 Other 59,244 58,432 Other assets $ 324,322 $ 458,111 Investment securities held for deferred compensation plans consist of mutual funds which are considered trading securities, and life insurance contracts recorded at fair value. See the discussion of Deferred Compensation Plansin Note N. Other investment securities include common stock of asupplier to VFs former intimate apparel business and life insurance contracts held in an irrevocable trust to partially fund liabilities under the supplemental defined benefit pension plan (Note N). The common stock, considered to be available-for-sale securities, and the life insurance contracts are recorded at fair value. Investments accounted for under the equity method at the end of 2008 included a one-third interest in Mo Industries. In March 2009, VF acquired the remaining equity, and accordingly Mo Industries is a consolidated subsidiary after that date. See Note B. VF is the beneficiary of the insurance policies discussed above. Loans against the cash value of these policies are not significant.

Short-term Borrowings

Short-term Borrowings
	12 Months Ended Jan. 02, 2010 USD / shares
Short-term Borrowings [Abstract]
Short-term Borrowings	Note J Short-term Borrowings Short-term borrowings consist of international bank borrowings with a weighted average interest rate of 7.6% at the end of 2009 and 15.0% at the end of 2008. VF has a $1.0 billion senior domestic unsecured committed revolving bank credit agreement that supports issuance of up to $1.0 billion in commercial paper, with any unused portion available for general corporate purposes. This agreement, which expires in October 2012, has a facility fee of 0.06% per year. The agreement contains a financial covenant requiring VFs ratio of consolidated indebtedness to consolidated capitalization, as defined, remain below 60%. The agreement contains other covenants and events of default, including limitations on liens, subsidiary indebtedness, sales of assets, and a cross-acceleration event of default if more than $100.0 million of other debt is in default and has been accelerated by the lenders. If VF fails in the performance of any covenant under this agreement, the banks may terminate their obligation to lend, and any bank borrowings outstanding under this agreement may become due and payable. At the end of 2009, VF was in compliance with all covenants, and the entire amount of the credit agreement was available for borrowing, except for $14.8 million related to standby letters of credit issued under the agreement on behalf of VF. In addition, certain international subsidiaries, with VF Corporation as guarantor, have a 250.0 million (U.S. dollar equivalent of $358.3 million at December 2009) senior international unsecured committed revolving bank credit agreement, which expires in October 2012. The terms and conditions of the international bank credit agreement are substantially the same as those of VFs $1.0 billion domestic credit agreement. At the end of 2009, VF was in compliance with all covenants, and the entire amount of the credit agreement was available for borrowing.

Accrued Liabilities

Accrued Liabilities
	12 Months Ended Jan. 02, 2010 USD / shares
Accrued Liabilities [Abstract]
Accrued Liabilities	Note K Accrued Liabilities In thousands 2009 2008 Compensation $ 125,972 $ 133,620 Deferred compensation (Note N) 19,000 22,300 Income taxes (Note Q) 31,996 17,574 Deferred income taxes (Note Q) 4,785 6,221 Other taxes 63,278 70,173 Advertising 22,547 25,127 Customer discounts and allowances 20,195 20,296 Interest 14,733 15,030 Unrealized losses on hedging contracts (Note V) 13,476 26,034 Insurance 12,427 13,308 Product warranty claims (Note M) 11,763 11,376 Contingent consideration (Note B) 9,257 9,300 Pension liability (Note N) 3,302 9,400 Other 118,034 140,140 Accrued liabilities $ 470,765 $ 519,899 In the fourth quarter of 2008, management took a number of actions to realign VFs cost structure to protect future profitability and to address the uncertainty posed by the economic crisis and recession that began in 2008. Costs totaling $41.0 million relating to these actions were charged to expense as follows: $5.0 million to Cost of Goods Sold and $36.0 million to Marketing, Administrative and General. Of the total, $35.1 million related to severance and benefits, and $5.9 million related to asset write-downs and lease exit costs. There was $40.1 million remaining to be paid at the end of December 2008 and $8.2 million at the end of December 2009, primarily in Compensation above.

Long-term debt

Long-term debt
	12 Months Ended Jan. 02, 2010 USD / shares
Long-term Debt [Abstract]
Long-term Debt	Note L Long-term Debt In thousands 2009 2008 8.5% notes, due 2010 $ 200,000 $ 200,000 5.95% notes, due 2017 250,000 250,000 6.00% notes, due 2033 292,810 292,679 6.45% notes, due 2037 350,000 350,000 Capital leases and other 48,863 52,189 Total long-term debt 1,141,673 1,144,868 Less current portion 203,179 3,322 Long-term debt, due beyond one year $ 938,494 $ 1,141,546 All notes, along with any amounts outstanding under the domestic bank credit agreement and the international bank credit agreement (Note J), rank equally as senior obligations of VF. All notes contain customary covenants and events of default, including limitations on liens and sale-leaseback transactions and a cross-acceleration event of default. The cross-acceleration provision of the 2010 and 2033 notes is triggered if more than $50.0 million of other debt is in default and has been accelerated by the lenders. For the 2017 and 2037 notes, the cross-acceleration trigger is $100.0 million. If VF fails in the performance of any covenant under the indenture that governs the respective notes, the trustee or lenders may declare the principal due and payable immediately. At the end of 2009, VF was in compliance with all covenants. Existing long-term debt agreements do not contain acceleration of maturity clauses based solely on changes in credit ratings. However, for the 2017 and 2037 notes, if there were a change in control of VF and, as a result of the change in control, those notes were rated below investment grade by recognized rating agencies, then VF would be obligated to repurchase those notes at 101% of the aggregate principal amount of notes repurchased, plus any accrued and unpaid interest. VF may redeem the notes, in whole or in part, at a price equal to (i) 100% of the principal amount, plus accrued interest to the redemption date, and (ii) a premium for any excess of the U.S. Treasury rate over the stated rate for the notes, plus an additional 20 basis points for the 2017 notes and 25 basis points for the 2037 notes. The 6.00% notes, having a principal balance of $300.0 million, are recorded net of unamortized original issue discount. Interest Expense on these notes is recorded at an effective annual interest rate of 6.19%, including amortization of the original issue discount, deferred gain on an interest rate hedging contract (Note U) and debt issuance costs. Capital leases and other included capital lease obligations of $37.3 million at the end of 2009 and $40.0 million at the end of 2008 at an effective interest rate of 5.1%. The scheduled payments of long-term debt and future minimum lease payments for capital leases at the end of 2009 are summarized as follows: Notes and Capital In thousands Other Leases 2010 $ 200,655 $ 4,367 2011 165 4,295 2012 174 4,147 2013 187 4,155 2014 200 4,123 Thereafter 910,141 28,363 1,111,522 49,450 Less debt discount included above 7,190 - Less amounts represe

Other Liabilities

Other Liabilities
	12 Months Ended Jan. 02, 2010 USD / shares
Other Liabilities [Abstract]
Other Liabilities	Note M Other Liabilities In thousands 2009 2008 Deferrred compensation (Note N) $ 182,965 $ 156,538 Pension liability (Note N) 247,583 405,517 Income taxes (Note Q) 18,269 47,773 Deferred income taxes (Note Q) 73,006 9,434 Deferred rent credits 46,970 42,057 Product warranty claims 29,710 28,693 Deferred credit Majestic earnout (Note B) - 5,250 Other 27,792 27,633 Other liabilities $ 626,295 $ 722,895 Activity relating to accrued product warranty claims is summarized as follows: In thousands 2009 2008 2007 Balance, beginning of year $ 40,069 $ 38,699 $ 32,615 Acquired businesses - - 1,664 Accrual for products sold during the year 9,052 12,795 10,367 Repair or replacement costs incurred (8,193) (10,341) (7,862) Currency translation 545 (1,084) 1,915 Balance, end of year 41,473 40,069 38,699 Less current portion (Note K) 11,763 11,376 10,791 Long-term portion $ 29,710 $ 28,693 $ 27,908

Retirement and Savings Benefit

Retirement and Savings Benefit Plans
	12 Months Ended Jan. 02, 2010 USD / shares
Retirement and Savings Benefit Plans [Abstract]
Retirement and Savings Benefit Plans	Note N Retirement and Savings Benefit Plans VF has several retirement and savings benefit plans covering eligible employees. VF retains the right to amend any aspect of the plans, or to curtail or discontinue any of the plans, subject to local regulations. Defined Benefit Pension Plans: VF sponsors a noncontributory qualified defined benefit pension plan covering most full-time domestic employees initially employed before 2005 and an unfunded supplemental defined benefit pension plan thatcovers benefits earned that exceed limitations imposed by income tax regulations. VF also sponsors contributory defined benefit plans covering selected international employees. The defined benefit plans provide pension benefits based on compensation and years of service. The effect of these pension plans on income was as follows: Dollars in thousands 2009 2008 2007 Service cost benefits earned during the year $ 14,904 $16,473 $ 21,701 Interest cost on projected benefit obligations 71,799 69,043 67,653 Expected return on plan assets (53,515) (83,360) (82,611) Settlement charge - 4,383 - Amortization of deferred amounts: Actuarial losses 60,525 1,562 5,296 Prior service costs 4,266 2,691 2,691 Total pension expense 97,979 10,792 14,730 Amount allocable to discontinued operations - - 1,651 Pension expense continuing operations $ 97,979 $ 10,792 $ 13,079 Assumptions used to determine pension expense: Discount rate 6.50% 6.40% 5.95% Expected long-term return on plan assets 8.00% 8.00% 8.25% Rate of compensation increase 4.00% 4.00% 4.00% The following provides a reconciliation of the changes in fair value of the pension plans assets and projected benefit obligations, and the plans funded status, at the end of each year: Dollars in thousands 2009* 2008 Fair value of plan assets, beginning of year $ 692,749 $ 1,066,980 Foreign plans 50,018 Actual return on plan assets 132,295 (319,889) VF contributions 212,128 15,579 Participant contribution 265 Benefits paid (58,653) (69,921) Currency translation 5,566 - Fair value of plan assets, end of year 1,034,368 692,749 Projected benefit obligations, beginning of year 1,107,666 1,117,048 Foreign plans 51,661 Service cost 17,200 16,473 Interest cost 75,242 69,043 Participant contribution 265 Actuarial (gain) loss 73,569 (24,977) Plan amendment 13,024 - Benefits paid (58,652) (69,921) Currency translation 5,278 - Projected benefit obligations, end of year 1,285,253 1,107,666 Funded status, end of year $ (250,885) $ (414,917) Amounts included in Consolidated Balance Sheets: Current liabilities (Note K) $ (3,302) $ (9,400) Noncurrent liabilities (Note M) (247,583) (405,517) Funded status $ (250,885) $ (414

Capital

Capital
	12 Months Ended Jan. 02, 2010 USD / shares
Capital [Abstract]
Capital	Note O Capital Common Stock outstanding is net of shares held in treasury, and in substance retired. There were 13,943,457 treasury shares at the end of 2009, 12,198,054 treasury shares at the end of 2008, and 10,042,686 treasury shares at the end of 2007. The excess of the cost of treasury shares acquired over the $1 per share stated value of Common Stock is deducted from Retained Earnings. In addition, 241,446 shares of VF Common Stock at the end of 2009, 261,092 shares at the end of 2008 and 284,103 shares at the end of 2007 were held in trust for deferred compensation plans (Note N). These shares held for deferred compensation plans are treated for financial reporting purposes as treasury shares at a cost of $11.0 million, $10.8 million and $11.8 million at the end of 2009, 2008 and 2007, respectively. Preferred Stock consists of 25,000,000 authorized shares at $1 par value. Accumulated Other Comprehensive Income (Loss): OCI consists of certain changes in assets and liabilities that are not included in Net Income under generally accepted accounting principles but instead are deferred and accumulated in a separate component of Stockholders Equity in the Consolidated Balance Sheets. Deferred gains (losses) comprising Accumulated OCI, net of related income taxes, are summarized as follows: In thousands 2009 2008 Foreign currency translation $ 59,671 $ 22,203 Defined benefit pension plans (265,970) (290,991) Derivative financial instruments (6,180) (6,690) Marketable securities 2,737 (816) Accumulated other comprehensive income (loss) $ (209,742) $ (276,294)

Stock-based Compensation

Stock-based Compensation
	12 Months Ended Jan. 02, 2010 USD / shares
Stock-based Compensation [Abstract]
Stock-based Compensation	Note P Stock-based Compensation VF may grant nonqualified stock options, restricted stock units (RSUs) and restricted stock to officers, key employees and nonemployee members of VFs Board of Directors under the amended and restated 1996 Stock Compensation Plan approved by stockholders. All stock-based compensation awards are classified as equity awards, which are accounted for in Stockholders Equity in the Consolidated Balance Sheets. Compensation cost for all awards expected to vest is recognized over the shorter of the requisite service period or the vesting period. Awards that do not vest are forfeited. Compensation cost for stock option awards, which vest in equal annual installments over three years of continuous service, is recognized during each individual vesting period. Income tax benefits associated with stock option awards are computed under the short form method. Total compensation cost and the related income tax benefits for those awards recognized in the Consolidated Statements of Income were $36.0 million and $13.3 million for 2009, $31.6 million and $11.6 million for 2008 and $62.4 million and $23.0 million for 2007, respectively. Stock-based compensation cost capitalized as part of inventory was $0.2 million at December 2009 and $0.4 million at December 2008. At the end of 2009, there was $24.0 million of total unrecognized compensation cost related to nonvested stock-based compensation arrangements, of which $17.2 million, $5.4 million, $0.6 million, $0.5 million and $0.3 million are expected to be recognized in 2010, 2011, 2012, 2013 and 2014, respectively. At the end of 2009, there were 4,656,854 shares available for future grants of stock options and stock awards under the 1996 Stock Compensation Plan. VF has a practice of repurchasing shares of Common Stock in the open market to offset, on a long-term basis, dilution caused by awards under equity compensation plans. Stock Options: Stock options are granted at a price equal to the average of the high and low price of VF Common Stock on the date of grant and expire ten years after the date of grant. The fair value on the date of grant of each option award is calculated using a lattice option-pricing valuation model, which incorporates a range of assumptions for inputs between the grant date of the options and the date of expiration. The assumptions used and the resulting weighted average fair value of stock options granted are summarized below: 2009 2008 2007 Expected volatility 48% to 33% 23% to 36% 22% to 30% Weighted average volatility 38% 27% 24% Expected term (in years) 4.9 to 7.4 4.8 to 7.3 4.7 to 7.3 Dividend yield 3.5% 2.8% 3.2% Risk-free interest rate 0.5% to 2.9% 2.1% to 3.6% 5.2% to 4.8% Weighted average fair value at date of grant $ 15.39 $ 18.58 $ 16.80 Volatility is a measure of the amount that the market price of VF Common Stock has varied or is expected to vary from period to period. Expected volatility over the contractual term of an option was based on a combination of the implied volatility from publicly tr

Income Taxes

Income Taxes
	12 Months Ended Jan. 02, 2010 USD / shares
Income Taxes [Abstract]
Income Taxes	Note Q Income Taxes The provision for Income Taxes was computed based on the following amounts of Income from Continuing Operations Before Income Taxes: In thousands 2009 2008 2007 Domestic $ 402,379 $ 592,828 $ 628,122 Foreign 252,294 255,263 278,581 Income from continuing operations before income taxes $ 654,673 $ 848,091 $ 906,703 The provision for Income Taxes for continuing operations consisted of: In thousands 2009 2008 2007 Current: Federal $ 80,585 $ 134,458 $ 217,466 Foreign 45,208 64,847 54,033 State 15,748 22,285 25,081 141,541 221,590 296,580 Deferred, primarily federal 54,674 23,654 (3,748) Income taxes $ 196,215 $ 245,244 $ 292,832 The reasons for the difference between income taxes for continuing operations computed by applying the statutory federal income tax rate and income tax expense in the financial statements are as follows: In thousands 2009 2008 2007 Tax at federal statutory rate $ 229,136 $ 296,832 $ 317,346 State income taxes, net of federal tax benefit 9,415 19,767 21,345 Foreign rate difference (76,059) (82,018) (44,058) Change in valuation allowance 4,781 8,456 (10) Goodwill impairment 35,648 - - Tax credits (4,364) - - Other (2,342) 2,207 (1,791) Income taxes $ 196,215 $ 245,244 $ 292,832 State income taxes in 2009 included $5.4 million from favorable audit outcomes on certain state tax matters. Foreign rate differences included $3.8 million in tax benefit in 2009, $18.2 million in 2008 and $10.6 million in 2007 from the favorable audit outcomes on certain tax matters and from expiration of statutes of limitations. Deferred income tax assets and liabilities consisted of the following: In thousands 2009 2008 Deferred income tax assets: Inventories $ 10,328 $ 24,001 Employee compensation and benefits 225,107 302,312 Other accrued expenses 97,516 103,489 Operating loss carryforwards 112,802 100,238 Capital loss carryforwards 30,847 32,934 Depreciation 2,489 - 479,089 562,974 Valuation allowance (110,371) (93,424) Deferred income tax assets 368,718 469,550 Deferred income tax liabilities: Depreciation - 229 Intangible assets 299,260 229,061 Other deferred liabilities 22,720 16,950 Foreign currency translation 43,297 31,981 Unremitted foreign earnings 5,091 19,698 Deferred income tax liabilities 370,368 297,919 Net deferred income tax assets (liabilities) $ (1,650) $ 171,631 2009 2008 Amounts included in Consolidated Balance Sheets: Current assets $ 64,959 $ 96,339 Current liabilities (4,785) (6,221) Noncurrent assets 11,182 90,947 Noncurrent liabil

Business Segment Information

Business Segment Information
	12 Months Ended Jan. 02, 2010 USD / shares
Business Segment Information [Abstract]
Business Segment Information	Note R Business Segment Information For internal management and reporting purposes, VFs businesses are grouped principally by product categories, and by brands within those product categories. These groupings of businesses are referred to as coalitions. These coalitions represent VFs reportable segments, as described below: Outdoor Action Sports Outerwear, action sports apparel and footwear, daypacks and bags, and technical equipment Jeanswear Jeanswear and related products Imagewear Occupational apparel and licensed apparel Sportswear Fashion sportswear Contemporary Brands Premium lifestyle apparel Other Primarily VF Outlets Operating results of the John Varvatos business unit have been reclassified from the Sportswear Coalition to the Contemporary Brands Coalition consistent with a change in internal management reporting beginning in 2009. Management at each of the coalitions has direct control over and responsibility for its revenues, operating income and assets, hereinafter termed Coalition Revenues, Coalition Profit and Coalition Assets, respectively. VF management evaluates operating performance and makes investment and other decisions based on Coalition Revenues and Coalition Profit. Accounting policies used for internal management reporting at the individual coalitions are consistent with those in Note A, except as stated below and except that inventories are valued on a FIFO basis. Common costs such as information systems processing, retirement benefits and insurance are allocated to the coalitions based on appropriate metrics such as usage or employment. Corporate costs, other than costs directly related to the coalitions, impairment charges and net interest expense are not controlled by coalition management and therefore are excluded from the Coalition Profit performance measure used for internal management reporting. Corporate and Other Expenses (presented separately in the following table) consists of corporate headquarters expenses that are not allocated to the coalitions (including compensation and benefits of corporate management and staff, certain legal and professional fees, and administrative and general) and other expenses related to but not allocated to the coalitions for internal management reporting (including a portion of defined benefit pension costs, development costs for management information systems, costs of maintaining and enforcing certain of VFs trademarks, adjustments for the LIFO method of inventory valuation and miscellaneous consolidating adjustments). Defined benefit pension plans in the United States are centrally managed. The current year service cost component of pension cost is allocated to the coalitions, while other cost components (primarily amortization of deferred actuarial losses of $83.1 million in 2009 and insignificant amounts in prior years) are reported in Corporate and Other. Coalition Assets, for internal management purposes, are those used directly in or resulting from the operations of each business unit, such as accounts receivable, inventories and property, plant and equipment. Corporate assets include investments held in trust for deferred

Commitments

Commitments
	12 Months Ended Jan. 02, 2010 USD / shares
Commitments [Abstract]
Commitments	Note S Commitments Rent expense included in the Consolidated Statements of Income was as follows: In thousands 2009 2008 2007 Minimum rent expense $ 176,490 $ 152,053 $ 128,802 Contingent rent expense 5,966 6,702 7,072 Rent expense $ 182,456 $ 158,755 $ 135,874 Future minimum lease payments are $179.7 million, $159.4 million, $131.2 million, $107.1 million and $95.2 million for the years 2010 through 2014, respectively, and $226.4 million thereafter. Future payments presented have not been reduced by income from noncancelable subleases totaling $9.4 million. VF has entered into licensing agreements that provide VF rights to market products under trademarks owned by other parties. Royalties under these agreements are recognized in Cost of Goods Sold in the Consolidated Statements of Income. Certain of these agreements contain minimum royalty and minimum advertising requirements. Future minimum royalty payments, including any required advertising payments, are $59.2 million, $77.8 million, $78.8 million, $50.3 million and $51.7 million for the years 2010 through 2014, respectively, and $0.4 million thereafter. VF in the ordinary course of business has entered into purchase commitments for raw materials, sewing labor and finished products. These agreements, typically ranging from 2 to 6 months in duration, require total payments of $674.7 million in 2010. In addition, VF has a remaining commitment to purchase $67.5 million of finished product, with a minimum of $15.0 million per year, in connection with the sale of a business in a prior year. VF has entered into commitments for (i) service and maintenance agreements related to its management information systems, (ii) capital spending and (iii) advertising. Future payments under these agreements are $43.4 million, $14.3 million, $9.0 million, $4.5 million and $1.1 million for the years 2010 through 2014, respectively. Surety bonds, standby letters of credit and international bank guarantees representing contingent guarantees of performance under self-insurance and other programs totaled $84.5 million. These commitments would only be drawn upon if VF were to fail to meet its claims obligations.

Earnings Per Share

Earnings Per Share
	12 Months Ended Jan. 02, 2010 USD / shares
Earnings Per Share [Abstract]
Earnings Per Share	Note T Earnings Per Share 2009 2008 2007 In thousands, except per share amounts Earnings per share from continuing operations basic: Income from continuing operations $ 458,458 $ 602,847 $ 613,871 Net (income) loss attributable to noncontrolling interests in subsidiaries 2,813 (99) (625) Net income attributable to VF Corporation $ 461,271 $ 602,748 $ 613,246 Weighted average Common Stock outstanding 110,389 109,234 110,443 Earnings per share attributable to VF Corporation common stockholders $ 4.18 $ 5.52 $ 5.55 Earnings per share from continuing operations diluted: Net income attributable to VF Corporation $ 461,271 $ 602,748 $ 613,246 Weighted average Common Stock outstanding 110,389 109,234 110,443 Incremental shares from stock options and other dilutive securities 1,216 2,021 2,905 Adjusted weighted average Common Stock outstanding 111,605 111,255 113,348 Earnings per share attributable to VF Corporation common stockholders $ 4.13 $ 5.42 $ 5.41 Outstanding options to purchase 4.1 million shares and 3.7 million shares of Common Stock were excluded from the computations of diluted earnings per share in 2009 and 2008, respectively, because the effect of their inclusion would have been antidilutive.

Fair Value Measurements

Fair Value Measurements
	12 Months Ended Jan. 02, 2010 USD / shares
Fair Value Measurements [Abstract]
Fair Value Measurements	Note U 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 established a three-level hierarchy that distinguishes between (i) market data obtained or developed from independent sources (i.e., observable data inputs) and (ii) a reporting entitys 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 one of the following categories, in order of priority of observability and objectivity of pricing inputs: Level 1 Fair value based on quoted prices in active markets for identical assets or liabilities. Level 2 Fair value based on 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 Fair value based on prices or valuation techniques that require significant unobservable data inputs. Inputs would normally be a reporting entitys 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 should maximize the use of observable inputs and minimize the use of unobservable inputs. Recurring Fair Value Measurements: The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis: In thousands Fair Value Measurement Using: Quoted Prices Significant in Active Other Significant Total Markets for Observable Unobservable Fair Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) December 2009 Financial assets: Cash equivalents $ 454,070 $ 454,070 $ - $ - Derivative instruments 8,536 - 8,536 - Investment securities 182,306 140,872 41,434 - Financial liabilities: Derivative instruments 13,587 - 13,587 - Deferred compensation 199,831 - 199,831 - December 2008 Financial assets: Cash equivalents $ 156,900 $ 156,900 $ - $ - Derivative instruments 1,089 - 1,089 - Investment securities 157,651 114,778 42,873 - Financial liabilities: Derivative instruments 26,034 - 26,034 - Deferred comp

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities
	12 Months Ended Jan. 02, 2010 USD / shares
Derivative Financial Instruments and Hedging Activities [Abstract]
Derivative Financial Instruments and Hedging Activities	Note V Derivative Financial Instruments and Hedging Activities VF is exposed to risks in its ongoing business operations. Some of these risks are managed by using derivative financial instruments. Derivative financial instruments are contracts whose value is based on, or derived from, changes in the value of an underlying currency exchange rate, interest rate or other financial asset or index. VF conducts business in many foreign countries and therefore is subject to movements in foreign currency exchange rates. Exchange rate fluctuations can have a significant effect on the translated U.S. dollar value of operating results and net assets denominated in foreign currencies. VF does not attempt to manage translation risk but does use derivative contracts to manage the exchange rate risk of specified cash flows or transactions denominated in various foreign currencies. VF manages exchange rate risk on a consolidated basis, which allows exposures to be netted. Use of derivative financial instruments allows VF to reduce the overall exposure to risks in its cash flows and earnings, since gains and losses in the value of the derivative contracts offset losses and gains in the value of the underlying hedged exposures. In addition, in prior years VF had used derivatives in limited instances to hedge interest rate risk. Accounting for derivative instruments: All derivative instruments are recognized as either assets or liabilities at their fair value. The accounting for changes in the fair value (i.e., gains and losses) of derivative instruments depends on whether a derivative has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. The criteria used to determine if a derivative instrument qualifies for hedge accounting treatment are (i) whether an appropriate hedging instrument has been identified and designated to reduce a specific exposure and (ii) whether there is a high correlation between changes in the fair value of the hedging instrument and the identified exposure. A qualifying derivative is designated for accounting purposes, based on the nature of the hedging relationship, as a fair value hedge, cash flow hedge or hedge of a net investment in a foreign business. VFs hedging practices and related accounting policies are described in separate sections below. Hedging cash flows are classified in the statements of cash flows in the same category as the items being hedged. VF considers its foreign businesses to be long-term investments and, accordingly, does not hedge those net investments. VF does not use derivative instruments for trading or speculative purposes. VF formally documents hedging instruments and hedging relationships at the inception of each contract. Further, VF assesses, both at the inception of a contract and on an ongoing basis, whether the hedging instruments are effective in offsetting the risk of the hedged transactions. Occasionally, a portion of a derivative instrument will be considered ineffective in hedging the originally identified exposure due to a decline in amount or a change in timing of the hedged exposure. In those cases, hedge accounting treatmen

Supplemental Cash Flow Informat

Supplemental Cash Flow Information
	12 Months Ended Jan. 02, 2010 USD / shares
Spplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Note W Supplemental Cash Flow Information In thousands 2009 2008 2007 Income taxes paid $ 191,857 $ 275,121 $ 295,792 Interest paid 85,191 94,746 67,098 Noncash transactions: Accretion of long-term debt 131 123 941 Assets transferred to seller in acquisition - 10,598 - Notes issued to seller in acquisition 4,700 - - Debt assumed in acquisitions - 2,668 11,554 Equity in net income of investments accounted for under the equity method 770 7,257 4,209 Issuance of Common Stock for compensation plans 27,924 29,423 21,905

Subsequent Events

Subsequent Events
	12 Months Ended Jan. 02, 2010 USD / shares
Subsequent Events [Abstract]
Subsequent Events	Note X Subsequent Events VFs Board of Directors declared a regular quarterly cash dividend of $0.60 per share, payable on March 19, 2010 to shareholders of record on March 9, 2010. The Board of Directors also granted 1,283,874 stock options, 317,305 performance-based RSUs and 30,000 restricted stock units at market value.

Quarterly Results of Operations

Quarterly Results of Operations
	12 Months Ended Jan. 02, 2010 USD / shares
Quarterly Results of Operations [Abstract]
Quarterly Results of Operations	Note Y Quarterly Results of Operations (Unaudited) In thousands, except First Second Third Fourth Full per share amounts Quarter Quarter Quarter Quarter Year 2009 (a) Total revenues $ 1,725,474 $ 1,485,637 $ 2,093,806 $ 1,915,369 $ 7,220,286 Operating income 161,448 119,738 317,891 137,740 736,817 Net income attributable to VF Corporation 100,939 75,527 217,920 66,885 461,271 Earnings per share attributable to VF Corporation: Basic $ 0.92 $ 0.69 $ 1.97 $ 0.61 $ 4.18 Diluted 0.91 0.68 1.94 0.60 4.13 Dividends per common share $ 0.59 $ 0.59 $ 0.59 $ 0.60 $ 2.37 2008 (b) Total revenues $ 1,846,341 $ 1,677,482 $ 2,206,627 $ 1,912,150 $ 7,642,600 Operating income 244,125 163,856 351,211 179,803 938,995 Net income attributable to VF Corporation 149,032 103,978 233,875 115,863 602,748 Earnings per share attributable to VF Corporation: Basic $ 1.36 $ 0.96 $ 2.14 $ 1.06 $ 5.52 Diluted 1.33 0.94 2.10 1.05 5.42 Dividends per common share $ 0.58 $ 0.58 $ 0.58 $ 0.59 $ 2.33 2007 (c) Total revenues $ 1,673,619 $ 1,517,393 $ 2,073,159 $ 1,955,188 $ 7,219,359 Operating income 215,325 168,462 331,039 250,615 965,441 Income from continuing operations attributable to VF Corporation 134,078 105,805 209,317 164,046 613,246 Net income attributable to VF Corporation 138,344 81,662 207,207 164,408 591,621 Earnings per share from continuing operations attributable to VF Corporation: Basic $ 1.20 $ 0.96 $ 1.91 $ 1.50 $ 5.55 Diluted 1.17 0.93 1.86 1.46 5.41 Dividends per common share $ 0.55 $ 0.55 $ 0.55 $ 0.58 $ 2.23 (a) Goodwill and trademark impairment charges in the fourth quarter of 2009 reduced operating results as follows: operating income $122.0 million; net income $114.4 million; basic earnings per share $1.04; and diluted earnings per share $1.02 ($1.03 for full year). See Notes H and U. (b) Restructuring costs in the fourth quarter of 2008 reduced operating results as follows: operating income $41.0 million; net income $32.8 million, and basic and diluted earnings per share $0.30. See Note K. (c) Net income in 2007 includes $21.6 million loss from discontinued operations. See Note C.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts
	12 Months Ended Jan. 02, 2010 USD / shares
Schedule II - Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	VF CORPORATION Schedule II - Valuation and Qualifying Accounts COL. A COL. B COL. C COL. D COL. E ADDITIONS (1) (2) Balance at Charged to Charged to Balance at Beginning Costs and Other End of Description of Period Expenses Accounts Deductions Period In thousands Fiscal year ended December 2009 Allowance for doubtful accounts $ 48,163 24,836 - 12,619 (A) $ 60,380 Other accounts receivable allowances $ 98,564 461,953 - 451,534 (B) $ 108,983 Valuation allowance for deferred income tax assets $ 93,424 4,781 12,166 (F) - $ 110,371 Fiscal year ended December 2008 Allowance for doubtful accounts $ 59,053 22,062 - 32,952 (A) $ 48,163 Other accounts receivable allowances $ 126,799 489,439 - 517,674 (B) $ 98,564 Valuation allowance for deferred income tax assets $ 129,227 8,453 - 44,256 (D) $ 93,424 Fiscal year ended December 2007 Allowance for doubtful accounts $ 46,113 13,859 1,253 (C) 2,172 (A) $ 59,053 Other accounts receivable allowances $ 116,595 454,713 12,369 (C) 456,878 (B) $ 126,799 Valuation allowance for deferred income tax assets $ 127,347 5,632 13,316 (E) 17,068 (D) $ 129,227 Allowance to reduce noncurrent assets of discontinued operations to fair value, less costs of disposal $ 42,153 - - 42,153 $ - (A) Deductions include accounts written off, net of recoveries, and the effects of foreign currency translation. (B) Deductions include discounts, markdowns and returns, and the effects of foreign currency translation. (C) Additions due to acquisitions. These amounts reflect the amount of allowance for doubtful accounts and other receivable allowances at their respective acquisition dates to record accounts receivable at net realizable value. (D) Deductions relate to circumstances where it is more likely than not that deferred income tax assets will be realized, and the effects of foreign currency translation. Amount for 2007 includes valuation allowances related to losses of discontinued operations. (E) Addition due to an acquisition where it is more likely than not that deferred income tax assets related to federal net operating loss carryforwards will not be realized. (F) Addition relates to circumstances where it is more likely than not that deferred income tax assets will not be realized, and the effects of foreign currency translation.