Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Jan. 25, 2014 | Jun. 29, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'VFC | ' | ' |
Entity Registrant Name | 'V F CORP | ' | ' |
Entity Central Index Key | '0000103379 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 440,391,825 | ' |
Entity Public Float | ' | ' | $16,901,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and equivalents | $776,403 | $597,461 |
Accounts receivable, less allowance for doubtful accounts of $45,350 in 2013 and $48,998 in 2012 | 1,360,443 | 1,222,345 |
Inventories | 1,399,062 | 1,354,158 |
Deferred income taxes | 169,321 | 140,515 |
Other current assets | 177,753 | 135,104 |
Total current assets | 3,882,982 | 3,449,583 |
Property, plant and equipment | 932,792 | 828,218 |
Intangible assets | 2,960,201 | 2,917,058 |
Goodwill | 2,021,750 | 2,009,757 |
Other assets | 517,718 | 428,405 |
Total assets | 10,315,443 | 9,633,021 |
Current liabilities | ' | ' |
Short-term borrowings | 18,810 | 12,559 |
Current portion of long-term debt | 5,167 | 402,873 |
Accounts payable | 638,732 | 562,638 |
Accrued liabilities | 905,292 | 754,142 |
Total current liabilities | 1,568,001 | 1,732,212 |
Long-term debt | 1,426,829 | 1,429,166 |
Other liabilities | 1,243,575 | 1,346,018 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding in 2013 and 2012 | ' | ' |
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; 440,310,370 shares outstanding in 2013 and 440,818,936 in 2012 | 110,078 | 110,205 |
Additional paid-in capital | 2,746,590 | 2,527,868 |
Accumulated other comprehensive income (loss) | -211,720 | -453,895 |
Retained earnings | 3,432,090 | 2,941,447 |
Total stockholders' equity | 6,077,038 | 5,125,625 |
Total liabilities and stockholders' equity | $10,315,443 | $9,633,021 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $45,350 | $48,998 |
Preferred Stock, par value | $1 | $1 |
Preferred Stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred Stock, shares outstanding | ' | ' |
Common Stock, stated value | $0.25 | $0.25 |
Common Stock, shares authorized | 1,200,000,000 | 1,200,000,000 |
Common Stock, shares outstanding | 440,310,370 | 440,818,936 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||
Net sales | $11,302,350 | $10,766,020 | $9,365,477 | ||
Royalty income | 117,298 | 113,835 | 93,755 | ||
Total revenues | 11,419,648 | [1] | 10,879,855 | [2] | 9,459,232 |
Costs and operating expenses | ' | ' | ' | ||
Cost of goods sold | 5,931,469 | 5,817,880 | 5,128,602 | ||
Selling, general and administrative expenses | 3,841,032 | 3,596,708 | 3,085,839 | ||
Costs and Expenses, Total | 9,772,501 | 9,414,588 | 8,214,441 | ||
Operating income | 1,647,147 | [1] | 1,465,267 | [2] | 1,244,791 |
Interest income | 4,141 | 3,353 | 4,778 | ||
Interest expense | -84,773 | -93,605 | -77,578 | ||
Other income (expense), net | -4,025 | 46,860 | -7,248 | ||
Income before income taxes | 1,562,490 | 1,421,875 | 1,164,743 | ||
Income taxes | 352,371 | 335,737 | 274,350 | ||
Net income | 1,210,119 | 1,086,138 | 890,393 | ||
Net (income) loss attributable to noncontrolling interests | ' | -139 | -2,304 | ||
Net income attributable to VF Corporation common stockholders | $1,210,119 | [1] | $1,085,999 | [2] | $888,089 |
Earnings per common share attributable to VF Corporation common stockholders | ' | ' | ' | ||
Basic | $2.76 | [1] | $2.47 | [2] | $2.03 |
Diluted | $2.71 | [1] | $2.43 | [2] | $2 |
Cash dividends per common share | $0.92 | [1] | $0.76 | [2] | $0.65 |
[1] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2013 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 2.8 $ 4.5 $ 2.8 $ 0.6 $ 10.7 Net income 2.2 3.8 2.2 0.6 8.8 Earnings per share: Basic $ 0.01 $ 0.01 $ - $ - $ 0.02 Diluted $ 0.01 $ 0.01 $ - $ - $ 0.02 | ||||
[2] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2012 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 4.6 $ 5.0 $ 14.4 $ 6.8 $ 30.8 Net income 3.3 3.1 11.3 10.2 27.9 Earnings per share: Basic $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 Diluted $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Net income | $1,210,119 | $1,086,138 | $890,393 | |
Foreign currency translation | ' | ' | ' | |
Gains (losses) arising during year | 109,463 | 37,648 | -47,791 | |
Less income tax effect | 1,252 | 9,443 | 10,220 | |
Reclassification to net income for gains (losses) realized | ' | ' | -11,995 | |
Less income tax effect | ' | ' | 4,134 | |
Defined benefit pension plans | ' | ' | ' | |
Current year actuarial gains (losses) and plan amendments | 146,746 | -173,959 | -195,799 | |
Amortization of net deferred actuarial losses | 85,356 | [1] | 69,744 | 43,088 |
Amortization of deferred prior service costs | 1,270 | [1] | 3,357 | 3,453 |
Less income tax effect | -90,285 | 37,013 | 58,690 | |
Derivative financial instruments | ' | ' | ' | |
Gains (losses) arising during year | -8,133 | -9,555 | -41,559 | |
Less income tax effect | 3,196 | 3,976 | 16,012 | |
Reclassification to net income for gains (losses) realized | -12,169 | -15,883 | 21,298 | |
Less income tax effect | 4,782 | 6,199 | -8,202 | |
Marketable securities | ' | ' | ' | |
Gains (losses) arising during year | 1,239 | -401 | -5,027 | |
Less income tax effect | -542 | ' | ' | |
Reclassification to net income for gains (losses) realized | ' | ' | 832 | |
Less income tax effect | ' | ' | -237 | |
Other comprehensive income (loss) | 242,175 | -32,418 | -152,883 | |
Foreign currency translation gains (losses) attributable to noncontrolling interests | ' | ' | -229 | |
Other comprehensive income (loss) including noncontrolling interests | 242,175 | -32,418 | -153,112 | |
Comprehensive income | 1,452,294 | 1,053,720 | 737,281 | |
Comprehensive (income) loss attributable to noncontrolling interests | ' | -139 | -2,075 | |
Comprehensive income attributable to VF Corporation | $1,452,294 | $1,053,581 | $735,206 | |
[1] | These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note M for additional details). |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income | $1,210,119 | $1,086,138 | $890,393 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' |
Depreciation | 157,810 | 148,969 | 127,203 |
Amortization of intangible assets | 45,787 | 47,929 | 41,708 |
Other amortization | 49,676 | 41,058 | 29,824 |
Stock-based compensation | 87,118 | 92,814 | 76,739 |
Provision for doubtful accounts | 15,756 | 19,264 | 12,490 |
Pension expense in excess of (less than) contributions | -28,102 | -20,198 | 46,346 |
Deferred income taxes | -12,370 | -20,797 | -10,867 |
Gain on sale of businesses | ' | -44,485 | ' |
Other, net | 14,306 | -40,931 | 32,665 |
Changes in operating assets and liabilities, net of purchases and sales of business: | ' | ' | ' |
Accounts receivable | -155,053 | -111,571 | -154,487 |
Inventories | -47,240 | 87,620 | -7,509 |
Other current assets | -9,194 | 32,382 | -18,449 |
Accounts payable | 75,073 | -74,294 | -32,898 |
Accrued compensation | -1,139 | -18,907 | 2,448 |
Accrued income taxes | 16,628 | 26,213 | 16,009 |
Accrued liabilities | 85,611 | -17,005 | -10,834 |
Other assets and liabilities | 1,255 | 40,801 | 40,590 |
Cash provided by operating activities | 1,506,041 | 1,275,000 | 1,081,371 |
Investing activities | ' | ' | ' |
Capital expenditures | -271,153 | -251,940 | -170,894 |
Business acquisitions, net of cash acquired | ' | -1,750 | -2,207,065 |
Proceeds from sale of businesses | ' | 72,519 | ' |
Trademarks acquisition | ' | ' | -58,132 |
Software purchases | -53,989 | -30,890 | -20,102 |
Other, net | -25,131 | -8,230 | -3,840 |
Cash used by investing activities | -350,273 | -220,291 | -2,460,033 |
Financing activities | ' | ' | ' |
Net increase (decrease) in short-term borrowings | 9,032 | -269,010 | 250,824 |
Payments on long-term debt | -404,872 | -2,776 | -2,738 |
Proceeds from long-term debt | ' | ' | 898,450 |
Payment of debt issuance costs and hedging settlement costs | ' | ' | -55,536 |
Purchases of Common Stock | -282,024 | -307,282 | -7,420 |
Cash dividends paid | -402,136 | -333,229 | -285,722 |
Proceeds from issuance of Common Stock, net | 48,029 | 62,770 | 134,012 |
Tax benefits of stock option exercises | 48,140 | 47,213 | 33,153 |
Acquisitions of noncontrolling interests | ' | ' | -52,440 |
Other, net | ' | -201 | -338 |
Cash provided (used) by financing activities | -983,831 | -802,515 | 912,245 |
Effect of foreign currency rate changes on cash and equivalents | 7,005 | 4,039 | 15,406 |
Net change in cash and equivalents | 178,942 | 256,233 | -451,011 |
Cash and equivalents - beginning of year | 597,461 | 341,228 | 792,239 |
Cash and equivalents - end of year | $776,403 | $597,461 | $341,228 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Non- controlling Interests |
In Thousands, except Share data | ||||||
Beginning balance at Jan. 01, 2011 | ' | $107,938 | $2,081,367 | ($268,594) | $1,940,508 | $100 |
Beginning balance (in shares) at Jan. 01, 2011 | ' | 431,752,420 | ' | ' | ' | ' |
Net income | 890,393 | ' | ' | ' | 888,089 | 2,304 |
Dividends on Common Stock | ' | ' | ' | ' | -285,722 | ' |
Stock compensation plans, net (in shares) | ' | 10,738,560 | ' | ' | ' | ' |
Stock compensation plans, net | ' | 2,685 | 284,966 | ' | -15,645 | ' |
Common Stock held in trust for deferred compensation plans (in shares) | ' | -263,056 | ' | ' | ' | ' |
Common Stock held in trust for deferred compensation plans | ' | -66 | ' | ' | -6,426 | ' |
Distributions to noncontrolling interests | ' | ' | ' | ' | ' | -338 |
Acquisitions of noncontrolling interests | -50,226 | ' | -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 | ' | 110,557 | 2,316,107 | -421,477 | 2,520,804 | -816 |
Ending balance (in shares) at Dec. 31, 2011 | ' | 442,227,924 | ' | ' | ' | ' |
Net income | 1,086,138 | ' | ' | ' | 1,085,999 | 139 |
Dividends on Common Stock | ' | ' | ' | ' | -333,229 | ' |
Purchase of treasury stock (in shares) | ' | -8,000,000 | ' | ' | ' | ' |
Purchase of treasury stock | ' | -2,000 | ' | ' | -295,074 | ' |
Stock compensation plans, net (in shares) | ' | 6,663,932 | ' | ' | ' | ' |
Stock compensation plans, net | ' | 1,666 | 211,761 | ' | -34,435 | ' |
Common Stock held in trust for deferred compensation plans (in shares) | ' | -72,920 | ' | ' | ' | ' |
Common Stock held in trust for deferred compensation plans | ' | -18 | ' | ' | -2,618 | ' |
Disposition of noncontrolling interests | ' | ' | ' | ' | ' | 677 |
Foreign currency translation | ' | ' | ' | 47,091 | ' | ' |
Defined benefit pension plans | ' | ' | ' | -63,845 | ' | ' |
Derivative financial instruments | ' | ' | ' | -15,263 | ' | ' |
Marketable securities | ' | ' | ' | -401 | ' | ' |
Ending balance at Dec. 29, 2012 | 5,125,625 | 110,205 | 2,527,868 | -453,895 | 2,941,447 | ' |
Ending balance (in shares) at Dec. 29, 2012 | ' | 440,818,936 | ' | ' | ' | ' |
Net income | 1,210,119 | ' | ' | ' | 1,210,119 | ' |
Dividends on Common Stock | ' | ' | ' | ' | -402,136 | ' |
Purchase of treasury stock (in shares) | ' | -6,800,000 | ' | ' | ' | ' |
Purchase of treasury stock | ' | -1,700 | ' | ' | -278,155 | ' |
Stock compensation plans, net (in shares) | ' | 6,340,594 | ' | ' | ' | ' |
Stock compensation plans, net | ' | 1,585 | 218,722 | ' | -36,932 | ' |
Common Stock held in trust for deferred compensation plans (in shares) | ' | -49,160 | ' | ' | ' | ' |
Common Stock held in trust for deferred compensation plans | ' | -12 | ' | ' | -2,253 | ' |
Foreign currency translation | ' | ' | ' | 110,715 | ' | ' |
Defined benefit pension plans | 53,214 | ' | ' | 143,087 | ' | ' |
Derivative financial instruments | ' | ' | ' | -12,324 | ' | ' |
Marketable securities | ' | ' | ' | 697 | ' | ' |
Ending balance at Dec. 28, 2013 | $6,077,038 | $110,078 | $2,746,590 | ($211,720) | $3,432,090 | ' |
Ending balance (in shares) at Dec. 28, 2013 | ' | 440,310,370 | ' | ' | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 28, 2013 | |
Summary of Significant Accounting Policies | ' |
Note A — Summary of Significant Accounting Policies | |
Description of Business | |
VF Corporation and its subsidiaries (collectively known as “VF”) is a global apparel and footwear company based in the United States. VF designs and manufactures or sources from independent contractors a variety of products for consumers of all ages, including jeanswear, outerwear, footwear, packs, luggage, sportswear, and occupational and performance apparel. Products are marketed primarily under VF-owned brand names. | |
Basis of Presentation | |
The consolidated financial statements and related disclosures are presented in accordance with generally accepted accounting principles (“GAAP”) in the U.S. 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 noncontrolling interests in net income, comprehensive income and stockholders’ equity are separately presented in the consolidated 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 VF’s proportional share of the investee’s earnings and dividends after the date of investment. | |
On October 16, 2013, VF’s Board of Directors approved a four-for-one stock split of VF’s Common Stock payable in the form of a stock dividend. The stock dividend was distributed on December 20, 2013 to stockholders of record as of December 10, 2013. Each stockholder of record as of the close of business on the record date received three additional shares of common stock for each share held. VF’s Common Stock began trading at the split-adjusted stock price on December 23, 2013. Additionally, the Board of Directors amended VF’s Articles of Incorporation to increase the number of authorized shares of Common Stock from 300 million to 1.2 billion and reduce the stated value applicable to the Common Stock from $1.00 per share to $0.25 per share. All share and per share data presented in the accompanying consolidated financial statements and related disclosures have been retroactively adjusted to reflect the impact of the stock split and the increase in authorized shares. | |
Fiscal Year | |
VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to December 31 of each year. All references to “2013”, “2012” and “2011” relate to the 52 week fiscal years ended December 28, 2013, December 29, 2012, and December 31, 2011, respectively. Certain foreign subsidiaries report using a December 31 year-end due to local statutory requirements. | |
Use of Estimates | |
In preparing the consolidated financial statements in accordance with GAAP, management makes estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates. | |
Foreign Currency Translation | |
The financial statements of most foreign subsidiaries are measured using the foreign currency as the functional currency. Assets and liabilities denominated in a foreign currency are translated into U.S. dollars using exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates during the period. Resulting translation gains and losses, and transaction gains and losses on long-term advances to foreign subsidiaries, are reported in other comprehensive income (loss) (“OCI”). For a foreign subsidiary that uses the U.S. dollar as its functional currency, the effects of remeasuring assets and liabilities from the foreign currency into U.S. dollars are included in the Consolidated Statements of Income. The Consolidated Statements of Income include net transaction gains of $9.1 million, $18.6 million, and $27.3 million in 2013, 2012 and 2011, respectively, arising from transactions denominated in a currency other than the functional currency of a particular entity. | |
Cash and Equivalents | |
Cash and equivalents are demand deposits, receivables from third party credit card processors, and highly liquid investments that have maturities within three months of their purchase dates. Cash equivalents totaling $474.0 million and $198.7 million at December 2013 and 2012, respectively, consist of money market funds and short-term time deposits. | |
Accounts Receivable | |
Trade accounts receivable are recorded at invoiced amounts, less estimated allowances for trade terms, sales incentive programs, markdowns, chargebacks, and returns as discussed below in Revenue Recognition. Royalty receivables are recorded at amounts earned based on the licensees’ sales of licensed products, subject in some cases to contractual minimum annual amounts from individual licensees. VF maintains an allowance for doubtful accounts for estimated losses that will result from the inability of customers and licensees to make required payments. All accounts are subject to ongoing review of ultimate collectibility. The allowance is determined based on review of specific customer accounts where collection is doubtful, as well as assessment of the collectability of total receivables considering the aging of balances, historical and anticipated trends and economic conditions. Receivables are written off against the allowance when it is probable the amounts will not be recovered. | |
Inventories | |
Inventories are stated at the lower of cost or market. Cost is determined on the first-in, first-out (“FIFO”) method and is net of discounts or rebates received from vendors. | |
Long-lived Assets | |
Property, plant and equipment, intangible assets and goodwill are initially recorded at cost. Improvements to property, plant and equipment that substantially extend the useful life of the asset, and interest cost incurred during construction of major assets, are capitalized. Assets under capital lease are recorded at the present value of minimum lease payments. Repair and maintenance costs are expensed as incurred. | |
Cost for acquired intangible assets is fair value based generally on the present value of expected cash flows. These expected cash flows consider the stated terms of the rights or contracts acquired and expected renewal periods if applicable. The number of renewal periods considered is based on management’s experience in renewing or extending similar arrangements, regardless of whether the acquired rights have explicit renewal or extension provisions. Trademark intangible assets represent individual acquired trademarks, some of which are registered in over 100 countries. License intangible assets relate to numerous licensing contracts, with VF as either the licensor or licensee. | |
Goodwill represents the excess of cost of an acquired business over the fair value of net tangible assets and identifiable intangible assets acquired. Goodwill is assigned at the business unit level, which at VF is typically one level below a reportable segment. | |
Depreciation of property, plant and equipment is computed using the straight-line method over the estimated useful lives of the assets, ranging from 3 to 10 years for machinery and equipment and up to 40 years for buildings. Amortization expense for leasehold improvements and assets under capital leases is recognized over the shorter of their estimated useful lives or the lease terms, and is included in depreciation expense. | |
Intangible assets determined to have indefinite lives, consisting of major trademarks and trade names, are not amortized. Other intangible assets, primarily customer relationships, contracts to license trademarks to third parties and contracts to license trademarks from third parties, are amortized over their estimated useful lives ranging from three to 30 years. Amortization of intangible assets is computed using straight-line or accelerated methods consistent with the expected benefits to be received. | |
Depreciation and amortization expense related to producing or otherwise obtaining finished goods inventories is included in cost of goods sold, and other depreciation and amortization expense is included in selling, general and administrative expenses. | |
VF’s policy is to review property, plant and equipment and intangible assets with identified useful lives for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If forecasted undiscounted cash flows to be generated by the asset are not expected to be adequate to recover the asset’s carrying value, an impairment charge is recorded for the excess of the asset’s carrying value over its estimated fair value. | |
VF’s policy is to evaluate indefinite-lived intangible assets and goodwill for possible impairment at the beginning of the fourth quarter of each year, or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. VF first assesses qualitative factors as a basis for determining whether it is necessary to perform quantitative impairment testing. If VF determines that it is not more likely than not that the fair value of an asset or reporting unit is less than its carrying value, then no further testing is required. Otherwise, the assets must be quantitatively tested for impairment. | |
An indefinite-lived intangible asset is quantitatively evaluated for possible impairment by comparing the estimated fair value of the asset with its carrying value. An impairment charge is recorded if the carrying value of the asset exceeds its estimated fair value. Goodwill is quantitatively evaluated for possible impairment by comparing the estimated fair value of a business unit with its carrying value, including the goodwill assigned to that business unit. An impairment charge is recorded if the carrying value of the goodwill exceeds its implied fair value. | |
Derivative Financial Instruments | |
Derivative financial instruments are measured at fair value in the Consolidated Balance Sheets. Unrealized gains and losses are recognized as assets and liabilities, respectively, and classified as current or noncurrent based on the derivatives’ maturity dates. The accounting for changes in the fair value of derivative instruments (i.e., gains and losses) depends on whether a derivative has been designated and qualifies as part of a hedging relationship and on the nature of the 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 based on the nature of the hedging relationship. VF’s hedging practices are described in Note U. VF does not use derivative instruments for trading or speculative purposes. Hedging cash flows are classified in the Consolidated Statements of Cash Flows in the same category as the items being hedged. | |
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 that case, hedge accounting treatment is discontinued for the ineffective portion of that hedging instrument, and any change in fair value for the ineffective portion is recognized in net income. | |
The counterparties to the derivative contracts are financial institutions having at least A-rated investment grade credit ratings. To manage its credit risk, VF continually monitors the credit risks of its counterparties, limits its exposure in the aggregate and to any single counterparty, and adjusts its hedging positions as appropriate. The impact of VF’s credit risk and the credit risk of its counterparties, as well as the ability of each party to fulfill its obligations under the contracts, is considered in determining the fair value of the derivative contracts. Credit risk has not had a significant effect on the fair value of VF’s derivative contracts. VF does not have any credit risk-related contingent features or collateral requirements with its derivative contracts. | |
Revenue Recognition | |
Revenue is recognized when (i) there is a contract or other arrangement of sale, (ii) the sales price is fixed or determinable, (iii) title and the risks of ownership have been transferred to the customer and (iv) collection of the receivable is reasonably assured. Net sales to wholesale customers and e-commerce sales are generally recognized when the product has been received by the customer. Net sales at VF-operated retail stores are recognized at the time products are purchased by consumers. Revenue from the sale of gift cards is deferred until the gift card is redeemed by the customer or the Company determines that the likelihood of redemption is remote and that it does not have a legal obligation to remit the value of the unredeemed gift card to any jurisdiction under unclaimed property regulations. | |
Net sales are reduced by estimated allowances for trade terms, sales incentive programs, markdowns, chargebacks, and returns. These allowances are estimated based on evaluations of specific product and customer circumstances, retail sales performance, historical and anticipated trends, and current economic conditions. | |
Shipping and handling costs billed to customers are included in net sales. Sales taxes and value added taxes collected from customers and remitted directly to governmental authorities are excluded from net sales. | |
Royalty income is recognized as earned based on the greater of the licensees’ sales of licensed products at rates specified in the licensing contracts or contractual minimum royalty levels. | |
Cost of Goods Sold | |
Cost of goods sold for VF-manufactured goods includes all materials, labor and overhead costs incurred in the production process. Cost of goods sold for purchased finished goods includes the purchase costs and related overhead. In both cases, overhead includes all costs related to manufacturing or purchasing finished goods, including costs of planning, purchasing, quality control, depreciation, freight, duties, royalties paid to third parties and shrinkage. For product lines having a warranty, a provision for estimated future repair or replacement costs, based on historical and anticipated trends, is recorded when these products are sold. | |
Selling, General and Administrative Expenses | |
Selling, general and administrative expenses includes costs of product development, selling, marketing and advertising, VF-operated retail stores, warehousing, distribution, shipping and handling, licensing and administration. Advertising costs are expensed as incurred and totaled $671.3 million in 2013, $585.2 million in 2012 and $539.9 million in 2011. Advertising costs include cooperative advertising payments made to VF’s customers as reimbursement for their costs of advertising VF’s products, and totaled $58.6 million in 2013, $51.7 million in 2012 and $48.5 million in 2011. Shipping and handling costs for delivery of products to customers totaled $298.5 million in 2013, $269.1 million in 2012 and $242.5 million in 2011. Expenses related to royalty income, including amortization of licensed intangible assets, were $13.4 million in 2013, $12.6 million in 2012 and $9.1 million in 2011. | |
Rent Expense | |
VF enters into noncancelable operating leases for retail stores, office space, distribution facilities and equipment. Leases for real estate have initial terms ranging from 3 to 15 years, generally with renewal options. Leases for equipment typically have initial terms ranging from 2 to 5 years. Most leases have fixed rentals, with many of the real estate leases requiring additional payments for real estate taxes and occupancy-related costs. Contingent rent expense, owed when sales at individual retail store locations exceed a stated base amount, is recognized when the liability is probable. Rent expense for leases having rent holidays, landlord incentives or scheduled rent increases is recorded on a straight-line basis over the lease term beginning with the lease commencement date, or when VF has possession or control of the leased premises, whichever is sooner. Differences between straight-line rent expense and actual rent payments are recorded in other assets or other liabilities as an adjustment to rent expense over the lease term. | |
Self-insurance | |
VF is self-insured for a substantial portion of its employee medical, workers’ compensation, vehicle, property and general liability exposures. Liabilities for self-insured exposures are accrued at the present value of amounts expected to be paid based on historical claims experience and actuarial data for forecasted settlements of claims filed and for incurred but not yet reported claims. Accruals for self-insured exposures are included in current and noncurrent liabilities based on the expected periods of payment. Excess liability insurance has been purchased to cover claims in excess of self-insured amounts. | |
Income Taxes | |
Income taxes are provided on pretax income for financial reporting purposes. Income taxes are based on amounts of taxes payable or refundable in the current year and on expected future tax consequences of events that are recognized in the consolidated financial statements in different periods than they are recognized in tax returns. As a result of timing of recognition and measurement differences between financial accounting standards and income tax laws, temporary differences arise between amounts of pretax financial statement income and taxable income, and between reported amounts of assets and liabilities in the Consolidated Balance Sheets and their respective tax bases. Deferred income tax assets and liabilities reported in the Consolidated Balance Sheets reflect the estimated future tax impact of these temporary differences and net operating loss and net capital loss carryforwards, based on tax rates currently enacted for the years in which the differences are expected to be settled or realized. Realization of deferred tax assets is dependent on future taxable income in specific jurisdictions. Valuation allowances are used to reduce deferred tax assets to amounts considered likely to be realized. U.S. deferred income taxes are not provided on undistributed income of foreign subsidiaries where such earnings are considered to be permanently reinvested. Accrued income taxes in the Consolidated Balance Sheets include unrecognized income tax benefits, along with related interest and penalties, appropriately classified as current or noncurrent. The provision for income taxes also includes estimated interest and penalties related to uncertain tax positions. | |
Earnings Per Share | |
Basic earnings per share is computed by dividing net income attributable to VF Corporation by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per share assumes conversion of potentially dilutive securities such as stock options, restricted stock and restricted stock units. | |
Concentration of Risks | |
VF markets products to a broad customer base throughout the world. Products are sold at a range of price points through multiple channels of distribution, including specialty stores, department stores, national chains, mass merchants, VF-operated stores and e-commerce sites. VF’s ten largest customers, all U.S.-based retailers, accounted for 21% of 2013 total revenues, and sales to VF’s largest customer accounted for 8% of 2013 total revenues. Sales are generally 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 VF’s concentration of risks. | |
Legal and Other Contingencies | |
Management periodically assesses liabilities and contingencies in connection with legal proceedings and other claims that may arise from time to time. When it is probable that a loss has been or will be incurred, an estimate of the loss is recorded in the consolidated financial statements. Estimates of losses are adjusted in the period in which additional information becomes available or circumstances change. A contingent liability is disclosed when there is at least a reasonable possibility that a material loss may have been incurred. Management believes that the outcome of any outstanding or pending matters, individually and in the aggregate, will not have a material adverse effect on the consolidated financial statements. | |
Recently Issued Accounting Standards | |
In December 2011 and January 2013, the FASB issued updates to their accounting guidance regarding disclosures about an entity’s right of offset associated with its financial instruments and derivative financial instruments. The guidance became effective during the first quarter of 2013 and has been reflected in the notes to VF’s consolidated financial statements. | |
In February 2013, the FASB issued guidance requiring an entity to provide information about the amounts reclassified out of accumulated other comprehensive income (“AOCI”) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. The guidance became effective during the first quarter of 2013 and has been reflected in the notes to VF’s consolidated financial statements. | |
In July 2013, the FASB issued an update to their accounting guidance which requires unrecognized tax benefits to be netted with net operating loss or tax credit carryforwards in the Consolidated Balance Sheets if specific criteria are met. The guidance is effective January 2014 for interim and annual periods. The adoption of this accounting guidance is not expected to have an impact on VF’s consolidated financial statements. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Acquisitions and Dispositions | ' | ||||
Note B — Acquisitions and Dispositions | |||||
Disposition in prior year | |||||
On April 30, 2012, VF sold its 80% ownership in John Varvatos Enterprises, Inc. (“John Varvatos”). VF recorded a $42.0 million gain on the sale which is included in other income (expense), net. | |||||
Acquisitions in prior years | |||||
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 $712.9 million of revenues and $49.2 million of pretax income in 2011. | |||||
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 (i) expected growth rates and profitability of Timberland, (ii) the opportunity to leverage VF’s skills to achieve higher growth in sales, income and cash flows of the business and (iii) 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 Timberland purchase price allocation was finalized in 2012. The following table summarizes the final 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 | |||
Unaudited pro forma results of operations for VF are presented for 2011 assuming that the acquisition of Timberland had occurred at the beginning of 2010. This pro forma financial information is not necessarily indicative of VF’s operating results if the acquisition had been completed at the date indicated, nor is it necessarily an indication of future operating results. Amounts do not include any marketing leverage, operating efficiencies or cost savings that VF believes are achievable. | |||||
2011(a) | |||||
In thousands, except | |||||
per share amounts | |||||
Total revenue | $ | 10,411,978 | |||
Net income attributable to VF Corporation | 808,867 | ||||
Earnings per common share: | |||||
Basic | $ | 1.85 | |||
Diluted | 1.82 | ||||
(a) | Pro forma operating results for 2011 include expenses totaling $96.2 million for acceleration of vesting for all unvested stock-based compensation awards, including tax gross-up payments required under employment agreements with certain Timberland executives, and $17.3 million in Timberland acquisition-related expenses. | ||||
On March 30, 2011, VF acquired the trademarks and related intellectual property of Rock & Republic Enterprises, Inc. for $58.1 million, including expenses. VF has accounted for this transaction as an asset acquisition and recorded the purchase price as an indefinite-lived intangible asset. Rock & Republic® branded jeanswear and related products are offered in the U.S. through an exclusive wholesale distribution and licensing arrangement with Kohl’s Corporation. Operating results are reported as part of the Jeanswear Coalition. | |||||
On September 30, 2011, VF acquired the remaining noncontrolling interest in Napapijri Japan Ltd. for $0.1 million. Additionally, on November 2, 2011, VF acquired the remaining noncontrolling interest in VF Arvind Brands Private Ltd. (a joint venture in India) for $52.4 million. These acquisitions were accounted for as equity transactions since VF maintained control of these subsidiaries prior to the acquisitions. Therefore, VF recorded a decrease to additional paid-in capital of $50.2 million in 2011 related to these transactions. The changes in VF’s ownership interests in these subsidiaries impacted consolidated equity during 2011 as follows: | |||||
2011 | |||||
In thousands | |||||
Net income attributable to VF Corporatiion | $ | 888,089 | |||
Net transfers to noncontrolling interests — decrease in equity for purchase of noncontrolling interests | (50,226 | ) | |||
Changes from net income attributable to VF Corporation and transfers to the noncontrolling interests | $ | 837,863 | |||
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Accounts Receivable | ' | ||||||||
Note C — Accounts Receivable | |||||||||
2013 | 2012 | ||||||||
In thousands | |||||||||
Trade | $ | 1,320,669 | $ | 1,179,832 | |||||
Royalty and other | 85,124 | 91,511 | |||||||
Total accounts receivable | 1,405,793 | 1,271,343 | |||||||
Less allowance for doubtful accounts | 45,350 | 48,998 | |||||||
Accounts receivable, net | $ | 1,360,443 | $ | 1,222,345 | |||||
VF has an agreement with a financial institution to sell selected trade accounts receivable on a recurring, nonrecourse basis. Under the agreement, up to $237.5 million of accounts receivable may be sold to the financial institution and remain outstanding at any point in time. After the sale, VF does not retain any interests in the accounts receivable and removes them from the Consolidated Balance Sheets, but continues to service and collect outstanding accounts receivable on behalf of the financial institution. At December 2013 and 2012, accounts receivable had been reduced by $136.4 million and $127.4 million, respectively, related to this program. During the years 2013 and 2012, VF sold a total of $1,259.7 million and $1,278.0 million, respectively, of accounts receivable at their stated amounts, less a funding fee charged by the financial institution. The funding fee is recorded in other income (expense), net, and totaled $1.8 million in 2013, $2.0 million in 2012, and $2.0 million in 2011. Net proceeds of this program are classified in operating activities in the Consolidated Statements of Cash Flows. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Inventories | ' | ||||||||
Note D — Inventories | |||||||||
2013 | 2012 | ||||||||
In thousands | |||||||||
Finished products | $ | 1,159,555 | $ | 1,099,229 | |||||
Work in process | 94,586 | 98,191 | |||||||
Raw materials | 144,921 | 156,738 | |||||||
Total inventories | $ | 1,399,062 | $ | 1,354,158 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Property, Plant and Equipment | ' | ||||||||
Note E — Property, Plant and Equipment | |||||||||
2013 | 2012 | ||||||||
In thousands | |||||||||
Land and improvements | $ | 56,828 | $ | 54,264 | |||||
Buildings and improvements | 953,931 | 862,288 | |||||||
Machinery and equipment | 1,159,221 | 1,066,865 | |||||||
Property, plant and equipment, at cost | 2,169,980 | 1,983,417 | |||||||
Less accumulated depreciation and amortization | 1,237,188 | 1,155,199 | |||||||
Property, plant and equipment, net | $ | 932,792 | $ | 828,218 | |||||
Assets subject to a mortgage have a cost of $21.2 million, less accumulated depreciation of $2.9 million at the end of 2013 and $2.4 million at the end of 2012. All other property, plant and equipment is unencumbered. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||
Note F — Intangible Assets | |||||||||||||||||||
Weighted | |||||||||||||||||||
Average | Net | ||||||||||||||||||
Amortization | Amortization | Accumulated | Carrying | ||||||||||||||||
Period | Methods | Cost | Amortization | Amount | |||||||||||||||
Dollars in thousands | |||||||||||||||||||
Dec-13 | |||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||
Customer relationships | 20 years | Accelerated | $ | 627,670 | $ | 210,231 | $ | 417,439 | |||||||||||
License agreements | 24 years | Accelerated and | 184,167 | 76,378 | 107,789 | ||||||||||||||
straight-line | |||||||||||||||||||
Other | 8 years | Straight-line | 16,057 | 9,533 | 6,524 | ||||||||||||||
Amortizable intangible assets, net | 531,752 | ||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||
Trademarks and trade names | 2,428,449 | ||||||||||||||||||
Intangible assets, net | $ | 2,960,201 | |||||||||||||||||
Weighted | |||||||||||||||||||
Average | Net | ||||||||||||||||||
Amortization | Amortization | Accumulated | Carrying | ||||||||||||||||
Period | Methods | Cost | Amortization | Amount | |||||||||||||||
Dollars in thousands | |||||||||||||||||||
Dec-12 | |||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||
Customer relationships | 19 years | Accelerated | $ | 615,782 | $ | 173,336 | $ | 442,446 | |||||||||||
License agreements | 24 years | Accelerated and | 183,854 | 68,112 | 115,742 | ||||||||||||||
straight-line | |||||||||||||||||||
Other | 8 years | Straight-line | 15,944 | 7,196 | 8,748 | ||||||||||||||
Amortizable intangible assets, net | 566,936 | ||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||
Trademarks and trade names | 2,350,122 | ||||||||||||||||||
Intangible assets, net | $ | 2,917,058 | |||||||||||||||||
Amortization expense for 2013, 2012 and 2011 was $45.8 million, $47.9 million and $41.7 million, respectively. Estimated amortization expense for the next five years is as follows: | |||||||||||||||||||
Year | Amortization Expense | ||||||||||||||||||
In millions | |||||||||||||||||||
2014 | $ | 43.8 | |||||||||||||||||
2015 | 41.8 | ||||||||||||||||||
2016 | 40.5 | ||||||||||||||||||
2017 | 39.3 | ||||||||||||||||||
2018 | 38.7 |
Goodwill
Goodwill | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Goodwill | ' | ||||||||||||||||||||||||
Note G — Goodwill | |||||||||||||||||||||||||
Changes in goodwill are summarized by business segment as follows: | |||||||||||||||||||||||||
Outdoor & | Contemporary | ||||||||||||||||||||||||
Action Sports | Jeanswear | Imagewear | Sportswear | Brands | Total | ||||||||||||||||||||
In thousands | |||||||||||||||||||||||||
Balance, December 2011 | $ | 1,437,596 | $ | 228,421 | $ | 57,768 | $ | 157,314 | $ | 142,361 | $ | 2,023,460 | |||||||||||||
Adjustments to purchase price allocation | (19,991 | ) | — | — | — | — | (19,991 | ) | |||||||||||||||||
Contingent consideration | — | — | 979 | — | — | 979 | |||||||||||||||||||
Currency translation | 4,887 | 422 | — | — | — | 5,309 | |||||||||||||||||||
Balance, December 2012 | 1,422,492 | 228,843 | 58,747 | 157,314 | 142,361 | 2,009,757 | |||||||||||||||||||
Currency translation | 12,406 | (413 | ) | — | — | — | 11,993 | ||||||||||||||||||
Balance, December 2013 | $ | 1,434,898 | $ | 228,430 | $ | 58,747 | $ | 157,314 | $ | 142,361 | $ | 2,021,750 | |||||||||||||
There were no impairment charges required in 2013, 2012 or 2011 based on the results of VF’s annual goodwill impairment testing. Accumulated impairment charges for the Outdoor & Action Sports, Sportswear and Contemporary Brands Coalitions were $43.4 million, $58.5 million and $195.2 million, respectively, for all of the periods presented above. |
Other_Assets
Other Assets | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Other Assets | ' | ||||||||
Note H — Other Assets | |||||||||
2013 | 2012 | ||||||||
In thousands | |||||||||
Investments held for deferred compensation plans (Note M) | $ | 217,677 | $ | 191,177 | |||||
Other investments | 17,514 | 15,067 | |||||||
Deferred income taxes (Note P) | 16,537 | 27,170 | |||||||
Computer software, net of accumulated amortization of $83,943 in 2013 and $57,362 in 2012 | 120,637 | 70,886 | |||||||
Shop-in-shop costs, net of accumulated amortization of $65,859 in 2013 and $49,319 in 2012 | 42,847 | 33,944 | |||||||
Deferred debt issuance costs | 11,458 | 13,240 | |||||||
Derivative financial instruments (Note U) | 3,389 | 2,524 | |||||||
Deposits | 33,216 | 30,291 | |||||||
Other | 54,443 | 44,106 | |||||||
Other assets | $ | 517,718 | $ | 428,405 | |||||
Shortterm_Borrowings
Short-term Borrowings | 12 Months Ended |
Dec. 28, 2013 | |
Short-term Borrowings | ' |
Note I — Short-term Borrowings | |
International lending arrangements totaled $18.8 million and $12.6 million at December 2013 and 2012, respectively. These arrangements primarily include short-term notes that had a weighted average interest rate of 5.2% and 7.3% at December 2013 and 2012, respectively, and accepted letters of credit that are non-interest bearing to VF. | |
VF maintains a $1.25 billion senior unsecured revolving line of credit (the “Global Credit Facility”) which supports the $1.25 billion U.S. commercial paper programs described below. The Global Credit Facility has a $750.0 million sublimit to borrow readily available non-U.S. dollar currencies and a $100.0 million letter of credit sublimit. The Global Credit Facility expires in December 2016 and VF may request two extensions of one year each, subject to stated terms and conditions. Borrowings under the Global Credit Facility are priced at a credit spread of 90 basis points over the appropriate LIBOR benchmark for each currency. VF is also required to pay a facility fee to the lenders, currently equal to 10 basis points of the committed amount of the facility. The credit spread and facility fee are subject to adjustment based on VF’s credit ratings. | |
The Global Credit Facility contains certain restrictive covenants, which include maintenance of a consolidated indebtedness to consolidated capitalization ratio, as defined therein, equal to or below 60%. If VF fails in the performance of any covenants, the lenders may terminate their obligation to make advances and declare any outstanding obligations to be immediately due and payable. At the end of 2013, VF was in compliance with all covenants, and the entire amount of the Global Credit Facility was available for borrowing, except for $17.4 million of standby letters of credit issued on behalf of VF. | |
VF has commercial paper programs that allow for borrowings up to $1.25 billion to the extent that it has borrowing capacity under the Global Credit Facility. There were no commercial paper borrowings outstanding as of December 2013 and 2012. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Accrued Liabilities | ' | ||||||||
Note J — Accrued Liabilities | |||||||||
2013 | 2012 | ||||||||
In thousands | |||||||||
Compensation | $ | 186,724 | $ | 184,434 | |||||
Deferred compensation (Note M) | 31,608 | 28,224 | |||||||
Income taxes | 91,635 | 44,592 | |||||||
Deferred income taxes (Note P) | 9,367 | 6,601 | |||||||
Other taxes | 134,476 | 110,281 | |||||||
Advertising | 65,389 | 41,725 | |||||||
Customer discounts and allowances | 37,107 | 37,274 | |||||||
Interest | 16,444 | 16,860 | |||||||
Derivative financial instruments (Note U) | 36,622 | 22,013 | |||||||
Insurance | 16,518 | 20,377 | |||||||
Product warranty claims (Note L) | 14,787 | 13,805 | |||||||
Pension liabilities (Note M) | 9,016 | 8,742 | |||||||
Freight, duties and postage | 46,640 | 42,382 | |||||||
Other | 208,959 | 176,832 | |||||||
Accrued liabilities | $ | 905,292 | $ | 754,142 | |||||
Longterm_Debt
Long-term Debt | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Long-term Debt | ' | ||||||||||||
Note K — Long-term Debt | |||||||||||||
2013 | 2012 | ||||||||||||
In thousands | |||||||||||||
Floating rate notes, due 2013 | $ | — | $ | 400,000 | |||||||||
5.95% notes, due 2017 | 250,000 | 250,000 | |||||||||||
3.50% notes, due 2021 | 498,765 | 498,629 | |||||||||||
6.00% notes, due 2033 | 293,422 | 293,253 | |||||||||||
6.45% notes, due 2037 | 350,000 | 350,000 | |||||||||||
Other long-term debt | 10,341 | 10,528 | |||||||||||
Capital leases | 29,468 | 29,629 | |||||||||||
Total long-term debt | 1,431,996 | 1,832,039 | |||||||||||
Less current portion | 5,167 | 402,873 | |||||||||||
Long-term debt, due beyond one year | $ | 1,426,829 | $ | 1,429,166 | |||||||||
Interest payments are due semi-annually on all fixed rate notes. The floating rate notes accrued interest at the three-month LIBOR rate plus .75%, and were repaid during the third quarter of 2013. | |||||||||||||
All notes, along with any amounts outstanding under the Global Credit Facility (Note I), rank equally as senior unsecured 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 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 other notes, the cross-acceleration trigger is $100.0 million. If VF fails in the performance of any covenant under the indentures that govern the respective notes, the trustee or lenders may declare the principal due and payable immediately. At the end of 2013, VF was in compliance with all covenants. None of the long-term debt agreements contain acceleration of maturity clauses based solely on changes in credit ratings. However, if there were a change in control of VF and, as a result of the change in control, the 2017, 2021 and 2037 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 plus any accrued interest. | |||||||||||||
VF may redeem its fixed rate notes, in whole or in part, at a price equal to the greater of (i) 100% of the principal amount, plus accrued interest to the redemption date, or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted to the redemption date at an adjusted treasury rate, as defined, plus 20 basis points for the 2017 and 2021 notes and 25 basis points for the 2037 notes, plus accrued interest to the redemption date. In addition, the 2021 notes can be redeemed at 100% of the principal amount plus accrued interest to the redemption date within the three months prior to maturity. | |||||||||||||
The 2021 notes have a principal balance of $500.0 million and are recorded net of unamortized original issue discount. Interest expense on these notes is recorded at an effective annual interest rate of 4.69%, including amortization of a deferred loss on an interest rate hedging contract (Note U), original issue discount and debt issuance costs. | |||||||||||||
The 2033 notes have a principal balance of $300.0 million and 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 a deferred gain on an interest rate hedging contract (Note U), original issue discount and debt issuance costs. | |||||||||||||
Capital leases relate primarily to buildings and improvements (Note E), expire at dates through 2021 and have an effective interest rate of 5.06%. Assets under capital leases are included in property, plant and equipment at a cost of $47.6 million, less accumulated amortization of $24.1 million at the end of 2013, and at a cost of $42.7 million, less accumulated amortization of $18.9 million at the end of 2012. | |||||||||||||
The scheduled payments of long-term debt and future minimum lease payments for capital leases at the end of 2013 are summarized as follows: | |||||||||||||
Notes and | Capital | Total | |||||||||||
Other | Leases | ||||||||||||
In thousands | |||||||||||||
2014 | $ | 200 | $ | 6,265 | $ | 6,465 | |||||||
2015 | 213 | 4,506 | 4,719 | ||||||||||
2016 | — | 4,345 | 4,345 | ||||||||||
2017 | 250,000 | 4,504 | 254,504 | ||||||||||
2018 | — | 4,504 | 4,504 | ||||||||||
Thereafter | 1,159,928 | 10,886 | 1,170,814 | ||||||||||
1,410,341 | 35,010 | 1,445,351 | |||||||||||
Less unamortized debt discount | 7,813 | — | 7,813 | ||||||||||
Less amounts representing interest | — | 5,542 | 5,542 | ||||||||||
Total long-term debt | 1,402,528 | 29,468 | 1,431,996 | ||||||||||
Less current portion | 200 | 4,967 | 5,167 | ||||||||||
Long-term debt, due beyond one year | $ | 1,402,328 | $ | 24,501 | $ | 1,426,829 | |||||||
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Other Liabilities | ' | ||||||||||||
Note L — Other Liabilities | |||||||||||||
2013 | 2012 | ||||||||||||
In thousands | |||||||||||||
Deferred compensation (Note M) | $ | 244,554 | $ | 204,132 | |||||||||
Pension liabilities (Note M) | 214,431 | 474,175 | |||||||||||
Income taxes | 129,257 | 121,516 | |||||||||||
Deferred income taxes (Note P) | 452,506 | 366,804 | |||||||||||
Deferred rent credits | 86,141 | 68,560 | |||||||||||
Product warranty claims | 42,352 | 36,590 | |||||||||||
Derivative financial instruments (Note U) | 10,169 | 7,455 | |||||||||||
Other | 64,165 | 66,786 | |||||||||||
Other liabilities | $ | 1,243,575 | $ | 1,346,018 | |||||||||
Activity relating to accrued product warranty claims is summarized as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Balance, beginning of year | $ | 50,395 | $ | 44,727 | $ | 42,335 | |||||||
Accrual for products sold during the year | 20,199 | 17,769 | 15,749 | ||||||||||
Repair or replacement costs incurred | (13,923 | ) | (12,427 | ) | (12,911 | ) | |||||||
Currency translation | 468 | 326 | (446 | ) | |||||||||
Balance, end of year | 57,139 | 50,395 | 44,727 | ||||||||||
Less current portion (Note J) | 14,787 | 13,805 | 13,791 | ||||||||||
Long-term portion | $ | 42,352 | $ | 36,590 | $ | 30,936 | |||||||
Retirement_and_Savings_Benefit
Retirement and Savings Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Retirement and Savings Benefit Plans | ' | ||||||||||||||||
Note M — Retirement and Savings Benefit Plans | |||||||||||||||||
VF has several retirement and savings benefit plans covering eligible employees. VF retains the right to curtail or discontinue any of the plans, subject to local regulations. | |||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||
Defined benefit plans provide pension benefits based on participant compensation and years of service. VF sponsors a noncontributory qualified defined benefit pension plan covering most full-time domestic employees employed before 2005 (the “domestic qualified plan”) and an unfunded supplemental defined benefit pension plan that provides benefits in excess of limitations imposed by income tax regulations (together, the “domestic plans”). The domestic plans comprise 92% of VF’s total defined benefit plan assets and projected benefit obligations at December 2013, and the remainder relates to defined benefit plans covering selected international employees. | |||||||||||||||||
The components of pension cost for VF’s defined benefit plans were as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
In thousands | |||||||||||||||||
Service cost — benefits earned during the year | $ | 25,445 | $ | 23,198 | $ | 20,867 | |||||||||||
Interest cost on projected benefit obligations | 72,003 | 77,013 | 78,859 | ||||||||||||||
Expected return on plan assets | (94,585 | ) | (80,619 | ) | (89,689 | ) | |||||||||||
Amortization of deferred amounts: | |||||||||||||||||
Net deferred actuarial losses | 85,356 | 69,744 | 43,088 | ||||||||||||||
Deferred prior service costs | 1,270 | 3,357 | 3,453 | ||||||||||||||
Total pension expense | $ | 89,489 | $ | 92,693 | $ | 56,578 | |||||||||||
Weighted-average actuarial assumptions used to determine pension expense: | |||||||||||||||||
Discount rate | 3.91 | % | 4.94 | % | 5.4 | % | |||||||||||
Expected long-term return on plan assets | 5.7 | % | 6.38 | % | 6.1 | % | |||||||||||
Rate of compensation increase | 3.82 | % | 3.85 | % | 3.8 | % | |||||||||||
The following provides a reconciliation of the changes in fair value of VF’s defined benefit plan assets and projected benefit obligations for each year, and the funded status at the end of each year: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
In thousands | |||||||||||||||||
Fair value of plan assets, beginning of year | $ | 1,332,211 | $ | 1,144,178 | |||||||||||||
Actual return on plan assets | 84,882 | 146,079 | |||||||||||||||
VF contributions | 117,591 | 112,892 | |||||||||||||||
Participant contributions | 2,975 | 2,677 | |||||||||||||||
Benefits paid | (73,308 | ) | (76,813 | ) | |||||||||||||
Currency translation | 3,175 | 3,198 | |||||||||||||||
Fair value of plan assets, end of year | 1,467,526 | 1,332,211 | |||||||||||||||
Projected benefit obligations, beginning of year | 1,815,128 | 1,546,896 | |||||||||||||||
Service cost | 25,445 | 23,198 | |||||||||||||||
Interest cost | 72,003 | 77,013 | |||||||||||||||
Participant contributions | 2,975 | 2,677 | |||||||||||||||
Actuarial (gain) loss | (178,414 | ) | 243,766 | ||||||||||||||
Benefits paid | (73,308 | ) | (76,813 | ) | |||||||||||||
Plan amendments | 21,321 | (5,518 | ) | ||||||||||||||
Currency translation | 3,551 | 3,909 | |||||||||||||||
Projected benefit obligations, end of year | 1,688,701 | 1,815,128 | |||||||||||||||
Funded status, end of year | $ | (221,175 | ) | $ | (482,917 | ) | |||||||||||
Pension benefits are reported in the balance sheet as a net asset or liability based on the overfunded or underfunded status of the defined benefit plans, assessed on a plan-by-plan basis. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
In thousands | |||||||||||||||||
Amounts included in Consolidated Balance Sheets: | |||||||||||||||||
Current assets | $ | 2,272 | $ | — | |||||||||||||
Current liabilities (Note J) | (9,016 | ) | (8,742 | ) | |||||||||||||
Noncurrent liabilities (Note L) | (214,431 | ) | (474,175 | ) | |||||||||||||
Funded status | $ | (221,175 | ) | $ | (482,917 | ) | |||||||||||
Accumulated other comprehensive (income) loss, pretax: | |||||||||||||||||
Net deferred actuarial losses | $ | 422,932 | $ | 676,373 | |||||||||||||
Deferred prior service costs | 27,594 | 7,525 | |||||||||||||||
$ | 450,526 | $ | 683,898 | ||||||||||||||
Accumulated benefit obligations | $ | 1,610,369 | $ | 1,751,741 | |||||||||||||
Weighted-average actuarial assumptions used to determine pension obligations: | |||||||||||||||||
Discount rate | 4.63 | % | 3.92 | % | |||||||||||||
Rate of compensation increase | 3.39 | % | 3.83 | % | |||||||||||||
Accumulated benefit obligations at any measurement date are the present value of vested and unvested pension benefits earned, without projection to future periods. Projected benefit obligations are the present value of vested and unvested pension benefits earned, considering projected future compensation increases. | |||||||||||||||||
Deferred actuarial losses are changes in the amount of either the benefit obligation or the value of plan assets resulting from differences between expected amounts for a year using actuarial assumptions and the actual results for that year. These amounts are deferred as a component of accumulated OCI and amortized to pension expense in future years as follows: amounts in excess of 20% of projected benefit obligations at the beginning of the year are amortized over five years; amounts between (i) 10% of the greater of projected benefit obligations or plan assets and (ii) 20% of projected benefit obligations are amortized over the expected average remaining years of service of active participants; and amounts less than the greater of 10% of projected benefit obligations or plan assets are not amortized. Deferred prior service costs related to plan amendments are also recorded in accumulated OCI and amortized to pension expense on a straight-line basis over the average remaining years of service for active employees. The estimated amounts of accumulated OCI to be amortized to pension expense in 2014 are $37.5 million of deferred actuarial losses and $5.4 million of deferred prior service costs. | |||||||||||||||||
Management’s investment objectives are to invest plan assets in a diversified portfolio of securities to provide long-term growth, minimize the volatility of the value of plan assets relative to plan liabilities, and to ensure plan assets are sufficient to pay the benefit payment obligations. Investment strategies focus on diversification among multiple asset classes, a balance of long-term investment return at an acceptable level of risk, and liquidity to meet benefit payments. The primary objective of the investment strategies is to more closely align plan assets with plan liabilities by utilizing dynamic asset allocation targets dependent upon changes in the plan’s funded ratio, capital market expectations, and risk tolerance. | |||||||||||||||||
Plan assets are primarily composed of common collective trust funds that invest in liquid securities diversified across equity, fixed income, real estate and other asset classes. Fund assets are allocated among independent investment managers who have full discretion to manage their portion of the fund’s assets, subject to strategy and risk guidelines established with each manager. The overall strategy, the resulting allocations of plan assets and the performance of funds and individual investment managers are continually monitored. Derivative financial instruments may be used by investment managers for hedging purposes to gain exposure to alternative asset classes through the futures markets. There are no investments in VF debt or equity securities and no significant concentrations of security risk. | |||||||||||||||||
The expected long-term rate of return on plan assets was based on an evaluation of the weighted-average of the expected returns for the major asset classes in which the plans have invested. Expected returns by asset class were developed through analysis of historical market returns, current market conditions, inflation expectations, and equity and credit risks. Inputs from various investment advisors on long-term capital market returns and other variables were also considered where appropriate. | |||||||||||||||||
The fair value of investments held by VF’s defined benefit plans at December 2013 and 2012, by asset class, is summarized below. See Note T for a description of the three levels of the fair value measurement hierarchy. Level 2 securities generally represent institutional funds measured at their daily net asset value derived from quoted prices of the underlying investments. Level 3 securities represent alternative investments primarily in funds of hedge funds (“FoHFs”), which are comprised of different and independent hedge funds with various investment strategies. The administrators of the FoHFs utilize unobservable inputs to calculate the net asset value of the FoHFs on a monthly basis. | |||||||||||||||||
Total Plan | Quoted | Significant | Significant | ||||||||||||||
Assets | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
In thousands | |||||||||||||||||
Dec-13 | |||||||||||||||||
Cash equivalents (a) | $ | 35,082 | $ | 5,322 | $ | 29,760 | $ | — | |||||||||
Equity securities: | |||||||||||||||||
Domestic | 165,550 | — | 165,550 | — | |||||||||||||
International | 213,580 | — | 213,580 | — | |||||||||||||
Fixed income securities: | |||||||||||||||||
U.S. Treasury and government agencies | 22 | — | 22 | — | |||||||||||||
Corporate and international bonds | 884,453 | — | 884,453 | — | |||||||||||||
Alternative investments | 125,624 | — | — | 125,624 | |||||||||||||
Insurance contracts | 44,720 | — | 44,720 | — | |||||||||||||
Commodities (b) | (1,505 | ) | (1,505 | ) | — | — | |||||||||||
$ | 1,467,526 | $ | 3,817 | $ | 1,338,085 | $ | 125,624 | ||||||||||
Dec-12 | |||||||||||||||||
Cash equivalents (a) | $ | 119,962 | $ | 1,837 | $ | 118,125 | $ | — | |||||||||
Equity securities: | |||||||||||||||||
Domestic | 314,052 | — | 314,052 | — | |||||||||||||
International | 344,840 | — | 344,840 | — | |||||||||||||
Fixed income securities: | |||||||||||||||||
U.S. Treasury and government agencies | 39,361 | 39,331 | 30 | — | |||||||||||||
Corporate and international bonds | 432,410 | — | 432,410 | — | |||||||||||||
Real estate | 45,922 | — | 45,922 | — | |||||||||||||
Insurance contracts | 34,843 | — | 34,843 | — | |||||||||||||
Commodities (b) | 821 | 821 | — | — | |||||||||||||
$ | 1,332,211 | $ | 41,989 | $ | 1,290,222 | $ | — | ||||||||||
(a) | Includes cash held by individual investment managers of other asset classes for liquidity purposes. Level 2 includes an institutional fund that invests primarily in short-term U.S. government securities. | ||||||||||||||||
(b) | Consists of derivative commodity futures. | ||||||||||||||||
The table below summarizes changes in the fair value of Level 3 pension assets in 2013: | |||||||||||||||||
Alternative Investments | |||||||||||||||||
In thousands | |||||||||||||||||
Balance, December 2012 | $ | — | |||||||||||||||
Purchase of assets | 122,980 | ||||||||||||||||
Actual return on assets | 2,644 | ||||||||||||||||
Balance, December 2013 | $ | 125,624 | |||||||||||||||
There were no transfers into or out of the Level 3 category during the year. | |||||||||||||||||
VF makes contributions to its defined benefit plans sufficient to meet minimum funding requirements under applicable laws, plus discretionary amounts as considered prudent. VF made a $100 million discretionary contribution to the domestic qualified plan during both 2013 and 2012. VF does not currently plan to make any additional contributions to the domestic qualified plan during 2014, but will continue to evaluate whether discretionary contributions would be appropriate. VF intends to make contributions totaling approximately $16.7 million to its other defined benefit plans during 2014. The estimated future benefit payments for all of VF’s defined benefit plans are approximately $79.2 million in 2014, $81.8 million in 2015, $85.5 million in 2016, $89.0 million in 2017, $92.8 million in 2018 and $518.6 million for the years 2019 through 2023. | |||||||||||||||||
Other Retirement and Savings Plans | |||||||||||||||||
VF sponsors a nonqualified retirement savings plan for employees whose contributions to a 401(k) plan would be limited by provisions of the Internal Revenue Code. This plan allows participants to defer a portion of their compensation and to receive matching contributions for a portion of the deferred amounts. Participants earn a return on their deferred compensation based on their selection of a hypothetical portfolio of publicly traded mutual funds, a separately managed fixed income fund and VF Common Stock. Changes in the fair value of the participants’ hypothetical investments are recorded as an adjustment to deferred compensation liabilities and compensation expense. Expense under this plan was $5.4 million in 2013, $4.7 million in 2012, and $4.3 million in 2011. Deferred compensation, including accumulated earnings, is distributable in cash at participant-specified dates or upon retirement, death, disability or termination of employment. Similarly, under a separate nonqualified plan, nonemployee members of the Board of Directors may defer their Board compensation and invest it in hypothetical shares of VF Common Stock. VF also has remaining obligations under deferred compensation plans of acquired companies. At December 2013, VF’s liability to participants under all deferred compensation plans was $276.2 million, of which $31.6 million was recorded in accrued liabilities (Note J) and $244.6 million was recorded in other liabilities (Note L). | |||||||||||||||||
VF has purchased (i) publicly traded mutual funds, a separately managed fixed income fund and VF Common Stock in the same amounts as most of the participant-directed hypothetical investments underlying the deferred compensation liabilities and (ii) variable life insurance contracts that invest in institutional funds that are substantially the same as the participant-directed hypothetical investments. These investment securities and earnings thereon (other than VF Common Stock) are intended to provide a source of funds to meet the deferred compensation obligations, and serve as an economic hedge of the financial impact of changes in deferred compensation liabilities. They are held in an irrevocable trust but are subject to claims of creditors in the event of VF’s insolvency. VF also has assets related to deferred compensation plans of acquired companies, which are primarily invested in life insurance contracts. At December 2013, the fair value of investments held for all deferred compensation plans was $247.7 million, of which $30.0 million was recorded in other current assets and $217.7 million was recorded in other assets (Note H). The VF Common Stock purchased to match participant-directed hypothetical investments is treated as treasury stock for financial reporting purposes (Note N), which is the primary reason for the difference in carrying value of the investment securities and the recorded deferred compensation liabilities. Realized and unrealized gains and losses on these investments (other than VF Common Stock) are recorded in compensation expense in the Consolidated Statements of Income and substantially offset losses and gains resulting from changes in deferred compensation liabilities to participants. VF sponsors 401(k) plans as well as other domestic and foreign retirement and savings plans. Expense for these plans totaled $22.0 million in 2013, $18.7 million in 2012 and $16.9 million in 2011. |
Capital_and_Accumulated_Other_
Capital and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Capital and Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Note N — Capital and Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
Common Stock | |||||||||||||||||||||
Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During 2013 and 2012, VF restored 17,016,484 and 76,000,000 treasury shares, respectively, to an unissued status. There were no shares held in treasury at the end of 2013, 10,121,604 shares held in treasury at the end of 2012 and 77,158,760 shares held in treasury at the end of 2011. The excess of the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings. | |||||||||||||||||||||
In addition, VF Common Stock is held by the Company’s deferred compensation plans (Note M) and is treated as treasury shares for financial reporting purposes, as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
In millions, except share amounts | |||||||||||||||||||||
Shares held for deferred compensation plans | 704,104 | 749,824 | 953,100 | ||||||||||||||||||
Cost of shares held for deferred compensation plans | $ | 8.4 | $ | 8.8 | $ | 11 | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
Comprehensive income consists of 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: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
In thousands | |||||||||||||||||||||
Foreign currency translation | $ | 106,647 | $ | (4,068 | ) | ||||||||||||||||
Defined benefit pension plans | (277,451 | ) | (420,538 | ) | |||||||||||||||||
Derivative financial instruments | (41,754 | ) | (29,430 | ) | |||||||||||||||||
Marketable securities | 838 | 141 | |||||||||||||||||||
Accumulated other comprehensive income (loss) | $ | (211,720 | ) | $ | (453,895 | ) | |||||||||||||||
The changes in accumulated other comprehensive income (loss), net of related taxes, are as follows: | |||||||||||||||||||||
Dec-13 | |||||||||||||||||||||
Foreign | Defined | Derivative | |||||||||||||||||||
Currency | Benefit | Financial | Marketable | ||||||||||||||||||
Translation | Pension Plans | Instruments | Securities | Total | |||||||||||||||||
In thousands | |||||||||||||||||||||
Balance, December 2012 | $ | (4,068 | ) | $ | (420,538 | ) | $ | (29,430 | ) | $ | 141 | $ | (453,895 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 110,715 | 89,873 | (4,937 | ) | 697 | 196,348 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 53,214 | (7,387 | ) | — | 45,827 | |||||||||||||||
Net other comprehensive income (loss) | 110,715 | 143,087 | (12,324 | ) | 697 | 242,175 | |||||||||||||||
Balance, December 2013 | $ | 106,647 | $ | (277,451 | ) | $ | (41,754 | ) | $ | 838 | $ | (211,720 | ) | ||||||||
Reclassifications out of accumulated other comprehensive income (loss) are as follows: | |||||||||||||||||||||
Details About Accumulated Other | Affected Line Item in the | Dec-13 | |||||||||||||||||||
Comprehensive Income (Loss) Components | Consolidated Statements of | ||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||
In thousands | |||||||||||||||||||||
Amortization of defined benefit pension plans: | |||||||||||||||||||||
Net deferred actuarial losses | (a) | $ | (85,356 | ) | |||||||||||||||||
Deferred prior service costs | (a) | (1,270 | ) | ||||||||||||||||||
Total before tax | (86,626 | ) | |||||||||||||||||||
Tax benefit (expense) | 33,412 | ||||||||||||||||||||
Net of tax | $ | (53,214 | ) | ||||||||||||||||||
Gains (losses) on derivative financial instruments: | |||||||||||||||||||||
Foreign exchange contracts | Net sales | $ | 12,917 | ||||||||||||||||||
Foreign exchange contracts | Cost of goods sold | 4,208 | |||||||||||||||||||
Foreign exchange contracts | Other income (expense), net | (1,051 | ) | ||||||||||||||||||
Interest rate contracts | Interest expense | (3,905 | ) | ||||||||||||||||||
Total before tax | 12,169 | ||||||||||||||||||||
Tax benefit (expense) | (4,782 | ) | |||||||||||||||||||
Net of tax | 7,387 | ||||||||||||||||||||
Total reclassifications for the year | Net of tax | $ | (45,827 | ) | |||||||||||||||||
(a) | These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note M for additional details). |
Stockbased_Compensation
Stock-based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Stock-based Compensation | ' | ||||||||||||||||
Note O — Stock-based Compensation | |||||||||||||||||
VF is authorized to grant nonqualified stock options, restricted stock units (“RSUs”) and restricted stock to officers, key employees and nonemployee members of VF’s Board of Directors under the amended and restated 1996 Stock Compensation Plan approved by stockholders. Substantially all stock-based compensation awards are classified as equity awards, which are accounted for in stockholders’ equity in the Consolidated Balance Sheets. On a limited basis, cash-settled stock appreciation rights are granted to employees and accounted for as liabilities in the Consolidated Balance Sheets. Liability-classified awards are remeasured to fair value each reporting period until the award is settled. 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. VF has elected to compute income tax benefits associated with stock option awards under the short cut method as allowed by the applicable accounting literature. | |||||||||||||||||
Total stock-based compensation cost and the associated income tax benefits related to stock-based compensation arrangements recognized in the Consolidated Statements of Income, and stock-based compensation costs included in inventory in the Consolidated Balance Sheets, are as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
In thousands | |||||||||||||||||
Stock-based compensation cost | $ | 87,118 | $ | 92,814 | $ | 76,739 | |||||||||||
Income tax benefits | 32,059 | 34,156 | 28,240 | ||||||||||||||
Stock-based compensation cost included in inventory | 119 | 221 | 261 | ||||||||||||||
At the end of 2013, there was $47.0 million of total unrecognized compensation cost related to all stock-based compensation arrangements that will be recognized over a weighted average period of 1.1 years. | |||||||||||||||||
At the end of 2013, there were 30,501,071 shares available for future grants of stock options and stock awards under the 1996 Stock Compensation Plan. Shares for option exercises are issued from VF’s authorized but unissued Common Stock. 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 with an exercise price equal to the fair market value of VF Common Stock on the date of grant. Employee stock options vest in equal annual installments over three years, and compensation cost is recognized ratably over the shorter of the requisite service period or the vesting period. Stock options granted to members of the Board of Directors become exercisable one year from the date of grant. All options have ten year terms. The grant date fair value of each option award is calculated using a lattice option-pricing valuation model, which incorporates a range of assumptions for inputs as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected volatility | 24% to 29% | 27% to 31% | 27% to 38% | ||||||||||||||
Weighted average expected volatility | 27% | 30% | 34% | ||||||||||||||
Expected term (in years) | 5.6 to 7.4 | 5.6 to 7.5 | 5.6 to 7.5 | ||||||||||||||
Dividend yield | 2.30% | 2.50% | 3.10% | ||||||||||||||
Risk-free interest rate | 0.1% to 2.0% | 0.1% to 2.1% | 0.2% to 3.5% | ||||||||||||||
Weighted average fair value at date of grant | $8.34 | $8.36 | $6.28 | ||||||||||||||
Expected volatility over the contractual term of an option was based on a combination of the implied volatility from publicly traded options on VF Common Stock and the historical volatility of VF Common Stock. The expected term represents the period of time over which options that vest are expected to be outstanding before exercise. VF used historical data to estimate option exercise behaviors and to estimate the number of options that would vest. Groups of employees that have historically exhibited similar option exercise behaviors were considered separately in estimating the expected term for each employee group. Dividend yield represents expected dividends on VF Common Stock for the contractual life of the options. Risk-free interest rates for the periods during the contractual life of the option were the implied yields at the date of grant from the U.S. Treasury zero coupon yield curve. | |||||||||||||||||
Stock option activity for 2013 is summarized as follows: | |||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||
of Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (In thousands) | |||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding, December 2012 | 17,242,236 | $ | 22.37 | ||||||||||||||
Granted | 3,600,472 | 40.64 | |||||||||||||||
Exercised | (4,557,832 | ) | 18.57 | ||||||||||||||
Forfeited/cancelled | (239,568 | ) | 42.5 | ||||||||||||||
Outstanding, December 2013 | 16,045,308 | 27.25 | 6.8 | $ | 550,843 | ||||||||||||
Exercisable, December 2013 | 9,411,248 | $ | 20.66 | 5.5 | $ | 385,069 | |||||||||||
The total fair value of stock options that vested during 2013, 2012 and 2011 was $23.4 million, $20.4 million and $20.6 million, respectively. The total intrinsic value of stock options exercised during 2013, 2012 and 2011 was $127.3 million, $112.9 million and $113.5 million, respectively. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
VF grants performance-based RSUs to key employees as a long-term incentive. These RSUs enable the recipients to receive shares of VF Common Stock at the end of a three year period. Each RSU has a potential final value ranging from zero to two shares of VF Common Stock. The number of shares earned by participants, if any, is 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. Beginning with grants made in 2012, the actual number of shares earned may also be adjusted upward or downward by 25% of the target award, based on how VF’s total shareholder return (“TSR”) over the three year period compares to the TSR for companies included in the Standard & Poor’s 500 index. Shares are issued to participants in the year following the conclusion of each three year performance period. | |||||||||||||||||
VF also grants nonperformance-based RSUs to a smaller group of key employees and members of the Board of Directors. Each RSU entitles the holder to one share of VF Common Stock. The employee RSUs generally vest four years after the date of grant. The RSUs granted to members of the Board of Directors vest upon grant and will be settled in shares of VF Common Stock one year from the date of grant. | |||||||||||||||||
Dividend equivalents on the RSUs, payable in additional shares of VF Common Stock, accrue without compounding and are subject to the same risks of forfeiture as the RSUs. | |||||||||||||||||
RSU activity for 2013 is summarized as follows: | |||||||||||||||||
Performance-based | Nonperformance-based | ||||||||||||||||
Number | Weighted | Number | Weighted | ||||||||||||||
Outstanding | Average | Outstanding | Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Outstanding, December 2012 | 2,749,036 | $ | 24.96 | 537,380 | $ | 26.31 | |||||||||||
Granted | 737,068 | 40.64 | 186,324 | 39.21 | |||||||||||||
Issued as Common Stock | (1,115,392 | ) | 18.07 | (87,380 | ) | 33.35 | |||||||||||
Forfeited/cancelled | (67,520 | ) | 34 | (22,000 | ) | 32.59 | |||||||||||
Outstanding, December 2013 | 2,303,192 | 33.04 | 614,324 | 28.99 | |||||||||||||
Vested, December 2013 | 1,361,935 | $ | 29.21 | 16,324 | $ | 40.49 | |||||||||||
The weighted average fair value of performance-based RSUs granted during 2013, 2012 and 2011 was $40.64, $36.37 and $23.94 per share, respectively, which was equal to the fair market value of the underlying VF Common Stock on the grant date. The total fair market value of awards outstanding at the end of 2013 was $141.8 million. Awards earned and vested for the three year performance period ended in 2013 and distributable in early 2014 totaled 1,457,159 shares of VF Common Stock having a value of $85.8 million, as approved by the Compensation Committee of the Board of Directors. Similarly, 2,160,868 shares of VF Common Stock with a value of $82.1 million were earned for the performance period ended in 2012, and 2,104,656 shares of VF Common Stock with a value of $74.6 million were earned for the performance period ended in 2011. | |||||||||||||||||
The weighted average fair value of nonperformance-based RSUs granted during 2013, 2012 and 2011 was $39.21, $35.52 and $28.58 per share, respectively, which was equal to the fair market value of the underlying VF Common Stock on the grant date. The total market value of awards outstanding at the end of 2013 was $37.8 million. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
VF grants restricted shares of VF Common Stock to certain members of management. The fair value of the restricted shares, equal to the fair market value of VF Common Stock at the grant date, is recognized ratably over the vesting period. Restricted shares are issued in the name of the employee but generally do not vest until four years after the date of grant. Dividends are payable in additional restricted shares when the restricted stock vests and are subject to the same risk of forfeiture as the restricted stock. | |||||||||||||||||
Restricted stock activity for 2013 is summarized below: | |||||||||||||||||
Nonvested | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Outstanding | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested shares, December 2012 | 680,440 | $ | 24.85 | ||||||||||||||
Granted | 320,000 | 38.79 | |||||||||||||||
Dividend equivalents | 16,698 | 49 | |||||||||||||||
Vested | (156,988 | ) | 23.72 | ||||||||||||||
Forfeited | (20,708 | ) | 32.83 | ||||||||||||||
Nonvested shares, December 2013 | 839,442 | $ | 30.66 | ||||||||||||||
Nonvested shares of restricted stock had a market value of $51.7 million at the end of 2013. The market value of the shares vested was $9.7 million, $2.5 million and $3.7 million during 2013, 2012 and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
Note P — Income Taxes | |||||||||||||
The provision for income taxes was computed based on the following amounts of income before income taxes: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Domestic | $ | 735,177 | $ | 663,380 | $ | 582,198 | |||||||
Foreign | 827,313 | 758,495 | 582,545 | ||||||||||
Income before income taxes | $ | 1,562,490 | $ | 1,421,875 | $ | 1,164,743 | |||||||
The provision for income taxes consisted of: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Current: | |||||||||||||
Federal | $ | 238,816 | $ | 231,282 | $ | 193,433 | |||||||
Foreign | 103,752 | 100,635 | 57,738 | ||||||||||
State | 22,173 | 24,617 | 34,046 | ||||||||||
364,741 | 356,534 | 285,217 | |||||||||||
Deferred: | |||||||||||||
Federal and state | (15,265 | ) | (13,999 | ) | (7,955 | ) | |||||||
Foreign | 2,895 | (6,798 | ) | (2,912 | ) | ||||||||
Income taxes | $ | 352,371 | $ | 335,737 | $ | 274,350 | |||||||
The differences between income taxes computed by applying the statutory federal income tax rate and income tax expense in the consolidated financial statements are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Tax at federal statutory rate | $ | 546,872 | $ | 497,656 | $ | 407,660 | |||||||
State income taxes, net of federal tax benefit | 19,653 | 24,304 | 23,147 | ||||||||||
Foreign rate differences | (187,513 | ) | (165,318 | ) | (144,327 | ) | |||||||
Change in valuation allowance | (3,422 | ) | (33,060 | ) | (12,126 | ) | |||||||
Tax credits | (16,742 | ) | — | (8,454 | ) | ||||||||
Other | (6,477 | ) | 12,155 | 8,450 | |||||||||
Income taxes | $ | 352,371 | $ | 335,737 | $ | 274,350 | |||||||
Foreign rate differences include tax benefits of $6.9 million, $14.8 million and $1.8 million in 2013, 2012 and 2011, respectively, from the favorable audit outcomes on certain tax matters and from expiration of statutes of limitations. | |||||||||||||
VF has been granted a lower effective income tax rate on taxable earnings for years 2010 through 2014 in a foreign jurisdiction based on investment and employment level requirements. This lower rate, when compared with the country’s statutory rate, resulted in an income tax reduction of $10.4 million ($0.02 per diluted share) in 2013, $6.3 million ($0.01 per diluted share) in 2012, and $6.2 million ($0.01 per diluted share) in 2011. In addition, VF has been granted a lower effective income tax rate on taxable earnings in another foreign jurisdiction for the years 2010 through 2019. This lower rate, when compared with the country’s statutory rate, resulted in an income tax reduction of $3.3 million ($0.01 per diluted share) in 2013, $8.1 million ($0.02 per diluted share) in 2012, and $5.5 million ($0.01 per diluted share) in 2011. | |||||||||||||
Deferred income tax assets and liabilities consisted of the following: | |||||||||||||
2013 | 2012 | ||||||||||||
In thousands | |||||||||||||
Deferred income tax assets: | |||||||||||||
Inventories | $ | 29,325 | $ | 13,237 | |||||||||
Employee compensation and benefits | 272,910 | 365,412 | |||||||||||
Other accrued expenses | 168,669 | 167,230 | |||||||||||
Operating loss carryforwards | 122,895 | 125,436 | |||||||||||
Capital loss carryforwards | 769 | 2,649 | |||||||||||
594,568 | 673,964 | ||||||||||||
Valuation allowance | (107,521 | ) | (99,703 | ) | |||||||||
Deferred income tax assets | 487,047 | 574,261 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Intangible assets | 761,140 | 775,049 | |||||||||||
Other deferred liabilities | 514 | 2,939 | |||||||||||
Foreign currency translation | 1,408 | 1,993 | |||||||||||
Deferred income tax liabilities | 763,062 | 779,981 | |||||||||||
Net deferred income tax assets (liabilities) | $ | (276,015 | ) | $ | (205,720 | ) | |||||||
Amounts included in the Consolidated Balance Sheets: | |||||||||||||
Current assets | $ | 169,321 | $ | 140,515 | |||||||||
Current liabilities (Note J) | (9,367 | ) | (6,601 | ) | |||||||||
Noncurrent assets (Note H) | 16,537 | 27,170 | |||||||||||
Noncurrent liabilities (Note L) | (452,506 | ) | (366,804 | ) | |||||||||
$ | (276,015 | ) | $ | (205,720 | ) | ||||||||
As of the end of 2013, VF has not provided deferred taxes on $2,532.8 million of undistributed earnings from international subsidiaries where the earnings are considered to be permanently reinvested. VF’s intent is to continue to reinvest these earnings to support the strategic priority for growth in international markets. If management decides at a later date to repatriate these funds to the U.S., VF would be required to provide taxes on these amounts based on applicable U.S. tax rates, net of foreign taxes already paid. VF has not determined the deferred tax liability associated with these undistributed earnings, as such determination is not practicable. | |||||||||||||
VF has potential tax benefits totaling $99.7 million for foreign operating loss carryforwards, of which $93.3 million have an unlimited carryforward life. In addition, there are $4.8 million of potential tax benefits for federal operating loss carryforwards that expire between 2017 and 2027, $18.4 million of benefits for state operating loss and credit carryforwards that expire between 2014 and 2029 and $0.8 million of benefits for federal capital loss carryforwards that expire in 2014. Some of the foreign and substantially all of the federal and state operating loss carryforward amounts relate to acquired companies for periods prior to their acquisition by VF. A valuation allowance has been provided where it is more likely than not that the deferred tax assets related to those operating loss carryforwards will not be realized. | |||||||||||||
Valuation allowances totaled $90.2 million for available foreign operating loss carryforwards, $10.9 million for available state operating loss and credit carryforwards, $0.8 million for federal capital loss carryforwards and $5.6 million for other foreign deferred income tax assets. During 2013, VF had a net increase in valuation allowances of $3.8 million related to foreign operating loss carryforwards and other deferred tax assets, an increase of $5.8 million related to state operating loss and credit carryforwards, a decrease of $1.9 million related to federal capital loss carryforwards, and an increase of $0.1 million related to foreign currency translation effects. Of the $7.8 million increase in valuation allowances, $3.4 million relates to decreases in valuation allowances where management believes it is more likely than not that the underlying deferred tax assets are realizable, $11.1 million relates to an increase in valuation allowances in state and foreign jurisdictions where the underlying deferred tax assets are not realizable, and $0.1 million relates to an increase for foreign currency effects. | |||||||||||||
A reconciliation of the change in the accrual for unrecognized income tax benefits is as follows: | |||||||||||||
Unrecognized | Accrued | Unrecognized | |||||||||||
Income Tax | Interest | Income Tax | |||||||||||
Benefits | and Penalties | Benefits, | |||||||||||
Including Interest | |||||||||||||
In thousands | |||||||||||||
Balance, December 2010 | $ | 57,568 | $ | 9,830 | $ | 67,398 | |||||||
Additions for current year tax positions | 14,862 | 4 | 14,866 | ||||||||||
Additions for prior year tax positions | 12,038 | 6,661 | 18,699 | ||||||||||
Additions for prior year – Timberland acquisition | 48,077 | 1,792 | 49,869 | ||||||||||
Reductions for prior year tax positions | (13,975 | ) | (570 | ) | (14,545 | ) | |||||||
Reductions due to statute expirations | (6,748 | ) | (4,006 | ) | (10,754 | ) | |||||||
Payments in settlement | (6,951 | ) | (579 | ) | (7,530 | ) | |||||||
Currency translation | 88 | — | 88 | ||||||||||
Balance, December 2011 | 104,959 | 13,132 | 118,091 | ||||||||||
Additions for current year tax positions | 18,930 | — | 18,930 | ||||||||||
Additions for prior year tax positions | 39,616 | 6,199 | 45,815 | ||||||||||
Reductions for prior year – Timberland acquisition | (5,707 | ) | 151 | (5,556 | ) | ||||||||
Reductions for prior year tax positions | (19,678 | ) | (2,314 | ) | (21,992 | ) | |||||||
Reductions due to statute expirations | (2,765 | ) | (207 | ) | (2,972 | ) | |||||||
Payments in settlement | (313 | ) | (140 | ) | (453 | ) | |||||||
Currency translation | 252 | — | 252 | ||||||||||
Balance, December 2012 | 135,294 | 16,821 | 152,115 | ||||||||||
Additions for current year tax positions | 11,921 | — | 11,921 | ||||||||||
Additions for prior year tax positions | 10,908 | 4,627 | 15,535 | ||||||||||
Reductions for prior year tax positions | (8,521 | ) | (2,130 | ) | (10,651 | ) | |||||||
Reductions due to statute expirations | (6,527 | ) | (626 | ) | (7,153 | ) | |||||||
Payments in settlement | (24,422 | ) | (1,218 | ) | (25,640 | ) | |||||||
Currency translation | (139 | ) | — | (139 | ) | ||||||||
Balance, December 2013 | $ | 118,514 | $ | 17,474 | $ | 135,988 | |||||||
2013 | 2012 | ||||||||||||
In thousands | |||||||||||||
Amounts included in the Consolidated Balance Sheets: | |||||||||||||
Unrecognized income tax benefits, including interest | $ | 135,988 | $ | 152,115 | |||||||||
Less deferred tax benefits | 26,438 | 34,990 | |||||||||||
Total unrecognized tax benefits | $ | 109,550 | $ | 117,125 | |||||||||
The net unrecognized tax benefits and interest of $109.6 million at the end of 2013, if recognized, would reduce the annual effective tax rate. | |||||||||||||
VF files a consolidated U.S. federal income tax return, as well as separate and combined income tax returns in numerous state and foreign jurisdictions. In the U.S., the Internal Revenue Service (“IRS”) examination for tax years 2007, 2008 and 2009 was completed in 2012. VF has appealed the results of the 2007 to 2009 examination to the IRS Appeals office. Tax years prior to 2007 have been effectively settled with the IRS. The IRS commenced its examination of VF’s 2010 and 2011 tax returns during the fourth quarter of 2013 and Timberland’s 2010 and 2011 tax years during 2012. The IRS audit of Timberland’s 2008 and 2009 tax years was settled during 2012. In addition, VF is currently subject to examination by various state and international tax authorities. Management regularly assesses the potential outcomes of both ongoing and future examinations for the current and prior years to ensure VF’s provision for income taxes is sufficient. The outcome of any one examination is not expected to have a material impact on VF’s consolidated financial statements. Management believes that some of these audits and negotiations will conclude during the next 12 months. Management also believes that it is reasonably possible that the amount of unrecognized income tax benefits may decrease by $50.2 million within the next 12 months due to settlement of audits and expiration of statutes of limitations, $42.8 million of which would reduce income tax expense. |
Business_Segment_Information
Business Segment Information | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Business Segment Information | ' | ||||||||||||
Note Q — 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, as described below: | |||||||||||||
• Outdoor & Action Sports | Activity based apparel and footwear, backpacks, bags, and technical equipment | ||||||||||||
• Jeanswear | Jeanswear and related products | ||||||||||||
• Imagewear | Occupational apparel and licensed athletic apparel | ||||||||||||
• Sportswear | Fashion sportswear | ||||||||||||
• Contemporary Brands | Premium lifestyle apparel | ||||||||||||
• Other | Primarily sales of non-VF products at VF Outlet® stores | ||||||||||||
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. 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 allocated costs directly related to the coalitions), impairment charges and net interest expense are not controlled by coalition management and therefore are excluded from the measurement of coalition profit. Corporate and other expenses 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 registering, maintaining and enforcing certain of VF’s trademarks, and miscellaneous consolidated costs). Defined benefit pension plans in the U.S. are centrally managed. The current year service cost component of pension cost is allocated to the coalitions, while other pension cost components are reported in corporate and other expenses. | |||||||||||||
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 primarily include corporate facilities, investments held in trust for deferred compensation plans and information systems. | |||||||||||||
Financial information for VF’s reportable segments is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Coalition revenues: | |||||||||||||
Outdoor & Action Sports (a) | $ | 6,379,167 | $ | 5,866,071 | $ | 4,561,998 | |||||||
Jeanswear | 2,810,994 | 2,789,293 | 2,731,770 | ||||||||||
Imagewear | 1,065,952 | 1,075,677 | 1,025,214 | ||||||||||
Sportswear | 624,693 | 577,317 | 543,515 | ||||||||||
Contemporary Brands (b) | 415,053 | 445,960 | 485,142 | ||||||||||
Other | 123,789 | 125,537 | 111,593 | ||||||||||
Total revenues | $ | 11,419,648 | $ | 10,879,855 | $ | 9,459,232 | |||||||
Coalition profit: | |||||||||||||
Outdoor & Action Sports (c) | $ | 1,106,384 | $ | 1,019,425 | $ | 828,228 | |||||||
Jeanswear | 544,882 | 466,960 | 413,187 | ||||||||||
Imagewear | 152,203 | 145,053 | 145,655 | ||||||||||
Sportswear | 88,157 | 72,978 | 56,312 | ||||||||||
Contemporary Brands (b) | 38,825 | 49,182 | 35,860 | ||||||||||
Other | (562 | ) | (232 | ) | (1,024 | ) | |||||||
Total coalition profit | 1,929,889 | 1,753,366 | 1,478,218 | ||||||||||
Corporate and other expenses (c) | (286,767 | ) | (241,239 | ) | (240,675 | ) | |||||||
Interest expense, net | (80,632 | ) | (90,252 | ) | (72,800 | ) | |||||||
Income before income taxes | $ | 1,562,490 | $ | 1,421,875 | $ | 1,164,743 | |||||||
(a) | Includes operating results of The Timberland Company since its acquisition date of September 13, 2011. | ||||||||||||
(b) | Excludes operating results of John Varvatos Enterprises, Inc. since its disposition date of April 30, 2012. | ||||||||||||
(c) | Includes expenses related to the acquisition of Timberland as follows: | ||||||||||||
2013—$10.7 million reported in Outdoor & Action Sports | |||||||||||||
2012—$30.8 million reported in Outdoor & Action Sports ($22.1 million) and Corporate ($8.7 million) | |||||||||||||
2011—$33.5 million reported in Outdoor & Action Sports ($23.7 million) and Corporate ($9.8 million) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Coalition assets: | |||||||||||||
Outdoor & Action Sports | $ | 2,133,447 | $ | 1,944,822 | $ | 1,762,774 | |||||||
Jeanswear | 943,011 | 870,302 | 898,733 | ||||||||||
Imagewear | 334,864 | 341,588 | 356,782 | ||||||||||
Sportswear | 156,107 | 131,393 | 128,823 | ||||||||||
Contemporary Brands | 187,116 | 172,564 | 195,528 | ||||||||||
Other | 74,043 | 66,774 | 63,262 | ||||||||||
Total coalition assets | 3,828,588 | 3,527,443 | 3,405,902 | ||||||||||
Cash and equivalents | 776,403 | 597,461 | 341,228 | ||||||||||
Intangible assets and goodwill | 4,981,951 | 4,926,815 | 4,981,923 | ||||||||||
Deferred income taxes | 185,858 | 167,685 | 136,021 | ||||||||||
Corporate assets | 542,643 | 413,617 | 448,052 | ||||||||||
Consolidated assets | $ | 10,315,443 | $ | 9,633,021 | $ | 9,313,126 | |||||||
Capital expenditures: | |||||||||||||
Outdoor & Action Sports | $ | 139,428 | $ | 155,522 | $ | 90,381 | |||||||
Jeanswear | 49,763 | 67,239 | 21,076 | ||||||||||
Imagewear | 3,793 | 4,967 | 5,318 | ||||||||||
Sportswear | 6,074 | 5,279 | 5,902 | ||||||||||
Contemporary Brands | 13,679 | 6,766 | 16,534 | ||||||||||
Other | 3,953 | 5,418 | 5,370 | ||||||||||
Corporate | 54,463 | 6,749 | 26,313 | ||||||||||
$ | 271,153 | $ | 251,940 | $ | 170,894 | ||||||||
Depreciation and amortization expense: | |||||||||||||
Outdoor & Action Sports | $ | 122,385 | $ | 114,483 | $ | 83,559 | |||||||
Jeanswear | 41,742 | 39,520 | 41,207 | ||||||||||
Imagewear | 11,481 | 11,733 | 11,513 | ||||||||||
Sportswear | 12,195 | 11,639 | 12,072 | ||||||||||
Contemporary Brands | 24,309 | 24,915 | 26,590 | ||||||||||
Other | 4,608 | 5,517 | 4,122 | ||||||||||
Corporate | 36,553 | 30,149 | 19,672 | ||||||||||
$ | 253,273 | $ | 237,956 | $ | 198,735 | ||||||||
Supplemental information (with revenues by geographic area based on the location of the customer) is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Total revenues: | |||||||||||||
U.S. | $ | 7,124,781 | $ | 6,903,269 | $ | 6,220,933 | |||||||
Foreign, primarily Europe | 4,294,867 | 3,976,586 | 3,238,299 | ||||||||||
$ | 11,419,648 | $ | 10,879,855 | $ | 9,459,232 | ||||||||
Property, plant and equipment: | |||||||||||||
U.S. | $ | 549,420 | $ | 513,282 | $ | 521,838 | |||||||
Foreign, primarily Europe | 383,372 | 314,936 | 215,613 | ||||||||||
$ | 932,792 | $ | 828,218 | $ | 737,451 | ||||||||
No single customer accounted for 10% or more of the Company’s total revenues in 2013, 2012 and 2011. |
Commitments
Commitments | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Commitments | ' | ||||||||||||
Note R — Commitments | |||||||||||||
VF is obligated under noncancelable operating leases related primarily to retail stores, office space, distribution facilities and equipment. Rent expense included in the Consolidated Statements of Income was as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Minimum rent expense | $ | 294,056 | $ | 292,632 | $ | 233,845 | |||||||
Contingent rent expense | 14,175 | 35,622 | 14,625 | ||||||||||
Rent expense | $ | 308,231 | $ | 328,254 | $ | 248,470 | |||||||
Future minimum lease payments are $313.6 million, $259.0 million, $210.7 million, $164.0 million and $122.9 million for the years 2014 through 2018, respectively, and $298.8 million thereafter. In addition, VF will receive total payments of $4.3 million related to noncancelable subleases through 2016. | |||||||||||||
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 $65.0 million, $35.3 million, $34.3 million, $32.7 million and $1.6 million for the years 2014 through 2018, respectively, and none thereafter. | |||||||||||||
In the ordinary course of business, VF has entered into purchase commitments for raw materials, contract production and finished products. These agreements, typically ranging from 2 to 6 months in duration, require total payments of $1.3 billion in 2014 and $8.8 million in 2015. In addition, VF has a remaining commitment to purchase $22.5 million of finished product in connection with the sale of a business in a prior year, with $15.0 million and $7.5 million due in 2014 and 2015, respectively. | |||||||||||||
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 $65.5 million, $56.1 million, $28.2 million, $12.6 million and $0.1 million for the years 2014 through 2018, respectively, and $0.6 million thereafter. | |||||||||||||
Surety bonds, standby letters of credit and international bank guarantees representing contingent guarantees of performance under self-insurance and other programs totaled $88.5 million as of December 2013. These commitments would only be drawn upon if VF were to fail to meet its claims or other obligations. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Earnings Per Share | ' | ||||||||||||
Note S — Earnings Per Share | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands, except per share amounts | |||||||||||||
Earnings per share — basic: | |||||||||||||
Net income | $ | 1,210,119 | $ | 1,086,138 | $ | 890,393 | |||||||
Net (income) loss attributable to noncontrolling interests | — | (139 | ) | (2,304 | ) | ||||||||
Net income attributable to VF Corporation | $ | 1,210,119 | $ | 1,085,999 | $ | 888,089 | |||||||
Weighted average common shares outstanding | 438,657 | 439,292 | 437,148 | ||||||||||
Earnings per share attributable to VF | |||||||||||||
Corporation common stockholders | $ | 2.76 | $ | 2.47 | $ | 2.03 | |||||||
Earnings per share – diluted: | |||||||||||||
Net income attributable to VF Corporation | $ | 1,210,119 | $ | 1,085,999 | $ | 888,089 | |||||||
Weighted average common shares outstanding | 438,657 | 439,292 | 437,148 | ||||||||||
Incremental shares from stock options and other dilutive securities | 8,152 | 8,324 | 8,004 | ||||||||||
Adjusted weighted average common shares outstanding | 446,809 | 447,616 | 445,152 | ||||||||||
Earnings per share attributable to VF | |||||||||||||
Corporation common stockholders | $ | 2.71 | $ | 2.43 | $ | 2 | |||||||
Outstanding options to purchase 0.9 million shares, 2.6 million shares and 1.9 million shares of Common Stock were excluded from the computations of diluted earnings per share in 2013, 2012 and 2011, respectively, because the effect of their inclusion would have been antidilutive. In addition, 1.3 million restricted stock units in 2013, 1.5 million restricted stock units in 2012 and 1.8 million restricted stock units in 2011 were excluded from the computations of diluted earnings per share because these units have not yet been earned in accordance with the vesting conditions of the plan. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note T — Fair Value Measurements | |||||||||||||||||
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. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. 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 VF’s own data and judgments about assumptions that market participants would use in pricing the asset or liability. | ||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||
The following table summarizes financial assets and financial liabilities that are measured and recorded in the consolidated financial statements at fair value on a recurring basis: | |||||||||||||||||
Fair Value Measurement Using (a) | |||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
In thousands | |||||||||||||||||
Dec-13 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 352,942 | $ | 352,942 | $ | — | $ | — | |||||||||
Time deposits | 121,097 | 121,097 | — | — | |||||||||||||
Derivative financial instruments | 16,088 | — | 16,088 | — | |||||||||||||
Investment securities | 214,035 | 193,540 | 20,495 | — | |||||||||||||
Other marketable securities | 5,809 | 5,809 | — | — | |||||||||||||
Financial liabilities: | |||||||||||||||||
Derivative financial instruments | 46,791 | — | 46,791 | — | |||||||||||||
Deferred compensation | 274,659 | — | 274,659 | — | |||||||||||||
Dec-12 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 181,635 | $ | 181,635 | $ | — | $ | — | |||||||||
Time deposits | 17,042 | 17,042 | — | — | |||||||||||||
Derivative financial instruments | 16,153 | — | 16,153 | — | |||||||||||||
Investment securities | 188,307 | 157,230 | 31,077 | — | |||||||||||||
Other marketable securities | 4,513 | 4,513 | — | — | |||||||||||||
Financial liabilities: | |||||||||||||||||
Derivative financial instruments | 29,468 | — | 29,468 | — | |||||||||||||
Deferred compensation | 230,733 | — | 230,733 | — | |||||||||||||
(a) | There were no transfers among the levels within the fair value hierarchy during 2013 or 2012. | ||||||||||||||||
The Company’s cash equivalents include money market funds and short-term time deposits that approximate fair value based on Level 1 measurements. The fair value of derivative financial instruments, which consist of forward foreign currency exchange contracts, is determined based on observable market inputs, including spot and forward exchange rates for foreign currencies, and considers the credit risk of the Company and its counterparties. Investment securities are held in VF’s deferred compensation plans as an economic hedge of the related deferred compensation liabilities (Note M). These investments are classified as trading securities and primarily include mutual funds (Level 1) that are valued based on quoted prices in active markets and a separately managed fixed income fund (Level 2) that is valued based on the net asset values of the underlying assets. Liabilities related to the Company’s deferred compensation plans are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments. Other marketable securities consist of common stock investments classified as available-for-sale, the fair value of which is based on quoted prices in active markets. | |||||||||||||||||
All other financial assets and financial liabilities are recorded in the consolidated 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, short-term borrowings, accounts payable and accrued liabilities. At December 2013 and 2012, their carrying values approximated their fair values. Additionally, at December 2013 and 2012, the carrying value of VF’s long-term debt, including the current portion, was $1,432.0 million and $1,832.0 million, respectively, compared with fair value of $1,568.4 million and $2,111.4 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. | |||||||||||||||||
Nonrecurring Fair Value Measurements | |||||||||||||||||
Certain non-financial assets, primarily goodwill, intangible assets and property, plant and equipment, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, these assets are required to be assessed for impairment on a periodic basis, and at least annually for goodwill and indefinite-lived intangible assets, whenever events or circumstances indicate that their carrying value may not be fully recoverable. In the event an impairment is required, the asset is recorded at fair value, using market-based assumptions. No impairment charges were required for goodwill or indefinite-lived intangible assets in 2013, 2012 or 2011. In addition, there were no material impairment charges related to property, plant and equipment or other intangible assets in 2013, 2012 or 2011. |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Derivative Financial Instruments and Hedging Activities | ' | ||||||||||||||||
Note U — Derivative Financial Instruments and Hedging Activities | |||||||||||||||||
Summary of Derivative Financial Instruments | |||||||||||||||||
All of VF’s outstanding derivative financial instruments are forward foreign currency exchange contracts. Although derivatives meet the criteria for hedge accounting at the inception of the hedging relationship, a limited number of derivative contracts intended to hedge assets and liabilities are not designated as hedges for accounting purposes. The notional amounts of outstanding derivative contracts at December 2013 and December 2012 were $1.9 billion, consisting primarily of contracts hedging exposures to the euro, British pound, Canadian dollar, Mexican peso, Japanese yen and Polish zloty. Derivative contracts have maturities up to 24 months. | |||||||||||||||||
The following table presents outstanding derivatives on an individual contract basis: | |||||||||||||||||
Fair Value of Derivatives | Fair Value of Derivatives | ||||||||||||||||
with Unrealized Gains | with Unrealized Losses | ||||||||||||||||
December | December | December | December | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
In thousands | |||||||||||||||||
Foreign currency exchange contracts designated as hedging instruments | $ | 15,964 | $ | 15,847 | $ | (46,627 | ) | $ | (27,267 | ) | |||||||
Foreign currency exchange contracts dedesignated as hedging instruments | — | 15 | — | (2,160 | ) | ||||||||||||
Foreign currency exchange contracts not designated as hedging instruments | 124 | 291 | (164 | ) | (41 | ) | |||||||||||
Total derivatives | $ | 16,088 | $ | 16,153 | $ | (46,791 | ) | $ | (29,468 | ) | |||||||
VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. However, if VF were to offset and record the asset and liability balances of all of its forward foreign currency exchange contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets as of December 2013 and December 2012 would be adjusted from the current gross presentation as detailed in the following table: | |||||||||||||||||
Dec-13 | Dec-12 | ||||||||||||||||
Derivative | Derivative | Derivative | Derivative | ||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||
In thousands | |||||||||||||||||
Gross amounts presented in the Consolidated Balance Sheets | $ | 16,088 | $ | (46,791 | ) | $ | 16,153 | $ | (29,468 | ) | |||||||
Gross amounts not offset in the Consolidated Balance Sheets | (11,641 | ) | 11,641 | (5,225 | ) | 5,225 | |||||||||||
Net amounts | $ | 4,447 | $ | (35,150 | ) | $ | 10,928 | $ | (24,243 | ) | |||||||
Derivatives are classified as current or noncurrent based on maturity dates, as follows: | |||||||||||||||||
December | December | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
In thousands | |||||||||||||||||
Other current assets | $ | 12,699 | $ | 13,629 | |||||||||||||
Accrued liabilities (Note J) | (36,622 | ) | (22,013 | ) | |||||||||||||
Other assets (Note H) | 3,389 | 2,524 | |||||||||||||||
Other liabilities (Note L) | (10,169 | ) | (7,455 | ) | |||||||||||||
Cash Flow Hedges | |||||||||||||||||
VF uses derivative contracts primarily to hedge a portion of the exchange risk for its forecasted sales, purchases, production costs and intercompany royalties. The effects of cash flow hedging included in VF’s Consolidated Statements of Income and Consolidated Statements of Comprehensive Income are summarized as follows: | |||||||||||||||||
Cash Flow Hedging | Gain (Loss) on Derivatives | ||||||||||||||||
Relationships | Recognized in OCI | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
In thousands | |||||||||||||||||
Foreign currency exchange | $ | (8,133 | ) | $ | (9,555 | ) | $ | 6,707 | |||||||||
Interest rate | — | — | (48,266 | ) | |||||||||||||
Total | $ | (8,133 | ) | $ | (9,555 | ) | $ | (41,559 | ) | ||||||||
Gain (Loss) Reclassified | |||||||||||||||||
from Accumulated OCI into Income | |||||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2011 | ||||||||||||||
In thousands | |||||||||||||||||
Net sales | $ | 12,917 | $ | (6,569 | ) | $ | 6,525 | ||||||||||
Cost of goods sold | 4,208 | 22,470 | (16,958 | ) | |||||||||||||
Other income (expense), net | (1,051 | ) | 3,704 | (8,441 | ) | ||||||||||||
Interest expense | (3,905 | ) | (3,722 | ) | (2,424 | ) | |||||||||||
Total | $ | 12,169 | $ | 15,883 | $ | (21,298 | ) | ||||||||||
Derivative Contracts Dedesignated as Hedges | |||||||||||||||||
Cash flow hedges of some forecasted sales to third parties have historically been dedesignated as hedges when the sales were recognized. At that time, hedge accounting was discontinued and the amount of unrealized hedging gain or loss was recognized in net sales. These derivatives remained outstanding as an economic hedge of foreign currency exposures associated with the ultimate collection of the related accounts receivable, during which time changes in the fair value of the derivative contracts were recognized directly in earnings. As discussed below in Derivative Contracts Not Designated as Hedges, VF now utilizes separate derivative contracts to manage foreign currency risk related to the balance sheet exposures. Accordingly, 2013 is the last year during which dedesignations were recognized related to these cash flow hedges. During 2013, 2012 and 2011, VF recorded net gains (losses) of $1.5 million, ($1.6) million and ($1.7) million, respectively, in other income (expense), net, for derivatives dedesignated as hedging instruments. | |||||||||||||||||
Derivative Contracts Not Designated as Hedges | |||||||||||||||||
VF uses derivative contracts to manage foreign currency exchange risk on intercompany loans as well as intercompany and third party accounts receivable and payable. These contracts are not designated as hedges, and are recorded at fair value in the Consolidated Balance Sheets. Changes in the fair values of these instruments are 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 derivatives included in VF’s Consolidated Statements of Income: | |||||||||||||||||
Derivatives Not | Location of Gain (Loss) on | Gain (Loss) on Derivatives | |||||||||||||||
Designated | Derivatives | Recognized in Income | |||||||||||||||
as Hedges | Recognized in Income | 2013 | 2012 | 2011 | |||||||||||||
In thousands | |||||||||||||||||
Foreign currency exchange | Other income (expense), net | $ | (2,664 | ) | $ | 1,443 | $ | 3,995 | |||||||||
VF previously designated hedges of certain intercompany borrowings as fair value hedges. This practice was discontinued effective January 1, 2012. The net impact of these hedging relationships in 2011 was a $2.4 million gain on foreign currency exchange and a $3.3 million loss on the related balance sheet items, both of which were recorded in other income (expense), net. | |||||||||||||||||
Other Derivative Information | |||||||||||||||||
There were no significant amounts recognized in earnings for the ineffective portion of any hedging relationships during the years ended December 2013, 2012 and 2011. | |||||||||||||||||
At December 2013, accumulated other comprehensive income (“OCI”) included $22.6 million of pretax net deferred losses for foreign exchange contracts that are expected to be reclassified to earnings during the next 12 months. The amounts ultimately reclassified to earnings will depend on exchange rates in effect when 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 pretax net deferred loss in accumulated OCI was $35.6 million at December 2013, which will be reclassified into interest expense in the Consolidated Statements of Income over the remaining terms of the associated debt instruments. Of the $35.6 million, approximately $4.1 million is expected to be reclassified to earnings during the next 12 months. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
Note V — Supplemental Cash Flow Information | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Income taxes paid, net of refunds | $ | 291,027 | $ | 282,006 | $ | 205,333 | |||||||
Interest paid, net of amounts capitalized | 80,349 | 88,001 | 66,775 | ||||||||||
Noncash transactions: | |||||||||||||
Property, plant and equipment expenditures included in accounts payable or accrued liabilities | 25,586 | 33,582 | 22,648 | ||||||||||
Computer software costs included in accounts payable or accrued liabilities | 14,654 | — | — | ||||||||||
Assets acquired under capital lease | 4,882 | — | — |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 28, 2013 | |
Subsequent Events | ' |
Note W — Subsequent Events | |
On February 11, 2014, VF’s Board of Directors declared a quarterly cash dividend of $0.2625 per share, payable on March 20, 2014 to shareholders of record on March 10, 2014. The Board of Directors also granted approximately 2,700,000 stock options, 575,000 performance-based RSUs, 17,000 nonperformance-based RSUs and 87,000 shares of restricted VF Common Stock at market value. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||||||
Note X — Quarterly Results of Operations (Unaudited) | |||||||||||||||||||||
First | Second | Third | Fourth | Full | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
In thousands, except per share amounts | |||||||||||||||||||||
2013 (a) | |||||||||||||||||||||
Total revenues | $ | 2,611,869 | $ | 2,220,411 | $ | 3,297,269 | $ | 3,290,099 | $ | 11,419,648 | |||||||||||
Operating income | 357,728 | 201,334 | 579,703 | 508,382 | 1,647,147 | ||||||||||||||||
Net income attributable to VF Corporation | 270,417 | 138,274 | 433,761 | 367,667 | 1,210,119 | ||||||||||||||||
Earnings per share attributable to VF Corporation common stockholders: | |||||||||||||||||||||
Basic | $ | 0.61 | $ | 0.32 | $ | 0.99 | $ | 0.84 | $ | 2.76 | |||||||||||
Diluted | 0.6 | 0.31 | 0.97 | 0.82 | 2.71 | ||||||||||||||||
Dividends per common share | $ | 0.2175 | $ | 0.2175 | $ | 0.2175 | $ | 0.2625 | $ | 0.915 | |||||||||||
2012 (b) | |||||||||||||||||||||
Total revenues | $ | 2,556,455 | $ | 2,141,786 | $ | 3,148,354 | $ | 3,033,260 | $ | 10,879,855 | |||||||||||
Operating income | 314,102 | 163,985 | 536,892 | 450,288 | 1,465,267 | ||||||||||||||||
Net income attributable to VF Corporation (c) | 215,216 | 155,297 | 381,318 | 334,168 | 1,085,999 | ||||||||||||||||
Earnings per share attributable to VF Corporation common stockholders: | |||||||||||||||||||||
Basic | $ | 0.49 | $ | 0.36 | $ | 0.87 | $ | 0.76 | $ | 2.47 | |||||||||||
Diluted | 0.48 | 0.35 | 0.86 | 0.75 | 2.43 | ||||||||||||||||
Dividends per common share | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.2175 | $ | 0.7575 | |||||||||||
(a) | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2013 as follows: | ||||||||||||||||||||
First | Second | Third | Fourth | Full | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
In millions, except per share amounts | |||||||||||||||||||||
Operating income | $ | 2.8 | $ | 4.5 | $ | 2.8 | $ | 0.6 | $ | 10.7 | |||||||||||
Net income | 2.2 | 3.8 | 2.2 | 0.6 | 8.8 | ||||||||||||||||
Earnings per share: | |||||||||||||||||||||
Basic | $ | 0.01 | $ | 0.01 | $ | — | $ | — | $ | 0.02 | |||||||||||
Diluted | $ | 0.01 | $ | 0.01 | $ | — | $ | — | $ | 0.02 | |||||||||||
(b) | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2012 as follows: | ||||||||||||||||||||
First | Second | Third | Fourth | Full | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
In millions, except per share amounts | |||||||||||||||||||||
Operating income | $ | 4.6 | $ | 5 | $ | 14.4 | $ | 6.8 | $ | 30.8 | |||||||||||
Net income | 3.3 | 3.1 | 11.3 | 10.2 | 27.9 | ||||||||||||||||
Earnings per share: | |||||||||||||||||||||
Basic | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.06 | |||||||||||
Diluted | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.06 | |||||||||||
(c) | The second quarter of 2012 includes a gain on the sale of John Varvatos Enterprises, Inc. of $35.8 million, net of related income taxes. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
Schedule II — Valuation and Qualifying Accounts | |||||||||||||||||||||
COL. A | COL. B | COL. C | COL. D | COL. E | |||||||||||||||||
ADDITIONS | |||||||||||||||||||||
Description | Balance at | -1 | -2 | Deductions | Balance at | ||||||||||||||||
Beginning | Charged to | Charged to | End of | ||||||||||||||||||
of Period | Costs and | Other | Period | ||||||||||||||||||
Expenses | Accounts | ||||||||||||||||||||
In thousands | |||||||||||||||||||||
Fiscal year ended December 2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 48,998 | 15,756 | — | 19,404 | (B) | $ | 45,350 | |||||||||||||
Other accounts receivable allowances | $ | 153,934 | 1,487,015 | — | 1,470,707 | (C) | $ | 170,242 | |||||||||||||
Valuation allowance for deferred income tax assets | $ | 99,703 | (3,422 | ) | 11,240 | (D) | — | $ | 107,521 | ||||||||||||
Fiscal year ended December 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 54,010 | 19,274 | — | 24,286 | (B) | $ | 48,998 | |||||||||||||
Other accounts receivable allowances | $ | 150,406 | 1,461,768 | — | 1,458,240 | (C) | $ | 153,934 | |||||||||||||
Valuation allowance for deferred income tax assets | $ | 151,556 | (33,060 | ) | (18,793 | )(D) | — | $ | 99,703 | ||||||||||||
Fiscal year ended December 2011 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 44,599 | 12,490 | 9,577 | (A) | 12,656 | (B) | $ | 54,010 | ||||||||||||
Other accounts receivable allowances | $ | 97,339 | 1,140,282 | 38,284 | (A) | 1,125,499 | (C) | $ | 150,406 | ||||||||||||
Valuation allowance for deferred income tax assets | $ | 149,896 | (12,126 | ) | 13,786 | (D) | — | $ | 151,556 | ||||||||||||
(A) | Additions due to acquisitions. These amounts reflect the allowance for doubtful accounts and other receivable allowances at their respective acquisition dates to record accounts receivable at net realizable value. | ||||||||||||||||||||
(B) | Deductions include accounts written off, net of recoveries, and the effects of foreign currency translation. | ||||||||||||||||||||
(C) | Deductions include discounts, markdowns and returns, and the effects of foreign currency translation. | ||||||||||||||||||||
(D) | Additions relate to circumstances where it is more likely than not that deferred income tax assets will not be realized, purchase accounting adjustments, and the effects of foreign currency translation. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 28, 2013 | |
Description of Business | ' |
Description of Business | |
VF Corporation and its subsidiaries (collectively known as “VF”) is a global apparel and footwear company based in the United States. VF designs and manufactures or sources from independent contractors a variety of products for consumers of all ages, including jeanswear, outerwear, footwear, packs, luggage, sportswear, and occupational and performance apparel. Products are marketed primarily under VF-owned brand names. | |
Basis of Presentation | ' |
Basis of Presentation | |
The consolidated financial statements and related disclosures are presented in accordance with generally accepted accounting principles (“GAAP”) in the U.S. 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 noncontrolling interests in net income, comprehensive income and stockholders’ equity are separately presented in the consolidated 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 VF’s proportional share of the investee’s earnings and dividends after the date of investment. | |
On October 16, 2013, VF’s Board of Directors approved a four-for-one stock split of VF’s Common Stock payable in the form of a stock dividend. The stock dividend was distributed on December 20, 2013 to stockholders of record as of December 10, 2013. Each stockholder of record as of the close of business on the record date received three additional shares of common stock for each share held. VF’s Common Stock began trading at the split-adjusted stock price on December 23, 2013. Additionally, the Board of Directors amended VF’s Articles of Incorporation to increase the number of authorized shares of Common Stock from 300 million to 1.2 billion and reduce the stated value applicable to the Common Stock from $1.00 per share to $0.25 per share. All share and per share data presented in the accompanying consolidated financial statements and related disclosures have been retroactively adjusted to reflect the impact of the stock split and the increase in authorized shares. | |
Fiscal Year | ' |
Fiscal Year | |
VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to December 31 of each year. All references to “2013”, “2012” and “2011” relate to the 52 week fiscal years ended December 28, 2013, December 29, 2012, and December 31, 2011, respectively. Certain foreign subsidiaries report using a December 31 year-end due to local statutory requirements. | |
Use of Estimates | ' |
Use of Estimates | |
In preparing the consolidated financial statements in accordance with GAAP, management makes estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
The financial statements of most foreign subsidiaries are measured using the foreign currency as the functional currency. Assets and liabilities denominated in a foreign currency are translated into U.S. dollars using exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates during the period. Resulting translation gains and losses, and transaction gains and losses on long-term advances to foreign subsidiaries, are reported in other comprehensive income (loss) (“OCI”). For a foreign subsidiary that uses the U.S. dollar as its functional currency, the effects of remeasuring assets and liabilities from the foreign currency into U.S. dollars are included in the Consolidated Statements of Income. The Consolidated Statements of Income include net transaction gains of $9.1 million, $18.6 million, and $27.3 million in 2013, 2012 and 2011, respectively, arising from transactions denominated in a currency other than the functional currency of a particular entity. | |
Cash and Equivalents | ' |
Cash and Equivalents | |
Cash and equivalents are demand deposits, receivables from third party credit card processors, and highly liquid investments that have maturities within three months of their purchase dates. Cash equivalents totaling $474.0 million and $198.7 million at December 2013 and 2012, respectively, consist of money market funds and short-term time deposits. | |
Accounts Receivable | ' |
Accounts Receivable | |
Trade accounts receivable are recorded at invoiced amounts, less estimated allowances for trade terms, sales incentive programs, markdowns, chargebacks, and returns as discussed below in Revenue Recognition. Royalty receivables are recorded at amounts earned based on the licensees’ sales of licensed products, subject in some cases to contractual minimum annual amounts from individual licensees. VF maintains an allowance for doubtful accounts for estimated losses that will result from the inability of customers and licensees to make required payments. All accounts are subject to ongoing review of ultimate collectibility. The allowance is determined based on review of specific customer accounts where collection is doubtful, as well as assessment of the collectability of total receivables considering the aging of balances, historical and anticipated trends and economic conditions. Receivables are written off against the allowance when it is probable the amounts will not be recovered. | |
Inventories | ' |
Inventories | |
Inventories are stated at the lower of cost or market. Cost is determined on the first-in, first-out (“FIFO”) method and is net of discounts or rebates received from vendors. | |
Long-lived Assets | ' |
Long-lived Assets | |
Property, plant and equipment, intangible assets and goodwill are initially recorded at cost. Improvements to property, plant and equipment that substantially extend the useful life of the asset, and interest cost incurred during construction of major assets, are capitalized. Assets under capital lease are recorded at the present value of minimum lease payments. Repair and maintenance costs are expensed as incurred. | |
Cost for acquired intangible assets is fair value based generally on the present value of expected cash flows. These expected cash flows consider the stated terms of the rights or contracts acquired and expected renewal periods if applicable. The number of renewal periods considered is based on management’s experience in renewing or extending similar arrangements, regardless of whether the acquired rights have explicit renewal or extension provisions. Trademark intangible assets represent individual acquired trademarks, some of which are registered in over 100 countries. License intangible assets relate to numerous licensing contracts, with VF as either the licensor or licensee. | |
Goodwill represents the excess of cost of an acquired business over the fair value of net tangible assets and identifiable intangible assets acquired. Goodwill is assigned at the business unit level, which at VF is typically one level below a reportable segment. | |
Depreciation of property, plant and equipment is computed using the straight-line method over the estimated useful lives of the assets, ranging from 3 to 10 years for machinery and equipment and up to 40 years for buildings. Amortization expense for leasehold improvements and assets under capital leases is recognized over the shorter of their estimated useful lives or the lease terms, and is included in depreciation expense. | |
Intangible assets determined to have indefinite lives, consisting of major trademarks and trade names, are not amortized. Other intangible assets, primarily customer relationships, contracts to license trademarks to third parties and contracts to license trademarks from third parties, are amortized over their estimated useful lives ranging from three to 30 years. Amortization of intangible assets is computed using straight-line or accelerated methods consistent with the expected benefits to be received. | |
Depreciation and amortization expense related to producing or otherwise obtaining finished goods inventories is included in cost of goods sold, and other depreciation and amortization expense is included in selling, general and administrative expenses. | |
VF’s policy is to review property, plant and equipment and intangible assets with identified useful lives for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If forecasted undiscounted cash flows to be generated by the asset are not expected to be adequate to recover the asset’s carrying value, an impairment charge is recorded for the excess of the asset’s carrying value over its estimated fair value. | |
VF’s policy is to evaluate indefinite-lived intangible assets and goodwill for possible impairment at the beginning of the fourth quarter of each year, or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. VF first assesses qualitative factors as a basis for determining whether it is necessary to perform quantitative impairment testing. If VF determines that it is not more likely than not that the fair value of an asset or reporting unit is less than its carrying value, then no further testing is required. Otherwise, the assets must be quantitatively tested for impairment. | |
An indefinite-lived intangible asset is quantitatively evaluated for possible impairment by comparing the estimated fair value of the asset with its carrying value. An impairment charge is recorded if the carrying value of the asset exceeds its estimated fair value. Goodwill is quantitatively evaluated for possible impairment by comparing the estimated fair value of a business unit with its carrying value, including the goodwill assigned to that business unit. An impairment charge is recorded if the carrying value of the goodwill exceeds its implied fair value. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
Derivative financial instruments are measured at fair value in the Consolidated Balance Sheets. Unrealized gains and losses are recognized as assets and liabilities, respectively, and classified as current or noncurrent based on the derivatives’ maturity dates. The accounting for changes in the fair value of derivative instruments (i.e., gains and losses) depends on whether a derivative has been designated and qualifies as part of a hedging relationship and on the nature of the 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 based on the nature of the hedging relationship. VF’s hedging practices are described in Note U. VF does not use derivative instruments for trading or speculative purposes. Hedging cash flows are classified in the Consolidated Statements of Cash Flows in the same category as the items being hedged. | |
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 that case, hedge accounting treatment is discontinued for the ineffective portion of that hedging instrument, and any change in fair value for the ineffective portion is recognized in net income. | |
The counterparties to the derivative contracts are financial institutions having at least A-rated investment grade credit ratings. To manage its credit risk, VF continually monitors the credit risks of its counterparties, limits its exposure in the aggregate and to any single counterparty, and adjusts its hedging positions as appropriate. The impact of VF’s credit risk and the credit risk of its counterparties, as well as the ability of each party to fulfill its obligations under the contracts, is considered in determining the fair value of the derivative contracts. Credit risk has not had a significant effect on the fair value of VF’s derivative contracts. VF does not have any credit risk-related contingent features or collateral requirements with its derivative contracts. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenue is recognized when (i) there is a contract or other arrangement of sale, (ii) the sales price is fixed or determinable, (iii) title and the risks of ownership have been transferred to the customer and (iv) collection of the receivable is reasonably assured. Net sales to wholesale customers and e-commerce sales are generally recognized when the product has been received by the customer. Net sales at VF-operated retail stores are recognized at the time products are purchased by consumers. Revenue from the sale of gift cards is deferred until the gift card is redeemed by the customer or the Company determines that the likelihood of redemption is remote and that it does not have a legal obligation to remit the value of the unredeemed gift card to any jurisdiction under unclaimed property regulations. | |
Net sales are reduced by estimated allowances for trade terms, sales incentive programs, markdowns, chargebacks, and returns. These allowances are estimated based on evaluations of specific product and customer circumstances, retail sales performance, historical and anticipated trends, and current economic conditions. | |
Shipping and handling costs billed to customers are included in net sales. Sales taxes and value added taxes collected from customers and remitted directly to governmental authorities are excluded from net sales. | |
Royalty income is recognized as earned based on the greater of the licensees’ sales of licensed products at rates specified in the licensing contracts or contractual minimum royalty levels. | |
Cost of Goods Sold | ' |
Cost of Goods Sold | |
Cost of goods sold for VF-manufactured goods includes all materials, labor and overhead costs incurred in the production process. Cost of goods sold for purchased finished goods includes the purchase costs and related overhead. In both cases, overhead includes all costs related to manufacturing or purchasing finished goods, including costs of planning, purchasing, quality control, depreciation, freight, duties, royalties paid to third parties and shrinkage. For product lines having a warranty, a provision for estimated future repair or replacement costs, based on historical and anticipated trends, is recorded when these products are sold. | |
Selling, General, and Administrative Expenses | ' |
Selling, General and Administrative Expenses | |
Selling, general and administrative expenses includes costs of product development, selling, marketing and advertising, VF-operated retail stores, warehousing, distribution, shipping and handling, licensing and administration. Advertising costs are expensed as incurred and totaled $671.3 million in 2013, $585.2 million in 2012 and $539.9 million in 2011. Advertising costs include cooperative advertising payments made to VF’s customers as reimbursement for their costs of advertising VF’s products, and totaled $58.6 million in 2013, $51.7 million in 2012 and $48.5 million in 2011. Shipping and handling costs for delivery of products to customers totaled $298.5 million in 2013, $269.1 million in 2012 and $242.5 million in 2011. Expenses related to royalty income, including amortization of licensed intangible assets, were $13.4 million in 2013, $12.6 million in 2012 and $9.1 million in 2011. | |
Rent Expense | ' |
Rent Expense | |
VF enters into noncancelable operating leases for retail stores, office space, distribution facilities and equipment. Leases for real estate have initial terms ranging from 3 to 15 years, generally with renewal options. Leases for equipment typically have initial terms ranging from 2 to 5 years. Most leases have fixed rentals, with many of the real estate leases requiring additional payments for real estate taxes and occupancy-related costs. Contingent rent expense, owed when sales at individual retail store locations exceed a stated base amount, is recognized when the liability is probable. Rent expense for leases having rent holidays, landlord incentives or scheduled rent increases is recorded on a straight-line basis over the lease term beginning with the lease commencement date, or when VF has possession or control of the leased premises, whichever is sooner. Differences between straight-line rent expense and actual rent payments are recorded in other assets or other liabilities as an adjustment to rent expense over the lease term. | |
Self-insurance | ' |
Self-insurance | |
VF is self-insured for a substantial portion of its employee medical, workers’ compensation, vehicle, property and general liability exposures. Liabilities for self-insured exposures are accrued at the present value of amounts expected to be paid based on historical claims experience and actuarial data for forecasted settlements of claims filed and for incurred but not yet reported claims. Accruals for self-insured exposures are included in current and noncurrent liabilities based on the expected periods of payment. Excess liability insurance has been purchased to cover claims in excess of self-insured amounts. | |
Income Taxes | ' |
Income Taxes | |
Income taxes are provided on pretax income for financial reporting purposes. Income taxes are based on amounts of taxes payable or refundable in the current year and on expected future tax consequences of events that are recognized in the consolidated financial statements in different periods than they are recognized in tax returns. As a result of timing of recognition and measurement differences between financial accounting standards and income tax laws, temporary differences arise between amounts of pretax financial statement income and taxable income, and between reported amounts of assets and liabilities in the Consolidated Balance Sheets and their respective tax bases. Deferred income tax assets and liabilities reported in the Consolidated Balance Sheets reflect the estimated future tax impact of these temporary differences and net operating loss and net capital loss carryforwards, based on tax rates currently enacted for the years in which the differences are expected to be settled or realized. Realization of deferred tax assets is dependent on future taxable income in specific jurisdictions. Valuation allowances are used to reduce deferred tax assets to amounts considered likely to be realized. U.S. deferred income taxes are not provided on undistributed income of foreign subsidiaries where such earnings are considered to be permanently reinvested. Accrued income taxes in the Consolidated Balance Sheets include unrecognized income tax benefits, along with related interest and penalties, appropriately classified as current or noncurrent. The provision for income taxes also includes estimated interest and penalties related to uncertain tax positions. | |
Earnings Per Share | ' |
Earnings Per Share | |
Basic earnings per share is computed by dividing net income attributable to VF Corporation by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per share assumes conversion of potentially dilutive securities such as stock options, restricted stock and restricted stock units. | |
Concentration of Risks | ' |
Concentration of Risks | |
VF markets products to a broad customer base throughout the world. Products are sold at a range of price points through multiple channels of distribution, including specialty stores, department stores, national chains, mass merchants, VF-operated stores and e-commerce sites. VF’s ten largest customers, all U.S.-based retailers, accounted for 21% of 2013 total revenues, and sales to VF’s largest customer accounted for 8% of 2013 total revenues. Sales are generally 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 VF’s concentration of risks. | |
Legal and Other Contingencies | ' |
Legal and Other Contingencies | |
Management periodically assesses liabilities and contingencies in connection with legal proceedings and other claims that may arise from time to time. When it is probable that a loss has been or will be incurred, an estimate of the loss is recorded in the consolidated financial statements. Estimates of losses are adjusted in the period in which additional information becomes available or circumstances change. A contingent liability is disclosed when there is at least a reasonable possibility that a material loss may have been incurred. Management believes that the outcome of any outstanding or pending matters, individually and in the aggregate, will not have a material adverse effect on the consolidated financial statements. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In December 2011 and January 2013, the FASB issued updates to their accounting guidance regarding disclosures about an entity’s right of offset associated with its financial instruments and derivative financial instruments. The guidance became effective during the first quarter of 2013 and has been reflected in the notes to VF’s consolidated financial statements. | |
In February 2013, the FASB issued guidance requiring an entity to provide information about the amounts reclassified out of accumulated other comprehensive income (“AOCI”) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. The guidance became effective during the first quarter of 2013 and has been reflected in the notes to VF’s consolidated financial statements. | |
In July 2013, the FASB issued an update to their accounting guidance which requires unrecognized tax benefits to be netted with net operating loss or tax credit carryforwards in the Consolidated Balance Sheets if specific criteria are met. The guidance is effective January 2014 for interim and annual periods. The adoption of this accounting guidance is not expected to have an impact on VF’s consolidated financial statements. |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Fair Values of Assets Acquired and Liabilities Assumed at Date of Acquisition | ' | ||||
The following table summarizes the final 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 Twenty Eleven Acquisition of Timberland had Occured at Beginning of Twenty Ten | ' | ||||
Unaudited pro forma results of operations for VF are presented for 2011 assuming that the acquisition of Timberland had occurred at the beginning of 2010. This pro forma financial information is not necessarily indicative of VF’s operating results if the acquisition had been completed at the date indicated, nor is it necessarily an indication of future operating results. Amounts do not include any marketing leverage, operating efficiencies or cost savings that VF believes are achievable. | |||||
2011(a) | |||||
In thousands, except | |||||
per share amounts | |||||
Total revenue | $ | 10,411,978 | |||
Net income attributable to VF Corporation | 808,867 | ||||
Earnings per common share: | |||||
Basic | $ | 1.85 | |||
Diluted | 1.82 | ||||
(a) | Pro forma operating results for 2011 include expenses totaling $96.2 million for acceleration of vesting for all unvested stock-based compensation awards, including tax gross-up payments required under employment agreements with certain Timberland executives, and $17.3 million in Timberland acquisition-related expenses. | ||||
Impact on Consolidated Equity due to Changes in VF's Ownership Interests in Subsidiaries | ' | ||||
The changes in VF’s ownership interests in these subsidiaries impacted consolidated equity during 2011 as follows: | |||||
2011 | |||||
In thousands | |||||
Net income attributable to VF Corporatiion | $ | 888,089 | |||
Net transfers to noncontrolling interests — decrease in equity for purchase of noncontrolling interests | (50,226 | ) | |||
Changes from net income attributable to VF Corporation and transfers to the noncontrolling interests | $ | 837,863 | |||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Accounts Receivable | ' | ||||||||
2013 | 2012 | ||||||||
In thousands | |||||||||
Trade | $ | 1,320,669 | $ | 1,179,832 | |||||
Royalty and other | 85,124 | 91,511 | |||||||
Total accounts receivable | 1,405,793 | 1,271,343 | |||||||
Less allowance for doubtful accounts | 45,350 | 48,998 | |||||||
Accounts receivable, net | $ | 1,360,443 | $ | 1,222,345 | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Inventories | ' | ||||||||
2013 | 2012 | ||||||||
In thousands | |||||||||
Finished products | $ | 1,159,555 | $ | 1,099,229 | |||||
Work in process | 94,586 | 98,191 | |||||||
Raw materials | 144,921 | 156,738 | |||||||
Total inventories | $ | 1,399,062 | $ | 1,354,158 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Property, Plant and Equipment | ' | ||||||||
2013 | 2012 | ||||||||
In thousands | |||||||||
Land and improvements | $ | 56,828 | $ | 54,264 | |||||
Buildings and improvements | 953,931 | 862,288 | |||||||
Machinery and equipment | 1,159,221 | 1,066,865 | |||||||
Property, plant and equipment, at cost | 2,169,980 | 1,983,417 | |||||||
Less accumulated depreciation and amortization | 1,237,188 | 1,155,199 | |||||||
Property, plant and equipment, net | $ | 932,792 | $ | 828,218 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||
Weighted | |||||||||||||||||||
Average | Net | ||||||||||||||||||
Amortization | Amortization | Accumulated | Carrying | ||||||||||||||||
Period | Methods | Cost | Amortization | Amount | |||||||||||||||
Dollars in thousands | |||||||||||||||||||
Dec-13 | |||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||
Customer relationships | 20 years | Accelerated | $ | 627,670 | $ | 210,231 | $ | 417,439 | |||||||||||
License agreements | 24 years | Accelerated and | 184,167 | 76,378 | 107,789 | ||||||||||||||
straight-line | |||||||||||||||||||
Other | 8 years | Straight-line | 16,057 | 9,533 | 6,524 | ||||||||||||||
Amortizable intangible assets, net | 531,752 | ||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||
Trademarks and trade names | 2,428,449 | ||||||||||||||||||
Intangible assets, net | $ | 2,960,201 | |||||||||||||||||
Weighted | |||||||||||||||||||
Average | Net | ||||||||||||||||||
Amortization | Amortization | Accumulated | Carrying | ||||||||||||||||
Period | Methods | Cost | Amortization | Amount | |||||||||||||||
Dollars in thousands | |||||||||||||||||||
Dec-12 | |||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||
Customer relationships | 19 years | Accelerated | $ | 615,782 | $ | 173,336 | $ | 442,446 | |||||||||||
License agreements | 24 years | Accelerated and | 183,854 | 68,112 | 115,742 | ||||||||||||||
straight-line | |||||||||||||||||||
Other | 8 years | Straight-line | 15,944 | 7,196 | 8,748 | ||||||||||||||
Amortizable intangible assets, net | 566,936 | ||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||
Trademarks and trade names | 2,350,122 | ||||||||||||||||||
Intangible assets, net | $ | 2,917,058 | |||||||||||||||||
Estimated Amortization Expense | ' | ||||||||||||||||||
Estimated amortization expense for the next five years is as follows: | |||||||||||||||||||
Year | Amortization Expense | ||||||||||||||||||
In millions | |||||||||||||||||||
2014 | $ | 43.8 | |||||||||||||||||
2015 | 41.8 | ||||||||||||||||||
2016 | 40.5 | ||||||||||||||||||
2017 | 39.3 | ||||||||||||||||||
2018 | 38.7 |
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Changes in Goodwill | ' | ||||||||||||||||||||||||
Changes in goodwill are summarized by business segment as follows: | |||||||||||||||||||||||||
Outdoor & | Contemporary | ||||||||||||||||||||||||
Action Sports | Jeanswear | Imagewear | Sportswear | Brands | Total | ||||||||||||||||||||
In thousands | |||||||||||||||||||||||||
Balance, December 2011 | $ | 1,437,596 | $ | 228,421 | $ | 57,768 | $ | 157,314 | $ | 142,361 | $ | 2,023,460 | |||||||||||||
Adjustments to purchase price allocation | (19,991 | ) | — | — | — | — | (19,991 | ) | |||||||||||||||||
Contingent consideration | — | — | 979 | — | — | 979 | |||||||||||||||||||
Currency translation | 4,887 | 422 | — | — | — | 5,309 | |||||||||||||||||||
Balance, December 2012 | 1,422,492 | 228,843 | 58,747 | 157,314 | 142,361 | 2,009,757 | |||||||||||||||||||
Currency translation | 12,406 | (413 | ) | — | — | — | 11,993 | ||||||||||||||||||
Balance, December 2013 | $ | 1,434,898 | $ | 228,430 | $ | 58,747 | $ | 157,314 | $ | 142,361 | $ | 2,021,750 | |||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Other Assets | ' | ||||||||
2013 | 2012 | ||||||||
In thousands | |||||||||
Investments held for deferred compensation plans (Note M) | $ | 217,677 | $ | 191,177 | |||||
Other investments | 17,514 | 15,067 | |||||||
Deferred income taxes (Note P) | 16,537 | 27,170 | |||||||
Computer software, net of accumulated amortization of $83,943 in 2013 and $57,362 in 2012 | 120,637 | 70,886 | |||||||
Shop-in-shop costs, net of accumulated amortization of $65,859 in 2013 and $49,319 in 2012 | 42,847 | 33,944 | |||||||
Deferred debt issuance costs | 11,458 | 13,240 | |||||||
Derivative financial instruments (Note U) | 3,389 | 2,524 | |||||||
Deposits | 33,216 | 30,291 | |||||||
Other | 54,443 | 44,106 | |||||||
Other assets | $ | 517,718 | $ | 428,405 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Accrued Liabilities | ' | ||||||||
2013 | 2012 | ||||||||
In thousands | |||||||||
Compensation | $ | 186,724 | $ | 184,434 | |||||
Deferred compensation (Note M) | 31,608 | 28,224 | |||||||
Income taxes | 91,635 | 44,592 | |||||||
Deferred income taxes (Note P) | 9,367 | 6,601 | |||||||
Other taxes | 134,476 | 110,281 | |||||||
Advertising | 65,389 | 41,725 | |||||||
Customer discounts and allowances | 37,107 | 37,274 | |||||||
Interest | 16,444 | 16,860 | |||||||
Derivative financial instruments (Note U) | 36,622 | 22,013 | |||||||
Insurance | 16,518 | 20,377 | |||||||
Product warranty claims (Note L) | 14,787 | 13,805 | |||||||
Pension liabilities (Note M) | 9,016 | 8,742 | |||||||
Freight, duties and postage | 46,640 | 42,382 | |||||||
Other | 208,959 | 176,832 | |||||||
Accrued liabilities | $ | 905,292 | $ | 754,142 | |||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Long - Term Debt | ' | ||||||||||||
2013 | 2012 | ||||||||||||
In thousands | |||||||||||||
Floating rate notes, due 2013 | $ | — | $ | 400,000 | |||||||||
5.95% notes, due 2017 | 250,000 | 250,000 | |||||||||||
3.50% notes, due 2021 | 498,765 | 498,629 | |||||||||||
6.00% notes, due 2033 | 293,422 | 293,253 | |||||||||||
6.45% notes, due 2037 | 350,000 | 350,000 | |||||||||||
Other long-term debt | 10,341 | 10,528 | |||||||||||
Capital leases | 29,468 | 29,629 | |||||||||||
Total long-term debt | 1,431,996 | 1,832,039 | |||||||||||
Less current portion | 5,167 | 402,873 | |||||||||||
Long-term debt, due beyond one year | $ | 1,426,829 | $ | 1,429,166 | |||||||||
Payments of Long - Term Debt and Future Minimum Lease Payments | ' | ||||||||||||
The scheduled payments of long-term debt and future minimum lease payments for capital leases at the end of 2013 are summarized as follows: | |||||||||||||
Notes and | Capital | Total | |||||||||||
Other | Leases | ||||||||||||
In thousands | |||||||||||||
2014 | $ | 200 | $ | 6,265 | $ | 6,465 | |||||||
2015 | 213 | 4,506 | 4,719 | ||||||||||
2016 | — | 4,345 | 4,345 | ||||||||||
2017 | 250,000 | 4,504 | 254,504 | ||||||||||
2018 | — | 4,504 | 4,504 | ||||||||||
Thereafter | 1,159,928 | 10,886 | 1,170,814 | ||||||||||
1,410,341 | 35,010 | 1,445,351 | |||||||||||
Less unamortized debt discount | 7,813 | — | 7,813 | ||||||||||
Less amounts representing interest | — | 5,542 | 5,542 | ||||||||||
Total long-term debt | 1,402,528 | 29,468 | 1,431,996 | ||||||||||
Less current portion | 200 | 4,967 | 5,167 | ||||||||||
Long-term debt, due beyond one year | $ | 1,402,328 | $ | 24,501 | $ | 1,426,829 | |||||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Schedule of Other Liabilities | ' | ||||||||||||
2013 | 2012 | ||||||||||||
In thousands | |||||||||||||
Deferred compensation (Note M) | $ | 244,554 | $ | 204,132 | |||||||||
Pension liabilities (Note M) | 214,431 | 474,175 | |||||||||||
Income taxes | 129,257 | 121,516 | |||||||||||
Deferred income taxes (Note P) | 452,506 | 366,804 | |||||||||||
Deferred rent credits | 86,141 | 68,560 | |||||||||||
Product warranty claims | 42,352 | 36,590 | |||||||||||
Derivative financial instruments (Note U) | 10,169 | 7,455 | |||||||||||
Other | 64,165 | 66,786 | |||||||||||
Other liabilities | $ | 1,243,575 | $ | 1,346,018 | |||||||||
Activity Relating to Accrued Product Warranty Claims | ' | ||||||||||||
Activity relating to accrued product warranty claims is summarized as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Balance, beginning of year | $ | 50,395 | $ | 44,727 | $ | 42,335 | |||||||
Accrual for products sold during the year | 20,199 | 17,769 | 15,749 | ||||||||||
Repair or replacement costs incurred | (13,923 | ) | (12,427 | ) | (12,911 | ) | |||||||
Currency translation | 468 | 326 | (446 | ) | |||||||||
Balance, end of year | 57,139 | 50,395 | 44,727 | ||||||||||
Less current portion (Note J) | 14,787 | 13,805 | 13,791 | ||||||||||
Long-term portion | $ | 42,352 | $ | 36,590 | $ | 30,936 | |||||||
Retirement_and_Savings_Benefit1
Retirement and Savings Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Components of Pension Cost | ' | ||||||||||||||||
The components of pension cost for VF’s defined benefit plans were as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
In thousands | |||||||||||||||||
Service cost — benefits earned during the year | $ | 25,445 | $ | 23,198 | $ | 20,867 | |||||||||||
Interest cost on projected benefit obligations | 72,003 | 77,013 | 78,859 | ||||||||||||||
Expected return on plan assets | (94,585 | ) | (80,619 | ) | (89,689 | ) | |||||||||||
Amortization of deferred amounts: | |||||||||||||||||
Net deferred actuarial losses | 85,356 | 69,744 | 43,088 | ||||||||||||||
Deferred prior service costs | 1,270 | 3,357 | 3,453 | ||||||||||||||
Total pension expense | $ | 89,489 | $ | 92,693 | $ | 56,578 | |||||||||||
Weighted-average actuarial assumptions used to determine pension expense: | |||||||||||||||||
Discount rate | 3.91 | % | 4.94 | % | 5.4 | % | |||||||||||
Expected long-term return on plan assets | 5.7 | % | 6.38 | % | 6.1 | % | |||||||||||
Rate of compensation increase | 3.82 | % | 3.85 | % | 3.8 | % | |||||||||||
Reconciliation of Changes in Fair Value of Defined Benefit Plan Assets and Projected Benefit Obligations | ' | ||||||||||||||||
The following provides a reconciliation of the changes in fair value of VF’s defined benefit plan assets and projected benefit obligations for each year, and the funded status at the end of each year: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
In thousands | |||||||||||||||||
Fair value of plan assets, beginning of year | $ | 1,332,211 | $ | 1,144,178 | |||||||||||||
Actual return on plan assets | 84,882 | 146,079 | |||||||||||||||
VF contributions | 117,591 | 112,892 | |||||||||||||||
Participant contributions | 2,975 | 2,677 | |||||||||||||||
Benefits paid | (73,308 | ) | (76,813 | ) | |||||||||||||
Currency translation | 3,175 | 3,198 | |||||||||||||||
Fair value of plan assets, end of year | 1,467,526 | 1,332,211 | |||||||||||||||
Projected benefit obligations, beginning of year | 1,815,128 | 1,546,896 | |||||||||||||||
Service cost | 25,445 | 23,198 | |||||||||||||||
Interest cost | 72,003 | 77,013 | |||||||||||||||
Participant contributions | 2,975 | 2,677 | |||||||||||||||
Actuarial (gain) loss | (178,414 | ) | 243,766 | ||||||||||||||
Benefits paid | (73,308 | ) | (76,813 | ) | |||||||||||||
Plan amendments | 21,321 | (5,518 | ) | ||||||||||||||
Currency translation | 3,551 | 3,909 | |||||||||||||||
Projected benefit obligations, end of year | 1,688,701 | 1,815,128 | |||||||||||||||
Funded status, end of year | $ | (221,175 | ) | $ | (482,917 | ) | |||||||||||
Pension benefits are reported in the balance sheet as a net asset or liability based on the overfunded or underfunded status of the defined benefit plans, assessed on a plan-by-plan basis. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
In thousands | |||||||||||||||||
Amounts included in Consolidated Balance Sheets: | |||||||||||||||||
Current assets | $ | 2,272 | $ | — | |||||||||||||
Current liabilities (Note J) | (9,016 | ) | (8,742 | ) | |||||||||||||
Noncurrent liabilities (Note L) | (214,431 | ) | (474,175 | ) | |||||||||||||
Funded status | $ | (221,175 | ) | $ | (482,917 | ) | |||||||||||
Accumulated other comprehensive (income) loss, pretax: | |||||||||||||||||
Net deferred actuarial losses | $ | 422,932 | $ | 676,373 | |||||||||||||
Deferred prior service costs | 27,594 | 7,525 | |||||||||||||||
$ | 450,526 | $ | 683,898 | ||||||||||||||
Accumulated benefit obligations | $ | 1,610,369 | $ | 1,751,741 | |||||||||||||
Weighted-average actuarial assumptions used to determine pension obligations: | |||||||||||||||||
Discount rate | 4.63 | % | 3.92 | % | |||||||||||||
Rate of compensation increase | 3.39 | % | 3.83 | % | |||||||||||||
Fair Value of Investments Held by Pension Plan | ' | ||||||||||||||||
The fair value of investments held by VF’s defined benefit plans at December 2013 and 2012, by asset class, is summarized below. See Note T for a description of the three levels of the fair value measurement hierarchy. Level 2 securities generally represent institutional funds measured at their daily net asset value derived from quoted prices of the underlying investments. Level 3 securities represent alternative investments primarily in funds of hedge funds (“FoHFs”), which are comprised of different and independent hedge funds with various investment strategies. The administrators of the FoHFs utilize unobservable inputs to calculate the net asset value of the FoHFs on a monthly basis. | |||||||||||||||||
Total Plan | Quoted | Significant | Significant | ||||||||||||||
Assets | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
In thousands | |||||||||||||||||
Dec-13 | |||||||||||||||||
Cash equivalents (a) | $ | 35,082 | $ | 5,322 | $ | 29,760 | $ | — | |||||||||
Equity securities: | |||||||||||||||||
Domestic | 165,550 | — | 165,550 | — | |||||||||||||
International | 213,580 | — | 213,580 | — | |||||||||||||
Fixed income securities: | |||||||||||||||||
U.S. Treasury and government agencies | 22 | — | 22 | — | |||||||||||||
Corporate and international bonds | 884,453 | — | 884,453 | — | |||||||||||||
Alternative investments | 125,624 | — | — | 125,624 | |||||||||||||
Insurance contracts | 44,720 | — | 44,720 | — | |||||||||||||
Commodities (b) | (1,505 | ) | (1,505 | ) | — | — | |||||||||||
$ | 1,467,526 | $ | 3,817 | $ | 1,338,085 | $ | 125,624 | ||||||||||
Dec-12 | |||||||||||||||||
Cash equivalents (a) | $ | 119,962 | $ | 1,837 | $ | 118,125 | $ | — | |||||||||
Equity securities: | |||||||||||||||||
Domestic | 314,052 | — | 314,052 | — | |||||||||||||
International | 344,840 | — | 344,840 | — | |||||||||||||
Fixed income securities: | |||||||||||||||||
U.S. Treasury and government agencies | 39,361 | 39,331 | 30 | — | |||||||||||||
Corporate and international bonds | 432,410 | — | 432,410 | — | |||||||||||||
Real estate | 45,922 | — | 45,922 | — | |||||||||||||
Insurance contracts | 34,843 | — | 34,843 | — | |||||||||||||
Commodities (b) | 821 | 821 | — | — | |||||||||||||
$ | 1,332,211 | $ | 41,989 | $ | 1,290,222 | $ | — | ||||||||||
(a) | Includes cash held by individual investment managers of other asset classes for liquidity purposes. Level 2 includes an institutional fund that invests primarily in short-term U.S. government securities. | ||||||||||||||||
(b) | Consists of derivative commodity futures. | ||||||||||||||||
Summary of Changes in Fair Value of Pension Assets | ' | ||||||||||||||||
The table below summarizes changes in the fair value of Level 3 pension assets in 2013: | |||||||||||||||||
Alternative Investments | |||||||||||||||||
In thousands | |||||||||||||||||
Balance, December 2012 | $ | — | |||||||||||||||
Purchase of assets | 122,980 | ||||||||||||||||
Actual return on assets | 2,644 | ||||||||||||||||
Balance, December 2013 | $ | 125,624 | |||||||||||||||
Capital_and_Accumulated_Other_1
Capital and Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Shares Held for Deferred Compensation Plans | ' | ||||||||||||||||||||
In addition, VF Common Stock is held by the Company’s deferred compensation plans (Note M) and is treated as treasury shares for financial reporting purposes, as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
In millions, except share amounts | |||||||||||||||||||||
Shares held for deferred compensation plans | 704,104 | 749,824 | 953,100 | ||||||||||||||||||
Cost of shares held for deferred compensation plans | $ | 8.4 | $ | 8.8 | $ | 11 | |||||||||||||||
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: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
In thousands | |||||||||||||||||||||
Foreign currency translation | $ | 106,647 | $ | (4,068 | ) | ||||||||||||||||
Defined benefit pension plans | (277,451 | ) | (420,538 | ) | |||||||||||||||||
Derivative financial instruments | (41,754 | ) | (29,430 | ) | |||||||||||||||||
Marketable securities | 838 | 141 | |||||||||||||||||||
Accumulated other comprehensive income (loss) | $ | (211,720 | ) | $ | (453,895 | ) | |||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss), Net of Related Taxes | ' | ||||||||||||||||||||
The changes in accumulated other comprehensive income (loss), net of related taxes, are as follows: | |||||||||||||||||||||
Dec-13 | |||||||||||||||||||||
Foreign | Defined | Derivative | |||||||||||||||||||
Currency | Benefit | Financial | Marketable | ||||||||||||||||||
Translation | Pension Plans | Instruments | Securities | Total | |||||||||||||||||
In thousands | |||||||||||||||||||||
Balance, December 2012 | $ | (4,068 | ) | $ | (420,538 | ) | $ | (29,430 | ) | $ | 141 | $ | (453,895 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 110,715 | 89,873 | (4,937 | ) | 697 | 196,348 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 53,214 | (7,387 | ) | — | 45,827 | |||||||||||||||
Net other comprehensive income (loss) | 110,715 | 143,087 | (12,324 | ) | 697 | 242,175 | |||||||||||||||
Balance, December 2013 | $ | 106,647 | $ | (277,451 | ) | $ | (41,754 | ) | $ | 838 | $ | (211,720 | ) | ||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Reclassifications out of accumulated other comprehensive income (loss) are as follows: | |||||||||||||||||||||
Details About Accumulated Other | Affected Line Item in the | December 2013 | |||||||||||||||||||
Comprehensive Income (Loss) Components | Consolidated Statements of | ||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||
In thousands | |||||||||||||||||||||
Amortization of defined benefit pension plans: | |||||||||||||||||||||
Net deferred actuarial losses | (a) | $ | (85,356 | ) | |||||||||||||||||
Deferred prior service costs | (a) | (1,270 | ) | ||||||||||||||||||
Total before tax | (86,626 | ) | |||||||||||||||||||
Tax benefit (expense) | 33,412 | ||||||||||||||||||||
Net of tax | $ | (53,214 | ) | ||||||||||||||||||
Gains (losses) on derivative financial instruments: | |||||||||||||||||||||
Foreign exchange contracts | Net sales | $ | 12,917 | ||||||||||||||||||
Foreign exchange contracts | Cost of goods sold | 4,208 | |||||||||||||||||||
Foreign exchange contracts | Other income (expense), net | (1,051 | ) | ||||||||||||||||||
Interest rate contracts | Interest expense | (3,905 | ) | ||||||||||||||||||
Total before tax | 12,169 | ||||||||||||||||||||
Tax benefit (expense) | (4,782 | ) | |||||||||||||||||||
Net of tax | 7,387 | ||||||||||||||||||||
Total reclassifications for the year | Net of tax | $ | (45,827 | ) | |||||||||||||||||
(a) | These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note M for additional details). |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Total Stock-Based Compensation Cost and Associated Income Tax Benefits Related to Stock-Based Compensation Arrangements Recognized and Stock-Based Compensation Costs Included in Inventory | ' | ||||||||||||||||
Total stock-based compensation cost and the associated income tax benefits related to stock-based compensation arrangements recognized in the Consolidated Statements of Income, and stock-based compensation costs included in inventory in the Consolidated Balance Sheets, are as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
In thousands | |||||||||||||||||
Stock-based compensation cost | $ | 87,118 | $ | 92,814 | $ | 76,739 | |||||||||||
Income tax benefits | 32,059 | 34,156 | 28,240 | ||||||||||||||
Stock-based compensation cost included in inventory | 119 | 221 | 261 | ||||||||||||||
Schedule of Assumption Used And Resulting Weighted Average Fair Value of Stock Option Granted | ' | ||||||||||||||||
The grant date fair value of each option award is calculated using a lattice option-pricing valuation model, which incorporates a range of assumptions for inputs as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected volatility | 24% to 29% | 27% to 31% | 27% to 38% | ||||||||||||||
Weighted average expected volatility | 27% | 30% | 34% | ||||||||||||||
Expected term (in years) | 5.6 to 7.4 | 5.6 to 7.5 | 5.6 to 7.5 | ||||||||||||||
Dividend yield | 2.30% | 2.50% | 3.10% | ||||||||||||||
Risk-free interest rate | 0.1% to 2.0% | 0.1% to 2.1% | 0.2% to 3.5% | ||||||||||||||
Weighted average fair value at date of grant | $8.34 | $8.36 | $6.28 | ||||||||||||||
Stock Option Activity | ' | ||||||||||||||||
Stock option activity for 2013 is summarized as follows: | |||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||
of Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (In thousands) | |||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding, December 2012 | 17,242,236 | $ | 22.37 | ||||||||||||||
Granted | 3,600,472 | 40.64 | |||||||||||||||
Exercised | (4,557,832 | ) | 18.57 | ||||||||||||||
Forfeited/cancelled | (239,568 | ) | 42.5 | ||||||||||||||
Outstanding, December 2013 | 16,045,308 | 27.25 | 6.8 | $ | 550,843 | ||||||||||||
Exercisable, December 2013 | 9,411,248 | $ | 20.66 | 5.5 | $ | 385,069 | |||||||||||
RSU Activity | ' | ||||||||||||||||
RSU activity for 2013 is summarized as follows: | |||||||||||||||||
Performance-based | Nonperformance-based | ||||||||||||||||
Number | Weighted | Number | Weighted | ||||||||||||||
Outstanding | Average | Outstanding | Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Outstanding, December 2012 | 2,749,036 | $ | 24.96 | 537,380 | $ | 26.31 | |||||||||||
Granted | 737,068 | 40.64 | 186,324 | 39.21 | |||||||||||||
Issued as Common Stock | (1,115,392 | ) | 18.07 | (87,380 | ) | 33.35 | |||||||||||
Forfeited/cancelled | (67,520 | ) | 34 | (22,000 | ) | 32.59 | |||||||||||
Outstanding, December 2013 | 2,303,192 | 33.04 | 614,324 | 28.99 | |||||||||||||
Vested, December 2013 | 1,361,935 | $ | 29.21 | 16,324 | $ | 40.49 | |||||||||||
Restricted Stock Activity | ' | ||||||||||||||||
Restricted stock activity for 2013 is summarized below: | |||||||||||||||||
Nonvested | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Outstanding | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested shares, December 2012 | 680,440 | $ | 24.85 | ||||||||||||||
Granted | 320,000 | 38.79 | |||||||||||||||
Dividend equivalents | 16,698 | 49 | |||||||||||||||
Vested | (156,988 | ) | 23.72 | ||||||||||||||
Forfeited | (20,708 | ) | 32.83 | ||||||||||||||
Nonvested shares, December 2013 | 839,442 | $ | 30.66 | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Provision for Income Taxes was Computed Based on Amounts of Income Before Income Taxes | ' | ||||||||||||
The provision for income taxes was computed based on the following amounts of income before income taxes: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Domestic | $ | 735,177 | $ | 663,380 | $ | 582,198 | |||||||
Foreign | 827,313 | 758,495 | 582,545 | ||||||||||
Income before income taxes | $ | 1,562,490 | $ | 1,421,875 | $ | 1,164,743 | |||||||
Provision for Income Taxes | ' | ||||||||||||
The provision for income taxes consisted of: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Current: | |||||||||||||
Federal | $ | 238,816 | $ | 231,282 | $ | 193,433 | |||||||
Foreign | 103,752 | 100,635 | 57,738 | ||||||||||
State | 22,173 | 24,617 | 34,046 | ||||||||||
364,741 | 356,534 | 285,217 | |||||||||||
Deferred: | |||||||||||||
Federal and state | (15,265 | ) | (13,999 | ) | (7,955 | ) | |||||||
Foreign | 2,895 | (6,798 | ) | (2,912 | ) | ||||||||
Income taxes | $ | 352,371 | $ | 335,737 | $ | 274,350 | |||||||
Differences Between Income Taxes Computed by Applying Statutory Federal Income Tax Rate and Income Tax Expense in Consolidated Financial Statements | ' | ||||||||||||
The differences between income taxes computed by applying the statutory federal income tax rate and income tax expense in the consolidated financial statements are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Tax at federal statutory rate | $ | 546,872 | $ | 497,656 | $ | 407,660 | |||||||
State income taxes, net of federal tax benefit | 19,653 | 24,304 | 23,147 | ||||||||||
Foreign rate differences | (187,513 | ) | (165,318 | ) | (144,327 | ) | |||||||
Change in valuation allowance | (3,422 | ) | (33,060 | ) | (12,126 | ) | |||||||
Tax credits | (16,742 | ) | — | (8,454 | ) | ||||||||
Other | (6,477 | ) | 12,155 | 8,450 | |||||||||
Income taxes | $ | 352,371 | $ | 335,737 | $ | 274,350 | |||||||
Deferred Income Tax Assets and Liabilities | ' | ||||||||||||
Deferred income tax assets and liabilities consisted of the following: | |||||||||||||
2013 | 2012 | ||||||||||||
In thousands | |||||||||||||
Deferred income tax assets: | |||||||||||||
Inventories | $ | 29,325 | $ | 13,237 | |||||||||
Employee compensation and benefits | 272,910 | 365,412 | |||||||||||
Other accrued expenses | 168,669 | 167,230 | |||||||||||
Operating loss carryforwards | 122,895 | 125,436 | |||||||||||
Capital loss carryforwards | 769 | 2,649 | |||||||||||
594,568 | 673,964 | ||||||||||||
Valuation allowance | (107,521 | ) | (99,703 | ) | |||||||||
Deferred income tax assets | 487,047 | 574,261 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Intangible assets | 761,140 | 775,049 | |||||||||||
Other deferred liabilities | 514 | 2,939 | |||||||||||
Foreign currency translation | 1,408 | 1,993 | |||||||||||
Deferred income tax liabilities | 763,062 | 779,981 | |||||||||||
Net deferred income tax assets (liabilities) | $ | (276,015 | ) | $ | (205,720 | ) | |||||||
Amounts included in the Consolidated Balance Sheets: | |||||||||||||
Current assets | $ | 169,321 | $ | 140,515 | |||||||||
Current liabilities (Note J) | (9,367 | ) | (6,601 | ) | |||||||||
Noncurrent assets (Note H) | 16,537 | 27,170 | |||||||||||
Noncurrent liabilities (Note L) | (452,506 | ) | (366,804 | ) | |||||||||
$ | (276,015 | ) | $ | (205,720 | ) | ||||||||
Reconciliation of Change in Accrual for Unrecognized Income Tax Benefits | ' | ||||||||||||
A reconciliation of the change in the accrual for unrecognized income tax benefits is as follows: | |||||||||||||
Unrecognized | Accrued | Unrecognized | |||||||||||
Income Tax | Interest | Income Tax | |||||||||||
Benefits | and Penalties | Benefits, | |||||||||||
Including Interest | |||||||||||||
In thousands | |||||||||||||
Balance, December 2010 | $ | 57,568 | $ | 9,830 | $ | 67,398 | |||||||
Additions for current year tax positions | 14,862 | 4 | 14,866 | ||||||||||
Additions for prior year tax positions | 12,038 | 6,661 | 18,699 | ||||||||||
Additions for prior year – Timberland acquisition | 48,077 | 1,792 | 49,869 | ||||||||||
Reductions for prior year tax positions | (13,975 | ) | (570 | ) | (14,545 | ) | |||||||
Reductions due to statute expirations | (6,748 | ) | (4,006 | ) | (10,754 | ) | |||||||
Payments in settlement | (6,951 | ) | (579 | ) | (7,530 | ) | |||||||
Currency translation | 88 | — | 88 | ||||||||||
Balance, December 2011 | 104,959 | 13,132 | 118,091 | ||||||||||
Additions for current year tax positions | 18,930 | — | 18,930 | ||||||||||
Additions for prior year tax positions | 39,616 | 6,199 | 45,815 | ||||||||||
Reductions for prior year – Timberland acquisition | (5,707 | ) | 151 | (5,556 | ) | ||||||||
Reductions for prior year tax positions | (19,678 | ) | (2,314 | ) | (21,992 | ) | |||||||
Reductions due to statute expirations | (2,765 | ) | (207 | ) | (2,972 | ) | |||||||
Payments in settlement | (313 | ) | (140 | ) | (453 | ) | |||||||
Currency translation | 252 | — | 252 | ||||||||||
Balance, December 2012 | 135,294 | 16,821 | 152,115 | ||||||||||
Additions for current year tax positions | 11,921 | — | 11,921 | ||||||||||
Additions for prior year tax positions | 10,908 | 4,627 | 15,535 | ||||||||||
Reductions for prior year tax positions | (8,521 | ) | (2,130 | ) | (10,651 | ) | |||||||
Reductions due to statute expirations | (6,527 | ) | (626 | ) | (7,153 | ) | |||||||
Payments in settlement | (24,422 | ) | (1,218 | ) | (25,640 | ) | |||||||
Currency translation | (139 | ) | — | (139 | ) | ||||||||
Balance, December 2013 | $ | 118,514 | $ | 17,474 | $ | 135,988 | |||||||
Amounts Included in Consolidated Balance Sheet | ' | ||||||||||||
2013 | 2012 | ||||||||||||
In thousands | |||||||||||||
Amounts included in the Consolidated Balance Sheets: | |||||||||||||
Unrecognized income tax benefits, including interest | $ | 135,988 | $ | 152,115 | |||||||||
Less deferred tax benefits | 26,438 | 34,990 | |||||||||||
Total unrecognized tax benefits | $ | 109,550 | $ | 117,125 | |||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Financial Information for Reportable Segments | ' | ||||||||||||
Financial information for VF’s reportable segments is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Coalition revenues: | |||||||||||||
Outdoor & Action Sports (a) | $ | 6,379,167 | $ | 5,866,071 | $ | 4,561,998 | |||||||
Jeanswear | 2,810,994 | 2,789,293 | 2,731,770 | ||||||||||
Imagewear | 1,065,952 | 1,075,677 | 1,025,214 | ||||||||||
Sportswear | 624,693 | 577,317 | 543,515 | ||||||||||
Contemporary Brands (b) | 415,053 | 445,960 | 485,142 | ||||||||||
Other | 123,789 | 125,537 | 111,593 | ||||||||||
Total revenues | $ | 11,419,648 | $ | 10,879,855 | $ | 9,459,232 | |||||||
Coalition profit: | |||||||||||||
Outdoor & Action Sports (c) | $ | 1,106,384 | $ | 1,019,425 | $ | 828,228 | |||||||
Jeanswear | 544,882 | 466,960 | 413,187 | ||||||||||
Imagewear | 152,203 | 145,053 | 145,655 | ||||||||||
Sportswear | 88,157 | 72,978 | 56,312 | ||||||||||
Contemporary Brands (b) | 38,825 | 49,182 | 35,860 | ||||||||||
Other | (562 | ) | (232 | ) | (1,024 | ) | |||||||
Total coalition profit | 1,929,889 | 1,753,366 | 1,478,218 | ||||||||||
Corporate and other expenses (c) | (286,767 | ) | (241,239 | ) | (240,675 | ) | |||||||
Interest expense, net | (80,632 | ) | (90,252 | ) | (72,800 | ) | |||||||
Income before income taxes | $ | 1,562,490 | $ | 1,421,875 | $ | 1,164,743 | |||||||
(a) | Includes operating results of The Timberland Company since its acquisition date of September 13, 2011. | ||||||||||||
(b) | Excludes operating results of John Varvatos Enterprises, Inc. since its disposition date of April 30, 2012. | ||||||||||||
(c) | Includes expenses related to the acquisition of Timberland as follows: | ||||||||||||
2013—$10.7 million reported in Outdoor & Action Sports | |||||||||||||
2012—$30.8 million reported in Outdoor & Action Sports ($22.1 million) and Corporate ($8.7 million) | |||||||||||||
2011—$33.5 million reported in Outdoor & Action Sports ($23.7 million) and Corporate ($9.8 million) | |||||||||||||
Reconciliation Assets | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Coalition assets: | |||||||||||||
Outdoor & Action Sports | $ | 2,133,447 | $ | 1,944,822 | $ | 1,762,774 | |||||||
Jeanswear | 943,011 | 870,302 | 898,733 | ||||||||||
Imagewear | 334,864 | 341,588 | 356,782 | ||||||||||
Sportswear | 156,107 | 131,393 | 128,823 | ||||||||||
Contemporary Brands | 187,116 | 172,564 | 195,528 | ||||||||||
Other | 74,043 | 66,774 | 63,262 | ||||||||||
Total coalition assets | 3,828,588 | 3,527,443 | 3,405,902 | ||||||||||
Cash and equivalents | 776,403 | 597,461 | 341,228 | ||||||||||
Intangible assets and goodwill | 4,981,951 | 4,926,815 | 4,981,923 | ||||||||||
Deferred income taxes | 185,858 | 167,685 | 136,021 | ||||||||||
Corporate assets | 542,643 | 413,617 | 448,052 | ||||||||||
Consolidated assets | $ | 10,315,443 | $ | 9,633,021 | $ | 9,313,126 | |||||||
Capital expenditures: | |||||||||||||
Outdoor & Action Sports | $ | 139,428 | $ | 155,522 | $ | 90,381 | |||||||
Jeanswear | 49,763 | 67,239 | 21,076 | ||||||||||
Imagewear | 3,793 | 4,967 | 5,318 | ||||||||||
Sportswear | 6,074 | 5,279 | 5,902 | ||||||||||
Contemporary Brands | 13,679 | 6,766 | 16,534 | ||||||||||
Other | 3,953 | 5,418 | 5,370 | ||||||||||
Corporate | 54,463 | 6,749 | 26,313 | ||||||||||
$ | 271,153 | $ | 251,940 | $ | 170,894 | ||||||||
Depreciation and amortization expense: | |||||||||||||
Outdoor & Action Sports | $ | 122,385 | $ | 114,483 | $ | 83,559 | |||||||
Jeanswear | 41,742 | 39,520 | 41,207 | ||||||||||
Imagewear | 11,481 | 11,733 | 11,513 | ||||||||||
Sportswear | 12,195 | 11,639 | 12,072 | ||||||||||
Contemporary Brands | 24,309 | 24,915 | 26,590 | ||||||||||
Other | 4,608 | 5,517 | 4,122 | ||||||||||
Corporate | 36,553 | 30,149 | 19,672 | ||||||||||
$ | 253,273 | $ | 237,956 | $ | 198,735 | ||||||||
Supplemental Information (with Revenues by Geographic Area Based on Location of Customer) | ' | ||||||||||||
Supplemental information (with revenues by geographic area based on the location of the customer) is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Total revenues: | |||||||||||||
U.S. | $ | 7,124,781 | $ | 6,903,269 | $ | 6,220,933 | |||||||
Foreign, primarily Europe | 4,294,867 | 3,976,586 | 3,238,299 | ||||||||||
$ | 11,419,648 | $ | 10,879,855 | $ | 9,459,232 | ||||||||
Property, plant and equipment: | |||||||||||||
U.S. | $ | 549,420 | $ | 513,282 | $ | 521,838 | |||||||
Foreign, primarily Europe | 383,372 | 314,936 | 215,613 | ||||||||||
$ | 932,792 | $ | 828,218 | $ | 737,451 | ||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Rent Expense Included in Consolidated Statements of Income Statement | ' | ||||||||||||
Rent expense included in the Consolidated Statements of Income was as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Minimum rent expense | $ | 294,056 | $ | 292,632 | $ | 233,845 | |||||||
Contingent rent expense | 14,175 | 35,622 | 14,625 | ||||||||||
Rent expense | $ | 308,231 | $ | 328,254 | $ | 248,470 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Schedule of Earnings Per Share Basic and Diluted | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands, except per share amounts | |||||||||||||
Earnings per share — basic: | |||||||||||||
Net income | $ | 1,210,119 | $ | 1,086,138 | $ | 890,393 | |||||||
Net (income) loss attributable to noncontrolling interests | — | (139 | ) | (2,304 | ) | ||||||||
Net income attributable to VF Corporation | $ | 1,210,119 | $ | 1,085,999 | $ | 888,089 | |||||||
Weighted average common shares outstanding | 438,657 | 439,292 | 437,148 | ||||||||||
Earnings per share attributable to VF | |||||||||||||
Corporation common stockholders | $ | 2.76 | $ | 2.47 | $ | 2.03 | |||||||
Earnings per share – diluted: | |||||||||||||
Net income attributable to VF Corporation | $ | 1,210,119 | $ | 1,085,999 | $ | 888,089 | |||||||
Weighted average common shares outstanding | 438,657 | 439,292 | 437,148 | ||||||||||
Incremental shares from stock options and other dilutive securities | 8,152 | 8,324 | 8,004 | ||||||||||
Adjusted weighted average common shares outstanding | 446,809 | 447,616 | 445,152 | ||||||||||
Earnings per share attributable to VF | |||||||||||||
Corporation common stockholders | $ | 2.71 | $ | 2.43 | $ | 2 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Classes of Financial Assets and Financial Liabilities Measured and Recorded at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following table summarizes financial assets and financial liabilities that are measured and recorded in the consolidated financial statements at fair value on a recurring basis: | |||||||||||||||||
Fair Value Measurement Using (a) | |||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
In thousands | |||||||||||||||||
Dec-13 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 352,942 | $ | 352,942 | $ | — | $ | — | |||||||||
Time deposits | 121,097 | 121,097 | — | — | |||||||||||||
Derivative financial instruments | 16,088 | — | 16,088 | — | |||||||||||||
Investment securities | 214,035 | 193,540 | 20,495 | — | |||||||||||||
Other marketable securities | 5,809 | 5,809 | — | — | |||||||||||||
Financial liabilities: | |||||||||||||||||
Derivative financial instruments | 46,791 | — | 46,791 | — | |||||||||||||
Deferred compensation | 274,659 | — | 274,659 | — | |||||||||||||
Dec-12 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 181,635 | $ | 181,635 | $ | — | $ | — | |||||||||
Time deposits | 17,042 | 17,042 | — | — | |||||||||||||
Derivative financial instruments | 16,153 | — | 16,153 | — | |||||||||||||
Investment securities | 188,307 | 157,230 | 31,077 | — | |||||||||||||
Other marketable securities | 4,513 | 4,513 | — | — | |||||||||||||
Financial liabilities: | |||||||||||||||||
Derivative financial instruments | 29,468 | — | 29,468 | — | |||||||||||||
Deferred compensation | 230,733 | — | 230,733 | — | |||||||||||||
(a) | There were no transfers among the levels within the fair value hierarchy during 2013 or 2012. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Outstanding Derivatives on Individual Contract Basis | ' | ||||||||||||||||
The following table presents outstanding derivatives on an individual contract basis: | |||||||||||||||||
Fair Value of Derivatives | Fair Value of Derivatives | ||||||||||||||||
with Unrealized Gains | with Unrealized Losses | ||||||||||||||||
December | December | December | December | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
In thousands | |||||||||||||||||
Foreign currency exchange contracts designated as hedging instruments | $ | 15,964 | $ | 15,847 | $ | (46,627 | ) | $ | (27,267 | ) | |||||||
Foreign currency exchange contracts dedesignated as hedging instruments | — | 15 | — | (2,160 | ) | ||||||||||||
Foreign currency exchange contracts not designated as hedging instruments | 124 | 291 | (164 | ) | (41 | ) | |||||||||||
Total derivatives | $ | 16,088 | $ | 16,153 | $ | (46,791 | ) | $ | (29,468 | ) | |||||||
Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross | ' | ||||||||||||||||
VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. However, if VF were to offset and record the asset and liability balances of all of its forward foreign currency exchange contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets as of December 2013 and December 2012 would be adjusted from the current gross presentation as detailed in the following table: | |||||||||||||||||
Dec-13 | Dec-12 | ||||||||||||||||
Derivative | Derivative | Derivative | Derivative | ||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||
In thousands | |||||||||||||||||
Gross amounts presented in the Consolidated Balance Sheets | $ | 16,088 | $ | (46,791 | ) | $ | 16,153 | $ | (29,468 | ) | |||||||
Gross amounts not offset in the Consolidated Balance Sheets | (11,641 | ) | 11,641 | (5,225 | ) | 5,225 | |||||||||||
Net amounts | $ | 4,447 | $ | (35,150 | ) | $ | 10,928 | $ | (24,243 | ) | |||||||
Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross | ' | ||||||||||||||||
VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. However, if VF were to offset and record the asset and liability balances of all of its forward foreign currency exchange contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets as of December 2013 and December 2012 would be adjusted from the current gross presentation as detailed in the following table: | |||||||||||||||||
Dec-13 | Dec-12 | ||||||||||||||||
Derivative | Derivative | Derivative | Derivative | ||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||
In thousands | |||||||||||||||||
Gross amounts presented in the Consolidated Balance Sheets | $ | 16,088 | $ | (46,791 | ) | $ | 16,153 | $ | (29,468 | ) | |||||||
Gross amounts not offset in the Consolidated Balance Sheets | (11,641 | ) | 11,641 | (5,225 | ) | 5,225 | |||||||||||
Net amounts | $ | 4,447 | $ | (35,150 | ) | $ | 10,928 | $ | (24,243 | ) | |||||||
Derivatives Classified as Current or Noncurrent Based on Maturity Dates | ' | ||||||||||||||||
Derivatives are classified as current or noncurrent based on maturity dates, as follows: | |||||||||||||||||
December | December | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
In thousands | |||||||||||||||||
Other current assets | $ | 12,699 | $ | 13,629 | |||||||||||||
Accrued liabilities (Note J) | (36,622 | ) | (22,013 | ) | |||||||||||||
Other assets (Note H) | 3,389 | 2,524 | |||||||||||||||
Other liabilities (Note L) | (10,169 | ) | (7,455 | ) | |||||||||||||
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: | |||||||||||||||||
Cash Flow Hedging | Gain (Loss) on Derivatives | ||||||||||||||||
Relationships | Recognized in OCI | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
In thousands | |||||||||||||||||
Foreign currency exchange | $ | (8,133 | ) | $ | (9,555 | ) | $ | 6,707 | |||||||||
Interest rate | — | — | (48,266 | ) | |||||||||||||
Total | $ | (8,133 | ) | $ | (9,555 | ) | $ | (41,559 | ) | ||||||||
Gain (Loss) Reclassified | |||||||||||||||||
from Accumulated OCI into Income | |||||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2011 | ||||||||||||||
In thousands | |||||||||||||||||
Net sales | $ | 12,917 | $ | (6,569 | ) | $ | 6,525 | ||||||||||
Cost of goods sold | 4,208 | 22,470 | (16,958 | ) | |||||||||||||
Other income (expense), net | (1,051 | ) | 3,704 | (8,441 | ) | ||||||||||||
Interest expense | (3,905 | ) | (3,722 | ) | (2,424 | ) | |||||||||||
Total | $ | 12,169 | $ | 15,883 | $ | (21,298 | ) | ||||||||||
Effects of Fair Value Hedging Included in Consolidated Statements of Income | ' | ||||||||||||||||
Following is a summary of these derivatives included in VF’s Consolidated Statements of Income: | |||||||||||||||||
Derivatives Not | Location of Gain (Loss) on | Gain (Loss) on Derivatives | |||||||||||||||
Designated | Derivatives | Recognized in Income | |||||||||||||||
as Hedges | Recognized in Income | 2013 | 2012 | 2011 | |||||||||||||
In thousands | |||||||||||||||||
Foreign currency exchange | Other income (expense), net | $ | (2,664 | ) | $ | 1,443 | $ | 3,995 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
In thousands | |||||||||||||
Income taxes paid, net of refunds | $ | 291,027 | $ | 282,006 | $ | 205,333 | |||||||
Interest paid, net of amounts capitalized | 80,349 | 88,001 | 66,775 | ||||||||||
Noncash transactions: | |||||||||||||
Property, plant and equipment expenditures included in accounts payable or accrued liabilities | 25,586 | 33,582 | 22,648 | ||||||||||
Computer software costs included in accounts payable or accrued liabilities | 14,654 | — | — | ||||||||||
Assets acquired under capital lease | 4,882 | — | — |
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||||||
First | Second | Third | Fourth | Full | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
In thousands, except per share amounts | |||||||||||||||||||||
2013 (a) | |||||||||||||||||||||
Total revenues | $ | 2,611,869 | $ | 2,220,411 | $ | 3,297,269 | $ | 3,290,099 | $ | 11,419,648 | |||||||||||
Operating income | 357,728 | 201,334 | 579,703 | 508,382 | 1,647,147 | ||||||||||||||||
Net income attributable to VF Corporation | 270,417 | 138,274 | 433,761 | 367,667 | 1,210,119 | ||||||||||||||||
Earnings per share attributable to VF Corporation common stockholders: | |||||||||||||||||||||
Basic | $ | 0.61 | $ | 0.32 | $ | 0.99 | $ | 0.84 | $ | 2.76 | |||||||||||
Diluted | 0.6 | 0.31 | 0.97 | 0.82 | 2.71 | ||||||||||||||||
Dividends per common share | $ | 0.2175 | $ | 0.2175 | $ | 0.2175 | $ | 0.2625 | $ | 0.915 | |||||||||||
2012 (b) | |||||||||||||||||||||
Total revenues | $ | 2,556,455 | $ | 2,141,786 | $ | 3,148,354 | $ | 3,033,260 | $ | 10,879,855 | |||||||||||
Operating income | 314,102 | 163,985 | 536,892 | 450,288 | 1,465,267 | ||||||||||||||||
Net income attributable to VF Corporation (c) | 215,216 | 155,297 | 381,318 | 334,168 | 1,085,999 | ||||||||||||||||
Earnings per share attributable to VF Corporation common stockholders: | |||||||||||||||||||||
Basic | $ | 0.49 | $ | 0.36 | $ | 0.87 | $ | 0.76 | $ | 2.47 | |||||||||||
Diluted | 0.48 | 0.35 | 0.86 | 0.75 | 2.43 | ||||||||||||||||
Dividends per common share | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.2175 | $ | 0.7575 | |||||||||||
(a) | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2013 as follows: | ||||||||||||||||||||
First | Second | Third | Fourth | Full | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
In millions, except per share amounts | |||||||||||||||||||||
Operating income | $ | 2.8 | $ | 4.5 | $ | 2.8 | $ | 0.6 | $ | 10.7 | |||||||||||
Net income | 2.2 | 3.8 | 2.2 | 0.6 | 8.8 | ||||||||||||||||
Earnings per share: | |||||||||||||||||||||
Basic | $ | 0.01 | $ | 0.01 | $ | — | $ | — | $ | 0.02 | |||||||||||
Diluted | $ | 0.01 | $ | 0.01 | $ | — | $ | — | $ | 0.02 | |||||||||||
(b) | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2012 as follows: | ||||||||||||||||||||
First | Second | Third | Fourth | Full | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
In millions, except per share amounts | |||||||||||||||||||||
Operating income | $ | 4.6 | $ | 5 | $ | 14.4 | $ | 6.8 | $ | 30.8 | |||||||||||
Net income | 3.3 | 3.1 | 11.3 | 10.2 | 27.9 | ||||||||||||||||
Earnings per share: | |||||||||||||||||||||
Basic | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.06 | |||||||||||
Diluted | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.06 | |||||||||||
(c) | The second quarter of 2012 includes a gain on the sale of John Varvatos Enterprises, Inc. of $35.8 million, net of related income taxes. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Oct. 16, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Country | ||||
Customer | ||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Description of stock-split arrangement | 'VF's Board of Directors approved a four-for-one stock split of VF's Common Stock payable in the form of a stock dividend. | ' | ' | ' |
Stock split ratio | 4 | ' | ' | ' |
Stock dividend distribution date | 'December 20, 2013 | ' | ' | ' |
Common Stock, shares authorized | 300,000,000 | 1,200,000,000 | 1,200,000,000 | ' |
Common Stock, stated value | $1 | $0.25 | $0.25 | $0.25 |
Net foreign currency transaction gains (losses) | ' | $9.10 | $18.60 | $27.30 |
Cash equivalents | ' | 474 | 198.7 | ' |
Number of countries in which entity is trademarked | ' | 100 | ' | ' |
Advertising expense | ' | 671.3 | 585.2 | 539.9 |
Corporate advertising expense | ' | 58.6 | 51.7 | 48.5 |
Shipping and handling cost | ' | 298.5 | 269.1 | 242.5 |
Royalty expenses | ' | $13.40 | $12.60 | $9.10 |
Number of Largest customers | ' | 10 | ' | ' |
Ten largest customers as a percentage of total revenue | ' | 21.00% | ' | ' |
Sales as Percentage of revenue by largest customer | ' | 8.00% | ' | ' |
Real Estate | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Leases term | ' | 3 | ' | ' |
Leases term | ' | 15 | ' | ' |
Equipment | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Leases term | ' | 2 | ' | ' |
Leases term | ' | 5 | ' | ' |
Minimum | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | 20.00% | ' | ' |
Estimated useful lives of intangible assets | ' | '3 years | ' | ' |
Minimum | Machinery and Equipment | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful lives of assets | ' | '3 years | ' | ' |
Maximum | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | 50.00% | ' | ' |
Estimated useful lives of intangible assets | ' | '30 years | ' | ' |
Maximum | Machinery and Equipment | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful lives of assets | ' | '10 years | ' | ' |
Maximum | Building | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful lives of assets | ' | '40 years | ' | ' |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
Apr. 30, 2012 | Jun. 30, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Sep. 13, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Mar. 30, 2011 | Sep. 30, 2011 | Nov. 02, 2011 | |
The Timberland Company | The Timberland Company | The Timberland Company | The Timberland Company | The Timberland Company | The Timberland Company | Rock and Republic | Napapijri Japan Ltd. | Vf Arvind Brands Private Ltd | |||||
Trademarks And Tradenames | Customer Relationships | Distributor Agreements | Licensing Agreements | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest sold | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of business | $42,000,000 | $35,800,000 | $44,485,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | 712,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings contributed by acquiree | ' | ' | ' | ' | 49,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Value of indefinite lived intangible assets acquired | ' | ' | ' | ' | ' | 1,458,800,000 | 1,274,100,000 | ' | ' | ' | ' | ' | ' |
Value of amortizable intangible assets acquired | ' | ' | ' | ' | ' | ' | ' | 174,400,000 | 5,800,000 | 4,500,000 | ' | ' | ' |
Amortization period of intangible assets acquired (years) | ' | ' | ' | ' | ' | ' | ' | '20 years | '10 years | '5 years | ' | ' | ' |
Purchase price of indefinite-lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,100,000 | ' | ' |
Acquisitions of noncontrolling interests | ' | ' | ' | 52,440,000 | ' | ' | ' | ' | ' | ' | ' | 100,000 | 52,400,000 |
Decrease in additional paid-in capital related to purchase of noncontrolling interests | ' | ' | ' | ($50,226,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Values_of_Assets_Acquired
Fair Values of Assets Acquired and Liabilities Assumed at Date of Acquisition (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Sep. 13, 2011 |
In Thousands, unless otherwise specified | The Timberland Company | |||
Business Acquisition [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 | 2,021,750 | 2,009,757 | 2,023,460 | 851,904 |
Purchase price | ' | ' | ' | $2,299,507 |
Pro_Forma_Results_of_Operation
Pro Forma Results of Operations Assuming that Twenty Twelve Acquisition of Timberland had Occured at Beginning of Twenty Ten (Detail) (The Timberland Company, USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 | |
The Timberland Company | ' | |
Business Combination, Pro Forma Information [Line Items] | ' | |
Total revenue | $10,411,978 | [1] |
Net income attributable to VF Corporation | $808,867 | [1] |
Basic | $1.85 | [1] |
Diluted | $1.82 | [1] |
[1] | Pro forma operating results for 2011 include expenses totaling $96.2 million for acceleration of vesting for all unvested stock-based compensation awards, including tax gross-up payments required under employment agreements with certain Timberland executives, and $17.3 million in Timberland acquisition-related expenses. |
Pro_Forma_Results_of_Operation1
Pro Forma Results of Operations Assuming that Twenty Twelve Acquisition of Timberland had Occured at Beginning of Twenty Ten (Parenthetical) (Detail) (The Timberland Company, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2011 |
The Timberland Company | ' |
Business Combination, Pro Forma Information [Line Items] | ' |
Pro forma operating expenses related to acceleration of vesting for all invested stock-based compensation awards, including tax gross-up payments required under employment agreements | $96.20 |
Pro forma acquisition related expenses | $17.30 |
Impact_on_Consolidated_Equity_
Impact on Consolidated Equity due to Changes in VF's Ownership Interests in Subsidiaries (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net income attributable to VF Corporation | $367,667 | [1] | $433,761 | [1] | $138,274 | [1] | $270,417 | [1] | $334,168 | [2] | $381,318 | [2] | $155,297 | [2],[3] | $215,216 | [2] | $1,210,119 | [1] | $1,085,999 | [2] | $888,089 |
Net transfers to noncontrolling interests - decrease in equity for purchase of noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,226 | ||||||||||
Changes from net income attributable to VF Corporation and transfers to the noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $837,863 | ||||||||||
[1] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2013 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 2.8 $ 4.5 $ 2.8 $ 0.6 $ 10.7 Net income 2.2 3.8 2.2 0.6 8.8 Earnings per share: Basic $ 0.01 $ 0.01 $ - $ - $ 0.02 Diluted $ 0.01 $ 0.01 $ - $ - $ 0.02 | ||||||||||||||||||||
[2] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2012 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 4.6 $ 5.0 $ 14.4 $ 6.8 $ 30.8 Net income 3.3 3.1 11.3 10.2 27.9 Earnings per share: Basic $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 Diluted $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 | ||||||||||||||||||||
[3] | The second quarter of 2012 includes a gain on the sale of John Varvatos Enterprises, Inc. of $35.8 million, net of related income taxes. |
Accounts_Receivable_Detail
Accounts Receivable (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total accounts receivable | $1,405,793 | $1,271,343 |
Less allowance for doubtful accounts | 45,350 | 48,998 |
Accounts receivable, net | 1,360,443 | 1,222,345 |
Trade | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total accounts receivable | 1,320,669 | 1,179,832 |
Royalty and other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total accounts receivable | $85,124 | $91,511 |
Accounts_Receivable_Additional
Accounts Receivable - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Maximum amount of accounts receivable sold at any point in time | $237.50 | ' | ' |
Decrease in receivables related to balances sold | 136.4 | 127.4 | ' |
Sale of accounts receivable | 1,259.70 | 1,278 | ' |
Funding fee | $1.80 | $2 | $2 |
Inventories_Detail
Inventories (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Finished products | $1,159,555 | $1,099,229 |
Work in process | 94,586 | 98,191 |
Raw materials | 144,921 | 156,738 |
Total inventories | $1,399,062 | $1,354,158 |
Property_Plant_and_Equipment_D
Property Plant and Equipment (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, at cost | $2,169,980 | $1,983,417 | ' |
Less accumulated depreciation and amortization | 1,237,188 | 1,155,199 | ' |
Property, plant and equipment, net | 932,792 | 828,218 | 737,451 |
Land and Improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, at cost | 56,828 | 54,264 | ' |
Building and Improvement | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, at cost | 953,931 | 862,288 | ' |
Machinery and Equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, at cost | $1,159,221 | $1,066,865 | ' |
Property_Plant_And_Equipment_A
Property Plant And Equipment - Additional Information (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, at cost | $2,169,980 | $1,983,417 |
Accumulated depreciation | 1,237,188 | 1,155,199 |
Mortgages | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, at cost | 21,200 | 21,200 |
Accumulated depreciation | $2,900 | $2,400 |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Intangible Assets by Major Class [Line Items] | ' | ' |
Intangible assets, net | $2,960,201 | $2,917,058 |
Amortizable intangible assets, net carrying amount | 531,752 | 566,936 |
Indefinite-lived intangible assets, trademarks and trade names | 2,428,449 | 2,350,122 |
Customer Relationships | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Amortizable intangible assets, Amortization Method | 'Accelerated | 'Accelerated |
Amortizable intangible assets, weighted average amortization period (in years) | '20 years | '19 years |
Amortizable intangible assets, cost | 627,670 | 615,782 |
Amortizable intangible assets, accumulated amortization | 210,231 | 173,336 |
Amortizable intangible assets, net carrying amount | 417,439 | 442,446 |
Licensing Agreements | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Amortizable intangible assets, Amortization Method | 'Accelerated and straight-line | 'Accelerated and straight-line |
Amortizable intangible assets, weighted average amortization period (in years) | '24 years | '24 years |
Amortizable intangible assets, cost | 184,167 | 183,854 |
Amortizable intangible assets, accumulated amortization | 76,378 | 68,112 |
Amortizable intangible assets, net carrying amount | 107,789 | 115,742 |
Other Intangible Assets | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Amortizable intangible assets, Amortization Method | 'Straight-line | 'Straight-line |
Amortizable intangible assets, weighted average amortization period (in years) | '8 years | '8 years |
Amortizable intangible assets, cost | 16,057 | 15,944 |
Amortizable intangible assets, accumulated amortization | 9,533 | 7,196 |
Amortizable intangible assets, net carrying amount | $6,524 | $8,748 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Schedule Of Estimated Future Amortization Expense [Line Items] | ' | ' | ' |
Intangible asset amortization expense | $45,787 | $47,929 | $41,708 |
Estimated_Amortization_Expense
Estimated Amortization Expense (Detail) (USD $) | Dec. 28, 2013 |
In Millions, unless otherwise specified | |
Schedule Of Estimated Future Amortization Expense [Line Items] | ' |
Estimated amortization expense, 2014 | $43.80 |
Estimated amortization expense, 2015 | 41.8 |
Estimated amortization expense, 2016 | 40.5 |
Estimated amortization expense, 2017 | 39.3 |
Estimated amortization expense, 2018 | $38.70 |
Changes_in_Goodwill_Detail
Changes in Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Goodwill [Line Items] | ' | ' |
Goodwill, beginning balance | $2,009,757 | $2,023,460 |
Adjustments to purchase price allocation | ' | -19,991 |
Contingent consideration | ' | 979 |
Currency translation | 11,993 | 5,309 |
Goodwill, ending balance | 2,021,750 | 2,009,757 |
Outdoor & Action Sports | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, beginning balance | 1,422,492 | 1,437,596 |
Adjustments to purchase price allocation | ' | -19,991 |
Currency translation | 12,406 | 4,887 |
Goodwill, ending balance | 1,434,898 | 1,422,492 |
Jeanswear | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, beginning balance | 228,843 | 228,421 |
Currency translation | -413 | 422 |
Goodwill, ending balance | 228,430 | 228,843 |
Imagewear | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, beginning balance | 58,747 | 57,768 |
Contingent consideration | ' | 979 |
Currency translation | ' | ' |
Goodwill, ending balance | 58,747 | 58,747 |
Sportswear | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, beginning balance | 157,314 | 157,314 |
Contingent consideration | ' | ' |
Currency translation | ' | ' |
Goodwill, ending balance | 157,314 | 157,314 |
Contemporary Brands | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, beginning balance | 142,361 | 142,361 |
Contingent consideration | ' | ' |
Currency translation | ' | ' |
Goodwill, ending balance | $142,361 | $142,361 |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Cumulative impairment charges | $0 | $0 | $0 |
Outdoor & Action Sports | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Cumulative impairment charges | 43.4 | 43.4 | 43.4 |
Sportswear | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Cumulative impairment charges | 58.5 | 58.5 | 58.5 |
Contemporary Brands | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Cumulative impairment charges | $195.20 | $195.20 | $195.20 |
Other_Assets_Detail
Other Assets (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets [Line Items] | ' | ' |
Investments held for deferred compensation plans (Note M) | $217,677 | $191,177 |
Other investments | 17,514 | 15,067 |
Deferred income taxes (Note P) | 16,537 | 27,170 |
Computer software, net of accumulated amortization of $83,943 in 2013 and $57,362 in 2012 | 120,637 | 70,886 |
Shop-in-shop costs, net of accumulated amortization of $65,859 in 2013 and $49,319 in 2012 | 42,847 | 33,944 |
Deferred debt issuance costs | 11,458 | 13,240 |
Derivative financial instruments (Note U) | 3,389 | 2,524 |
Deposits | 33,216 | 30,291 |
Other | 54,443 | 44,106 |
Other assets | $517,718 | $428,405 |
Other_Assets_Parenthetical_Det
Other Assets (Parenthetical) (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets [Line Items] | ' | ' |
Computer software, accumulated amortization | $83,943 | $57,362 |
Shop-in-shop costs, accumulated amortization | $65,859 | $49,319 |
Shortterm_Borrowings_Additiona
Short-term Borrowings - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Credit Facility Short Term Borrowings [Line Items] | ' | ' |
Short term borrowings | $18,810,000 | $12,559,000 |
Restricted covenants | 60.00% | ' |
Financial Standby Letter of Credit | ' | ' |
Credit Facility Short Term Borrowings [Line Items] | ' | ' |
Letters of credit amount | 17,400,000 | ' |
Commercial Paper | ' | ' |
Credit Facility Short Term Borrowings [Line Items] | ' | ' |
Credit facility amount outstanding | 0 | 0 |
International Lending Agreements | ' | ' |
Credit Facility Short Term Borrowings [Line Items] | ' | ' |
Short term borrowings | 18,800,000 | 12,600,000 |
Weighted average interest rate of international bank borrowings | 5.20% | 7.30% |
Global Credit Facility | ' | ' |
Credit Facility Short Term Borrowings [Line Items] | ' | ' |
Credit facility amount outstanding | 1,250,000,000 | ' |
Credit facility expiration date | '2016-12 | ' |
Credit facility maximum borrowings | 750,000,000 | ' |
Letters of credit amount | 100,000,000 | ' |
Debt instrument basis spread on variable rate | 90 | ' |
Credit facility fee basis points | 10 | ' |
Credit facility description | 'VF maintains a $1.25 billion senior unsecured revolving line of credit (the "Global Credit Facility") which supports the $1.25 billion U.S. commercial paper programs . | ' |
Global Credit Facility | Commercial Paper | Maximum | ' | ' |
Credit Facility Short Term Borrowings [Line Items] | ' | ' |
Credit facility amount outstanding | $1,250,000,000 | ' |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accrued Liabilities [Line Items] | ' | ' | ' |
Compensation | $186,724 | $184,434 | ' |
Deferred compensation (Note M) | 31,608 | 28,224 | ' |
Income taxes | 91,635 | 44,592 | ' |
Deferred income taxes (Note P) | 9,367 | 6,601 | ' |
Other taxes | 134,476 | 110,281 | ' |
Advertising | 65,389 | 41,725 | ' |
Customer discounts and allowances | 37,107 | 37,274 | ' |
Interest | 16,444 | 16,860 | ' |
Derivative financial instruments (Note U) | 36,622 | 22,013 | ' |
Insurance | 16,518 | 20,377 | ' |
Product warranty claims (Note L) | 14,787 | 13,805 | 13,791 |
Pension liabilities (Note M) | 9,016 | 8,742 | ' |
Freight, duties and postage | 46,640 | 42,382 | ' |
Other | 208,959 | 176,832 | ' |
Accrued liabilities | $905,292 | $754,142 | ' |
Long_Term_Debt_Detail
Long - Term Debt (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Other long-term debt | $10,341 | $10,528 |
Capital leases | 29,468 | 29,629 |
Total long-term debt | 1,431,996 | 1,832,039 |
Less current portion | 5,167 | 402,873 |
Long-term debt, due beyond one year | 1,426,829 | 1,429,166 |
Floating rate notes, due 2013 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 400,000 |
5.95% Notes, Due 2017 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 250,000 | 250,000 |
3.5% notes, due 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 498,765 | 498,629 |
6.00% notes, due 2033 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 293,422 | 293,253 |
6.45% Notes, Due 2037 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $350,000 | $350,000 |
Long_Term_Debt_Parenthetical_D
Long - Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Floating rate notes, due 2013 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity date, notes | '2013 | '2013 |
5.95% Notes, Due 2017 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes, stated percentage | 5.95% | 5.95% |
Maturity date, notes | '2017 | '2017 |
3.5% notes, due 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes, stated percentage | 3.50% | 3.50% |
Maturity date, notes | '2021 | '2021 |
6.00% notes, due 2033 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes, stated percentage | 6.00% | 6.00% |
Maturity date, notes | '2033 | '2033 |
6.45% Notes, Due 2037 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes, stated percentage | 6.45% | 6.45% |
Maturity date, notes | '2037 | '2037 |
Long_Term_Debt_Additional_Info
Long - Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 28, 2013 | Dec. 29, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Redemption price percentage | ' | 100.00% | ' |
Capital lease, expiration dates | ' | '2021 | ' |
Assets under capital lease | ' | 47.6 | 42.7 |
Accumulated amortization of assets under capital lease | ' | 24.1 | 18.9 |
Capital Lease Obligations | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Effective annual interest rate | ' | 5.06% | ' |
6.00% notes, due 2033 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maturity date, notes | ' | '2033 | '2033 |
Cross - acceleration trigger | ' | 50 | ' |
Long - term debt, face amount | ' | 300 | ' |
Effective annual interest rate | ' | 6.19% | ' |
5.95% Notes, Due 2017 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maturity date, notes | ' | '2017 | '2017 |
Cross - acceleration trigger | ' | 100 | ' |
Repurchase obligation percentage | ' | 101.00% | ' |
Additional Basis point | ' | 0.20% | ' |
3.5% notes, due 2021 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maturity date, notes | ' | '2021 | '2021 |
Cross - acceleration trigger | ' | 100 | ' |
Repurchase obligation percentage | ' | 101.00% | ' |
Redemption price percentage | ' | 100.00% | ' |
Additional Basis point | ' | 0.20% | ' |
Long - term debt, face amount | ' | 500 | ' |
Effective annual interest rate | ' | 4.69% | ' |
6.45% Notes, Due 2037 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maturity date, notes | ' | '2037 | '2037 |
Cross - acceleration trigger | ' | 100 | ' |
Repurchase obligation percentage | ' | 101.00% | ' |
Additional Basis point | ' | 0.25% | ' |
Floating rate notes, due 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Additional interest | 0.75% | ' | ' |
Maturity date, notes | ' | '2013 | '2013 |
Long_Term_Debt_and_Future_Mini
Long - Term Debt and Future Minimum Lease Payments for Capital Leases (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Schedule of Longterm Debt Including Capital Lease Obligation [Line Items] | ' | ' |
2014, notes and other | $200 | ' |
2015, notes and other | 213 | ' |
2016, notes and other | ' | ' |
2017, noted and other | 250,000 | ' |
2018, notes and other | ' | ' |
Thereafter, notes and other | 1,159,928 | ' |
Total, notes and other | 1,410,341 | ' |
Less unamortized debt discount, notes and other | 7,813 | ' |
Less amounts representing interest, notes and other | ' | ' |
Total long-term debt, notes and other | 1,402,528 | ' |
Less current portion, notes and other | 200 | ' |
Long-term debt, due beyond one year, notes and other | 1,402,328 | ' |
2014, capital lease | 6,265 | ' |
2015, capital lease | 4,506 | ' |
2016, capital lease | 4,345 | ' |
2017, capital lease | 4,504 | ' |
2018, capital lease | 4,504 | ' |
Thereafter, capital lease | 10,886 | ' |
Total, capital leases | 35,010 | ' |
Less unamortized debt discount | ' | ' |
Less amounts representing interest, capital lease | 5,542 | ' |
Total long-term debt, capital lease | 29,468 | 29,629 |
Less current portion, capital lease | 4,967 | ' |
Long-term debt, due beyond one year, capital lease | 24,501 | ' |
2014, total | 6,465 | ' |
2015, total | 4,719 | ' |
2016, total | 4,345 | ' |
2017, total | 254,504 | ' |
2018, total | 4,504 | ' |
Thereafter, total | 1,170,814 | ' |
Total | 1,445,351 | ' |
Less unamortized debt discount, total | 7,813 | ' |
Less amounts representing interest, total | 5,542 | ' |
Total long-term debt, total | 1,431,996 | 1,832,039 |
Less current portion, total | 5,167 | 402,873 |
Long-term debt, due beyond one year, total | $1,426,829 | $1,429,166 |
Other_Liabilities_Detail
Other Liabilities (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Schedule of Other Liabilities [Line Items] | ' | ' | ' |
Deferred compensation (Note M) | $244,554 | $204,132 | ' |
Pension liabilities (Note M) | 214,431 | 474,175 | ' |
Income taxes | 129,257 | 121,516 | ' |
Deferred income taxes (Note P) | 452,506 | 366,804 | ' |
Deferred rent credits | 86,141 | 68,560 | ' |
Product warranty claims | 42,352 | 36,590 | 30,936 |
Derivative financial instruments (Note U) | 10,169 | 7,455 | ' |
Other | 64,165 | 66,786 | ' |
Other liabilities | $1,243,575 | $1,346,018 | ' |
Activities_Relating_to_Accrued
Activities Relating to Accrued Product Warranty Claims (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Schedule Of Product Warranty Liability [Line Items] | ' | ' | ' |
Balance, beginning of year | $50,395 | $44,727 | $42,335 |
Accrual for products sold during the year | 20,199 | 17,769 | 15,749 |
Repair or replacement costs incurred | -13,923 | -12,427 | -12,911 |
Currency translation | 468 | 326 | -446 |
Balance, end of year | 57,139 | 50,395 | 44,727 |
Less current portion (Note J) | 14,787 | 13,805 | 13,791 |
Long-term portion | $42,352 | $36,590 | $30,936 |
Retirement_and_Savings_Benefit2
Retirement and Savings Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of domestic plan | 92.00% | ' | ' |
Project benefit obligation amortized over five years minimum | 20.00% | ' | ' |
Number of years amortized | 5 | ' | ' |
Projected benefit obligations amortized over the expected average remaining service of active participants minimum | 10.00% | ' | ' |
Projected benefit obligations amortized over the expected average remaining service of active participants maximum | 20.00% | ' | ' |
Plan assets or projected benefit obligations unamortized, maximum percentage | 10.00% | ' | ' |
Deferred actuarial losses to be amortized to pension expenses | $37,500,000 | ' | ' |
Estimated amortization of prior service cost, next period | 5,400,000 | ' | ' |
Defined benefit plan, assets transferred to plan | 0 | ' | ' |
VF contribution | 117,591,000 | 112,892,000 | ' |
Estimated future benefit payments, 2014 | 79,200,000 | ' | ' |
Estimated future benefit payments, 2015 | 81,800,000 | ' | ' |
Estimated future benefit payments, 2016 | 85,500,000 | ' | ' |
Estimated future benefit payments, 2017 | 89,000,000 | ' | ' |
Estimated future benefit payments, 2018 | 92,800,000 | ' | ' |
Estimated future benefit payments, 2019-2023 | 518,600,000 | ' | ' |
VF's current liability to participants of the deferred compensation plans | 31,608,000 | 28,224,000 | ' |
Discretionary Contribution | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
VF contribution | 100,000,000 | 100,000,000 | ' |
Other Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
VF contribution, next fiscal year | 16,700,000 | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Deferred compensation plans expense | 5,400,000 | 4,700,000 | 4,300,000 |
Deferred compensation liability, current and noncurrent | 276,200,000 | ' | ' |
VF's current liability to participants of the deferred compensation plans | 31,600,000 | ' | ' |
VF's liability to participants of the deferred compensation plans, expected to be paid beyond one year | 244,600,000 | ' | ' |
Fair value of investments | 247,700,000 | ' | ' |
Expected to be liquidated to fund payments to participants recorded in other current assets | 30,000,000 | ' | ' |
Expected to be liquidated to fund payments to participants recorded in other assets | 217,700,000 | ' | ' |
Defined contribution plans expense | $22,000,000 | $18,700,000 | $16,900,000 |
Components_of_Pension_Cost_Det
Components of Pension Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Employee Benefit And Retirement Plans [Line Items] | ' | ' | ' |
Service cost - benefits earned during the year | $25,445 | $23,198 | $20,867 |
Interest cost on projected benefit obligations | 72,003 | 77,013 | 78,859 |
Expected return on plan assets | -94,585 | -80,619 | -89,689 |
Amortization of deferred amounts, Net deferred actuarial losses | 85,356 | 69,744 | 43,088 |
Amortization of deferred amounts, Deferred prior service costs | 1,270 | 3,357 | 3,453 |
Total pension expense | $89,489 | $92,693 | $56,578 |
Discount rate | 3.91% | 4.94% | 5.40% |
Expected long-term return on plan assets | 5.70% | 6.38% | 6.10% |
Rate of compensation increase | 3.82% | 3.85% | 3.80% |
Reconciliation_of_Changes_in_F
Reconciliation of Changes in Fair Value of Defined Benefit Plan Assets and Projected Benefit Obligations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Schedule Of Reconciliation Of Changes In Fair Value Of Assets And Liabilities [Line Items] | ' | ' | ' |
Fair value of plan assets, beginning of year | $1,332,211 | $1,144,178 | ' |
Current assets | 2,272 | ' | ' |
Actual return on plan assets | 84,882 | 146,079 | ' |
Current liabilities (Note J) | -9,016 | -8,742 | ' |
VF contributions | 117,591 | 112,892 | ' |
Noncurrent liabilities (Note L) | -214,431 | -474,175 | ' |
Participant contributions | 2,975 | 2,677 | ' |
Funded status | -221,175 | -482,917 | ' |
Benefits paid | -73,308 | -76,813 | ' |
Net deferred actuarial losses | 422,932 | 676,373 | ' |
Currency translation | 3,175 | 3,198 | ' |
Deferred prior service costs | 27,594 | 7,525 | ' |
Fair value of plan assets, end of year | 1,467,526 | 1,332,211 | 1,144,178 |
Accumulated other comprehensive (income) loss, pretax | 450,526 | 683,898 | ' |
Projected benefit obligations, beginning of year | 1,815,128 | 1,546,896 | ' |
Accumulated benefit obligations | 1,610,369 | 1,751,741 | ' |
Service cost | 25,445 | 23,198 | 20,867 |
Discount rate | 4.63% | 3.92% | ' |
Interest cost | 72,003 | 77,013 | 78,859 |
Rate of compensation increase | 3.39% | 3.83% | ' |
Participant contributions | 2,975 | 2,677 | ' |
Actuarial (gain) loss | -178,414 | 243,766 | ' |
Benefits paid | -73,308 | -76,813 | ' |
Plan amendments | 21,321 | -5,518 | ' |
Currency translation | 3,551 | 3,909 | ' |
Projected benefit obligations, end of year | 1,688,701 | 1,815,128 | 1,546,896 |
Funded status, end of year | ($221,175) | ($482,917) | ' |
Fair_Value_of_Investment_Held_
Fair Value of Investment Held by Pension Plan (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | $1,467,526 | $1,332,211 | $1,144,178 | ||
Cash and Cash Equivalents | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 35,082 | [1] | 119,962 | [1] | ' |
US Treasury and Government | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 22 | 39,361 | ' | ||
Corporate Government and Foreign Bonds | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 884,453 | 432,410 | ' | ||
Alternative Investments | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 125,624 | ' | ' | ||
Insurance Contracts | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 44,720 | 34,843 | ' | ||
Commodities | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | -1,505 | [2] | 821 | [2] | ' |
Real Estate | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | ' | 45,922 | ' | ||
Equity Securities | Domestic | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 165,550 | 314,052 | ' | ||
Equity Securities | Foreign | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 213,580 | 344,840 | ' | ||
Quoted Prices In Active Markets For Identical Assets, Level 1 | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3,817 | 41,989 | ' | ||
Quoted Prices In Active Markets For Identical Assets, Level 1 | Cash and Cash Equivalents | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 5,322 | [1] | 1,837 | [1] | ' |
Quoted Prices In Active Markets For Identical Assets, Level 1 | US Treasury and Government | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | ' | 39,331 | ' | ||
Quoted Prices In Active Markets For Identical Assets, Level 1 | Commodities | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | -1,505 | [2] | 821 | [2] | ' |
Significant Other Observable Inputs, Level 2 | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,338,085 | 1,290,222 | ' | ||
Significant Other Observable Inputs, Level 2 | Cash and Cash Equivalents | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 29,760 | [1] | 118,125 | [1] | ' |
Significant Other Observable Inputs, Level 2 | US Treasury and Government | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 22 | 30 | ' | ||
Significant Other Observable Inputs, Level 2 | Corporate Government and Foreign Bonds | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 884,453 | 432,410 | ' | ||
Significant Other Observable Inputs, Level 2 | Insurance Contracts | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 44,720 | 34,843 | ' | ||
Significant Other Observable Inputs, Level 2 | Real Estate | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | ' | 45,922 | ' | ||
Significant Other Observable Inputs, Level 2 | Equity Securities | Domestic | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 165,550 | 314,052 | ' | ||
Significant Other Observable Inputs, Level 2 | Equity Securities | Foreign | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 213,580 | 344,840 | ' | ||
Significant Unobservable Inputs, Level 3 | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 125,624 | ' | ' | ||
Significant Unobservable Inputs, Level 3 | Alternative Investments | ' | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | $125,624 | ' | ' | ||
[1] | Includes cash held by individual investment managers of other asset classes for liquidity purposes. Level 2 includes an institutional fund that invests primarily in short-term U.S. government securities. | ||||
[2] | Consists of derivative commodity futures. |
Summary_of_Changes_in_Fair_Val
Summary of Changes in Fair Value of Level 3 Pension Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual return on assets | $84,882 | $146,079 |
Alternative Investments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Balance, December 2012 | ' | ' |
Purchase of assets | 122,980 | ' |
Actual return on assets | 2,644 | ' |
Balance, December 2013 | $125,624 | ' |
Capital_and_Accumulated_Other_2
Capital and Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 28, 2013 | Dec. 29, 2012 | Oct. 16, 2013 | Dec. 31, 2011 | |
Class of Stock [Line Items] | ' | ' | ' | ' |
Treasury shares restored as unissued status | 17,016,484 | 76,000,000 | ' | ' |
Treasury shares | 0 | 10,121,604 | ' | 77,158,760 |
Common Stock, stated value | $0.25 | $0.25 | $1 | $0.25 |
Shares_Held_for_Deferred_Compe
Shares Held for Deferred Compensation Plans (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Millions, except Share data, unless otherwise specified | |||
Schedule of Deferred Compensation Plans [Line Items] | ' | ' | ' |
Shares held for deferred compensation plans | 704,104 | 749,824 | 953,100 |
Cost of shares held for deferred compensation plans | $8.40 | $8.80 | $11 |
Deferred_Components_of_Other_C
Deferred Components of Other Comprehensive Income (Loss) Reported, Net of Related Income Taxes, in Accumulated Other Comprehensive Income (Loss) in Stockholders' Equity (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Foreign currency translation | $106,647 | ($4,068) |
Defined benefit pension plans | -277,451 | -420,538 |
Derivative financial instruments | -41,754 | -29,430 |
Marketable securities | 838 | 141 |
Accumulated other comprehensive income (loss) | ($211,720) | ($453,895) |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Loss), Net of Related Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | ($453,895) | ' | ' |
Other comprehensive income (loss) before reclassifications | 196,348 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 45,827 | ' | ' |
Net other comprehensive income (loss) | 242,175 | -32,418 | -153,112 |
Ending balance | -211,720 | -453,895 | ' |
Accumulated Translation Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | -4,068 | ' | ' |
Other comprehensive income (loss) before reclassifications | 110,715 | ' | ' |
Net other comprehensive income (loss) | 110,715 | ' | ' |
Ending balance | 106,647 | ' | ' |
Accumulated Defined Benefit Plans Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | -420,538 | ' | ' |
Other comprehensive income (loss) before reclassifications | 89,873 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 53,214 | ' | ' |
Net other comprehensive income (loss) | 143,087 | ' | ' |
Ending balance | -277,451 | ' | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | -29,430 | ' | ' |
Other comprehensive income (loss) before reclassifications | -4,937 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | -7,387 | ' | ' |
Net other comprehensive income (loss) | -12,324 | ' | ' |
Ending balance | -41,754 | ' | ' |
Accumulated Net Unrealized Investment Gain (Loss) | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | 141 | ' | ' |
Other comprehensive income (loss) before reclassifications | 697 | ' | ' |
Net other comprehensive income (loss) | 697 | ' | ' |
Ending balance | $838 | ' | ' |
Reclassification_Out_of_Accumu
Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Other Comprehensive Income Loss Reclassification Adjustments [Line Items] | ' | ' | ' | |
Net deferred actuarial losses | ($85,356) | [1] | ($69,744) | ($43,088) |
Deferred prior service costs | -1,270 | [1] | -3,357 | -3,453 |
Amortization of defined benefit pension plans actuarial loss and service cost before tax | -86,626 | ' | ' | |
Amortization of defined benefit pension plans actuarial loss and service cost tax | 33,412 | ' | ' | |
Amortization of defined benefit pension plans actuarial loss and service cost after tax | -53,214 | ' | ' | |
Gains (losses) on derivative financial instruments | 12,169 | 15,883 | -21,298 | |
Gains (losses) on derivative financial instruments tax | -4,782 | ' | ' | |
Gains (losses) on derivative financial instruments after tax | 7,387 | ' | ' | |
Total reclassifications for the year | -45,827 | ' | ' | |
Foreign Currency Exchange Contract | Net sales | ' | ' | ' | |
Other Comprehensive Income Loss Reclassification Adjustments [Line Items] | ' | ' | ' | |
Gains (losses) on derivative financial instruments | 12,917 | ' | ' | |
Foreign Currency Exchange Contract | Cost of goods sold | ' | ' | ' | |
Other Comprehensive Income Loss Reclassification Adjustments [Line Items] | ' | ' | ' | |
Gains (losses) on derivative financial instruments | 4,208 | ' | ' | |
Foreign Currency Exchange Contract | Other income (expense), net | ' | ' | ' | |
Other Comprehensive Income Loss Reclassification Adjustments [Line Items] | ' | ' | ' | |
Gains (losses) on derivative financial instruments | -1,051 | ' | ' | |
Interest Rate Contract | Interest expense | ' | ' | ' | |
Other Comprehensive Income Loss Reclassification Adjustments [Line Items] | ' | ' | ' | |
Gains (losses) on derivative financial instruments | ($3,905) | ' | ' | |
[1] | These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note M for additional details). |
Total_StockBased_Compensation_
Total Stock-Based Compensation Cost and Associated Income Tax Benefits Related to Stock-Based Compensation Arrangements Recognized and Stock-Based Compensation Costs Included in Inventory (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation cost | $87,118 | $92,814 | $76,739 |
Income tax benefits | 32,059 | 34,156 | 28,240 |
Stock-based compensation cost included in inventory | $119 | $221 | $261 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total unrecognized compensation cost related to nonvested stock-based compensation | $47 | ' | ' |
Total unrecognized compensation cost related to nonvested stock-based compensation, period of recognition (years) | '1 year 1 month 6 days | ' | ' |
Shares available for future grant | 30,501,071 | ' | ' |
Share based compensation vesting period | '3 years | ' | ' |
Options term | '10 years | ' | ' |
Total fair value of stock option vested | 23.4 | 20.4 | 20.6 |
Total intrinsic value of stock options exercised | 127.3 | 112.9 | 113.5 |
Grant date fair value of each units granted | $8.34 | $8.36 | $6.28 |
Share earned in period | 156,988 | ' | ' |
Market value of shares vested | 9.7 | 2.5 | 3.7 |
Fair value of restricted stock | 51.7 | ' | ' |
Board of Directors | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options granted period of time options become exercisable | '1 year | ' | ' |
Performance-Based Restricted Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based compensation vesting period | '3 years | ' | ' |
Award expiration period from grant date | '3 years | ' | ' |
Baseline profitability goal period | '3 years | ' | ' |
Percentage of targets award adjusted to actual number of shares earned | 25.00% | ' | ' |
Performance period, years | '3 years | ' | ' |
Grant date fair value of each units granted | $40.64 | $36.37 | $23.94 |
Total market value of awards outstanding | 141.8 | ' | ' |
Share earned in period | 1,457,159 | 2,160,868 | 2,104,656 |
Market value of shares vested | 85.8 | 82.1 | 74.6 |
Performance-Based Restricted Stock Units | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares of common stock to be issued for each restricted stock unit granted | 0 | ' | ' |
Performance-Based Restricted Stock Units | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares of common stock to be issued for each restricted stock unit granted | 2 | ' | ' |
Nonperformance-Based Restricted Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based compensation vesting period | '4 years | ' | ' |
Nonperformance-Based Restricted Stock Units | Restricted Stock Unit | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grant date fair value of each units granted | $39.21 | $35.52 | $28.58 |
Total market value of awards outstanding | $37.80 | ' | ' |
Nonperformance-Based Restricted Stock Units | Board of Directors | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award expiration period from grant date | '1 year | ' | ' |
Number of shares of common stock to be issued for each restricted stock unit granted | 1 | ' | ' |
Schedule_of_Assumption_Used_an
Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted (Detail) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' | ' | ' |
Expected volatility, minimum | 24.00% | 27.00% | 27.00% |
Expected volatility, maximum | 29.00% | 31.00% | 38.00% |
Weighted average expected volatility | 27.00% | 30.00% | 34.00% |
Dividend yield | 2.30% | 2.50% | 3.10% |
Risk-free interest rate, minimum | 0.10% | 0.10% | 0.20% |
Risk-free interest rate, maximum | 2.00% | 2.10% | 3.50% |
Weighted average fair value at date of grant | $8.34 | $8.36 | $6.28 |
Minimum | ' | ' | ' |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' | ' | ' |
Expected term | '5 years 7 months 6 days | '5 years 7 months 6 days | '5 years 7 months 6 days |
Maximum | ' | ' | ' |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' | ' | ' |
Expected term | '7 years 4 months 24 days | '7 years 6 months | '7 years 6 months |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2013 |
Shares | ' |
Number of shares,Outstanding, Beginning Balance | 17,242,236 |
Granted, Number of shares | 3,600,472 |
Exercised, Number of shares | -4,557,832 |
Forfeited/cancelled, Number of shares | -239,568 |
Number of shares,Outstanding, Ending Balance | 16,045,308 |
Exercisable, Number of shares | 9,411,248 |
Weighted average exercise price | ' |
Outstanding, Beginning balance | $22.37 |
Granted | $40.64 |
Exercised | $18.57 |
Forfeited/cancelled | $42.50 |
Outstanding, Ending balance | $27.25 |
Exercisable, Ending balance | $20.66 |
Options outstanding, remaining contractual term | '6 years 9 months 18 days |
Options exercisable, remaining contractual term | '5 years 6 months |
Options outstanding, intrinsic value | $550,843 |
Options exercisable, intrinsic value | $385,069 |
RSU_Activity_Detail
RSU Activity (Detail) (USD $) | 12 Months Ended |
Dec. 28, 2013 | |
Schedule Of Activity Related To Restricted Shares And Restricted Share [Line Items] | ' |
Nonvested shares, Beginning balance | 680,440 |
Granted | 320,000 |
Forfeited/cancelled | -20,708 |
Nonvested shares, Ending balance | 839,442 |
Vested | 156,988 |
Nonvested shares, Beginning balance | $24.85 |
Granted | $38.79 |
Forfeited/cancelled | $32.83 |
Nonvested shares, Ending balance | $30.66 |
Vested | $23.72 |
Performance-Based | ' |
Schedule Of Activity Related To Restricted Shares And Restricted Share [Line Items] | ' |
Nonvested shares, Beginning balance | 2,749,036 |
Granted | 737,068 |
Issued as Common Stock | -1,115,392 |
Forfeited/cancelled | -67,520 |
Nonvested shares, Ending balance | 2,303,192 |
Vested | 1,361,935 |
Nonvested shares, Beginning balance | $24.96 |
Granted | $40.64 |
Issued as Common Stock | $18.07 |
Forfeited/cancelled | $34 |
Nonvested shares, Ending balance | $33.04 |
Vested | $29.21 |
Nonperformance Based | ' |
Schedule Of Activity Related To Restricted Shares And Restricted Share [Line Items] | ' |
Nonvested shares, Beginning balance | 537,380 |
Granted | 186,324 |
Issued as Common Stock | -87,380 |
Forfeited/cancelled | -22,000 |
Nonvested shares, Ending balance | 614,324 |
Vested | 16,324 |
Nonvested shares, Beginning balance | $26.31 |
Granted | $39.21 |
Issued as Common Stock | $33.35 |
Forfeited/cancelled | $32.59 |
Nonvested shares, Ending balance | $28.99 |
Vested | $40.49 |
Restricted_Stock_Activity_Deta
Restricted Stock Activity (Detail) (USD $) | 12 Months Ended |
Dec. 28, 2013 | |
Employee Restricted Equity Awards Vesting Activity [Line Items] | ' |
Nonvested shares, Beginning balance | 680,440 |
Granted | 320,000 |
Dividend equivalents | 16,698 |
Vested | -156,988 |
Forfeited | -20,708 |
Nonvested shares, Ending balance | 839,442 |
Nonvested shares, Beginning balance | $24.85 |
Granted | $38.79 |
Dividend equivalents | $49 |
Vested | $23.72 |
Forfeited | $32.83 |
Nonvested shares, Ending balance | $30.66 |
Provision_for_Income_Taxes_Inc
Provision for Income Taxes, Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Provision For Income Taxes [Line Items] | ' | ' | ' |
Domestic | $735,177 | $663,380 | $582,198 |
Foreign | 827,313 | 758,495 | 582,545 |
Income before income taxes | $1,562,490 | $1,421,875 | $1,164,743 |
Provision_for_Income_Taxes_Det
Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Provision For Income Taxes [Line Items] | ' | ' | ' |
Federal | $238,816 | $231,282 | $193,433 |
Foreign | 103,752 | 100,635 | 57,738 |
State | 22,173 | 24,617 | 34,046 |
Current Income Tax Expense (Benefit), Total | 364,741 | 356,534 | 285,217 |
Federal and state | -15,265 | -13,999 | -7,955 |
Foreign | 2,895 | -6,798 | -2,912 |
Income taxes | $352,371 | $335,737 | $274,350 |
Differences_Between_Income_Tax
Differences Between Income Taxes Computed by Applying Statutory Federal Income Tax Rate and Income Tax Expense In Consolidated Financial Statements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Investments, Owned, Federal Income Tax Note [Line Items] | ' | ' | ' |
Tax at federal statutory rate | $546,872 | $497,656 | $407,660 |
State income taxes, net of federal tax benefit | 19,653 | 24,304 | 23,147 |
Foreign rate differences | -187,513 | -165,318 | -144,327 |
Change in valuation allowance | -3,422 | -33,060 | -12,126 |
Tax credits | -16,742 | ' | -8,454 |
Other | -6,477 | 12,155 | 8,450 |
Income taxes | $352,371 | $335,737 | $274,350 |
Income_Taxes_Additional_inform
Income Taxes - Additional information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Foreign rate differences | $6.90 | $14.80 | $1.80 |
Foreign jurisdiction income tax reduction | 10.4 | 6.3 | 6.2 |
Income tax reduction per diluted share | $0.02 | $0.01 | $0.01 |
Undistributed earnings of international subsidiaries | 2,532.80 | ' | ' |
Potential tax benefits for federal capital loss carryforwards, foreign operations | 99.7 | ' | ' |
Portion of foreign operating loss carry forwards with unlimited carry forward life | 93.3 | ' | ' |
Federal operating loss carry forwards | 4.8 | ' | ' |
State operating loss carry forwards | 18.4 | ' | ' |
Federal capital loss carry forwards | 0.8 | ' | ' |
Net increase in valuation allowance related to foreign carryforwards and other deferred tax asset | 3.8 | ' | ' |
Net increase in valuation allowance related to state operating loss and carryforwards | 5.8 | ' | ' |
Net increase in valuation allowance related to foreign currency translation effects | 0.1 | ' | ' |
Operating loss carryforward, increase (decrease) in valuation allowance | 7.8 | ' | ' |
Net unrecognized tax benefits and interest, if recognized, would reduce the annual effective tax rate | 109.6 | ' | ' |
Possible decrease in unrecognized income tax benefits | 50.2 | ' | ' |
Reduction in income tax expenses | 42.8 | ' | ' |
Deferred Tax Assets Realizable | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforward, increase (decrease) in valuation allowance | -3.4 | ' | ' |
Deferred Tax Assets Not Realizable | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforward, increase (decrease) in valuation allowance | 11.1 | ' | ' |
Other Foreign | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Foreign jurisdiction income tax reduction | 3.3 | 8.1 | 5.5 |
Income tax reduction per diluted share | $0.01 | $0.02 | $0.01 |
Operating loss carry forwards valuation allowance | 5.6 | ' | ' |
Domestic | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carry forwards expiration dates range minimum | '2017 | ' | ' |
Operating loss carry forwards expiration dates range maximum | '2027 | ' | ' |
State | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carry forwards expiration dates range minimum | '2014 | ' | ' |
Operating loss carry forwards expiration dates range maximum | '2029 | ' | ' |
Operating loss carry forwards valuation allowance | 10.9 | ' | ' |
Federal | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carry forwards expiration year | '2014 | ' | ' |
Foreign | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carry forwards valuation allowance | 90.2 | ' | ' |
Federal Capital | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carry forwards valuation allowance | 0.8 | ' | ' |
Net decrease in valuation allowance related to federal capital loss carryforwards | $1.90 | ' | ' |
Deferred_Income_Tax_Assets_and
Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Deferred Tax Assets and Liabilities [Line Items] | ' | ' |
Inventories | $29,325 | $13,237 |
Employee compensation and benefits | 272,910 | 365,412 |
Other accrued expenses | 168,669 | 167,230 |
Operating loss carryforwards | 122,895 | 125,436 |
Capital loss carryforwards | 769 | 2,649 |
Deferred Tax Assets, Gross, Total | 594,568 | 673,964 |
Valuation allowance | -107,521 | -99,703 |
Deferred income tax assets | 487,047 | 574,261 |
Intangible assets | 761,140 | 775,049 |
Other deferred liabilities | 514 | 2,939 |
Foreign currency translation | 1,408 | 1,993 |
Deferred income tax liabilities | 763,062 | 779,981 |
Net deferred income tax assets (liabilities) | -276,015 | -205,720 |
Current assets | 169,321 | 140,515 |
Current liabilities (Note J) | -9,367 | -6,601 |
Noncurrent assets (Note H) | 16,537 | 27,170 |
Noncurrent liabilities (Note L) | ($452,506) | ($366,804) |
Reconciliation_of_Change_in_Ac
Reconciliation of Change in Accrual for Unrecognized Income Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Reconciliation Of Income Taxes [Line Items] | ' | ' | ' |
Beginning Balance | $152,115 | $118,091 | $67,398 |
Additions for current year tax positions | 11,921 | 18,930 | 14,866 |
Additions for prior year tax positions | 15,535 | 45,815 | 18,699 |
Reductions for prior year tax positions | -10,651 | -21,992 | -14,545 |
Reductions due to statute expirations | -7,153 | -2,972 | -10,754 |
Payments in settlement | -25,640 | -453 | -7,530 |
Currency translation | ' | 252 | 88 |
Currency translation | -139 | ' | ' |
Ending Balance | 135,988 | 152,115 | 118,091 |
The Timberland Company | ' | ' | ' |
Reconciliation Of Income Taxes [Line Items] | ' | ' | ' |
Additions for prior year tax positions | ' | ' | 49,869 |
Reductions for prior year tax positions | ' | -5,556 | ' |
Unrecognized Income Tax Benefits | ' | ' | ' |
Reconciliation Of Income Taxes [Line Items] | ' | ' | ' |
Beginning Balance | 135,294 | 104,959 | 57,568 |
Additions for current year tax positions | 11,921 | 18,930 | 14,862 |
Additions for prior year tax positions | 10,908 | 39,616 | 12,038 |
Reductions for prior year tax positions | -8,521 | -19,678 | -13,975 |
Reductions due to statute expirations | -6,527 | -2,765 | -6,748 |
Payments in settlement | -24,422 | -313 | -6,951 |
Currency translation | ' | 252 | 88 |
Currency translation | -139 | ' | ' |
Ending Balance | 118,514 | 135,294 | 104,959 |
Unrecognized Income Tax Benefits | The Timberland Company | ' | ' | ' |
Reconciliation Of Income Taxes [Line Items] | ' | ' | ' |
Additions for prior year tax positions | ' | ' | 48,077 |
Reductions for prior year tax positions | ' | -5,707 | ' |
Accrued Interest and Penalties | ' | ' | ' |
Reconciliation Of Income Taxes [Line Items] | ' | ' | ' |
Beginning Balance | 16,821 | 13,132 | 9,830 |
Additions for current year tax positions | ' | ' | 4 |
Additions for prior year tax positions | 4,627 | 6,199 | 6,661 |
Reductions for prior year tax positions | -2,130 | -2,314 | -570 |
Reductions due to statute expirations | -626 | -207 | -4,006 |
Payments in settlement | -1,218 | -140 | -579 |
Ending Balance | 17,474 | 16,821 | 13,132 |
Accrued Interest and Penalties | The Timberland Company | ' | ' | ' |
Reconciliation Of Income Taxes [Line Items] | ' | ' | ' |
Additions for prior year tax positions | ' | ' | 1,792 |
Reductions for prior year tax positions | ' | $151 | ' |
Amounts_Included_in_Consolidat
Amounts Included in Consolidated Balance Sheet (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
In Thousands, unless otherwise specified | ||||
Schedule Of Condensed Consolidating Balance Sheets [Line Items] | ' | ' | ' | ' |
Unrecognized income tax benefits, including interest | $135,988 | $152,115 | $118,091 | $67,398 |
Less deferred tax benefits | 26,438 | 34,990 | ' | ' |
Total unrecognized tax benefits | $109,550 | $117,125 | ' | ' |
Financial_Information_for_Repo
Financial Information for Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Coalition revenues | $3,290,099 | [1] | $3,297,269 | [1] | $2,220,411 | [1] | $2,611,869 | [1] | $3,033,260 | [2] | $3,148,354 | [2] | $2,141,786 | [2] | $2,556,455 | [2] | $11,419,648 | [1] | $10,879,855 | [2] | $9,459,232 | |
Coalition profit | ' | ' | ' | ' | ' | ' | ' | ' | 1,929,889 | 1,753,366 | 1,478,218 | |||||||||||
Corporate and other expenses | ' | ' | ' | ' | ' | ' | ' | ' | -286,767 | [3] | -241,239 | [3] | -240,675 | [3] | ||||||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -80,632 | -90,252 | -72,800 | |||||||||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,562,490 | 1,421,875 | 1,164,743 | |||||||||||
Outdoor & Action Sports | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Coalition revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,379,167 | [4] | 5,866,071 | [4] | 4,561,998 | [4] | ||||||||
Coalition profit | ' | ' | ' | ' | ' | ' | ' | ' | 1,106,384 | [3] | 1,019,425 | [3] | 828,228 | [3] | ||||||||
Jeanswear | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Coalition revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,810,994 | 2,789,293 | 2,731,770 | |||||||||||
Coalition profit | ' | ' | ' | ' | ' | ' | ' | ' | 544,882 | 466,960 | 413,187 | |||||||||||
Imagewear | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Coalition revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,065,952 | 1,075,677 | 1,025,214 | |||||||||||
Coalition profit | ' | ' | ' | ' | ' | ' | ' | ' | 152,203 | 145,053 | 145,655 | |||||||||||
Sportswear | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Coalition revenues | ' | ' | ' | ' | ' | ' | ' | ' | 624,693 | 577,317 | 543,515 | |||||||||||
Coalition profit | ' | ' | ' | ' | ' | ' | ' | ' | 88,157 | 72,978 | 56,312 | |||||||||||
Contemporary Brands | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Coalition revenues | ' | ' | ' | ' | ' | ' | ' | ' | 415,053 | [5] | 445,960 | [5] | 485,142 | [5] | ||||||||
Coalition profit | ' | ' | ' | ' | ' | ' | ' | ' | 38,825 | [5] | 49,182 | [5] | 35,860 | [5] | ||||||||
Other Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Coalition revenues | ' | ' | ' | ' | ' | ' | ' | ' | 123,789 | 125,537 | 111,593 | |||||||||||
Coalition profit | ' | ' | ' | ' | ' | ' | ' | ' | ($562) | ($232) | ($1,024) | |||||||||||
[1] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2013 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 2.8 $ 4.5 $ 2.8 $ 0.6 $ 10.7 Net income 2.2 3.8 2.2 0.6 8.8 Earnings per share: Basic $ 0.01 $ 0.01 $ - $ - $ 0.02 Diluted $ 0.01 $ 0.01 $ - $ - $ 0.02 | |||||||||||||||||||||
[2] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2012 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 4.6 $ 5.0 $ 14.4 $ 6.8 $ 30.8 Net income 3.3 3.1 11.3 10.2 27.9 Earnings per share: Basic $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 Diluted $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 | |||||||||||||||||||||
[3] | Includes expenses related to the acquisition of Timberland as follows: 2013-$10.7 million reported in Outdoor & Action Sports 2012-$30.8 million reported in Outdoor & Action Sports ($22.1 million) and Corporate ($8.7 million) 2011-$33.5 million reported in Outdoor & Action Sports ($23.7 million) and Corporate ($9.8 million) | |||||||||||||||||||||
[4] | Includes operating results of The Timberland Company since its acquisition date of September 13, 2011. | |||||||||||||||||||||
[5] | Excludes operating results of John Varvatos Enterprises, Inc. since its disposition date of April 30, 2012. |
Financial_Information_for_Repo1
Financial Information for Reportable Segments (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payment of acquisition related expenses | $10.70 | $30.80 | $33.50 |
Outdoor & Action Sports | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payment of acquisition related expenses | ' | 22.1 | 23.7 |
Corporate | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Payment of acquisition related expenses | ' | $8.70 | $9.80 |
Reconciliation_Assets_Detail
Reconciliation Assets (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Selected Financial Information [Line Items] | ' | ' | ' | ' |
Cash and equivalents | $776,403 | $597,461 | $341,228 | $792,239 |
Intangible assets and goodwill | 4,981,951 | 4,926,815 | 4,981,923 | ' |
Deferred income taxes | 185,858 | 167,685 | 136,021 | ' |
Corporate assets | 542,643 | 413,617 | 448,052 | ' |
Coalition assets | 10,315,443 | 9,633,021 | 9,313,126 | ' |
Capital expenditures | 271,153 | 251,940 | 170,894 | ' |
Depreciation and Amortization expense | 253,273 | 237,956 | 198,735 | ' |
Outdoor & Action Sports | ' | ' | ' | ' |
Selected Financial Information [Line Items] | ' | ' | ' | ' |
Coalition assets | 2,133,447 | 1,944,822 | 1,762,774 | ' |
Capital expenditures | 139,428 | 155,522 | 90,381 | ' |
Depreciation and Amortization expense | 122,385 | 114,483 | 83,559 | ' |
Jeanswear | ' | ' | ' | ' |
Selected Financial Information [Line Items] | ' | ' | ' | ' |
Coalition assets | 943,011 | 870,302 | 898,733 | ' |
Capital expenditures | 49,763 | 67,239 | 21,076 | ' |
Depreciation and Amortization expense | 41,742 | 39,520 | 41,207 | ' |
Imagewear | ' | ' | ' | ' |
Selected Financial Information [Line Items] | ' | ' | ' | ' |
Coalition assets | 334,864 | 341,588 | 356,782 | ' |
Capital expenditures | 3,793 | 4,967 | 5,318 | ' |
Depreciation and Amortization expense | 11,481 | 11,733 | 11,513 | ' |
Sportswear | ' | ' | ' | ' |
Selected Financial Information [Line Items] | ' | ' | ' | ' |
Coalition assets | 156,107 | 131,393 | 128,823 | ' |
Capital expenditures | 6,074 | 5,279 | 5,902 | ' |
Depreciation and Amortization expense | 12,195 | 11,639 | 12,072 | ' |
Contemporary Brands | ' | ' | ' | ' |
Selected Financial Information [Line Items] | ' | ' | ' | ' |
Coalition assets | 187,116 | 172,564 | 195,528 | ' |
Capital expenditures | 13,679 | 6,766 | 16,534 | ' |
Depreciation and Amortization expense | 24,309 | 24,915 | 26,590 | ' |
Other Net | ' | ' | ' | ' |
Selected Financial Information [Line Items] | ' | ' | ' | ' |
Coalition assets | 74,043 | 66,774 | 63,262 | ' |
Capital expenditures | 3,953 | 5,418 | 5,370 | ' |
Depreciation and Amortization expense | 4,608 | 5,517 | 4,122 | ' |
Coalition | ' | ' | ' | ' |
Selected Financial Information [Line Items] | ' | ' | ' | ' |
Coalition assets | 3,828,588 | 3,527,443 | 3,405,902 | ' |
Corporate | ' | ' | ' | ' |
Selected Financial Information [Line Items] | ' | ' | ' | ' |
Capital expenditures | 54,463 | 6,749 | 26,313 | ' |
Depreciation and Amortization expense | $36,553 | $30,149 | $19,672 | ' |
Supplemental_Information_with_
Supplemental Information (with Revenues by Geographic Area Based on Location of Customer) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||||||||||
Supplementary Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Revenues | $3,290,099 | [1] | $3,297,269 | [1] | $2,220,411 | [1] | $2,611,869 | [1] | $3,033,260 | [2] | $3,148,354 | [2] | $2,141,786 | [2] | $2,556,455 | [2] | $11,419,648 | [1] | $10,879,855 | [2] | $9,459,232 |
Property, plant and equipment | 932,792 | ' | ' | ' | 828,218 | ' | ' | ' | 932,792 | 828,218 | 737,451 | ||||||||||
U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Supplementary Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 7,124,781 | 6,903,269 | 6,220,933 | ||||||||||
Property, plant and equipment | 549,420 | ' | ' | ' | 513,282 | ' | ' | ' | 549,420 | 513,282 | 521,838 | ||||||||||
Foreign, Primarily Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Supplementary Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,294,867 | 3,976,586 | 3,238,299 | ||||||||||
Property, plant and equipment | $383,372 | ' | ' | ' | $314,936 | ' | ' | ' | $383,372 | $314,936 | $215,613 | ||||||||||
[1] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2013 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 2.8 $ 4.5 $ 2.8 $ 0.6 $ 10.7 Net income 2.2 3.8 2.2 0.6 8.8 Earnings per share: Basic $ 0.01 $ 0.01 $ - $ - $ 0.02 Diluted $ 0.01 $ 0.01 $ - $ - $ 0.02 | ||||||||||||||||||||
[2] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2012 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 4.6 $ 5.0 $ 14.4 $ 6.8 $ 30.8 Net income 3.3 3.1 11.3 10.2 27.9 Earnings per share: Basic $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 Diluted $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Customer | Customer | Customer | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Customer accounted for 10% of total revenue | 0 | 0 | 0 |
Rent_Expense_Included_in_Conso
Rent Expense Included in Consolidated Statements of Income Statement (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Lease and Rental Expense [Line Items] | ' | ' | ' |
Minimum rent expense | $294,056 | $292,632 | $233,845 |
Contingent rent expense | 14,175 | 35,622 | 14,625 |
Rent expense | $308,231 | $328,254 | $248,470 |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 |
Commitments [Line Items] | ' |
Future minimum lease payments 2014 | $313.60 |
Future minimum lease payments 2015 | 259 |
Future minimum lease payments 2016 | 210.7 |
Future minimum lease payments 2017 | 164 |
Future minimum lease payments 2018 | 122.9 |
Future minimum lease payments thereafter | 298.8 |
Income related to noncancelable subleases | 4.3 |
Future minimum royalty payments 2014 | 65 |
Future minimum royalty payments 2015 | 35.3 |
Future minimum royalty payments 2016 | 34.3 |
Future minimum royalty payments 2017 | 32.7 |
Future minimum royalty payments 2018 | 1.6 |
Future minimum royalty payments thereafter | 0 |
Total purchase commitment finished product | 22.5 |
Future payments under purchase commitments 2014 | 65.5 |
Future payments under purchase commitments 2015 | 56.1 |
Future payments under purchase commitments 2016 | 28.2 |
Future payments under purchase commitments 2017 | 12.6 |
Future payments under purchase commitments 2018 | 0.1 |
Future payments under purchase commitments thereafter | 0.6 |
Surety bonds, standby letters of credit and international bank guarantees | 88.5 |
Minimum | ' |
Commitments [Line Items] | ' |
Service period of purchase commitments | 2 |
Maximum | ' |
Commitments [Line Items] | ' |
Service period of purchase commitments | 6 |
2014 | ' |
Commitments [Line Items] | ' |
Total payments for purchase commitments | 1,300 |
Total purchase commitment finished product | 15 |
2015 | ' |
Commitments [Line Items] | ' |
Total payments for purchase commitments | 8.8 |
Total purchase commitment finished product | $7.50 |
Earnings_Per_Share_Detail
Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||||||||||
Earnings per share - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $1,210,119 | $1,086,138 | $890,393 | ||||||||||
Net (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | -139 | -2,304 | ||||||||||
Net income attributable to VF Corporation | 367,667 | [1] | 433,761 | [1] | 138,274 | [1] | 270,417 | [1] | 334,168 | [2] | 381,318 | [2] | 155,297 | [2],[3] | 215,216 | [2] | 1,210,119 | [1] | 1,085,999 | [2] | 888,089 |
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 438,657 | 439,292 | 437,148 | ||||||||||
Earnings per share attributable to VF Corporation common stockholders | $0.84 | [1] | $0.99 | [1] | $0.32 | [1] | $0.61 | [1] | $0.76 | [2] | $0.87 | [2] | $0.36 | [2] | $0.49 | [2] | $2.76 | [1] | $2.47 | [2] | $2.03 |
Earnings per share - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net income attributable to VF Corporation | $367,667 | [1] | $433,761 | [1] | $138,274 | [1] | $270,417 | [1] | $334,168 | [2] | $381,318 | [2] | $155,297 | [2],[3] | $215,216 | [2] | $1,210,119 | [1] | $1,085,999 | [2] | $888,089 |
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 438,657 | 439,292 | 437,148 | ||||||||||
Incremental shares from stock options and other dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | 8,152 | 8,324 | 8,004 | ||||||||||
Adjusted weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 446,809 | 447,616 | 445,152 | ||||||||||
Earnings per share attributable to VF Corporation common stockholders | $0.82 | [1] | $0.97 | [1] | $0.31 | [1] | $0.60 | [1] | $0.75 | [2] | $0.86 | [2] | $0.35 | [2] | $0.48 | [2] | $2.71 | [1] | $2.43 | [2] | $2 |
[1] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2013 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 2.8 $ 4.5 $ 2.8 $ 0.6 $ 10.7 Net income 2.2 3.8 2.2 0.6 8.8 Earnings per share: Basic $ 0.01 $ 0.01 $ - $ - $ 0.02 Diluted $ 0.01 $ 0.01 $ - $ - $ 0.02 | ||||||||||||||||||||
[2] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2012 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 4.6 $ 5.0 $ 14.4 $ 6.8 $ 30.8 Net income 3.3 3.1 11.3 10.2 27.9 Earnings per share: Basic $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 Diluted $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 | ||||||||||||||||||||
[3] | The second quarter of 2012 includes a gain on the sale of John Varvatos Enterprises, Inc. of $35.8 million, net of related income taxes. |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Stock Option | ' | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' |
Stock options excluded from computation of earnings per share | 0.9 | 2.6 | 1.9 |
Performance-Based | Restricted Stock Units (RSUs) | ' | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' |
Stock options excluded from computation of earnings per share | 1.3 | 1.5 | 1.8 |
Classes_of_Financial_Assets_an
Classes of Financial Assets and Financial Liabilities Measured and Recorded at Fair Value on Recurring Basis (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Cash equivalents, money market funds | $352,942 | $181,635 | ||
Cash equivalents, time deposits | 121,097 | 17,042 | ||
Derivative financial instruments | 16,088 | 16,153 | ||
Investment securities | 214,035 | 188,307 | ||
Other marketable securities | 5,809 | 4,513 | ||
Derivative financial instruments | 46,791 | 29,468 | ||
Deferred compensation | 274,659 | 230,733 | ||
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 | 352,942 | [1] | 181,635 | [1] |
Cash equivalents, time deposits | 121,097 | [1] | 17,042 | [1] |
Investment securities | 193,540 | [1] | 157,230 | [1] |
Other marketable securities | 5,809 | [1] | 4,513 | [1] |
Significant Other Observable Inputs, Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative financial instruments | 16,088 | [1] | 16,153 | [1] |
Investment securities | 20,495 | [1] | 31,077 | [1] |
Derivative financial instruments | 46,791 | [1] | 29,468 | [1] |
Deferred compensation | $274,659 | [1] | $230,733 | [1] |
[1] | There were no transfers among the levels within the fair value hierarchy during 2013 or 2012. |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Fair Value, Measurement Inputs, Disclosure [Line Items] | ' | ' | ' |
Long-term debt, carrying value | $1,431,996,000 | $1,832,039,000 | ' |
Long-term debt, fair value | 1,568,400,000 | 2,111,400,000 | ' |
Impairment charges for goodwill or indefinite-lived intangible assets | 0 | 0 | 0 |
Impairment charges for other intangible assets | 0 | 0 | 0 |
Property, Plant and Equipment | ' | ' | ' |
Fair Value, Measurement Inputs, Disclosure [Line Items] | ' | ' | ' |
Impairment charges for property, plant and equipment | $0 | $0 | $0 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Higher derivative maturity range by months | '24 months | ' | ' |
Net pretax deferred gains for foreign exchange contracts that are expected to be reclassified to earnings during next 12 months | $22,600,000 | ' | ' |
Remaining pretax deferred net loss in Accumulated OCI | 35,600,000 | ' | ' |
Net deferred loss in accumulated OCI expected to be reclassified to earnings during next 12 months | 4,100,000 | ' | ' |
Foreign exchange contracts designated as hedging instruments | Other income (expense), net | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Gain (Loss) on Derivatives Recognized in Income | 1,500,000 | -1,600,000 | -1,700,000 |
Foreign Currency Exchange Contract | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Notional amount of foreign currency derivatives | 1,900,000,000 | 1,900,000,000 | ' |
Foreign Currency Exchange Contract | Foreign exchange contracts designated as hedging instruments | Other income (expense), net | Fair Value Hedging | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Gain (Loss) on Derivatives Recognized in Income | ' | ' | 2,400,000 |
Advances - Intercompany | Foreign exchange contracts designated as hedging instruments | Other income (expense), net | Fair Value Hedging | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Gain (Loss) on Derivatives Recognized in Income | ' | ' | ($3,300,000) |
Interest Rate Swap Derivative Contracts In 2011 | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Maturity date, notes | '2021 | ' | ' |
Interest Rate Swap Derivative Contracts In 2003 | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Maturity date, notes | '2033 | ' | ' |
Outstanding_Derivatives_on_Ind
Outstanding Derivatives on Individual Contract Basis at Gross Amounts (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Fair value of derivatives with unrealized gains | $16,088 | $16,153 |
Fair value of derivatives with unrealized losses | -46,791 | -29,468 |
Foreign exchange contracts designated as hedging instruments | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Fair value of derivatives with unrealized gains | 15,964 | 15,847 |
Fair value of derivatives with unrealized losses | -46,627 | -27,267 |
Foreign exchange contracts dedesignated as hedging | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Fair value of derivatives with unrealized gains | ' | 15 |
Fair value of derivatives with unrealized losses | ' | -2,160 |
Foreign exchange contracts not designated as hedging | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Fair value of derivatives with unrealized gains | 124 | 291 |
Fair value of derivatives with unrealized losses | ($164) | ($41) |
Fair_Value_of_Derivative_Asset
Fair Value of Derivative Assets and Liabilities in Balance Sheet (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Offsetting Assets [Line Items] | ' | ' |
Gross amounts presented in the Consolidated Balance Sheets, Derivative Asset | $16,088 | $16,153 |
Gross amounts presented in the Consolidated Balance Sheets, Derivative Liabilities | -46,791 | -29,468 |
Derivative Assets | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross amounts presented in the Consolidated Balance Sheets, Derivative Asset | 16,088 | 16,153 |
Gross amounts not offset in the Consolidated Balance Sheets, Derivative Asset | -11,641 | -5,225 |
Net amounts | 4,447 | 10,928 |
Derivative Liabilities | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross amounts presented in the Consolidated Balance Sheets, Derivative Liabilities | -46,791 | -29,468 |
Gross amounts not offset in the Consolidated Balance Sheets, Derivative Liabilities | 11,641 | 5,225 |
Net amounts | ($35,150) | ($24,243) |
Derivatives_Classified_as_Curr
Derivatives Classified as Current or Noncurrent Based on Maturity Dates (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Other current assets | $12,699 | $13,629 |
Accrued liabilities (Note J) | -36,622 | -22,013 |
Other assets (Note H) | 3,389 | 2,524 |
Other liabilities (Note L) | ($10,169) | ($7,455) |
Effects_of_Cash_Flow_Hedging_i
Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income | $12,169 | $15,883 | ($21,298) |
Cash Flow Hedging | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) on Derivatives Recognized in OCI | -8,133 | -9,555 | -41,559 |
Gain (Loss) Reclassified from Accumulated OCI into Income | 12,169 | 15,883 | -21,298 |
Cash Flow Hedging | Net sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income | 12,917 | -6,569 | 6,525 |
Cash Flow Hedging | Cost of goods sold | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income | 4,208 | 22,470 | -16,958 |
Cash Flow Hedging | Other income (expense), net | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income | -1,051 | 3,704 | -8,441 |
Cash Flow Hedging | Interest expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income | -3,905 | -3,722 | -2,424 |
Cash Flow Hedging | Foreign Currency Exchange Contract | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) on Derivatives Recognized in OCI | -8,133 | -9,555 | 6,707 |
Cash Flow Hedging | Interest Rates | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) on Derivatives Recognized in OCI | ' | ' | ($48,266) |
Hedges_Included_in_Consolidate
Hedges Included in Consolidated Statements of Income (Detail) (Foreign exchange contracts not designated as hedging, Other income (expense), net, Foreign Currency Exchange Contract, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Foreign exchange contracts not designated as hedging | Other income (expense), net | Foreign Currency Exchange Contract | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) on Derivatives Recognized in Income | ($2,664) | $1,443 | $3,995 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Schedule of Cash Flow, Supplemental [Line Items] | ' | ' | ' |
Income taxes paid, net of refunds | $291,027 | $282,006 | $205,333 |
Interest paid, net of amounts capitalized | 80,349 | 88,001 | 66,775 |
Assets acquired under capital lease | 4,882 | ' | ' |
Computer Software | ' | ' | ' |
Schedule of Cash Flow, Supplemental [Line Items] | ' | ' | ' |
Expenditures included in accounts payable or accrued liabilities | 14,654 | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Schedule of Cash Flow, Supplemental [Line Items] | ' | ' | ' |
Expenditures included in accounts payable or accrued liabilities | $25,586 | $33,582 | $22,648 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 28, 2013 | Feb. 11, 2014 | Feb. 11, 2014 | Feb. 11, 2014 | Feb. 11, 2014 | Feb. 11, 2014 | |
Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | ||
Board of Directors | Board of Directors | Board of Directors | Board of Directors | Dividend Declared | ||
Performance-Based Restricted Stock Units | Nonperformance-Based Restricted Stock Units | Restricted Stock | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Cash dividend | ' | ' | ' | ' | ' | $0.26 |
Dividends payable date | ' | ' | ' | ' | ' | 20-Mar-14 |
Dividends record date | ' | ' | ' | ' | ' | 10-Mar-14 |
Options granted in period | 3,600,472 | 2,700,000 | ' | ' | ' | ' |
Restricted stock units granted in period | 320,000 | ' | 575,000 | 17,000 | 87,000 | ' |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||||||||||
Quarterly Results Of Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total revenues | $3,290,099 | [1] | $3,297,269 | [1] | $2,220,411 | [1] | $2,611,869 | [1] | $3,033,260 | [2] | $3,148,354 | [2] | $2,141,786 | [2] | $2,556,455 | [2] | $11,419,648 | [1] | $10,879,855 | [2] | $9,459,232 |
Operating income | 508,382 | [1] | 579,703 | [1] | 201,334 | [1] | 357,728 | [1] | 450,288 | [2] | 536,892 | [2] | 163,985 | [2] | 314,102 | [2] | 1,647,147 | [1] | 1,465,267 | [2] | 1,244,791 |
Net income attributable to VF Corporation | $367,667 | [1] | $433,761 | [1] | $138,274 | [1] | $270,417 | [1] | $334,168 | [2] | $381,318 | [2] | $155,297 | [2],[3] | $215,216 | [2] | $1,210,119 | [1] | $1,085,999 | [2] | $888,089 |
Earnings per share attributable to VF Corporation common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Basic | $0.84 | [1] | $0.99 | [1] | $0.32 | [1] | $0.61 | [1] | $0.76 | [2] | $0.87 | [2] | $0.36 | [2] | $0.49 | [2] | $2.76 | [1] | $2.47 | [2] | $2.03 |
Diluted | $0.82 | [1] | $0.97 | [1] | $0.31 | [1] | $0.60 | [1] | $0.75 | [2] | $0.86 | [2] | $0.35 | [2] | $0.48 | [2] | $2.71 | [1] | $2.43 | [2] | $2 |
Dividends per common share | $0.26 | [1] | $0.22 | [1] | $0.22 | [1] | $0.22 | [1] | $0.22 | [2] | $0.18 | [2] | $0.18 | [2] | $0.18 | [2] | $0.92 | [1] | $0.76 | [2] | $0.65 |
[1] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2013 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 2.8 $ 4.5 $ 2.8 $ 0.6 $ 10.7 Net income 2.2 3.8 2.2 0.6 8.8 Earnings per share: Basic $ 0.01 $ 0.01 $ - $ - $ 0.02 Diluted $ 0.01 $ 0.01 $ - $ - $ 0.02 | ||||||||||||||||||||
[2] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2012 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 4.6 $ 5.0 $ 14.4 $ 6.8 $ 30.8 Net income 3.3 3.1 11.3 10.2 27.9 Earnings per share: Basic $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 Diluted $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 | ||||||||||||||||||||
[3] | The second quarter of 2012 includes a gain on the sale of John Varvatos Enterprises, Inc. of $35.8 million, net of related income taxes. |
Quarterly_Results_of_Operation3
Quarterly Results of Operations (Parenthetical) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2012 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||||||||||
Quarterly Results Of Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Operating income | ' | $508,382 | [1] | $579,703 | [1] | $201,334 | [1] | $357,728 | [1] | $450,288 | [2] | $536,892 | [2] | $163,985 | [2] | $314,102 | [2] | $1,647,147 | [1] | $1,465,267 | [2] | $1,244,791 |
Net income | ' | 367,667 | [1] | 433,761 | [1] | 138,274 | [1] | 270,417 | [1] | 334,168 | [2] | 381,318 | [2] | 155,297 | [2],[3] | 215,216 | [2] | 1,210,119 | [1] | 1,085,999 | [2] | 888,089 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Basic | ' | $0.84 | [1] | $0.99 | [1] | $0.32 | [1] | $0.61 | [1] | $0.76 | [2] | $0.87 | [2] | $0.36 | [2] | $0.49 | [2] | $2.76 | [1] | $2.47 | [2] | $2.03 |
Diluted | ' | $0.82 | [1] | $0.97 | [1] | $0.31 | [1] | $0.60 | [1] | $0.75 | [2] | $0.86 | [2] | $0.35 | [2] | $0.48 | [2] | $2.71 | [1] | $2.43 | [2] | $2 |
Gain on sale of business | 42,000 | ' | ' | ' | ' | ' | ' | 35,800 | ' | ' | 44,485 | ' | ||||||||||
The Timberland Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Quarterly Results Of Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Operating income | ' | 600 | 2,800 | 4,500 | 2,800 | 6,800 | 14,400 | 5,000 | 4,600 | 10,700 | 30,800 | ' | ||||||||||
Net income | ' | $600 | $2,200 | $3,800 | $2,200 | $10,200 | $11,300 | $3,100 | $3,300 | $8,800 | $27,900 | ' | ||||||||||
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Basic | ' | ' | ' | $0.01 | $0.01 | $0.02 | $0.02 | $0.01 | $0.01 | $0.02 | $0.06 | ' | ||||||||||
Diluted | ' | ' | ' | $0.01 | $0.01 | $0.02 | $0.02 | $0.01 | $0.01 | $0.02 | $0.06 | ' | ||||||||||
[1] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2013 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 2.8 $ 4.5 $ 2.8 $ 0.6 $ 10.7 Net income 2.2 3.8 2.2 0.6 8.8 Earnings per share: Basic $ 0.01 $ 0.01 $ - $ - $ 0.02 Diluted $ 0.01 $ 0.01 $ - $ - $ 0.02 | |||||||||||||||||||||
[2] | Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2012 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 4.6 $ 5.0 $ 14.4 $ 6.8 $ 30.8 Net income 3.3 3.1 11.3 10.2 27.9 Earnings per share: Basic $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 Diluted $ 0.01 $ 0.01 $ 0.02 $ 0.02 $ 0.06 | |||||||||||||||||||||
[3] | The second quarter of 2012 includes a gain on the sale of John Varvatos Enterprises, Inc. of $35.8 million, net of related income taxes. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at the beginning of period | $48,998 | $54,010 | $44,599 | |||
Charged to costs and expenses | 15,756 | 19,274 | 12,490 | |||
Charged to other accounts | ' | ' | 9,577 | [1] | ||
Deductions | 19,404 | [2] | 24,286 | [2] | 12,656 | [2] |
Balance at end of period | 45,350 | 48,998 | 54,010 | |||
Other Accounts Receivable Allowances | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at the beginning of period | 153,934 | 150,406 | 97,339 | |||
Charged to costs and expenses | 1,487,015 | 1,461,768 | 1,140,282 | |||
Charged to other accounts | ' | ' | 38,284 | [1] | ||
Deductions | 1,470,707 | [3] | 1,458,240 | [3] | 1,125,499 | [3] |
Balance at end of period | 170,242 | 153,934 | 150,406 | |||
Valuation Allowance of Deferred Tax Assets | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at the beginning of period | 99,703 | 151,556 | 149,896 | |||
Charged to costs and expenses | -3,422 | -33,060 | -12,126 | |||
Charged to other accounts | 11,240 | [4] | -18,793 | [4] | 13,786 | [4] |
Balance at end of period | $107,521 | $99,703 | $151,556 | |||
[1] | Additions due to acquisitions. These amounts reflect the allowance for doubtful accounts and other receivable allowances at their respective acquisition dates to record accounts receivable at net realizable value. | |||||
[2] | Deductions include accounts written off, net of recoveries, and the effects of foreign currency translation. | |||||
[3] | Deductions include discounts, markdowns and returns, and the effects of foreign currency translation. | |||||
[4] | Additions relate to circumstances where it is more likely than not that deferred income tax assets will not be realized, purchase accounting adjustments, and the effects of foreign currency translation. |