V.F. (VFC) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 04, 2015	Aug. 01, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 4, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	VFC
Entity Registrant Name	V F CORP
Entity Central Index Key	103,379
Current Fiscal Year End Date	--01-02
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		425,641,979

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 04, 2015	Jan. 03, 2015	Jun. 28, 2014
Current assets
Cash and equivalents	$ 659,770	$ 971,895	$ 475,891
Accounts receivable, less allowance for doubtful accounts of: June 2015 - $22,587; December 2014 - $26,694; June 2014 - $44,747	1,200,241	1,276,224	1,178,874
Inventories	1,746,418	1,482,804	1,615,245
Other current assets	600,061	454,931	509,902
Total current assets	4,206,490	4,185,854	3,779,912
Property, plant and equipment	964,373	942,181	921,970
Intangible assets	2,296,200	2,433,552	2,921,335
Goodwill	1,796,769	1,824,956	2,018,997
Other assets	641,672	593,597	573,113
Total assets	9,905,504	9,980,140	10,215,327
Current liabilities
Short-term borrowings	1,158,516	21,822	581,120
Current portion of long-term debt	13,275	3,975	4,334
Accounts payable	503,753	690,842	537,192
Accrued liabilities	780,286	903,602	747,678
Total current liabilities	2,455,830	1,620,241	1,870,324
Long-term debt	1,412,244	1,423,581	1,425,123
Other liabilities	$ 1,073,635	$ 1,305,436	$ 1,266,512
Commitments and contingencies
Stockholders' equity
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at June 2015, December 2014 or June 2014
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at June 2015 - 425,240,838; December 2014 - 432,859,891; June 2014 - 430,890,659	$ 106,310	$ 108,215	$ 107,723
Additional paid-in capital	3,114,045	2,993,186	2,875,240
Accumulated other comprehensive income (loss)	(913,626)	(702,272)	(232,212)
Retained earnings	2,657,066	3,231,753	2,902,617
Total stockholders' equity	4,963,795	5,630,882	5,653,368
Total liabilities and stockholders' equity	$ 9,905,504	$ 9,980,140	$ 10,215,327

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 04, 2015	Jan. 03, 2015	Jun. 28, 2014
Accounts receivable, allowance for doubtful accounts	$ 22,587	$ 26,694	$ 44,747
Preferred Stock, par value	$ 1	$ 1	$ 1
Preferred Stock, shares authorized	25,000,000	25,000,000	25,000,000
Preferred Stock, shares outstanding	0	0	0
Common Stock, stated value	$ 0.25	$ 0.25	$ 0.25
Common Stock, shares authorized	1,200,000,000	1,200,000,000	1,200,000,000
Common Stock, shares outstanding	425,240,838	432,859,891	430,890,659

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Net sales	$ 2,484,189	$ 2,373,408	$ 5,287,491	$ 5,123,523
Royalty income	29,671	28,668	63,670	59,331
Total revenues	2,513,860	2,402,076	5,351,161	5,182,854
Costs and operating expenses
Cost of goods sold	1,300,346	1,239,344	2,746,893	2,645,910
Selling, general and administrative expenses	990,487	942,924	1,983,406	1,913,946
Costs and Expenses, Total	2,290,833	2,182,268	4,730,299	4,559,856
Operating income	223,027	219,808	620,862	622,998
Interest income	1,895	1,519	3,993	2,850
Interest expense	(23,023)	(21,338)	(44,872)	(41,975)
Other income (expense), net	670	(508)	1,498	(2,600)
Income before income taxes	202,569	199,481	581,481	581,273
Income taxes	31,758	41,799	121,961	126,398
Net income	$ 170,811	$ 157,682	$ 459,520	$ 454,875
Earnings per common share
Basic	$ 0.40	$ 0.37	$ 1.08	$ 1.05
Diluted	0.40	0.36	1.06	1.03
Cash dividends per common share	$ 0.3200	$ 0.2625	$ 0.6400	$ 0.5250

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Net income	$ 170,811	$ 157,682	$ 459,520	$ 454,875
Foreign currency translation
Gains (losses) arising during the period	2,444	(25,832)	(245,111)	(36,734)
Less income tax effect	1,281	(703)	2,755	612
Defined benefit pension plans
Amortization of net deferred actuarial losses	15,495	9,389	30,992	18,773
Amortization of deferred prior service costs	759	1,362	1,521	2,724
Settlement charge	1,592		1,592
Less income tax effect	(10,130)	(4,108)	(17,096)	(8,233)
Derivative financial instruments
Gains (losses) arising during the period	(21,576)	(11,461)	46,434	(7,765)
Less income tax effect	8,763	4,504	(17,965)	3,051
Reclassification to net income for (gains) losses realized	(15,403)	7,407	(23,498)	12,823
Less income tax effect	6,255	(2,911)	9,436	(5,039)
Marketable securities
Gains (losses) arising during the period		(611)	495	(1,160)
Less income tax effect		241	(195)	456
Reclassification to net income for (gains) losses realized	(1,177)		(1,177)
Less income tax effect	463		463
Net other comprehensive income (loss)	(11,234)	(22,723)	(211,354)	(20,492)
Comprehensive income	$ 159,577	$ 134,959	$ 248,166	$ 434,383

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014
Operating activities
Net income	$ 459,520	$ 454,875
Adjustments to reconcile net income to cash (used) provided by operating activities:
Depreciation and amortization	129,265	131,201
Stock-based compensation	50,313	53,580
Provision for doubtful accounts	4,372	4,089
Pension expense (less than) in excess of contributions	(229,352)	17,673
Other, net	(22,287)	4,810
Changes in operating assets and liabilities:
Accounts receivable	34,778	174,448
Inventories	(288,842)	(220,187)
Accounts payable	(179,515)	(100,841)
Income taxes	(121,240)	(174,251)
Accrued liabilities	(64,699)	(92,045)
Other assets and liabilities	(58,759)	(33,765)
Cash (used) provided by operating activities	(286,446)	219,587
Investing activities
Capital expenditures	(125,504)	(95,844)
Software purchases	(43,450)	(56,042)
Other, net	10,631	(11,701)
Cash used by investing activities	(158,323)	(163,587)
Financing activities
Net increase in short-term borrowings	1,139,103	562,315
Payments on long-term debt	(2,203)	(2,697)
Payment of debt issuance costs	(1,475)
Purchases of treasury stock	(731,527)	(727,536)
Cash dividends paid	(271,519)	(227,625)
Proceeds from issuance of Common Stock, net of shares withheld for taxes	3,752	4,333
Tax benefits of stock-based compensation	33,728	39,195
Cash provided (used) by financing activities	169,859	(352,015)
Effect of foreign currency rate changes on cash and equivalents	(37,215)	(4,497)
Net change in cash and equivalents	(312,125)	(300,512)
Cash and equivalents - beginning of year	971,895	776,403
Cash and equivalents - end of period	$ 659,770	$ 475,891

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance at Dec. 28, 2013		$ 110,078	$ 2,746,590	$ (211,720)	$ 3,432,090
Balance (in shares) at Dec. 28, 2013		440,310,370
Net income	$ 454,875
Balance (in shares) at Jun. 28, 2014	430,890,659
Balance at Jun. 28, 2014	$ 5,653,368
Balance at Dec. 28, 2013		$ 110,078	2,746,590	(211,720)	3,432,090
Balance (in shares) at Dec. 28, 2013		440,310,370
Net income					1,047,505
Dividends on Common Stock					(478,933)
Purchases of treasury stock (in Shares)		(12,037,000)
Purchase of treasury stock		$ (3,009)			(724,786)
Stock-based compensation, net (in Shares)		4,586,521
Stock-based compensation, net		$ 1,146	246,596		(44,123)
Foreign currency translation				(463,588)
Defined benefit pension plans				(99,683)
Derivative financial instruments				73,143
Marketable securities				(424)
Balance (in shares) at Jan. 03, 2015	432,859,891	432,859,891
Balance at Jan. 03, 2015	$ 5,630,882	$ 108,215	2,993,186	(702,272)	3,231,753
Net income	$ 459,520				459,520
Dividends on Common Stock					(271,519)
Purchases of treasury stock (in Shares)	(10,000,000)	(10,020,000)
Purchase of treasury stock	$ (730,100)	$ (2,505)			(729,022)
Stock-based compensation, net (in Shares)		2,400,947
Stock-based compensation, net		$ 600	120,859		(33,666)
Foreign currency translation				(242,356)
Defined benefit pension plans				17,009
Derivative financial instruments				14,407
Marketable securities				(414)
Balance (in shares) at Jul. 04, 2015	425,240,838	425,240,838
Balance at Jul. 04, 2015	$ 4,963,795	$ 106,310	$ 3,114,045	$ (913,626)	$ 2,657,066

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 04, 2015
Basis of Presentation	Note A – Basis of Presentation VF Corporation (together with its subsidiaries, collectively known as “VF”) uses a 52/53 week fiscal year ending on the Saturday closest to December 31 of each year. For presentation purposes herein, all references to periods ended June 2015, December 2014 and June 2014 relate to the fiscal periods ended on July 4, 2015, January 3, 2015 and June 28, 2014, respectively. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. Similarly, the December 2014 consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, the accompanying unaudited consolidated financial statements contain all normal and recurring adjustments necessary to fairly present the consolidated financial position, results of operations and cash flows of VF for the interim periods presented. Operating results for the three and six months ended June 2015 are not necessarily indicative of results that may be expected for any other interim period or for the year ending January 2, 2016. For further information, refer to the consolidated financial statements and notes included in VF’s Annual Report on Form 10-K for the year ended December 2014 (“2014 Form 10-K”).

Sale of Accounts Receivable

Sale of Accounts Receivable	6 Months Ended
	Jul. 04, 2015
Sale of Accounts Receivable	Note B – Sale of Accounts Receivable 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 VF’s accounts receivable may be sold to the financial institution and remain outstanding at any point in time. VF removes the accounts receivable from the Consolidated Balance Sheets at the time of sale. VF does not retain any interests in the sold accounts receivable but continues to service and collect outstanding accounts receivable on behalf of the financial institution. During the first six months of 2015, VF sold total accounts receivable of $633.1 million. As of June 2015, December 2014 and June 2014, $164.3 million, $130.3 million and $138.4 million, respectively, of sold accounts receivable had been removed from the Consolidated Balance Sheets but remained outstanding with the financial institution. The funding fee charged by the financial institution is included in other income (expense), net, and was $0.5 million and $0.9 million for the second quarter and first six months of 2015, respectively, and $0.4 million and $0.8 million for the second quarter and first six months of 2014, respectively. Net proceeds of this program are classified in operating activities in the Consolidated Statements of Cash Flows.

Inventories

Inventories	6 Months Ended
	Jul. 04, 2015
Inventories	Note C – Inventories In thousands June 2015 December 2014 June 2014 Finished products $ 1,480,274 $ 1,232,623 $ 1,362,069 Work in process 108,961 104,517 104,039 Raw materials 157,183 145,664 149,137 Total inventories $ 1,746,418 $ 1,482,804 $ 1,615,245

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jul. 04, 2015
Property, Plant and Equipment	Note D – Property, Plant and Equipment In thousands June 2015 December 2014 June 2014 Land and improvements $ 96,182 $ 57,151 $ 56,962 Buildings and improvements 1,011,621 986,679 988,980 Machinery and equipment 1,235,774 1,225,293 1,191,219 Property, plant and equipment, at cost 2,343,577 2,269,123 2,237,161 Less accumulated depreciation and amortization 1,379,204 1,326,942 1,315,191 Property, plant and equipment, net $ 964,373 $ 942,181 $ 921,970

Intangible Assets

Intangible Assets	6 Months Ended
	Jul. 04, 2015
Intangible Assets	Note E – Intangible Assets Weighted June 2015 December 2014 Dollars in thousands Average Amortization Period Amortization Methods Cost Accumulated Amortization Net Carrying Amount Net Carrying Amount Amortizable intangible assets: Customer relationships 20 years Accelerated $ 571,090 $ 351,553 $ 219,537 $ 241,811 License agreements 24 years Accelerated and straight-line 179,785 88,818 90,967 96,736 Other 11 years Straight-line 5,728 1,951 3,777 4,363 Amortizable intangible assets, net 314,281 342,910 Indefinite-lived intangible assets: Trademarks and trade names 1,981,919 2,090,642 Intangible assets, net $ 2,296,200 $ 2,433,552 Amortization expense for the second quarter and first six months of 2015 was $7.5 million and $15.2 million, respectively. Based on the carrying amounts of amortizable intangible assets noted above, estimated amortization expense for the next five years is: Year Estimated In millions 2015 $ 29.9 2016 28.3 2017 27.2 2018 26.6 2019 26.0

Goodwill

Goodwill	6 Months Ended
	Jul. 04, 2015
Goodwill	Note F – Goodwill Changes in goodwill are summarized by business segment as follows: In thousands Outdoor & Action Sports Jeanswear Imagewear Sportswear Total Balance, December 2014 $ 1,389,453 $ 219,442 $ 58,747 $ 157,314 $ 1,824,956 Currency translation (23,577 ) (4,610 ) — — (28,187 ) Balance, June 2015 $ 1,365,876 $ 214,832 $ 58,747 $ 157,314 $ 1,796,769 Accumulated impairment charges for the Outdoor & Action Sports and Sportswear coalitions were $43.4 million and $58.5 million, respectively, for the periods presented above. No impairment charges were recorded in the first six months of 2015.

Pension Plans

Pension Plans	6 Months Ended
	Jul. 04, 2015
Pension Plans	Note G – Pension Plans The components of pension cost for VF’s defined benefit plans were as follows: Three Months Ended June Six Months Ended June In thousands 2015 2014 2015 2014 Service cost – benefits earned during the period $ 7,344 $ 6,097 $ 14,679 $ 12,182 Interest cost on projected benefit obligations 19,411 20,404 38,814 40,793 Expected return on plan assets (27,779 ) (22,697 ) (55,550 ) (45,378 ) Amortization of deferred amounts: Net deferred actuarial losses 15,495 9,389 30,992 18,773 Deferred prior service costs 759 1,362 1,521 2,724 Net periodic pension cost $ 15,230 $ 14,555 $ 30,456 $ 29,094 During the first six months of 2015, VF contributed $261.4 million to its defined benefit plans, which included a $250.0 million discretionary contribution to its domestic qualified plan in the first quarter. VF intends to make approximately $11.9 million of additional contributions during the remainder of 2015. In addition, VF incurred a $1.6 million settlement charge in the second quarter of 2015 related to the recognition of deferred actuarial losses resulting from lump sum payments of retirement benefits to participants in VF’s supplemental defined benefit pension plan.

Capital and Accumulated Other C

Capital and Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jul. 04, 2015
Capital and Accumulated Other Comprehensive Income (Loss)	Note H – Capital and Accumulated Other Comprehensive Income (Loss) During the first six months of 2015, the Company purchased 10.0 million shares of Common Stock in open market transactions for $730.1 million under its share repurchase program authorized by VF’s Board of Directors. These transactions were treated as treasury stock transactions. Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the first six months of 2015, VF restored 10.1 million treasury shares to an unissued status, after which they were no longer recognized as shares held in treasury. There were 23,400 shares held in treasury at the end of June 2015, and no shares held in treasury at the end of December 2014 or June 2014. 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. VF Common Stock is also held by the Company’s deferred compensation plans and is treated as treasury shares for financial reporting purposes. During the first half of 2015, the Company purchased 20,000 shares of Common Stock in open market transactions for $1.4 million. Balances related to shares held for deferred compensation plans are as follows: In millions, except share amounts June 2015 December 2014 June 2014 Shares held for deferred compensation plans 565,549 637,504 695,204 Cost of shares held for deferred compensation plans $ 6.7 $ 7.7 $ 8.2 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 OCI are reported, net of related income taxes, in accumulated other comprehensive income (loss) in stockholders’ equity, as follows: In thousands June 2015 December 2014 June 2014 Foreign currency translation $ (599,297 ) $ (356,941 ) $ 70,525 Defined benefit pension plans (360,125 ) (377,134 ) (264,187 ) Derivative financial instruments 45,796 31,389 (38,684 ) Marketable securities — 414 134 Accumulated other comprehensive income (loss) $ (913,626 ) $ (702,272 ) $ (232,212 ) The changes in accumulated other comprehensive income (loss), net of related taxes, are as follows: Three Months Ended June 2015 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Marketable Securities Total Balance, March 2015 $ (603,022 ) $ (367,841 ) $ 67,757 $ 714 $ (902,392 ) Other comprehensive income (loss) before reclassification 3,725 — (12,813 ) — (9,088 ) Amounts reclassified from accumulated other comprehensive income (loss) — 7,716 (9,148 ) (714 ) (2,146 ) Net other comprehensive income (loss) 3,725 7,716 (21,961 ) (714 ) (11,234 ) Balance, June 2015 $ (599,297 ) $ (360,125 ) $ 45,796 $ — $ (913,626 ) Three Months Ended June 2014 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Marketable Securities Total Balance, March 2014 $ 97,060 $ (270,830 ) $ (36,223 ) $ 504 $ (209,489 ) Other comprehensive income (loss) before reclassification (26,535 ) — (6,957 ) (370 ) (33,862 ) Amounts reclassified from accumulated other comprehensive income (loss) — 6,643 4,496 — 11,139 Net other comprehensive income (loss) (26,535 ) 6,643 (2,461 ) (370 ) (22,723 ) Balance, June 2014 $ 70,525 $ (264,187 ) $ (38,684 ) $ 134 $ (232,212 ) Six Months Ended June 2015 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Marketable Securities Total Balance, December 2014 $ (356,941 ) $ (377,134 ) $ 31,389 $ 414 $ (702,272 ) Other comprehensive income (loss) before reclassification (242,356 ) — 28,469 300 (213,587 ) Amounts reclassified from accumulated other comprehensive income (loss) — 17,009 (14,062 ) (714 ) 2,233 Net other comprehensive income (loss) (242,356 ) 17,009 14,407 (414 ) (211,354 ) Balance, June 2015 $ (599,297 ) $ (360,125 ) $ 45,796 $ — $ (913,626 ) Six Months Ended June 2014 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Marketable Securities Total Balance, December 2013 $ 106,647 $ (277,451 ) $ (41,754 ) $ 838 $ (211,720 ) Other comprehensive income (loss) before reclassifications (36,122 ) — (4,714 ) (704 ) (41,540 ) Amounts reclassified from accumulated other comprehensive income (loss) — 13,264 7,784 — 21,048 Net other comprehensive income (loss) (36,122 ) 13,264 3,070 (704 ) (20,492 ) Balance, June 2014 $ 70,525 $ (264,187 ) $ (38,684 ) $ 134 $ (232,212 ) Reclassifications out of accumulated other comprehensive income (loss) are as follows: In thousands Affected Line Item in the Details About Accumulated Other Consolidated Statements Three Months Ended June Six Months Ended June Comprehensive Income (Loss) Components of Income 2015 2014 2015 2014 Amortization of defined benefit pension plans: Net deferred actuarial losses (a) $ (15,495) $ (9,389) $ (30,992) $ (18,773) Deferred prior service costs (a) (759) (1,362) (1,521) (2,724) Pension settlement charge Selling, general and administrative expenses (1,592) — (1,592) — Total before tax (17,846) (10,751) (34,105) (21,497) Tax benefit 10,130 4,108 17,096 8,233 Net of tax (7,716) (6,643) (17,009) (13,264) Gains (losses) on derivative financial instruments: Foreign exchange contracts Net sales (11,790) (1,542) (28,845) 118 Foreign exchange contracts Cost of goods sold 22,123 (4,339) 41,491 (9,703) Foreign exchange contracts Other income (expense), net 6,139 (507) 12,974 (1,215) Interest rate contracts Interest expense (1,069) (1,019) (2,122) (2,023) Total before tax 15,403 (7,407) 23,498 (12,823) Tax benefit (expense) (6,255) 2,911 (9,436) 5,039 Net of tax 9,148 (4,496) 14,062 (7,784) Gains (losses) on sale of marketable securities Other income (expense), net 1,177 — 1,177 — Tax expense (463) — (463) — Net of tax 714 — 714 — Total reclassifications for the period Net of tax $ 2,146 $ (11,139) $ (2,233) $ (21,048) (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note G for additional details).

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jul. 04, 2015
Stock-based Compensation	Note I – Stock-based Compensation During the second quarter of 2015, VF did not grant any stock-based compensation awards. During the first quarter of 2015, VF granted options to employees and nonemployee members of VF’s Board of Directors to purchase 2,399,883 shares of Common Stock at an exercise price of $75.35 per share. The exercise price of each option granted was 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. Options granted to nonemployee members of VF’s Board of Directors become exercisable one year from the date of grant. 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: 2015 Expected volatility 20% to 29% Weighted average expected volatility 22% Expected term (in years) 5.9 to 7.5 Dividend yield 2.0% Risk-free interest rate 0.1% to 2.1% Fair value at date of grant $13.71 Also during the first quarter of 2015, VF granted 442,338 performance-based restricted stock units (“RSU”) to employees that enable them to receive shares of VF Common Stock at the end of a three-year period. Each RSU has a potential payout 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. Shares are issued to participants in the year following the conclusion of each three-year performance period. The fair market value of VF Common Stock at the date the units were granted was $75.35 per share. The actual number of performance-based RSUs 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. The grant date fair value of the TSR-based adjustment related to the 2015 RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $3.78 per share. VF granted 11,556 nonperformance-based RSUs to nonemployee members of the Board of Directors during the first quarter of 2015. These units vest upon grant and will be settled in shares of VF Common Stock one year from the date of grant. The fair market value of VF Common Stock at the date the units were granted was $75.35 per share. VF granted 37,300 nonperformance-based RSUs to employees during the first quarter of 2015. These units vest four years from the date of grant and each unit entitles the holder to one share of VF Common Stock. The fair market value of VF Common Stock at the date the units were granted was $68.47 per share. VF granted 104,500 restricted shares of VF Common Stock to employees during the first quarter of 2015. These shares generally vest four years from the date of grant. The weighted average fair market value of VF Common Stock at the date the units were granted was $70.98 per share.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 04, 2015
Income Taxes	Note J – Income Taxes The effective income tax rate for the first half of 2015 was 21.0% compared with 21.7% in the first half of 2014. The first six months of 2015 included a net discrete tax benefit of $29.5 million, which included $33.0 million of tax benefits related to the settlement of tax audits and $5.0 million of discrete tax expense related to the effects of tax rate changes. The $29.5 million tax benefit reduced the effective income tax rate by 5.1%. The first six months of 2014 included a net discrete tax benefit of $15.5 million, which included $4.1 million of prior year refund claims and $8.5 million of net tax benefits related to the realization of previously unrecognized tax benefits and interest, reducing the effective income tax rate by 2.7%. Without discrete items, the effective income tax rate for the first half of 2015 increased by 1.7% compared with the 2014 period primarily due to a lower percentage of projected foreign earnings for 2015, reflecting the impact of changes in foreign currency exchange rates. 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”) examinations for tax years 2007 through 2011 were effectively settled during the first half of 2015. Additionally, tax years prior to 2007 were effectively settled with the IRS in prior years. During the second quarter of 2014, the IRS completed its examination of Timberland’s 2010 tax return. The examination of Timberland’s 2011 tax return is still ongoing. The IRS has proposed adjustments to Timberland’s 2011 tax return that would significantly impact the timing of cash tax payments and assessment of interest charges. The Company has formally disagreed with the findings. 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, and has concluded that VF’s provision for income taxes is adequate. 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. During the first half of 2015, the amount of net unrecognized tax benefits and associated interest decreased by $25.6 million to $81.9 million. Management believes that it is reasonably possible that the amount of unrecognized income tax benefits and interest may decrease during the next 12 months by approximately $29.9 million related to the completion of examinations and other settlements with tax authorities and the expiration of statutes of limitations, of which $19.8 million would reduce income tax expense.

Business Segment Information

Business Segment Information	6 Months Ended
	Jul. 04, 2015
Business Segment Information	Note K – 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 segments. Financial information for VF’s reportable segments is as follows: Three Months Ended June Six Months Ended June In thousands 2015 2014 2015 2014 Coalition revenues: Outdoor & Action Sports $ 1,396,344 $ 1,279,144 $ 3,003,233 $ 2,853,791 Jeanswear 608,201 605,838 1,307,856 1,296,168 Imagewear 248,788 249,963 531,684 513,202 Sportswear 142,191 140,102 277,848 271,607 Contemporary Brands 86,874 96,186 174,411 194,355 Other 31,462 30,843 56,129 53,731 Total coalition revenues $ 2,513,860 $ 2,402,076 $ 5,351,161 $ 5,182,854 Coalition profit: Outdoor & Action Sports $ 134,925 $ 130,684 $ 395,745 $ 405,174 Jeanswear 104,568 100,137 236,500 229,403 Imagewear 35,450 35,317 76,797 73,089 Sportswear 14,433 10,267 27,274 22,822 Contemporary Brands 1,140 8,840 4,680 16,742 Other 597 (74 ) 15,124 (3,190 ) Total coalition profit 291,113 285,171 756,120 744,040 Corporate and other expenses (67,416 ) (65,871 ) (133,760 ) (123,642 ) Interest expense, net (21,128 ) (19,819 ) (40,879 ) (39,125 ) Income before income taxes $ 202,569 $ 199,481 $ 581,481 $ 581,273

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 04, 2015
Earnings Per Share	Note L – Earnings Per Share Three Months Ended June Six Months Ended June In thousands, except per share amounts 2015 2014 2015 2014 Earnings per share – basic: Net income $ 170,811 $ 157,682 $ 459,520 $ 454,875 Weighted average common shares outstanding 424,349 429,940 425,305 434,115 Earnings per common share $ 0.40 $ 0.37 $ 1.08 $ 1.05 Earnings per share – diluted: Net income $ 170,811 $ 157,682 $ 459,520 $ 454,875 Weighted average common shares outstanding 424,349 429,940 425,305 434,115 Incremental shares from stock options and other dilutive securities 6,354 7,191 7,102 7,584 Adjusted weighted average common shares outstanding 430,703 437,131 432,407 441,699 Earnings per common share $ 0.40 $ 0.36 $ 1.06 $ 1.03 Outstanding options to purchase 2.4 million shares were excluded from the calculations of diluted earnings per share for both the three and six-month periods ended June 2015, and options to purchase 2.7 million shares were excluded from the calculations of diluted earnings per share for both the three and six-month periods ended June 2014, because the effect of their inclusion would have been antidilutive to those periods. In addition, 1.0 million shares of performance-based restricted stock units were excluded from the calculations of diluted earnings per share for both the three and six-month periods ended June 2015, and 1.3 million shares of performance-based restricted stock units were excluded from the calculations of diluted earnings per share for the three and six-month periods ended June 2014, because these units are not considered to be contingent outstanding shares in those periods.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 04, 2015
Fair Value Measurements	Note M – 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. 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: Total Fair Value Measurement Using (a) In thousands Fair Value Level 1 Level 2 Level 3 June 2015 Financial assets: Cash equivalents: Money market funds $ 364,033 $ 364,033 $ — $ — Time deposits 48,531 48,531 — — Derivative financial instruments 136,665 — 136,665 — Investment securities 219,483 205,049 14,434 — Financial liabilities: Derivative financial instruments 56,829 — 56,829 — Deferred compensation 273,770 — 273,770 — December 2014 Financial assets: Cash equivalents: Money market funds $ 388,635 $ 388,635 $ — $ — Time deposits 197,303 197,303 — — Derivative financial instruments 105,264 — 105,264 — Investment securities 228,406 208,874 19,532 — Other marketable securities 5,111 5,111 — — Financial liabilities: Derivative financial instruments 31,769 — 31,769 — Deferred compensation 295,226 — 295,226 — (a) There were no transfers among the levels within the fair value hierarchy during the first half of 2015 or the year ended December 2014. VF’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 (Level 2), 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. 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 VF’s deferred compensation plans are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments. Prior to the second quarter of 2015, other marketable securities consisted of common stock investments classified as available-for-sale, the fair value of which was based on quoted prices in active markets. During the second quarter, VF sold all of its available-for-sale securities for $5.9 million in cash proceeds and recognized a gain of $1.5 million, which is included in other income (expense), net in the Consolidated Statements of Income for the second quarter and six months ended June 2015. 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 June 2015 and December 2014, their carrying values approximated their fair values. Additionally, at June 2015 and December 2014, the carrying value of VF’s long-term debt, including the current portion, was $1,425.5 million and $1,427.6 million, respectively, compared with a fair value of $1,646.3 million and $1,684.1 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.

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	6 Months Ended
	Jul. 04, 2015
Derivative Financial Instruments and Hedging Activities	Note N – 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 were $2.5 billion at June 2015 and $1.9 billion at both December 2014 and June 2014, consisting primarily of contracts hedging exposures to the euro, British pound, Canadian dollar, Mexican peso, Swiss franc, 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 with Fair Value of Derivatives with In thousands June December June June December June Foreign currency exchange contracts designated as hedging instruments $ 136,265 $ 104,860 $ 11,635 $ (56,786 ) $ (31,711 ) $ (40,191 ) Foreign currency exchange contracts not designated as hedging instruments 400 404 — (43 ) (58 ) (607 ) Total derivatives $ 136,665 $ 105,264 $ 11,635 $ (56,829 ) $ (31,769 ) $ (40,798 ) 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 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 would be adjusted from the current gross presentation to the net amounts as detailed in the following table: June 2015 December 2014 June 2014 In thousands Derivative Derivative Derivative Derivative Derivative Derivative Gross amounts presented in the Consolidated Balance Sheets $ 136,665 $ (56,829 ) $ 105,264 $ (31,769 ) $ 11,635 $ (40,798 ) Gross amounts not offset in the Consolidated Balance Sheets (52,154 ) 52,154 (30,724 ) 30,724 (10,380 ) 10,380 Net amounts $ 84,511 $ (4,675 ) $ 74,540 $ (1,045 ) $ 1,255 $ (30,418 ) Derivatives are classified in the Consolidated Balance Sheets as current or noncurrent based on their maturity dates, as follows: In thousands June December June Other current assets $ 122,749 $ 84,995 $ 7,866 Accrued liabilities (49,522 ) (26,968 ) (34,289 ) Other assets 13,916 20,269 3,769 Other liabilities (7,307 ) (4,801 ) (6,509 ) Cash Flow Hedges VF uses derivative contracts primarily to hedge a portion of the exchange risk for its forecasted sales, purchases, production costs, operating 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: In thousands Gain (Loss) on Derivatives Gain (Loss) on Derivatives Cash Flow Hedging Relationships 2015 2014 2015 2014 Foreign currency exchange $ (21,576 ) $ (11,461 ) $ 46,434 $ (7,765 ) In thousands Gain (Loss) Reclassified from Gain (Loss) Reclassified from Location of Gain (Loss) 2015 2014 2015 2014 Net sales $ (11,790 ) $ (1,542 ) $ (28,845 ) $ 118 Cost of goods sold 22,123 (4,339 ) 41,491 (9,703 ) Other income (expense), net 6,139 (507 ) 12,974 (1,215 ) Interest expense (1,069 ) (1,019 ) (2,122 ) (2,023 ) Total $ 15,403 $ (7,407 ) $ 23,498 $ (12,823 ) 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 gains or losses on the related assets and liabilities. Following is a summary of these derivatives included in VF’s Consolidated Statements of Income: In thousands Location of Gain (Loss) Gain (Loss) on Derivatives Gain (Loss) on Derivatives Derivatives Not Designated as Hedges 2015 2014 2015 2014 Foreign currency exchange Other income (expense), net $ (1,430 ) $ (4,014 ) $ (2,461 ) $ (4,870 ) Other Derivative Information There were no significant amounts recognized in earnings for the ineffective portion of any hedging relationships during the three and six-month periods ended June 2015 and June 2014. At June 2015, accumulated OCI included $84.8 million of pretax net deferred gains 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 $29.4 million at June 2015, which will be reclassified into interest expense in the Consolidated Statements of Income over the remaining terms of the associated debt instruments. VF reclassified $1.0 million and $2.1 million of net deferred losses from accumulated OCI into interest expense during the three and six-month periods ended June 2015, respectively, and $1.0 million and $2.0 million for the three and six-month periods ended June 2014, respectively. VF expects to reclassify $4.4 million to interest expense during the next 12 months.

Recently Issued and Adopted Acc

Recently Issued and Adopted Accounting Standards	6 Months Ended
	Jul. 04, 2015
Recently Issued and Adopted Accounting Standards	Note O – Recently Issued and Adopted Accounting Standards In April 2014, the FASB changed the definition and disclosure requirements for discontinued operations. This guidance became effective in the first quarter of 2015, but did not have an impact on VF’s consolidated financial statements. In May 2014, the FASB issued a new accounting standard on revenue recognition which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The new model provides a 5-step analysis in determining the measurement of revenue and the timing of when it is recognized. New disclosures about revenues and cash flows arising from contracts with customers are also required. In July 2015, the FASB approved a one-year delay to the adoption date of the standard that makes it effective in the first quarter of 2018 with early adoption permitted. The Company is currently evaluating the impact that adopting this guidance will have on VF’s consolidated financial statements. In June 2014, the FASB issued an update to their accounting guidance related to stock-based compensation. The guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. This guidance will be effective in the first quarter of 2016, but is not expected to have an impact on VF’s consolidated financial statements. In February 2015, the FASB issued an update to their existing consolidation model, which changes the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance will be effective in the first quarter of 2016. The Company is currently evaluating the impact that adopting this guidance will have on VF’s consolidated financial statements. In April 2015, the FASB issued an update to their accounting guidance related to debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance will be effective in the first quarter of 2016, and the Company will reclassify the debt issuance costs in VF’s consolidated financial statements in accordance with this guidance. In April 2015, the FASB issued an update to their accounting guidance related to retirement benefits that provides a practical expedient permitting companies to measure defined benefit plan assets and obligations using the month-end that is closest to an entity’s fiscal year-end. This guidance will be effective in the first quarter of 2016 with early adoption permitted. The Company is currently evaluating whether it will adopt this guidance. In April 2015, the FASB issued new guidance related to a customer’s accounting for fees paid in a cloud computing arrangement. This guidance provides clarification on whether a cloud computing arrangement includes a software license. If a software license is included, the customer should account for the license consistent with its accounting for other software licenses. If a software license is not included, the arrangement should be accounted for as a service contract. This guidance will be effective in the first quarter of 2016, but is not expected to have an impact on VF’s consolidated financial statements. In May 2015, the FASB issued an update to their accounting guidance related to fair value measurements. The guidance removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient, and requires separate disclosure instead. This guidance will be effective in the first quarter of 2016 with early adoption permitted. The Company is currently evaluating the impact that adopting this guidance will have on VF’s consolidated financial statements.

Subsequent Events

Subsequent Events	6 Months Ended
	Jul. 04, 2015
Subsequent Events	Note P – Subsequent Events On July 21, 2015, VF’s Board of Directors declared a quarterly cash dividend of $0.32 per share, payable on September 18, 2015 to stockholders of record on September 8, 2015.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 04, 2015
Inventories	In thousands June 2015 December 2014 June 2014 Finished products $ 1,480,274 $ 1,232,623 $ 1,362,069 Work in process 108,961 104,517 104,039 Raw materials 157,183 145,664 149,137 Total inventories $ 1,746,418 $ 1,482,804 $ 1,615,245

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jul. 04, 2015
Property, Plant and Equipment	In thousands June 2015 December 2014 June 2014 Land and improvements $ 96,182 $ 57,151 $ 56,962 Buildings and improvements 1,011,621 986,679 988,980 Machinery and equipment 1,235,774 1,225,293 1,191,219 Property, plant and equipment, at cost 2,343,577 2,269,123 2,237,161 Less accumulated depreciation and amortization 1,379,204 1,326,942 1,315,191 Property, plant and equipment, net $ 964,373 $ 942,181 $ 921,970

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jul. 04, 2015
Amortizable Intangible Assets	Weighted June 2015 December 2014 Dollars in thousands Average Amortization Period Amortization Methods Cost Accumulated Amortization Net Carrying Amount Net Carrying Amount Amortizable intangible assets: Customer relationships 20 years Accelerated $ 571,090 $ 351,553 $ 219,537 $ 241,811 License agreements 24 years Accelerated and straight-line 179,785 88,818 90,967 96,736 Other 11 years Straight-line 5,728 1,951 3,777 4,363 Amortizable intangible assets, net 314,281 342,910 Indefinite-lived intangible assets: Trademarks and trade names 1,981,919 2,090,642 Intangible assets, net $ 2,296,200 $ 2,433,552
Indefinite-lived Intangible Assets	Weighted June 2015 December 2014 Dollars in thousands Average Amortization Period Amortization Methods Cost Accumulated Amortization Net Carrying Amount Net Carrying Amount Amortizable intangible assets: Customer relationships 20 years Accelerated $ 571,090 $ 351,553 $ 219,537 $ 241,811 License agreements 24 years Accelerated and straight-line 179,785 88,818 90,967 96,736 Other 11 years Straight-line 5,728 1,951 3,777 4,363 Amortizable intangible assets, net 314,281 342,910 Indefinite-lived intangible assets: Trademarks and trade names 1,981,919 2,090,642 Intangible assets, net $ 2,296,200 $ 2,433,552
Estimated Amortization Expense	Based on the carrying amounts of amortizable intangible assets noted above, estimated amortization expense for the next five years is: Year Estimated In millions 2015 $ 29.9 2016 28.3 2017 27.2 2018 26.6 2019 26.0

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jul. 04, 2015
Changes in Goodwill	Changes in goodwill are summarized by business segment as follows: In thousands Outdoor & Action Sports Jeanswear Imagewear Sportswear Total Balance, December 2014 $ 1,389,453 $ 219,442 $ 58,747 $ 157,314 $ 1,824,956 Currency translation (23,577 ) (4,610 ) — — (28,187 ) Balance, June 2015 $ 1,365,876 $ 214,832 $ 58,747 $ 157,314 $ 1,796,769

Pension Plans (Tables)

Pension Plans (Tables)	6 Months Ended
	Jul. 04, 2015
Components of Pension Cost	The components of pension cost for VF’s defined benefit plans were as follows: Three Months Ended June Six Months Ended June In thousands 2015 2014 2015 2014 Service cost – benefits earned during the period $ 7,344 $ 6,097 $ 14,679 $ 12,182 Interest cost on projected benefit obligations 19,411 20,404 38,814 40,793 Expected return on plan assets (27,779 ) (22,697 ) (55,550 ) (45,378 ) Amortization of deferred amounts: Net deferred actuarial losses 15,495 9,389 30,992 18,773 Deferred prior service costs 759 1,362 1,521 2,724 Net periodic pension cost $ 15,230 $ 14,555 $ 30,456 $ 29,094

Capital and Accumulated Other29

Capital and Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jul. 04, 2015
Shares Held for Deferred Compensation Plans	Balances related to shares held for deferred compensation plans are as follows: In millions, except share amounts June 2015 December 2014 June 2014 Shares held for deferred compensation plans 565,549 637,504 695,204 Cost of shares held for deferred compensation plans $ 6.7 $ 7.7 $ 8.2
Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated Other Comprehensive Income (Loss) in Stockholders' Equity	The deferred components of OCI are reported, net of related income taxes, in accumulated other comprehensive income (loss) in stockholders’ equity, as follows: In thousands June 2015 December 2014 June 2014 Foreign currency translation $ (599,297 ) $ (356,941 ) $ 70,525 Defined benefit pension plans (360,125 ) (377,134 ) (264,187 ) Derivative financial instruments 45,796 31,389 (38,684 ) Marketable securities — 414 134 Accumulated other comprehensive income (loss) $ (913,626 ) $ (702,272 ) $ (232,212 )
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: Three Months Ended June 2015 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Marketable Securities Total Balance, March 2015 $ (603,022 ) $ (367,841 ) $ 67,757 $ 714 $ (902,392 ) Other comprehensive income (loss) before reclassification 3,725 — (12,813 ) — (9,088 ) Amounts reclassified from accumulated other comprehensive income (loss) — 7,716 (9,148 ) (714 ) (2,146 ) Net other comprehensive income (loss) 3,725 7,716 (21,961 ) (714 ) (11,234 ) Balance, June 2015 $ (599,297 ) $ (360,125 ) $ 45,796 $ — $ (913,626 ) Three Months Ended June 2014 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Marketable Securities Total Balance, March 2014 $ 97,060 $ (270,830 ) $ (36,223 ) $ 504 $ (209,489 ) Other comprehensive income (loss) before reclassification (26,535 ) — (6,957 ) (370 ) (33,862 ) Amounts reclassified from accumulated other comprehensive income (loss) — 6,643 4,496 — 11,139 Net other comprehensive income (loss) (26,535 ) 6,643 (2,461 ) (370 ) (22,723 ) Balance, June 2014 $ 70,525 $ (264,187 ) $ (38,684 ) $ 134 $ (232,212 ) Six Months Ended June 2015 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Marketable Securities Total Balance, December 2014 $ (356,941 ) $ (377,134 ) $ 31,389 $ 414 $ (702,272 ) Other comprehensive income (loss) before reclassification (242,356 ) — 28,469 300 (213,587 ) Amounts reclassified from accumulated other comprehensive income (loss) — 17,009 (14,062 ) (714 ) 2,233 Net other comprehensive income (loss) (242,356 ) 17,009 14,407 (414 ) (211,354 ) Balance, June 2015 $ (599,297 ) $ (360,125 ) $ 45,796 $ — $ (913,626 ) Six Months Ended June 2014 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Marketable Securities Total Balance, December 2013 $ 106,647 $ (277,451 ) $ (41,754 ) $ 838 $ (211,720 ) Other comprehensive income (loss) before reclassifications (36,122 ) — (4,714 ) (704 ) (41,540 ) Amounts reclassified from accumulated other comprehensive income (loss) — 13,264 7,784 — 21,048 Net other comprehensive income (loss) (36,122 ) 13,264 3,070 (704 ) (20,492 ) Balance, June 2014 $ 70,525 $ (264,187 ) $ (38,684 ) $ 134 $ (232,212 )
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)	Reclassifications out of accumulated other comprehensive income (loss) are as follows: In thousands Affected Line Item in the Details About Accumulated Other Consolidated Statements Three Months Ended June Six Months Ended June Comprehensive Income (Loss) Components of Income 2015 2014 2015 2014 Amortization of defined benefit pension plans: Net deferred actuarial losses (a) $ (15,495) $ (9,389) $ (30,992) $ (18,773) Deferred prior service costs (a) (759) (1,362) (1,521) (2,724) Pension settlement charge Selling, general and administrative expenses (1,592) — (1,592) — Total before tax (17,846) (10,751) (34,105) (21,497) Tax benefit 10,130 4,108 17,096 8,233 Net of tax (7,716) (6,643) (17,009) (13,264) Gains (losses) on derivative financial instruments: Foreign exchange contracts Net sales (11,790) (1,542) (28,845) 118 Foreign exchange contracts Cost of goods sold 22,123 (4,339) 41,491 (9,703) Foreign exchange contracts Other income (expense), net 6,139 (507) 12,974 (1,215) Interest rate contracts Interest expense (1,069) (1,019) (2,122) (2,023) Total before tax 15,403 (7,407) 23,498 (12,823) Tax benefit (expense) (6,255) 2,911 (9,436) 5,039 Net of tax 9,148 (4,496) 14,062 (7,784) Gains (losses) on sale of marketable securities Other income (expense), net 1,177 — 1,177 — Tax expense (463) — (463) — Net of tax 714 — 714 — Total reclassifications for the period Net of tax $ 2,146 $ (11,139) $ (2,233) $ (21,048) (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note G for additional details).

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jul. 04, 2015
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: 2015 Expected volatility 20% to 29% Weighted average expected volatility 22% Expected term (in years) 5.9 to 7.5 Dividend yield 2.0% Risk-free interest rate 0.1% to 2.1% Fair value at date of grant $13.71

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jul. 04, 2015
Financial Information for Reportable Segments	Financial information for VF’s reportable segments is as follows: Three Months Ended June Six Months Ended June In thousands 2015 2014 2015 2014 Coalition revenues: Outdoor & Action Sports $ 1,396,344 $ 1,279,144 $ 3,003,233 $ 2,853,791 Jeanswear 608,201 605,838 1,307,856 1,296,168 Imagewear 248,788 249,963 531,684 513,202 Sportswear 142,191 140,102 277,848 271,607 Contemporary Brands 86,874 96,186 174,411 194,355 Other 31,462 30,843 56,129 53,731 Total coalition revenues $ 2,513,860 $ 2,402,076 $ 5,351,161 $ 5,182,854 Coalition profit: Outdoor & Action Sports $ 134,925 $ 130,684 $ 395,745 $ 405,174 Jeanswear 104,568 100,137 236,500 229,403 Imagewear 35,450 35,317 76,797 73,089 Sportswear 14,433 10,267 27,274 22,822 Contemporary Brands 1,140 8,840 4,680 16,742 Other 597 (74 ) 15,124 (3,190 ) Total coalition profit 291,113 285,171 756,120 744,040 Corporate and other expenses (67,416 ) (65,871 ) (133,760 ) (123,642 ) Interest expense, net (21,128 ) (19,819 ) (40,879 ) (39,125 ) Income before income taxes $ 202,569 $ 199,481 $ 581,481 $ 581,273

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 04, 2015
Schedule of Earnings Per Share Basic and Diluted	Three Months Ended June Six Months Ended June In thousands, except per share amounts 2015 2014 2015 2014 Earnings per share – basic: Net income $ 170,811 $ 157,682 $ 459,520 $ 454,875 Weighted average common shares outstanding 424,349 429,940 425,305 434,115 Earnings per common share $ 0.40 $ 0.37 $ 1.08 $ 1.05 Earnings per share – diluted: Net income $ 170,811 $ 157,682 $ 459,520 $ 454,875 Weighted average common shares outstanding 424,349 429,940 425,305 434,115 Incremental shares from stock options and other dilutive securities 6,354 7,191 7,102 7,584 Adjusted weighted average common shares outstanding 430,703 437,131 432,407 441,699 Earnings per common share $ 0.40 $ 0.36 $ 1.06 $ 1.03

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 04, 2015
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: Total Fair Value Measurement Using (a) In thousands Fair Value Level 1 Level 2 Level 3 June 2015 Financial assets: Cash equivalents: Money market funds $ 364,033 $ 364,033 $ — $ — Time deposits 48,531 48,531 — — Derivative financial instruments 136,665 — 136,665 — Investment securities 219,483 205,049 14,434 — Financial liabilities: Derivative financial instruments 56,829 — 56,829 — Deferred compensation 273,770 — 273,770 — December 2014 Financial assets: Cash equivalents: Money market funds $ 388,635 $ 388,635 $ — $ — Time deposits 197,303 197,303 — — Derivative financial instruments 105,264 — 105,264 — Investment securities 228,406 208,874 19,532 — Other marketable securities 5,111 5,111 — — Financial liabilities: Derivative financial instruments 31,769 — 31,769 — Deferred compensation 295,226 — 295,226 — (a) There were no transfers among the levels within the fair value hierarchy during the first half of 2015 or the year ended December 2014.

Derivative Financial Instrume34

Derivative Financial Instruments and Hedging Activities (Tables)	6 Months Ended
	Jul. 04, 2015
Outstanding Derivatives on Individual Contract Basis	The following table presents outstanding derivatives on an individual contract basis: Fair Value of Derivatives with Fair Value of Derivatives with In thousands June December June June December June Foreign currency exchange contracts designated as hedging instruments $ 136,265 $ 104,860 $ 11,635 $ (56,786 ) $ (31,711 ) $ (40,191 ) Foreign currency exchange contracts not designated as hedging instruments 400 404 — (43 ) (58 ) (607 ) Total derivatives $ 136,665 $ 105,264 $ 11,635 $ (56,829 ) $ (31,769 ) $ (40,798 )
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 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 would be adjusted from the current gross presentation to the net amounts as detailed in the following table: June 2015 December 2014 June 2014 In thousands Derivative Derivative Derivative Derivative Derivative Derivative Gross amounts presented in the Consolidated Balance Sheets $ 136,665 $ (56,829 ) $ 105,264 $ (31,769 ) $ 11,635 $ (40,798 ) Gross amounts not offset in the Consolidated Balance Sheets (52,154 ) 52,154 (30,724 ) 30,724 (10,380 ) 10,380 Net amounts $ 84,511 $ (4,675 ) $ 74,540 $ (1,045 ) $ 1,255 $ (30,418 )
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 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 would be adjusted from the current gross presentation to the net amounts as detailed in the following table: June 2015 December 2014 June 2014 In thousands Derivative Derivative Derivative Derivative Derivative Derivative Gross amounts presented in the Consolidated Balance Sheets $ 136,665 $ (56,829 ) $ 105,264 $ (31,769 ) $ 11,635 $ (40,798 ) Gross amounts not offset in the Consolidated Balance Sheets (52,154 ) 52,154 (30,724 ) 30,724 (10,380 ) 10,380 Net amounts $ 84,511 $ (4,675 ) $ 74,540 $ (1,045 ) $ 1,255 $ (30,418 )
Derivatives Classified in the Consolidated Balance Sheets as Current or Noncurrent Based on Maturity Dates	Derivatives are classified in the Consolidated Balance Sheets as current or noncurrent based on their maturity dates, as follows: In thousands June December June Other current assets $ 122,749 $ 84,995 $ 7,866 Accrued liabilities (49,522 ) (26,968 ) (34,289 ) Other assets 13,916 20,269 3,769 Other liabilities (7,307 ) (4,801 ) (6,509 )
Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	The effects of cash flow hedging included in VF’s Consolidated Statements of Income and Consolidated Statements of Comprehensive Income are summarized as follows: In thousands Gain (Loss) on Derivatives Gain (Loss) on Derivatives Cash Flow Hedging Relationships 2015 2014 2015 2014 Foreign currency exchange $ (21,576 ) $ (11,461 ) $ 46,434 $ (7,765 ) In thousands Gain (Loss) Reclassified from Gain (Loss) Reclassified from Location of Gain (Loss) 2015 2014 2015 2014 Net sales $ (11,790 ) $ (1,542 ) $ (28,845 ) $ 118 Cost of goods sold 22,123 (4,339 ) 41,491 (9,703 ) Other income (expense), net 6,139 (507 ) 12,974 (1,215 ) Interest expense (1,069 ) (1,019 ) (2,122 ) (2,023 ) Total $ 15,403 $ (7,407 ) $ 23,498 $ (12,823 )
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: In thousands Location of Gain (Loss) Gain (Loss) on Derivatives Gain (Loss) on Derivatives Derivatives Not Designated as Hedges 2015 2014 2015 2014 Foreign currency exchange Other income (expense), net $ (1,430 ) $ (4,014 ) $ (2,461 ) $ (4,870 )

Sale of Accounts Receivable - A

Sale of Accounts Receivable - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014	Jan. 03, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum amount of accounts receivable sold at any point in time	$ 237,500,000		$ 237,500,000
Decrease in receivables related to balances sold	164,300,000	$ 138,400,000	164,300,000	$ 138,400,000	$ 130,300,000
Sale of accounts receivable			633,100,000
Funding fee	$ 500,000	$ 400,000	$ 900,000	$ 800,000

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Jul. 04, 2015	Jan. 03, 2015	Jun. 28, 2014
Inventory [Line Items]
Finished products	$ 1,480,274	$ 1,232,623	$ 1,362,069
Work in process	108,961	104,517	104,039
Raw materials	157,183	145,664	149,137
Total inventories	$ 1,746,418	$ 1,482,804	$ 1,615,245

Property Plant and Equipment (D

Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Jul. 04, 2015	Jan. 03, 2015	Jun. 28, 2014
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 2,343,577	$ 2,269,123	$ 2,237,161
Less accumulated depreciation and amortization	1,379,204	1,326,942	1,315,191
Property, plant and equipment, net	964,373	942,181	921,970
Land and Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	96,182	57,151	56,962
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	1,011,621	986,679	988,980
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 1,235,774	$ 1,225,293	$ 1,191,219

Intangible Assets (Detail)

Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2015	Jan. 03, 2015	Jun. 28, 2014
Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, net carrying amount	$ 314,281	$ 342,910
Indefinite-lived intangible assets, trademarks and trade names	1,981,919	2,090,642
Intangible assets, net	$ 2,296,200	2,433,552	$ 2,921,335
Customer Relationships
Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, weighted average amortization period (in years)	20 years
Amortizable intangible assets, amortization method	Accelerated
Amortizable intangible assets, cost	$ 571,090
Amortizable intangible assets, accumulated amortization	351,553
Amortizable intangible assets, net carrying amount	$ 219,537	241,811
Licensing Agreements
Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, weighted average amortization period (in years)	24 years
Amortizable intangible assets, amortization method	Accelerated and straight-line
Amortizable intangible assets, cost	$ 179,785
Amortizable intangible assets, accumulated amortization	88,818
Amortizable intangible assets, net carrying amount	$ 90,967	96,736
Other Intangible Assets
Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, weighted average amortization period (in years)	11 years
Amortizable intangible assets, amortization method	Straight-line
Amortizable intangible assets, cost	$ 5,728
Amortizable intangible assets, accumulated amortization	1,951
Amortizable intangible assets, net carrying amount	$ 3,777	$ 4,363

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - Jul. 04, 2015 - USD ($) $ in Millions	Total	Total
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 7.5	$ 15.2

Estimated Amortization Expense

Estimated Amortization Expense (Detail) $ in Millions	Jul. 04, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
Estimated amortization expense, 2015	$ 29.9
Estimated amortization expense, 2016	28.3
Estimated amortization expense, 2017	27.2
Estimated amortization expense, 2018	26.6
Estimated amortization expense, 2019	$ 26

Changes in Goodwill (Detail)

Changes in Goodwill (Detail) $ in Thousands	6 Months Ended
	Jul. 04, 2015USD ($)
Goodwill [Line Items]
Goodwill, beginning balance	$ 1,824,956
Currency translation	(28,187)
Goodwill, ending balance	1,796,769
Outdoor & Action Sports
Goodwill [Line Items]
Goodwill, beginning balance	1,389,453
Currency translation	(23,577)
Goodwill, ending balance	1,365,876
Jeanswear
Goodwill [Line Items]
Goodwill, beginning balance	219,442
Currency translation	(4,610)
Goodwill, ending balance	214,832
Imagewear
Goodwill [Line Items]
Goodwill, beginning balance	58,747
Goodwill, ending balance	58,747
Sportswear
Goodwill [Line Items]
Goodwill, beginning balance	157,314
Goodwill, ending balance	$ 157,314

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) - Jul. 04, 2015 - USD ($)	Total
Goodwill [Line Items]
Goodwill impairment charges	$ 0
Outdoor & Action Sports
Goodwill [Line Items]
Cumulative impairment charges	43,400,000
Sportswear
Goodwill [Line Items]
Cumulative impairment charges	$ 58,500,000

Components of Pension Cost (Det

Components of Pension Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	$ 7,344	$ 6,097	$ 14,679	$ 12,182
Interest cost on projected benefit obligations	19,411	20,404	38,814	40,793
Expected return on plan assets	(27,779)	(22,697)	(55,550)	(45,378)
Amortization of deferred amounts, Net deferred actuarial losses	15,495	9,389	30,992	18,773
Amortization of deferred amounts, Deferred prior service costs	759	1,362	1,521	2,724
Net periodic pension cost	$ 15,230	$ 14,555	$ 30,456	$ 29,094

Pension Plans - Additional Info

Pension Plans - Additional Information (Detail) - Jul. 04, 2015 - USD ($) $ in Millions	Total	Total
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plan contributed		$ 261.4
Defined benefit pension plan additional contributions during the remainder of the year		11.9
Defined Contribution Plan, Discretionary Contribution Amount		$ 250
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Settlement charge related to recognition of deferred actuarial losses	$ 1.6

Capital and Accumulated Other45

Capital and Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jul. 04, 2015	Jan. 03, 2015	Jun. 28, 2014
Class of Stock [Line Items]
Common Stock, shares, purchased	10,000,000
Common Stock, value, purchased	$ 730.1
Treasury shares restored as unissued status	10,100,000
Treasury shares	23,400	0	0
Common Stock, stated value	$ 0.25	$ 0.25	$ 0.25
Common Stock held in trust for deferred compensation plans, shares	20,000
Common Stock held in trust for deferred compensation plans	$ 1.4

Shares Held for Deferred Compen

Shares Held for Deferred Compensation Plans (Detail) - USD ($) $ in Millions	Jul. 04, 2015	Jan. 03, 2015	Jun. 28, 2014
Schedule of Deferred Compensation Plans [Line Items]
Shares held for deferred compensation plans	565,549	637,504	695,204
Cost of shares held for deferred compensation plans	$ 6.7	$ 7.7	$ 8.2

Deferred Components of OCI Repo

Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated Other Comprehensive Income (Loss) in Stockholders' Equity (Detail) - USD ($) $ in Thousands	Jul. 04, 2015	Apr. 04, 2015	Jan. 03, 2015	Jun. 28, 2014	Mar. 29, 2014	Dec. 28, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation	$ (599,297)		$ (356,941)	$ 70,525
Defined benefit pension plans	(360,125)		(377,134)	(264,187)
Derivative financial instruments	45,796		31,389	(38,684)
Marketable securities			414	134
Accumulated other comprehensive income (loss)	$ (913,626)	$ (902,392)	$ (702,272)	$ (232,212)	$ (209,489)	$ (211,720)

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss), Net of Related Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (902,392)	$ (209,489)	$ (702,272)	$ (211,720)
Other comprehensive income (loss) before reclassifications	(9,088)	(33,862)	(213,587)	(41,540)
Amounts reclassified from accumulated other comprehensive income (loss)	(2,146)	11,139	2,233	21,048
Net other comprehensive income (loss)	(11,234)	(22,723)	(211,354)	(20,492)
Ending balance	(913,626)	(232,212)	(913,626)	(232,212)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(603,022)	97,060	(356,941)	106,647
Other comprehensive income (loss) before reclassifications	3,725	(26,535)	(242,356)	(36,122)
Net other comprehensive income (loss)	3,725	(26,535)	(242,356)	(36,122)
Ending balance	(599,297)	70,525	(599,297)	70,525
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(367,841)	(270,830)	(377,134)	(277,451)
Amounts reclassified from accumulated other comprehensive income (loss)	7,716	6,643	17,009	13,264
Net other comprehensive income (loss)	7,716	6,643	17,009	13,264
Ending balance	(360,125)	(264,187)	(360,125)	(264,187)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	67,757	(36,223)	31,389	(41,754)
Other comprehensive income (loss) before reclassifications	(12,813)	(6,957)	28,469	(4,714)
Amounts reclassified from accumulated other comprehensive income (loss)	(9,148)	4,496	(14,062)	7,784
Net other comprehensive income (loss)	(21,961)	(2,461)	14,407	3,070
Ending balance	45,796	(38,684)	45,796	(38,684)
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	714	504	414	838
Other comprehensive income (loss) before reclassifications		(370)	300	(704)
Amounts reclassified from accumulated other comprehensive income (loss)	(714)		(714)
Net other comprehensive income (loss)	$ (714)	(370)	$ (414)	(704)
Ending balance		$ 134		$ 134

Reclassification Out of Accumul

Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net sales		$ 2,484,189	$ 2,373,408	$ 5,287,491	$ 5,123,523
Net deferred actuarial losses		15,495	9,389	30,992	18,773
Cost of goods sold		(1,300,346)	(1,239,344)	(2,746,893)	(2,645,910)
Deferred prior service costs		759	1,362	1,521	2,724
Other income (expense), net		670	(508)	1,498	(2,600)
Selling, general and administrative expenses		(990,487)	(942,924)	(1,983,406)	(1,913,946)
Interest expense		(23,023)	(21,338)	(44,872)	(41,975)
Income before income taxes		202,569	199,481	581,481	581,273
Tax benefit (expense)		(31,758)	(41,799)	(121,961)	(126,398)
Net income		170,811	157,682	459,520	454,875
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income		2,146	(11,139)	(2,233)	(21,048)
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net deferred actuarial losses	[1]	(15,495)	(9,389)	(30,992)	(18,773)
Deferred prior service costs	[1]	(759)	(1,362)	(1,521)	(2,724)
Selling, general and administrative expenses		(1,592)		(1,592)
Income before income taxes		(17,846)	(10,751)	(34,105)	(21,497)
Tax benefit (expense)		10,130	4,108	17,096	8,233
Net income		(7,716)	(6,643)	(17,009)	(13,264)
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net sales		(11,790)	(1,542)	(28,845)	118
Cost of goods sold		22,123	(4,339)	41,491	(9,703)
Other income (expense), net		6,139	(507)	12,974	(1,215)
Interest expense		(1,069)	(1,019)	(2,122)	(2,023)
Income before income taxes		15,403	(7,407)	23,498	(12,823)
Tax benefit (expense)		(6,255)	2,911	(9,436)	5,039
Net income		9,148	$ (4,496)	14,062	$ (7,784)
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Unrealized Investment Gain (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (expense), net		1,177		1,177
Tax benefit (expense)		(463)		(463)
Net income		$ 714		$ 714
[1]	These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note G for additional details).

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - Apr. 04, 2015 - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	2,399,883
Weighted average exercise price of options granted	$ 75.35
Share based compensation vesting period	3 years
Non employee Members of 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]
Restricted stock units granted in period	442,338
Award expiration period from grant date	3 years
Baseline profitability goal period	3 years
Grant date fair value of each restricted units granted	$ 75.35
Percentage of targets award adjusted to actual number of shares earned	25.00%
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
TSR Adjustment Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of each restricted units granted	$ 3.78
Nonperformance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation vesting period	4 years
Restricted stock units granted in period	37,300
Number of shares of common stock to be issued for each restricted stock unit granted	1
Grant date fair value of each restricted units granted	$ 68.47
Nonperformance-Based Restricted Stock Units | Non employee Members of Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted in period	11,556
Award expiration period from grant date	1 year
Grant date fair value of each restricted units granted	$ 75.35
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation vesting period	4 years
Restricted stock units granted in period	104,500
Grant date fair value of each restricted units granted	$ 70.98

Schedule of Assumption Used and

Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted (Detail) - 6 months ended Jul. 04, 2015 - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	20.00%
Expected volatility, maximum	29.00%
Weighted average expected volatility	22.00%
Dividend yield	2.00%
Risk-free interest rate, minimum	0.10%
Risk-free interest rate, maximum	2.10%
Fair value at date of grant	$ 13.71
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years 10 months 24 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	7 years 6 months

Income Taxes - Additional infor

Income Taxes - Additional information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014
Income Taxes [Line Items]
Effective income tax rate	21.00%	21.70%
Net discrete tax Benefits	$ 29.5	$ 15.5
Discrete tax expense related to effects of tax rate changes	5
Refund claims related to prior years	$ 33	4.1
Realization of unrecognized net tax benefits		$ 8.5
Tax reduction due to discrete items	5.10%	2.70%
Change in effective income tax rate without discrete items	1.70%
Decrease in unrecognized tax benefits and associated interest	$ 25.6
Net unrecognized tax benefits and interest, if recognized, would reduce the annual effective tax rate	81.9
Possible decrease in unrecognized income tax benefits	29.9
Reduction in income tax expenses	$ 19.8

Financial Information for Repor

Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Segment Reporting Information [Line Items]
Coalition revenues	$ 2,513,860	$ 2,402,076	$ 5,351,161	$ 5,182,854
Coalition profit	291,113	285,171	756,120	744,040
Corporate and other expenses	(67,416)	(65,871)	(133,760)	(123,642)
Interest expense, net	(21,128)	(19,819)	(40,879)	(39,125)
Income before income taxes	202,569	199,481	581,481	581,273
Outdoor & Action Sports
Segment Reporting Information [Line Items]
Coalition revenues	1,396,344	1,279,144	3,003,233	2,853,791
Coalition profit	134,925	130,684	395,745	405,174
Jeanswear
Segment Reporting Information [Line Items]
Coalition revenues	608,201	605,838	1,307,856	1,296,168
Coalition profit	104,568	100,137	236,500	229,403
Imagewear
Segment Reporting Information [Line Items]
Coalition revenues	248,788	249,963	531,684	513,202
Coalition profit	35,450	35,317	76,797	73,089
Sportswear
Segment Reporting Information [Line Items]
Coalition revenues	142,191	140,102	277,848	271,607
Coalition profit	14,433	10,267	27,274	22,822
Contemporary Brands
Segment Reporting Information [Line Items]
Coalition revenues	86,874	96,186	174,411	194,355
Coalition profit	1,140	8,840	4,680	16,742
Other Net
Segment Reporting Information [Line Items]
Coalition revenues	31,462	30,843	56,129	53,731
Coalition profit	$ 597	$ (74)	$ 15,124	$ (3,190)

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Earnings per share - basic:
Net income	$ 170,811	$ 157,682	$ 459,520	$ 454,875
Weighted average common shares outstanding	424,349	429,940	425,305	434,115
Earnings per common share	$ 0.40	$ 0.37	$ 1.08	$ 1.05
Earnings per share - diluted:
Net income	$ 170,811	$ 157,682	$ 459,520	$ 454,875
Weighted average common shares outstanding	424,349	429,940	425,305	434,115
Incremental shares from stock options and other dilutive securities	6,354	7,191	7,102	7,584
Adjusted weighted average common shares outstanding	430,703	437,131	432,407	441,699
Earnings per common share	$ 0.40	$ 0.36	$ 1.06	$ 1.03

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options excluded from computation of earnings per share	2.4	2.7	2.4	2.7
Performance-Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options excluded from computation of earnings per share	1	1.3	1	1.3

Classes of Financial Assets and

Classes of Financial Assets and Financial Liabilities Measured and Recorded at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Jul. 04, 2015	Jan. 03, 2015	Jun. 28, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Money market funds		$ 364,033	$ 388,635
Cash equivalents, time deposits		48,531	197,303
Derivative financial instruments		136,665	105,264	$ 11,635
Investment securities		219,483	228,406
Other marketable securities			5,111
Derivative financial instruments		56,829	31,769	$ 40,798
Deferred compensation		273,770	295,226
Quoted Prices In Active Markets For Identical Assets, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Money market funds	[1]	364,033	388,635
Cash equivalents, time deposits	[1]	48,531	197,303
Investment securities	[1]	205,049	208,874
Other marketable securities	[1]		5,111
Significant Other Observable Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	[1]	136,665	105,264
Investment securities	[1]	14,434	19,532
Derivative financial instruments	[1]	56,829	31,769
Deferred compensation	[1]	$ 273,770	$ 295,226
[1]	There were no transfers among the levels within the fair value hierarchy during the first half of 2015 or the year ended December 2014.

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 04, 2015	Jul. 04, 2015	Jan. 03, 2015
Fair Value, Measurement Inputs, Disclosure [Line Items]
Cash proceeds from available-for-sale securities	$ 5.9
Long-term debt, carrying value	1,425.5	$ 1,425.5	$ 1,427.6
Long-term debt, fair value	$ 1,646.3	1,646.3	$ 1,684.1
Other income (expense), net
Fair Value, Measurement Inputs, Disclosure [Line Items]
Gain recognized from sale of available-for-sale securities		$ 1.5

Derivative Financial Instrume58

Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014	Jan. 03, 2015
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			$ 84.8
Remaining pretax deferred net loss in Accumulated OCI	$ 29.4		29.4
Net deferred loss in accumulated OCI reclassified to earnings	1	$ 1	2.1	$ 2
Net deferred loss in accumulated OCI expected to be reclassified to earnings over remainder of year	4.4		$ 4.4
Interest Rate Swap Derivative Contracts In 2011
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maturity date, notes			2,021
Interest Rate Swap Derivative Contracts In 2003
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maturity date, notes			2,033
Foreign Currency Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of foreign currency derivatives	$ 2,500	$ 1,900	$ 2,500	$ 1,900	$ 1,900

Outstanding Derivatives on Indi

Outstanding Derivatives on Individual Contract Basis at Gross Amounts (Detail) - USD ($) $ in Thousands	Jul. 04, 2015	Jan. 03, 2015	Jun. 28, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains	$ 136,665	$ 105,264	$ 11,635
Fair value of derivatives with unrealized losses	(56,829)	(31,769)	(40,798)
Foreign exchange contracts designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains	136,265	104,860	11,635
Fair value of derivatives with unrealized losses	(56,786)	(31,711)	(40,191)
Foreign exchange contracts not designated as hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains	400	404
Fair value of derivatives with unrealized losses	$ (43)	$ (58)	$ (607)

Fair Value of Derivative Assets

Fair Value of Derivative Assets and Liabilities in Balance Sheet (Detail) - USD ($) $ in Thousands	Jul. 04, 2015	Jan. 03, 2015	Jun. 28, 2014
Offsetting Assets [Line Items]
Gross amounts presented in the Consolidated Balance Sheets, Derivative Asset	$ 136,665	$ 105,264	$ 11,635
Gross amounts not offset in the Consolidated Balance Sheets, Derivative Asset	(52,154)	(30,724)	(10,380)
Net amounts	84,511	74,540	1,255
Gross amounts presented in the Consolidated Balance Sheets, Derivative Liabilities	(56,829)	(31,769)	(40,798)
Gross amounts not offset in the Consolidated Balance Sheets, Derivative Liabilities	52,154	30,724	10,380
Net amounts	$ (4,675)	$ (1,045)	$ (30,418)

Derivatives Classified as Curre

Derivatives Classified as Current or Noncurrent Based on Maturity Dates (Detail) - USD ($) $ in Thousands	Jul. 04, 2015	Jan. 03, 2015	Jun. 28, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other current assets	$ 122,749	$ 84,995	$ 7,866
Accrued liabilities	(49,522)	(26,968)	(34,289)
Other assets	13,916	20,269	3,769
Other liabilities	$ (7,307)	$ (4,801)	$ (6,509)

Effects of Cash Flow Hedging in

Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	$ 15,403	$ (7,407)	$ 23,498	$ (12,823)
Foreign Currency Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in OCI	(21,576)	(11,461)	46,434	(7,765)
Foreign Currency Exchange Contract | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(11,790)	(1,542)	(28,845)	118
Foreign Currency Exchange Contract | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	22,123	(4,339)	41,491	(9,703)
Foreign Currency Exchange Contract | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	6,139	(507)	12,974	(1,215)
Interest Rate Contract | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	$ (1,069)	$ (1,019)	$ (2,122)	$ (2,023)

Hedges Included in Consolidated

Hedges Included in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
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	$ (1,430)	$ (4,014)	$ (2,461)	$ (4,870)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Jul. 21, 2015 - Subsequent Event - Dividend Declared - $ / shares	Total
Subsequent Event [Line Items]
Cash dividend	$ 0.32
Dividends payable date	Sep. 18, 2015
Dividends record date	Sep. 8, 2015