V.F. (VFC) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 03, 2015	Oct. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 3, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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		426,309,081

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 03, 2015	Jan. 03, 2015	Sep. 27, 2014
Current assets
Cash and equivalents	$ 566,599	$ 971,895	$ 496,500
Accounts receivable, less allowance for doubtful accounts of: September 2015 - $23,287; December 2014 - $26,694; September 2014 - $39,950	1,870,530	1,276,224	1,764,636
Inventories	2,038,126	1,482,804	1,822,162
Other current assets	460,562	454,931	440,915
Total current assets	4,935,817	4,185,854	4,524,213
Property, plant and equipment	981,558	942,181	940,193
Intangible assets	2,309,481	2,433,552	2,785,651
Goodwill	1,800,008	1,824,956	1,989,871
Other assets	625,058	593,597	575,948
Total assets	10,651,922	9,980,140	10,815,876
Current liabilities
Short-term borrowings	1,285,388	21,822	654,839
Current portion of long-term debt	13,197	3,975	4,374
Accounts payable	580,368	690,842	674,950
Accrued liabilities	904,667	903,602	932,315
Total current liabilities	2,783,620	1,620,241	2,266,478
Long-term debt	1,411,446	1,423,581	1,424,311
Other liabilities	$ 1,095,659	$ 1,305,436	$ 1,262,727
Commitments and contingencies
Stockholders' equity
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at September 2015, December 2014 or September 2014
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at September 2015 - 426,250,097; December 2014 - 432,859,891; September 2014 - 431,649,948	$ 106,563	$ 108,215	$ 107,912
Additional paid-in capital	3,176,806	2,993,186	2,923,024
Accumulated other comprehensive income (loss)	(898,775)	(702,272)	(418,235)
Retained earnings	2,976,603	3,231,753	3,249,659
Total stockholders' equity	5,361,197	5,630,882	5,862,360
Total liabilities and stockholders' equity	$ 10,651,922	$ 9,980,140	$ 10,815,876

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 03, 2015	Jan. 03, 2015	Sep. 27, 2014
Accounts receivable, allowance for doubtful accounts	$ 23,287	$ 26,694	$ 39,950
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	426,250,097	432,859,891	431,649,948

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014
Net sales	$ 3,583,027	$ 3,486,998	$ 8,870,518	$ 8,610,521
Royalty income	29,793	33,449	93,463	92,780
Total revenues	3,612,820	3,520,447	8,963,981	8,703,301
Costs and operating expenses
Cost of goods sold	1,883,610	1,818,655	4,630,503	4,464,565
Selling, general and administrative expenses	1,086,282	1,068,710	3,069,688	2,982,656
Costs and Expenses, Total	2,969,892	2,887,365	7,700,191	7,447,221
Operating income	642,928	633,082	1,263,790	1,256,080
Interest income	1,506	1,852	5,499	4,702
Interest expense	(22,324)	(22,555)	(67,196)	(64,530)
Other income (expense), net	(1,280)	(1,609)	218	(4,209)
Income before income taxes	620,830	610,770	1,202,311	1,192,043
Income taxes	160,966	140,241	282,927	266,639
Net income	$ 459,864	$ 470,529	$ 919,384	$ 925,404
Earnings per common share
Basic	$ 1.08	$ 1.09	$ 2.16	$ 2.14
Diluted	1.07	1.08	2.13	2.10
Cash dividends per common share	$ 0.3200	$ 0.2625	$ 0.9600	$ 0.7875

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014
Net income	$ 459,864	$ 470,529	$ 919,384	$ 925,404
Foreign currency translation
Gains (losses) arising during the period	12,282	(235,077)	(232,829)	(271,811)
Less income tax effect	1,740	3,293	4,495	3,905
Defined benefit pension plans
Amortization of net deferred actuarial losses	15,493	9,385	46,485	28,158
Amortization of deferred prior service costs	760	1,361	2,281	4,085
Settlement charges	2,400		3,992
Less income tax effect	(7,065)	(4,521)	(24,161)	(12,754)
Derivative financial instruments
Gains (losses) arising during the period	5,634	51,351	52,068	43,586
Less income tax effect	(2,178)	(20,180)	(20,143)	(17,129)
Reclassification to net income for (gains) losses realized	(23,171)	12,911	(46,669)	25,734
Less income tax effect	8,956	(5,074)	18,392	(10,113)
Marketable securities
Gains (losses) arising during the period		871	495	(289)
Less income tax effect		(343)	(195)	113
Reclassification to net income for (gains) losses realized			(1,177)
Less income tax effect			463
Net other comprehensive income (loss)	14,851	(186,023)	(196,503)	(206,515)
Comprehensive income	$ 474,715	$ 284,506	$ 722,881	$ 718,889

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014
Operating activities
Net income	$ 919,384	$ 925,404
Adjustments to reconcile net income to cash (used) provided by operating activities:
Depreciation and amortization	198,304	200,519
Stock-based compensation	73,136	77,440
Provision for doubtful accounts	7,876	5,195
Pension expense (less than) in excess of contributions	(220,339)	29,791
Other, net	604	86,241
Changes in operating assets and liabilities:
Accounts receivable	(653,545)	(467,399)
Inventories	(587,669)	(454,849)
Accounts payable	(100,533)	46,060
Income taxes	(29,299)	(113,401)
Accrued liabilities	74,845	99,042
Other assets and liabilities	(13,725)	(67,197)
Cash (used) provided by operating activities	(330,961)	366,846
Investing activities
Capital expenditures	(187,281)	(171,606)
Software purchases	(53,053)	(66,815)
Other, net	3,150	(16,612)
Cash used by investing activities	(237,184)	(255,033)
Financing activities
Net increase in short-term borrowings	1,268,146	637,786
Payments on long-term debt	(3,163)	(3,549)
Payment of debt issuance costs	(1,475)
Purchases of treasury stock	(731,936)	(727,536)
Cash dividends paid	(407,684)	(340,690)
Proceeds from issuance of Common Stock, net of shares withheld for taxes	23,168	9,433
Tax benefits of stock-based compensation	50,750	47,786
Cash provided (used) by financing activities	197,806	(376,770)
Effect of foreign currency rate changes on cash and equivalents	(34,957)	(14,946)
Net change in cash and equivalents	(405,296)	(279,903)
Cash and equivalents - beginning of year	971,895	776,403
Cash and equivalents - end of period	$ 566,599	$ 496,500

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	$ 925,404
Balance (in shares) at Sep. 27, 2014	431,649,948
Balance at Sep. 27, 2014	$ 5,862,360
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	$ 919,384				919,384
Dividends on Common Stock					(407,684)
Purchases of treasury stock (in Shares)	(10,000,000)	(10,025,700)
Purchase of treasury stock	$ (730,100)	$ (2,506)			(729,430)
Stock-based compensation, net (in Shares)		3,415,906
Stock-based compensation, net		$ 854	183,620		(37,420)
Foreign currency translation				(228,334)
Defined benefit pension plans				28,597
Derivative financial instruments				3,648
Marketable securities				(414)
Balance (in shares) at Oct. 03, 2015	426,250,097	426,250,097
Balance at Oct. 03, 2015	$ 5,361,197	$ 106,563	$ 3,176,806	$ (898,775)	$ 2,976,603

Basis of Presentation

Basis of Presentation	9 Months Ended
	Oct. 03, 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 September 2015, December 2014 and September 2014 relate to the fiscal periods ended on October 3, 2015, January 3, 2015 and September 27, 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 nine months ended September 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	9 Months Ended
	Oct. 03, 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 nine months of 2015, VF sold total accounts receivable of $987.9 million. As of September 2015, December 2014 and September 2014, $167.5 million, $130.3 million and $172.0 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 $1.4 million for the third quarter and first nine months of 2015, respectively, and $0.4 million and $1.2 million for the third quarter and first nine months of 2014, respectively. Net proceeds of this program are classified in operating activities in the Consolidated Statements of Cash Flows.

Inventories

Inventories	9 Months Ended
	Oct. 03, 2015
Inventories	Note C – Inventories September December September In thousands 2015 2014 2014 Finished products $ 1,763,630 $ 1,232,623 $ 1,570,512 Work in process 101,307 104,517 101,037 Raw materials 173,189 145,664 150,613 Total inventories $ 2,038,126 $ 1,482,804 $ 1,822,162

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Oct. 03, 2015
Property, Plant and Equipment	Note D – Property, Plant and Equipment September December September In thousands 2015 2014 2014 Land and improvements $ 98,026 $ 57,151 $ 57,626 Buildings and improvements 1,027,003 986,679 996,208 Machinery and equipment 1,252,885 1,225,293 1,227,551 Property, plant and equipment, at cost 2,377,914 2,269,123 2,281,385 Less accumulated depreciation and amortization 1,396,356 1,326,942 1,341,192 Property, plant and equipment, net $ 981,558 $ 942,181 $ 940,193

Intangible Assets

Intangible Assets	9 Months Ended
	Oct. 03, 2015
Intangible Assets	Note E – Intangible Assets Weighted Average Amortization Period September 2015 December 2014 Dollars in thousands Amortization Methods Cost Accumulated Amortization Net Carrying Amount Net Carrying Amount Amortizable intangible assets: Customer relationships 20 years Accelerated $ 573,867 $ 357,365 $ 216,502 $ 241,811 License agreements 24 years Accelerated and straight-line 179,972 91,128 88,844 96,736 Other 11 years Straight-line 5,804 2,100 3,704 4,363 Amortizable intangible assets, net 309,050 342,910 Indefinite-lived intangible assets: Trademarks and trade names 2,000,431 2,090,642 Intangible assets, net $ 2,309,481 $ 2,433,552 Amortization expense for the third quarter and first nine months of 2015 was $7.3 million and $22.5 million, respectively. Based on the carrying amounts of amortizable intangible assets noted above, estimated amortization expense for the next five years is: Year Estimated Amortization Expense In millions 2015 $ 29.9 2016 28.5 2017 27.4 2018 26.9 2019 26.3

Goodwill

Goodwill	9 Months Ended
	Oct. 03, 2015
Goodwill	Note F – Goodwill Changes in goodwill are summarized by business segment as follows: Outdoor & In thousands Action Sports Jeanswear Imagewear Sportswear Total Balance, December 2014 $ 1,389,453 $ 219,442 $ 58,747 $ 157,314 $ 1,824,956 Currency translation (20,410 ) (4,538 ) — — (24,948 ) Balance, September 2015 $ 1,369,043 $ 214,904 $ 58,747 $ 157,314 $ 1,800,008 Accumulated impairment charges for the Outdoor & Action Sports and Sportswear coalitions were $43.4 million and $58.5 million, respectively, for the dates presented above. No impairment charges were recorded in the first nine months of 2015.

Pension Plans

Pension Plans	9 Months Ended
	Oct. 03, 2015
Pension Plans	Note G – Pension Plans The components of pension cost for VF’s defined benefit plans were as follows: Three Months Ended September Nine Months Ended September In thousands 2015 2014 2015 2014 Service cost – benefits earned during the period $ 7,305 $ 6,046 $ 21,984 $ 18,228 Interest cost on projected benefit obligations 19,415 20,387 58,229 61,180 Expected return on plan assets (27,784 ) (22,682 ) (83,334 ) (68,060 ) Amortization of deferred amounts: Net deferred actuarial losses 15,493 9,385 46,485 28,158 Deferred prior service costs 760 1,361 2,281 4,085 Net periodic pension cost $ 15,189 $ 14,497 $ 45,645 $ 43,591 During the first nine months of 2015, VF contributed $270.0 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 $3.0 million of additional contributions during the remainder of 2015. In addition, VF incurred $2.4 million and $4.0 million in settlement charges during the third quarter and first nine months of 2015, respectively, 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)	9 Months Ended
	Oct. 03, 2015
Capital and Accumulated Other Comprehensive Income (Loss)	Note H – Capital and Accumulated Other Comprehensive Income (Loss) During the first nine 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 nine 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 1,900 shares held in treasury at the end of September 2015, and no shares held in treasury at the end of December 2014 or September 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 nine months of 2015, the Company purchased 25,700 shares of Common Stock in open market transactions for $1.8 million. Balances related to shares held for deferred compensation plans are as follows: September December September In millions, except share amounts 2015 2014 2014 Shares held for deferred compensation plans 560,049 637,504 640,404 Cost of shares held for deferred compensation plans $ 6.7 $ 7.7 $ 7.6 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: September December September In thousands 2015 2014 2014 Foreign currency translation $ (585,275 ) $ (356,941 ) $ (161,259 ) Defined benefit pension plans (348,537 ) (377,134 ) (257,962 ) Derivative financial instruments 35,037 31,389 324 Marketable securities — 414 662 Accumulated other comprehensive income (loss) $ (898,775 ) $ (702,272 ) $ (418,235 ) The changes in accumulated other comprehensive income (loss), net of related taxes, are as follows: Three Months Ended September 2015 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Marketable Securities Total Balance, June 2015 $ (599,297 ) $ (360,125 ) $ 45,796 $ — $ (913,626 ) Other comprehensive income (loss) before reclassification 14,022 — 3,456 — 17,478 Amounts reclassified from accumulated other comprehensive income (loss) — 11,588 (14,215 ) — (2,627 ) Net other comprehensive income (loss) 14,022 11,588 (10,759 ) — 14,851 Balance, September 2015 $ (585,275 ) $ (348,537 ) $ 35,037 $ — $ (898,775 ) Three Months Ended September 2014 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Marketable Securities Total Balance, June 2014 $ 70,525 $ (264,187 ) $ (38,684 ) $ 134 $ (232,212 ) Other comprehensive income (loss) before reclassification (231,784 ) — 31,171 528 (200,085 ) Amounts reclassified from accumulated other comprehensive income (loss) — 6,225 7,837 — 14,062 Net other comprehensive income (loss) (231,784 ) 6,225 39,008 528 (186,023 ) Balance, September 2014 $ (161,259 ) $ (257,962 ) $ 324 $ 662 $ (418,235 ) Nine Months Ended September 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 (228,334 ) — 31,925 300 (196,109 ) Amounts reclassified from accumulated other comprehensive income (loss) — 28,597 (28,277 ) (714 ) (394 ) Net other comprehensive income (loss) (228,334 ) 28,597 3,648 (414 ) (196,503 ) Balance, September 2015 $ (585,275 ) $ (348,537 ) $ 35,037 $ — $ (898,775 ) Nine Months Ended September 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 (267,906 ) — 26,457 (176 ) (241,625 ) Amounts reclassified from accumulated other comprehensive income (loss) — 19,489 15,621 — 35,110 Net other comprehensive income (loss) (267,906 ) 19,489 42,078 (176 ) (206,515 ) Balance, September 2014 $ (161,259 ) $ (257,962 ) $ 324 $ 662 $ (418,235 ) Reclassifications out of accumulated other comprehensive income (loss) are as follows: In thousands Affected Line Item in the Consolidated Statements Three Months Ended Nine Months Ended Details About Accumulated Other September September Comprehensive Income (Loss) Components of Income 2015 2014 2015 2014 Amortization of defined benefit pension plans: Net deferred actuarial losses (a) $ (15,493 ) $ (9,385 ) $ (46,485 ) $ (28,158 ) Deferred prior service costs (a) (760 ) (1,361 ) (2,281 ) (4,085 ) Pension settlement charges Selling, general and administrative expenses (2,400 ) — (3,992 ) — Total before tax (18,653 ) (10,746 ) (52,758 ) (32,243 ) Tax benefit 7,065 4,521 24,161 12,754 Net of tax (11,588 ) (6,225 ) (28,597 ) (19,489 ) Gains (losses) on derivative financial instruments Foreign exchange contracts Net sales (22,434 ) (7,657 ) (51,279 ) (7,539 ) Foreign exchange contracts Cost of goods sold 39,142 (3,496 ) 80,633 (13,199 ) Foreign exchange contracts Other income (expense), net 7,541 (730 ) 20,515 (1,945 ) Interest rate contracts Interest expense (1,078 ) (1,028 ) (3,200 ) (3,051 ) Total before tax 23,171 (12,911 ) 46,669 (25,734 ) Tax benefit (expense) (8,956 ) 5,074 (18,392 ) 10,113 Net of tax 14,215 (7,837 ) 28,277 (15,621 ) Gains (losses) on sale of marketable securities Other income (expense), net — — 1,177 — Tax expense — — (463 ) — Net of tax — — 714 — Total reclassifications for the period Net of tax $ 2,627 $ (14,062 ) $ 394 $ (35,110 ) (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	9 Months Ended
	Oct. 03, 2015
Stock-based Compensation	Note I – Stock-based Compensation During the first nine months of 2015, VF granted options to employees and nonemployee members of VF’s Board of Directors to purchase 2,472,074 shares of Common Stock. Of this amount, 2,399,883 options were granted in the first quarter of 2015 at an exercise price of $75.35 per share, and 72,191 options were granted in the third quarter of 2015 at an exercise price of $74.64 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: Options Granted Three Months Ended Options Granted Three Months Ended Expected volatility 19% to 29% 20% to 29% Weighted average expected volatility 21% 22% Expected term (in years) 6.0 to 7.0 5.9 to 7.5 Dividend yield 1.8% 2.0% Risk-free interest rate 0.1% to 2.3% 0.1% to 2.1% Fair value at date of grant $14.21 $13.71 VF granted 442,338 and 13,671 performance-based restricted stock units (“RSU”) to employees during the first and third quarters of 2015, respectively, which enable the employees 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 in the first and third quarters of 2015 was $75.35 and $74.64 per share, respectively. 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 and 33,000 nonperformance-based RSUs to employees during the first and third quarters of 2015, respectively. 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 in the first and third quarters of 2015 was $68.47 and $72.75 per share, respectively. VF granted 104,500 and 7,000 restricted shares of VF Common Stock to employees during the first and third quarters of 2015, respectively. 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 in the first quarter of 2015 was $70.98 per share. The fair market value of VF Common Stock at the date the units were granted in the third quarter of 2015 was $72.75 per share.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 03, 2015
Income Taxes	Note J – Income Taxes The effective income tax rate for the first nine months of 2015 was 23.5% compared with 22.4% in the first nine months of 2014. The first nine months of 2015 included a net discrete tax benefit of $29.0 million, which included $33.7 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 $29.0 million tax benefit in 2015 reduced the effective income tax rate by 2.4%. The first nine months of 2014 included a net discrete tax benefit of $17.7 million, which included $4.1 million of prior year refund claims and $10.1 million of net tax benefits related to the realization of previously unrecognized tax benefits and interest, reducing the effective income tax rate by 1.5%. Without discrete items, the effective income tax rate for the first nine months of 2015 increased by 2.0% compared with the 2014 period primarily due to i) a lower percentage of projected foreign earnings for 2015, reflecting the impact of changes in foreign currency exchange rates, ii) the expiration of a favorable tax ruling in a foreign jurisdiction at the end of fiscal year 2014, and iii) the comparative impact of tax benefits recorded in 2014 related to the utilization of foreign tax attributes. 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 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 proposed adjustments and, during the third quarter of 2015, VF filed a petition to the U.S. Tax Court to begin the process of resolving this matter. 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 nine months of 2015, the amount of net unrecognized tax benefits and associated interest decreased by $26.1 million to $81.4 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 $27.3 million related to the completion of examinations and other settlements with tax authorities and the expiration of statutes of limitations, of which $21.4 million would reduce income tax expense.

Business Segment Information

Business Segment Information	9 Months Ended
	Oct. 03, 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 September Nine Months Ended September In thousands 2015 2014 2015 2014 Coalition revenues: Outdoor & Action Sports $ 2,296,551 $ 2,180,879 $ 5,299,784 $ 5,034,670 Jeanswear 747,869 750,446 2,055,725 2,046,614 Imagewear 291,540 292,531 823,224 805,733 Sportswear 161,697 163,442 439,545 435,049 Contemporary Brands 83,194 99,382 257,605 293,737 Other 31,969 33,767 88,098 87,498 Total coalition revenues $ 3,612,820 $ 3,520,447 $ 8,963,981 $ 8,703,301 Coalition profit: Outdoor & Action Sports $ 487,929 $ 475,444 $ 883,674 $ 880,618 Jeanswear 158,603 156,998 395,103 386,401 Imagewear 41,830 42,855 118,627 115,944 Sportswear 23,194 22,979 50,468 45,801 Contemporary Brands 585 4,869 5,265 21,611 Other 354 1,193 15,478 (1,997 ) Total coalition profit 712,495 704,338 1,468,615 1,448,378 Corporate and other expenses (70,847 ) (72,865 ) (204,607 ) (196,507 ) Interest expense, net (20,818 ) (20,703 ) (61,697 ) (59,828 ) Income before income taxes $ 620,830 $ 610,770 $ 1,202,311 $ 1,192,043

Earnings Per Share

Earnings Per Share	9 Months Ended
	Oct. 03, 2015
Earnings Per Share	Note L – Earnings Per Share Three Months Ended September Nine Months Ended September In thousands, except per share amounts 2015 2014 2015 2014 Earnings per share – basic: Net income $ 459,864 $ 470,529 $ 919,384 $ 925,404 Weighted average common shares outstanding 425,208 430,638 425,273 432,956 Earnings per common share $ 1.08 $ 1.09 $ 2.16 $ 2.14 Earnings per share – diluted: Net income $ 459,864 $ 470,529 $ 919,384 $ 925,404 Weighted average common shares outstanding 425,208 430,638 425,273 432,956 Incremental shares from stock options and other dilutive securities 6,252 6,949 6,818 7,372 Adjusted weighted average common shares outstanding 431,460 437,587 432,091 440,328 Earnings per common share $ 1.07 $ 1.08 $ 2.13 $ 2.10 Outstanding options to purchase 2.4 million shares were excluded from the calculations of diluted earnings per share for both the three and nine-month periods ended September 2015, and options to purchase 0.1 million and 1.8 million shares were excluded from the calculations of diluted earnings per share for the three and nine-month periods ended September 2014, respectively, 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 nine-month periods ended September 2015, and 1.3 million shares of performance-based restricted stock units were excluded from the calculations of diluted earnings per share for both the three and nine-month periods ended September 2014, because these units were not considered to be contingent outstanding shares in those periods.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 03, 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 Fair Value Measurement Using (a) In thousands Level 1 Level 2 Level 3 September 2015 Financial assets: Cash equivalents: Money market funds $ 262,374 $ 262,374 $ — $ — Time deposits 54,152 54,152 — — Derivative financial instruments 94,225 — 94,225 — Investment securities 201,081 189,261 11,820 — Financial liabilities: Derivative financial instruments 47,181 — 47,181 — Deferred compensation 253,521 — 253,521 — 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 nine months 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 of 2015, 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 nine months ended September 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 September 2015 and December 2014, their carrying values approximated their fair values. Additionally, at September 2015 and December 2014, the carrying values of VF’s long-term debt, including the current portion, were $1,424.6 million and $1,427.6 million, respectively, compared with fair values of $1,656.7 million and $1,684.1 million at those respective 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	9 Months Ended
	Oct. 03, 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 $2.4 billion at September 2015, $1.9 billion at December 2014 and $1.8 billion at September 2014, consisting primarily of contracts hedging exposures to the euro, British pound, Canadian dollar, Swiss franc, 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 with Unrealized Gains Fair Value of Derivatives with Unrealized Losses September December September September December September In thousands 2015 2014 2014 2015 2014 2014 Foreign currency exchange contracts designated as hedging instruments $ 94,113 $ 104,860 $ 57,009 $ (46,808 ) $ (31,711 ) $ (29,419 ) Foreign currency exchange contracts not designated as hedging instruments 112 404 204 (373 ) (58 ) (1,719 ) Total derivatives $ 94,225 $ 105,264 $ 57,213 $ (47,181 ) $ (31,769 ) $ (31,138 ) 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: September 2015 December 2014 September 2014 In thousands Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivative Asset Derivative Liability Gross amounts presented in the Consolidated Balance Sheets $ 94,225 $ (47,181 ) $ 105,264 $ (31,769 ) $ 57,213 $ (31,138 ) Gross amounts not offset in the Consolidated Balance Sheets (36,597 ) 36,597 (30,724 ) 30,724 (22,863 ) 22,863 Net amounts $ 57,628 $ (10,584 ) $ 74,540 $ (1,045 ) $ 34,350 $ (8,275 ) Derivatives are classified in the Consolidated Balance Sheets as current or noncurrent based on their maturity dates, as follows: September December September In thousands 2015 2014 2014 Other current assets $ 85,405 $ 84,995 $ 41,875 Accrued liabilities (40,969 ) (26,968 ) (25,177 ) Other assets 8,820 20,269 15,338 Other liabilities (6,212 ) (4,801 ) (5,961 ) 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: Gain (Loss) on Derivatives Gain (Loss) on Derivatives Recognized in OCI Recognized in OCI In thousands Three Months Ended September Nine Months Ended September Cash Flow Hedging Relationships 2015 2014 2015 2014 Foreign currency exchange $ 5,634 $ 51,351 $ 52,068 $ 43,586 Gain (Loss) Reclassified from Gain (Loss) Reclassified from Accumulated OCI into Income Accumulated OCI into Income In thousands Three Months Ended September Nine Months Ended September Location of Gain (Loss) 2015 2014 2015 2014 Net sales $ (22,434 ) $ (7,657 ) $ (51,279 ) $ (7,539 ) Cost of goods sold 39,142 (3,496 ) 80,633 (13,199 ) Other income (expense), net 7,541 (730 ) 20,515 (1,945 ) Interest expense (1,078 ) (1,028 ) (3,200 ) (3,051 ) Total $ 23,171 $ (12,911 ) $ 46,669 $ (25,734 ) 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: Gain (Loss) on Derivative Gain (Loss) on Derivative Location of Gain (Loss) Recognized in Income Recognized in Income In thousands on Derivatives Three Months Ended September Nine Months Ended September Derivatives Not Designated as Hedges Recognized in Income 2015 2014 2015 2014 Foreign currency exchange Other income (expense), net $ 836 $ 35 $ (1,625 ) $ (4,835 ) Other Derivative Information There were no significant amounts recognized in earnings for the ineffective portion of any hedging relationships during the three and nine-month periods ended September 2015 and September 2014. At September 2015, accumulated OCI included $79.8 million of pretax net deferred gains for foreign currency 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 $28.3 million at September 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 $1.1 million and $3.2 million of net deferred losses from accumulated OCI into interest expense during the three and nine-month periods ended September 2015, respectively, and $1.1 million and $3.1 million for the three and nine-month periods ended September 2014, respectively. VF expects to reclassify $4.6 million to interest expense during the next 12 months.

Recently Issued and Adopted Acc

Recently Issued and Adopted Accounting Standards	9 Months Ended
	Oct. 03, 2015
Recently Issued and Adopted Accounting Standards	Note O – Recently Issued and Adopted Accounting Standards In April 2014, the Financial Accounting Standards Board (“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 with early adoption permitted, 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 with early adoption permitted, but is not expected to have a significant impact 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 with early adoption permitted. The Company will reclassify the debt issuance costs in VF’s 2015 consolidated financial statements in accordance with the early adoption provisions of 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 plans to elect early adoption of this guidance in VF’s 2015 consolidated financial statements, and this election is not expected to have a significant impact. In April 2015, the FASB issued new guidance related to a customer’s accounting for fees paid in a cloud computing arrangement. The 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 with early adoption permitted, but is not expected to have a significant 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. Early adoption is permitted and retrospective application is required. The Company is currently evaluating the impact that adopting this guidance will have on the fair value disclosures in VF’s consolidated financial statements. In July 2015, the FASB issued an update to their accounting guidance related to the measurement of inventory, which changes the measurement principle for inventory from lower of cost or market to lower of cost or net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance will be effective in the first quarter of 2017 with early adoption permitted, but is not expected to have a significant impact on VF’s consolidated financial statements. In September 2015, the FASB issued an update to their accounting guidance related to business combinations that simplifies the accounting for measurement-period adjustments. The guidance requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, thus eliminating the requirement to restate prior period financial statements for measurement-period adjustments. This guidance will be effective in the first quarter of 2016, and will have an impact on VF’s consolidated financial statements if the Company is the acquirer in a business combination that includes measurement-period adjustments.

Subsequent Events

Subsequent Events	9 Months Ended
	Oct. 03, 2015
Subsequent Events	Note P – Subsequent Events On October 20, 2015, VF’s Board of Directors declared a quarterly cash dividend of $0.37 per share, payable on December 18, 2015 to stockholders of record on December 8, 2015.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Oct. 03, 2015
Inventories	September December September In thousands 2015 2014 2014 Finished products $ 1,763,630 $ 1,232,623 $ 1,570,512 Work in process 101,307 104,517 101,037 Raw materials 173,189 145,664 150,613 Total inventories $ 2,038,126 $ 1,482,804 $ 1,822,162

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Oct. 03, 2015
Property, Plant and Equipment	September December September In thousands 2015 2014 2014 Land and improvements $ 98,026 $ 57,151 $ 57,626 Buildings and improvements 1,027,003 986,679 996,208 Machinery and equipment 1,252,885 1,225,293 1,227,551 Property, plant and equipment, at cost 2,377,914 2,269,123 2,281,385 Less accumulated depreciation and amortization 1,396,356 1,326,942 1,341,192 Property, plant and equipment, net $ 981,558 $ 942,181 $ 940,193

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Oct. 03, 2015
Indefinite-lived Intangible Assets	Weighted Average Amortization Period September 2015 December 2014 Dollars in thousands Amortization Methods Cost Accumulated Amortization Net Carrying Amount Net Carrying Amount Amortizable intangible assets: Customer relationships 20 years Accelerated $ 573,867 $ 357,365 $ 216,502 $ 241,811 License agreements 24 years Accelerated and straight-line 179,972 91,128 88,844 96,736 Other 11 years Straight-line 5,804 2,100 3,704 4,363 Amortizable intangible assets, net 309,050 342,910 Indefinite-lived intangible assets: Trademarks and trade names 2,000,431 2,090,642 Intangible assets, net $ 2,309,481 $ 2,433,552
Amortizable Intangible Assets	Weighted Average Amortization Period September 2015 December 2014 Dollars in thousands Amortization Methods Cost Accumulated Amortization Net Carrying Amount Net Carrying Amount Amortizable intangible assets: Customer relationships 20 years Accelerated $ 573,867 $ 357,365 $ 216,502 $ 241,811 License agreements 24 years Accelerated and straight-line 179,972 91,128 88,844 96,736 Other 11 years Straight-line 5,804 2,100 3,704 4,363 Amortizable intangible assets, net 309,050 342,910 Indefinite-lived intangible assets: Trademarks and trade names 2,000,431 2,090,642 Intangible assets, net $ 2,309,481 $ 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 Amortization Expense In millions 2015 $ 29.9 2016 28.5 2017 27.4 2018 26.9 2019 26.3

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Oct. 03, 2015
Changes in Goodwill	Changes in goodwill are summarized by business segment as follows: Outdoor & In thousands Action Sports Jeanswear Imagewear Sportswear Total Balance, December 2014 $ 1,389,453 $ 219,442 $ 58,747 $ 157,314 $ 1,824,956 Currency translation (20,410 ) (4,538 ) — — (24,948 ) Balance, September 2015 $ 1,369,043 $ 214,904 $ 58,747 $ 157,314 $ 1,800,008

Pension Plans (Tables)

Pension Plans (Tables)	9 Months Ended
	Oct. 03, 2015
Components of Pension Cost	The components of pension cost for VF’s defined benefit plans were as follows: Three Months Ended September Nine Months Ended September In thousands 2015 2014 2015 2014 Service cost – benefits earned during the period $ 7,305 $ 6,046 $ 21,984 $ 18,228 Interest cost on projected benefit obligations 19,415 20,387 58,229 61,180 Expected return on plan assets (27,784 ) (22,682 ) (83,334 ) (68,060 ) Amortization of deferred amounts: Net deferred actuarial losses 15,493 9,385 46,485 28,158 Deferred prior service costs 760 1,361 2,281 4,085 Net periodic pension cost $ 15,189 $ 14,497 $ 45,645 $ 43,591

Capital and Accumulated Other29

Capital and Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Oct. 03, 2015
Shares Held for Deferred Compensation Plans	Balances related to shares held for deferred compensation plans are as follows: September December September In millions, except share amounts 2015 2014 2014 Shares held for deferred compensation plans 560,049 637,504 640,404 Cost of shares held for deferred compensation plans $ 6.7 $ 7.7 $ 7.6
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: September December September In thousands 2015 2014 2014 Foreign currency translation $ (585,275 ) $ (356,941 ) $ (161,259 ) Defined benefit pension plans (348,537 ) (377,134 ) (257,962 ) Derivative financial instruments 35,037 31,389 324 Marketable securities — 414 662 Accumulated other comprehensive income (loss) $ (898,775 ) $ (702,272 ) $ (418,235 )
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 September 2015 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Marketable Securities Total Balance, June 2015 $ (599,297 ) $ (360,125 ) $ 45,796 $ — $ (913,626 ) Other comprehensive income (loss) before reclassification 14,022 — 3,456 — 17,478 Amounts reclassified from accumulated other comprehensive income (loss) — 11,588 (14,215 ) — (2,627 ) Net other comprehensive income (loss) 14,022 11,588 (10,759 ) — 14,851 Balance, September 2015 $ (585,275 ) $ (348,537 ) $ 35,037 $ — $ (898,775 ) Three Months Ended September 2014 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Marketable Securities Total Balance, June 2014 $ 70,525 $ (264,187 ) $ (38,684 ) $ 134 $ (232,212 ) Other comprehensive income (loss) before reclassification (231,784 ) — 31,171 528 (200,085 ) Amounts reclassified from accumulated other comprehensive income (loss) — 6,225 7,837 — 14,062 Net other comprehensive income (loss) (231,784 ) 6,225 39,008 528 (186,023 ) Balance, September 2014 $ (161,259 ) $ (257,962 ) $ 324 $ 662 $ (418,235 ) Nine Months Ended September 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 (228,334 ) — 31,925 300 (196,109 ) Amounts reclassified from accumulated other comprehensive income (loss) — 28,597 (28,277 ) (714 ) (394 ) Net other comprehensive income (loss) (228,334 ) 28,597 3,648 (414 ) (196,503 ) Balance, September 2015 $ (585,275 ) $ (348,537 ) $ 35,037 $ — $ (898,775 ) Nine Months Ended September 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 (267,906 ) — 26,457 (176 ) (241,625 ) Amounts reclassified from accumulated other comprehensive income (loss) — 19,489 15,621 — 35,110 Net other comprehensive income (loss) (267,906 ) 19,489 42,078 (176 ) (206,515 ) Balance, September 2014 $ (161,259 ) $ (257,962 ) $ 324 $ 662 $ (418,235 )
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 Consolidated Statements Three Months Ended Nine Months Ended Details About Accumulated Other September September Comprehensive Income (Loss) Components of Income 2015 2014 2015 2014 Amortization of defined benefit pension plans: Net deferred actuarial losses (a) $ (15,493 ) $ (9,385 ) $ (46,485 ) $ (28,158 ) Deferred prior service costs (a) (760 ) (1,361 ) (2,281 ) (4,085 ) Pension settlement charges Selling, general and administrative expenses (2,400 ) — (3,992 ) — Total before tax (18,653 ) (10,746 ) (52,758 ) (32,243 ) Tax benefit 7,065 4,521 24,161 12,754 Net of tax (11,588 ) (6,225 ) (28,597 ) (19,489 ) Gains (losses) on derivative financial instruments Foreign exchange contracts Net sales (22,434 ) (7,657 ) (51,279 ) (7,539 ) Foreign exchange contracts Cost of goods sold 39,142 (3,496 ) 80,633 (13,199 ) Foreign exchange contracts Other income (expense), net 7,541 (730 ) 20,515 (1,945 ) Interest rate contracts Interest expense (1,078 ) (1,028 ) (3,200 ) (3,051 ) Total before tax 23,171 (12,911 ) 46,669 (25,734 ) Tax benefit (expense) (8,956 ) 5,074 (18,392 ) 10,113 Net of tax 14,215 (7,837 ) 28,277 (15,621 ) Gains (losses) on sale of marketable securities Other income (expense), net — — 1,177 — Tax expense — — (463 ) — Net of tax — — 714 — Total reclassifications for the period Net of tax $ 2,627 $ (14,062 ) $ 394 $ (35,110 ) (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)	9 Months Ended
	Oct. 03, 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: Options Granted Three Months Ended Options Granted Three Months Ended Expected volatility 19% to 29% 20% to 29% Weighted average expected volatility 21% 22% Expected term (in years) 6.0 to 7.0 5.9 to 7.5 Dividend yield 1.8% 2.0% Risk-free interest rate 0.1% to 2.3% 0.1% to 2.1% Fair value at date of grant $14.21 $13.71

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Oct. 03, 2015
Financial Information for Reportable Segments	Financial information for VF’s reportable segments is as follows: Three Months Ended September Nine Months Ended September In thousands 2015 2014 2015 2014 Coalition revenues: Outdoor & Action Sports $ 2,296,551 $ 2,180,879 $ 5,299,784 $ 5,034,670 Jeanswear 747,869 750,446 2,055,725 2,046,614 Imagewear 291,540 292,531 823,224 805,733 Sportswear 161,697 163,442 439,545 435,049 Contemporary Brands 83,194 99,382 257,605 293,737 Other 31,969 33,767 88,098 87,498 Total coalition revenues $ 3,612,820 $ 3,520,447 $ 8,963,981 $ 8,703,301 Coalition profit: Outdoor & Action Sports $ 487,929 $ 475,444 $ 883,674 $ 880,618 Jeanswear 158,603 156,998 395,103 386,401 Imagewear 41,830 42,855 118,627 115,944 Sportswear 23,194 22,979 50,468 45,801 Contemporary Brands 585 4,869 5,265 21,611 Other 354 1,193 15,478 (1,997 ) Total coalition profit 712,495 704,338 1,468,615 1,448,378 Corporate and other expenses (70,847 ) (72,865 ) (204,607 ) (196,507 ) Interest expense, net (20,818 ) (20,703 ) (61,697 ) (59,828 ) Income before income taxes $ 620,830 $ 610,770 $ 1,202,311 $ 1,192,043

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Oct. 03, 2015
Schedule of Earnings Per Share Basic and Diluted	Three Months Ended September Nine Months Ended September In thousands, except per share amounts 2015 2014 2015 2014 Earnings per share – basic: Net income $ 459,864 $ 470,529 $ 919,384 $ 925,404 Weighted average common shares outstanding 425,208 430,638 425,273 432,956 Earnings per common share $ 1.08 $ 1.09 $ 2.16 $ 2.14 Earnings per share – diluted: Net income $ 459,864 $ 470,529 $ 919,384 $ 925,404 Weighted average common shares outstanding 425,208 430,638 425,273 432,956 Incremental shares from stock options and other dilutive securities 6,252 6,949 6,818 7,372 Adjusted weighted average common shares outstanding 431,460 437,587 432,091 440,328 Earnings per common share $ 1.07 $ 1.08 $ 2.13 $ 2.10

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 03, 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 Fair Value Measurement Using (a) In thousands Level 1 Level 2 Level 3 September 2015 Financial assets: Cash equivalents: Money market funds $ 262,374 $ 262,374 $ — $ — Time deposits 54,152 54,152 — — Derivative financial instruments 94,225 — 94,225 — Investment securities 201,081 189,261 11,820 — Financial liabilities: Derivative financial instruments 47,181 — 47,181 — Deferred compensation 253,521 — 253,521 — 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 nine months of 2015 or the year ended December 2014.

Derivative Financial Instrume34

Derivative Financial Instruments and Hedging Activities (Tables)	9 Months Ended
	Oct. 03, 2015
Outstanding Derivatives on Individual Contract Basis	The following table presents outstanding derivatives on an individual contract basis: Fair Value of Derivatives with Unrealized Gains Fair Value of Derivatives with Unrealized Losses September December September September December September In thousands 2015 2014 2014 2015 2014 2014 Foreign currency exchange contracts designated as hedging instruments $ 94,113 $ 104,860 $ 57,009 $ (46,808 ) $ (31,711 ) $ (29,419 ) Foreign currency exchange contracts not designated as hedging instruments 112 404 204 (373 ) (58 ) (1,719 ) Total derivatives $ 94,225 $ 105,264 $ 57,213 $ (47,181 ) $ (31,769 ) $ (31,138 )
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: September 2015 December 2014 September 2014 In thousands Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivative Asset Derivative Liability Gross amounts presented in the Consolidated Balance Sheets $ 94,225 $ (47,181 ) $ 105,264 $ (31,769 ) $ 57,213 $ (31,138 ) Gross amounts not offset in the Consolidated Balance Sheets (36,597 ) 36,597 (30,724 ) 30,724 (22,863 ) 22,863 Net amounts $ 57,628 $ (10,584 ) $ 74,540 $ (1,045 ) $ 34,350 $ (8,275 )
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: September 2015 December 2014 September 2014 In thousands Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivative Asset Derivative Liability Gross amounts presented in the Consolidated Balance Sheets $ 94,225 $ (47,181 ) $ 105,264 $ (31,769 ) $ 57,213 $ (31,138 ) Gross amounts not offset in the Consolidated Balance Sheets (36,597 ) 36,597 (30,724 ) 30,724 (22,863 ) 22,863 Net amounts $ 57,628 $ (10,584 ) $ 74,540 $ (1,045 ) $ 34,350 $ (8,275 )
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: September December September In thousands 2015 2014 2014 Other current assets $ 85,405 $ 84,995 $ 41,875 Accrued liabilities (40,969 ) (26,968 ) (25,177 ) Other assets 8,820 20,269 15,338 Other liabilities (6,212 ) (4,801 ) (5,961 )
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: Gain (Loss) on Derivatives Gain (Loss) on Derivatives Recognized in OCI Recognized in OCI In thousands Three Months Ended September Nine Months Ended September Cash Flow Hedging Relationships 2015 2014 2015 2014 Foreign currency exchange $ 5,634 $ 51,351 $ 52,068 $ 43,586 Gain (Loss) Reclassified from Gain (Loss) Reclassified from Accumulated OCI into Income Accumulated OCI into Income In thousands Three Months Ended September Nine Months Ended September Location of Gain (Loss) 2015 2014 2015 2014 Net sales $ (22,434 ) $ (7,657 ) $ (51,279 ) $ (7,539 ) Cost of goods sold 39,142 (3,496 ) 80,633 (13,199 ) Other income (expense), net 7,541 (730 ) 20,515 (1,945 ) Interest expense (1,078 ) (1,028 ) (3,200 ) (3,051 ) Total $ 23,171 $ (12,911 ) $ 46,669 $ (25,734 )
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: Gain (Loss) on Derivative Gain (Loss) on Derivative Location of Gain (Loss) Recognized in Income Recognized in Income In thousands on Derivatives Three Months Ended September Nine Months Ended September Derivatives Not Designated as Hedges Recognized in Income 2015 2014 2015 2014 Foreign currency exchange Other income (expense), net $ 836 $ 35 $ (1,625 ) $ (4,835 )

Sale of Accounts Receivable - A

Sale of Accounts Receivable - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 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	167,500,000	$ 172,000,000	167,500,000	$ 172,000,000	$ 130,300,000
Sale of accounts receivable			987,900,000
Funding fee	$ 500,000	$ 400,000	$ 1,400,000	$ 1,200,000

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Oct. 03, 2015	Jan. 03, 2015	Sep. 27, 2014
Inventory [Line Items]
Finished products	$ 1,763,630	$ 1,232,623	$ 1,570,512
Work in process	101,307	104,517	101,037
Raw materials	173,189	145,664	150,613
Total inventories	$ 2,038,126	$ 1,482,804	$ 1,822,162

Property Plant and Equipment (D

Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Oct. 03, 2015	Jan. 03, 2015	Sep. 27, 2014
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 2,377,914	$ 2,269,123	$ 2,281,385
Less accumulated depreciation and amortization	1,396,356	1,326,942	1,341,192
Property, plant and equipment, net	981,558	942,181	940,193
Land and Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	98,026	57,151	57,626
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	1,027,003	986,679	996,208
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 1,252,885	$ 1,225,293	$ 1,227,551

Intangible Assets (Detail)

Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Oct. 03, 2015	Jan. 03, 2015	Sep. 27, 2014
Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, net carrying amount	$ 309,050	$ 342,910
Indefinite-lived intangible assets, trademarks and trade names	2,000,431	2,090,642
Intangible assets, net	$ 2,309,481	2,433,552	$ 2,785,651
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	$ 573,867
Amortizable intangible assets, accumulated amortization	357,365
Amortizable intangible assets, net carrying amount	$ 216,502	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	$ 179,972
Amortizable intangible assets, accumulated amortization	91,128
Amortizable intangible assets, net carrying amount	$ 88,844	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	$ 5,804
Amortizable intangible assets, accumulated amortization	2,100
Amortizable intangible assets, net carrying amount	$ 3,704	$ 4,363

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 03, 2015	Oct. 03, 2015
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 7.3	$ 22.5

Estimated Amortization Expense

Estimated Amortization Expense (Detail) $ in Millions	Oct. 03, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
Estimated amortization expense, 2015	$ 29.9
Estimated amortization expense, 2016	28.5
Estimated amortization expense, 2017	27.4
Estimated amortization expense, 2018	26.9
Estimated amortization expense, 2019	$ 26.3

Changes in Goodwill (Detail)

Changes in Goodwill (Detail) $ in Thousands	9 Months Ended
	Oct. 03, 2015USD ($)
Goodwill [Line Items]
Goodwill, beginning balance	$ 1,824,956
Currency translation	(24,948)
Goodwill, ending balance	1,800,008
Outdoor & Action Sports
Goodwill [Line Items]
Goodwill, beginning balance	1,389,453
Currency translation	(20,410)
Goodwill, ending balance	1,369,043
Jeanswear
Goodwill [Line Items]
Goodwill, beginning balance	219,442
Currency translation	(4,538)
Goodwill, ending balance	214,904
Imagewear
Goodwill [Line Items]
Goodwill, beginning balance	$ 58,747
Currency translation
Goodwill, ending balance	$ 58,747
Sportswear
Goodwill [Line Items]
Goodwill, beginning balance	$ 157,314
Currency translation
Goodwill, ending balance	$ 157,314

Goodwill - Additional Informati

Goodwill - Additional Information (Detail)	9 Months Ended
	Oct. 03, 2015USD ($)
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		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	$ 7,305	$ 6,046	$ 21,984	$ 18,228
Interest cost on projected benefit obligations	19,415	20,387	58,229	61,180
Expected return on plan assets	(27,784)	(22,682)	(83,334)	(68,060)
Amortization of deferred amounts, Net deferred actuarial losses	15,493	9,385	46,485	28,158
Amortization of deferred amounts, Deferred prior service costs	760	1,361	2,281	4,085
Net periodic pension cost	$ 15,189	$ 14,497	$ 45,645	$ 43,591

Pension Plans - Additional Info

Pension Plans - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 03, 2015	Oct. 03, 2015
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plan contributed		$ 270
Defined benefit pension plan additional contributions during the remainder of the year		3
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	$ 2.4	$ 4

Capital and Accumulated Other45

Capital and Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Oct. 03, 2015	Jan. 03, 2015	Sep. 27, 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	1,900	0	0
Common Stock, stated value	$ 0.25	$ 0.25	$ 0.25
Common Stock held in trust for deferred compensation plans, shares	25,700
Common Stock held in trust for deferred compensation plans	$ 1.8

Shares Held for Deferred Compen

Shares Held for Deferred Compensation Plans (Detail) - USD ($) $ in Millions	Oct. 03, 2015	Jan. 03, 2015	Sep. 27, 2014
Schedule of Deferred Compensation Plans [Line Items]
Shares held for deferred compensation plans	560,049	637,504	640,404
Cost of shares held for deferred compensation plans	$ 6.7	$ 7.7	$ 7.6

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	Oct. 03, 2015	Jul. 04, 2015	Jan. 03, 2015	Sep. 27, 2014	Jun. 28, 2014	Dec. 28, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation	$ (585,275)		$ (356,941)	$ (161,259)
Defined benefit pension plans	(348,537)		(377,134)	(257,962)
Derivative financial instruments	35,037		31,389	324
Marketable securities			414	662
Accumulated other comprehensive income (loss)	$ (898,775)	$ (913,626)	$ (702,272)	$ (418,235)	$ (232,212)	$ (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		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (913,626)	$ (232,212)	$ (702,272)	$ (211,720)
Other comprehensive income (loss) before reclassifications	17,478	(200,085)	(196,109)	(241,625)
Amounts reclassified from accumulated other comprehensive income (loss)	(2,627)	14,062	(394)	35,110
Net other comprehensive income (loss)	14,851	(186,023)	(196,503)	(206,515)
Ending balance	(898,775)	(418,235)	(898,775)	(418,235)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(599,297)	70,525	(356,941)	106,647
Other comprehensive income (loss) before reclassifications	14,022	(231,784)	(228,334)	(267,906)
Net other comprehensive income (loss)	14,022	(231,784)	(228,334)	(267,906)
Ending balance	(585,275)	(161,259)	(585,275)	(161,259)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(360,125)	(264,187)	(377,134)	(277,451)
Amounts reclassified from accumulated other comprehensive income (loss)	11,588	6,225	28,597	19,489
Net other comprehensive income (loss)	11,588	6,225	28,597	19,489
Ending balance	(348,537)	(257,962)	(348,537)	(257,962)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	45,796	(38,684)	31,389	(41,754)
Other comprehensive income (loss) before reclassifications	3,456	31,171	31,925	26,457
Amounts reclassified from accumulated other comprehensive income (loss)	(14,215)	7,837	(28,277)	15,621
Net other comprehensive income (loss)	(10,759)	39,008	3,648	42,078
Ending balance	$ 35,037	324	35,037	324
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		134	414	838
Other comprehensive income (loss) before reclassifications		528	300	(176)
Amounts reclassified from accumulated other comprehensive income (loss)			(714)
Net other comprehensive income (loss)		528	$ (414)	(176)
Ending balance		$ 662		$ 662

Reclassification Out of Accumul

Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net sales		$ 3,583,027	$ 3,486,998	$ 8,870,518	$ 8,610,521
Net deferred actuarial losses		15,493	9,385	46,485	28,158
Cost of goods sold		(1,883,610)	(1,818,655)	(4,630,503)	(4,464,565)
Deferred prior service costs		760	1,361	2,281	4,085
Other income (expense), net		(1,280)	(1,609)	218	(4,209)
Selling, general and administrative expenses		(1,086,282)	(1,068,710)	(3,069,688)	(2,982,656)
Interest expense		(22,324)	(22,555)	(67,196)	(64,530)
Income before income taxes		620,830	610,770	1,202,311	1,192,043
Tax benefit (expense)		(160,966)	(140,241)	(282,927)	(266,639)
Net income		459,864	470,529	919,384	925,404
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income		2,627	(14,062)	394	(35,110)
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]	(15,493)	(9,385)	(46,485)	(28,158)
Deferred prior service costs	[1]	(760)	(1,361)	(2,281)	(4,085)
Selling, general and administrative expenses		(2,400)		(3,992)
Income before income taxes		(18,653)	(10,746)	(52,758)	(32,243)
Tax benefit (expense)		7,065	4,521	24,161	12,754
Net income		(11,588)	(6,225)	(28,597)	(19,489)
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		(22,434)	(7,657)	(51,279)	(7,539)
Cost of goods sold		39,142	(3,496)	80,633	(13,199)
Other income (expense), net		7,541	(730)	20,515	(1,945)
Interest expense		(1,078)	(1,028)	(3,200)	(3,051)
Income before income taxes		23,171	(12,911)	46,669	(25,734)
Tax benefit (expense)		(8,956)	5,074	(18,392)	10,113
Net income		$ 14,215	$ (7,837)	28,277	$ (15,621)
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
Tax benefit (expense)				(463)
Net income				$ 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) - $ / shares	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Apr. 04, 2015	Oct. 03, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	72,191	2,399,883	2,472,074
Exercise price of options granted	$ 74.64	$ 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	13,671	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	$ 74.64	$ 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		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		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	33,000	37,300
Number of shares of common stock to be issued for each restricted stock unit granted	1		1
Grant date fair value of each restricted units granted	$ 72.75	$ 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	7,000	104,500
Grant date fair value of each restricted units granted	$ 72.75	$ 70.98

Schedule of Assumption Used and

Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted (Detail) - $ / shares	3 Months Ended
	Oct. 03, 2015	Apr. 04, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	19.00%	20.00%
Expected volatility, maximum	29.00%	29.00%
Weighted average expected volatility	21.00%	22.00%
Dividend yield	1.80%	2.00%
Risk-free interest rate, minimum	0.10%	0.10%
Risk-free interest rate, maximum	2.30%	2.10%
Fair value at date of grant	$ 14.21	$ 13.71
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years	5 years 10 months 24 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	7 years	7 years 6 months

Income Taxes - Additional infor

Income Taxes - Additional information (Detail) - USD ($) $ in Millions	9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014
Income Taxes [Line Items]
Effective income tax rate	23.50%	22.40%
Net discrete tax Benefits	$ 29	$ 17.7
Discrete tax expense related to effects of tax rate changes	5
Refund claims related to prior years	$ 33.7	4.1
Realization of unrecognized net tax benefits		$ 10.1
Tax reduction due to discrete items	2.40%	1.50%
Change in effective income tax rate without discrete items	2.00%
Decrease in unrecognized tax benefits and associated interest	$ (26.1)
Net unrecognized tax benefits and interest, if recognized, would reduce the annual effective tax rate	81.4
Possible decrease in unrecognized income tax benefits	27.3
Reduction in income tax expenses	$ 21.4

Financial Information for Repor

Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014
Segment Reporting Information [Line Items]
Revenues	$ 3,612,820	$ 3,520,447	$ 8,963,981	$ 8,703,301
Operating income	642,928	633,082	1,263,790	1,256,080
Corporate and other expenses	(70,847)	(72,865)	(204,607)	(196,507)
Interest expense, net	(20,818)	(20,703)	(61,697)	(59,828)
Income before income taxes	620,830	610,770	1,202,311	1,192,043
Operating Segments
Segment Reporting Information [Line Items]
Operating income	712,495	704,338	1,468,615	1,448,378
Operating Segments | Outdoor & Action Sports
Segment Reporting Information [Line Items]
Revenues	2,296,551	2,180,879	5,299,784	5,034,670
Operating income	487,929	475,444	883,674	880,618
Operating Segments | Jeanswear
Segment Reporting Information [Line Items]
Revenues	747,869	750,446	2,055,725	2,046,614
Operating income	158,603	156,998	395,103	386,401
Operating Segments | Imagewear
Segment Reporting Information [Line Items]
Revenues	291,540	292,531	823,224	805,733
Operating income	41,830	42,855	118,627	115,944
Operating Segments | Sportswear
Segment Reporting Information [Line Items]
Revenues	161,697	163,442	439,545	435,049
Operating income	23,194	22,979	50,468	45,801
Operating Segments | Contemporary Brands
Segment Reporting Information [Line Items]
Revenues	83,194	99,382	257,605	293,737
Operating income	585	4,869	5,265	21,611
Operating Segments | Other Segments
Segment Reporting Information [Line Items]
Revenues	31,969	33,767	88,098	87,498
Operating income	$ 354	$ 1,193	$ 15,478	$ (1,997)

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014
Earnings per share - basic:
Net income	$ 459,864	$ 470,529	$ 919,384	$ 925,404
Weighted average common shares outstanding	425,208	430,638	425,273	432,956
Earnings per common share	$ 1.08	$ 1.09	$ 2.16	$ 2.14
Earnings per share - diluted:
Net income	$ 459,864	$ 470,529	$ 919,384	$ 925,404
Weighted average common shares outstanding	425,208	430,638	425,273	432,956
Incremental shares from stock options and other dilutive securities	6,252	6,949	6,818	7,372
Adjusted weighted average common shares outstanding	431,460	437,587	432,091	440,328
Earnings per common share	$ 1.07	$ 1.08	$ 2.13	$ 2.10

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 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	0.1	2.4	1.8
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		Oct. 03, 2015	Jan. 03, 2015	Sep. 27, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Money market funds		$ 262,374	$ 388,635
Cash equivalents, time deposits		54,152	197,303
Derivative financial instruments		94,225	105,264	$ 57,213
Investment securities		201,081	228,406
Other marketable securities			5,111
Derivative financial instruments		47,181	31,769	$ 31,138
Deferred compensation		253,521	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]	262,374	388,635
Cash equivalents, time deposits	[1]	54,152	197,303
Investment securities	[1]	189,261	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]	94,225	105,264
Investment securities	[1]	11,820	19,532
Derivative financial instruments	[1]	47,181	31,769
Deferred compensation	[1]	$ 253,521	$ 295,226
[1]	There were no transfers among the levels within the fair value hierarchy during the first nine months of 2015 or the year ended December 2014.

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 04, 2015	Oct. 03, 2015	Jan. 03, 2015
Fair Value, Measurement Inputs, Disclosure [Line Items]
Cash proceeds from available-for-sale securities	$ 5.9
Long-term debt, carrying values		$ 1,424.6	$ 1,427.6
Long-term debt, fair values		1,656.7	$ 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 ($)	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 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 currency exchange contracts that are expected to be reclassified to earnings during next 12 months			$ 79,800,000
Remaining pretax deferred net loss in Accumulated OCI	$ (28,300,000)		(28,300,000)
Net deferred loss in accumulated OCI reclassified to earnings	1,100,000	$ 1,100,000	3,200,000	$ 3,100,000
Net deferred loss in accumulated OCI expected to be reclassified to earnings over remainder of year	4,600,000		$ 4,600,000
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	$ 2,400,000,000	$ 1,800,000,000	$ 2,400,000,000	$ 1,800,000,000	$ 1,900,000,000

Outstanding Derivatives on Indi

Outstanding Derivatives on Individual Contract Basis at Gross Amounts (Detail) - USD ($) $ in Thousands	Oct. 03, 2015	Jan. 03, 2015	Sep. 27, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains	$ 94,225	$ 105,264	$ 57,213
Fair value of derivatives with unrealized losses	(47,181)	(31,769)	(31,138)
Foreign exchange contracts designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains	94,113	104,860	57,009
Fair value of derivatives with unrealized losses	(46,808)	(31,711)	(29,419)
Foreign exchange contracts not designated as hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains	112	404	204
Fair value of derivatives with unrealized losses	$ (373)	$ (58)	$ (1,719)

Fair Value of Derivative Assets

Fair Value of Derivative Assets and Liabilities in Balance Sheet (Detail) - USD ($) $ in Thousands	Oct. 03, 2015	Jan. 03, 2015	Sep. 27, 2014
Offsetting Assets [Line Items]
Gross amounts presented in the Consolidated Balance Sheets, Derivative Asset	$ 94,225	$ 105,264	$ 57,213
Gross amounts not offset in the Consolidated Balance Sheets, Derivative Asset	(36,597)	(30,724)	(22,863)
Net amounts	57,628	74,540	34,350
Gross amounts presented in the Consolidated Balance Sheets, Derivative Liabilities	(47,181)	(31,769)	(31,138)
Gross amounts not offset in the Consolidated Balance Sheets, Derivative Liabilities	36,597	30,724	22,863
Net amounts	$ (10,584)	$ (1,045)	$ (8,275)

Derivatives Classified as Curre

Derivatives Classified as Current or Noncurrent Based on Maturity Dates (Detail) - USD ($) $ in Thousands	Oct. 03, 2015	Jan. 03, 2015	Sep. 27, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other current assets	$ 85,405	$ 84,995	$ 41,875
Accrued liabilities	(40,969)	(26,968)	(25,177)
Other assets	8,820	20,269	15,338
Other liabilities	$ (6,212)	$ (4,801)	$ (5,961)

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		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	$ 23,171	$ (12,911)	$ 46,669	$ (25,734)
Foreign Currency Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in OCI	5,634	51,351	52,068	43,586
Foreign Currency Exchange Contract | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(22,434)	(7,657)	(51,279)	(7,539)
Foreign Currency Exchange Contract | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	39,142	(3,496)	80,633	(13,199)
Foreign Currency Exchange Contract | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	7,541	(730)	20,515	(1,945)
Interest Rate Contract | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	$ (1,078)	$ (1,028)	$ (3,200)	$ (3,051)

Hedges Included in Consolidated

Hedges Included in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 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	$ 836	$ 35	$ (1,625)	$ (4,835)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event - Dividend Declared	Oct. 20, 2015$ / shares
Subsequent Event [Line Items]
Cash dividend	$ 0.37
Dividends payable date	Dec. 18, 2015
Dividends record date	Dec. 8, 2015