V.F. (VFC) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 02, 2016	Apr. 30, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 2, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	VFC
Entity Registrant Name	V F CORP
Entity Central Index Key	103,379
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		417,018,232

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 02, 2016	Jan. 02, 2016	Apr. 04, 2015
Current assets
Cash and equivalents	$ 585,835	$ 945,605	$ 655,483
Accounts receivable, less allowance for doubtful accounts of: March 2016 - $27,753; December 2015 - $23,919; March 2015 - $25,698	1,293,275	1,319,558	1,283,216
Inventories	1,762,568	1,611,994	1,624,234
Other current assets	331,196	285,979	365,169
Total current assets	3,972,874	4,163,136	3,928,102
Property, plant and equipment	986,162	988,159	911,478
Intangible assets	2,170,817	2,112,619	2,291,505
Goodwill	1,804,094	1,788,407	1,795,359
Other assets	898,316	587,221	672,261
Total assets	9,832,263	9,639,542	9,598,705
Current liabilities
Short-term borrowings	1,137,205	449,590	1,067,961
Current portion of long-term debt	3,489	13,279	3,384
Accounts payable	429,694	689,594	457,744
Accrued liabilities	959,079	789,250	743,176
Total current liabilities	2,529,467	1,941,713	2,272,265
Long-term debt	1,401,233	1,401,820	1,413,333
Other liabilities	$ 1,007,617	$ 911,171	$ 1,008,842
Commitments and contingencies
Total liabilities	$ 4,938,317	$ 4,254,704	$ 4,694,440
Stockholders' equity
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at March 2016, December 2015 or March 2015
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at March 2016 - 417,005,209; December 2015 - 426,614,274; March 2015 - 424,964,672	$ 104,251	$ 106,654	$ 106,241
Additional paid-in capital	3,239,792	3,192,675	3,076,647
Accumulated other comprehensive income (loss)	(950,285)	(1,043,222)	(902,392)
Retained earnings	2,500,188	3,128,731	2,623,769
Total stockholders' equity	4,893,946	5,384,838	4,904,265
Total liabilities and stockholders' equity	$ 9,832,263	$ 9,639,542	$ 9,598,705

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 02, 2016	Jan. 02, 2016	Apr. 04, 2015
Accounts receivable, allowance for doubtful accounts	$ 27,753	$ 23,919	$ 25,698
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	417,005,209	426,614,274	424,964,672

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Net sales	$ 2,809,124	$ 2,803,302
Royalty income	30,176	33,999
Total revenues	2,839,300	2,837,301
Costs and operating expenses
Cost of goods sold	1,472,006	1,446,547
Selling, general and administrative expenses	1,031,042	992,919
Total costs and operating expenses	2,503,048	2,439,466
Operating income	336,252	397,835
Interest income	1,990	2,098
Interest expense	(22,145)	(21,849)
Other income (expense), net	1,290	828
Income before income taxes	317,387	378,912
Income taxes	57,118	90,203
Net income	$ 260,269	$ 288,709
Earnings per common share
Basic	$ 0.62	$ 0.68
Diluted	0.61	0.67
Cash dividends per common share	$ 0.37	$ 0.32

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Net income	$ 260,269	$ 288,709
Foreign currency translation
Gains (losses) arising during the period	117,557	(247,555)
Less income tax effect	(2,278)	1,474
Defined benefit pension plans
Amortization of net deferred actuarial losses	16,306	15,497
Amortization of deferred prior service costs	647	762
Less income tax effect	(6,069)	(6,966)
Derivative financial instruments
Gains (losses) arising during the period	(15,783)	68,010
Less income tax effect	6,085	(26,728)
Reclassification to net income for (gains) losses realized	(38,295)	(8,095)
Less income tax effect	14,767	3,181
Marketable securities
Gains (losses) arising during the period		495
Less income tax effect		(195)
Net other comprehensive income (loss)	92,937	(200,120)
Comprehensive income	$ 353,206	$ 88,589

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Operating activities
Net income	$ 260,269	$ 288,709
Adjustments to reconcile net income to cash used by operating activities
Depreciation and amortization	68,030	65,880
Stock-based compensation	21,151	25,946
Provision for doubtful accounts	5,815	2,345
Pension expense in excess of (less than) contributions	9,731	(239,700)
Other, net	(22,789)	(6,405)
Changes in operating assets and liabilities:
Accounts receivable	43,153	(48,886)
Inventories	(134,713)	(165,494)
Accounts payable	(263,167)	(225,966)
Income taxes	4,413	15,877
Accrued liabilities	(88,214)	(71,668)
Other assets and liabilities	(49,265)	(41,584)
Cash used by operating activities	(145,586)	(400,946)
Investing activities
Capital expenditures	(36,336)	(33,028)
Software purchases	(6,335)	(36,708)
Other, net	(587)	10,617
Cash used by investing activities	(43,258)	(59,119)
Financing activities
Net increase in short-term borrowings	685,985	1,047,660
Payments on long-term debt	(10,695)	(1,414)
Purchases of treasury stock	(713,767)	(730,811)
Cash dividends paid	(155,584)	(135,912)
Proceeds from issuance of Common Stock, net of shares withheld for taxes	4,102	(4,107)
Cash (used) provided by financing activities	(189,959)	175,416
Effect of foreign currency rate changes on cash and equivalents	19,033	(31,763)
Net change in cash and equivalents	(359,770)	(316,412)
Cash and equivalents - beginning of year	945,605	971,895
Cash and equivalents - end of period	$ 585,835	$ 655,483

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 Jan. 03, 2015		$ 108,215	$ 2,993,186	$ (702,272)	$ 3,231,753
Balance (in shares) at Jan. 03, 2015		432,859,891
Net income	$ 288,709
Balance (in shares) at Apr. 04, 2015	424,964,672
Balance at Apr. 04, 2015	$ 4,904,265
Balance at Jan. 03, 2015		$ 108,215	2,993,186	(702,272)	3,231,753
Balance (in shares) at Jan. 03, 2015		432,859,891
Net income					1,231,593
Dividends on Common Stock					(565,275)
Purchases of treasury stock (in Shares)		(10,036,100)
Purchase of treasury stock		$ (2,509)			(730,114)
Stock-based compensation, net (in Shares)		3,790,483
Stock-based compensation, net		$ 948	199,489		(39,226)
Foreign currency translation				(361,228)
Defined benefit pension plans				4,939
Derivative financial instruments				15,753
Marketable securities				(414)
Balance (in shares) at Jan. 02, 2016	426,614,274	426,614,274
Balance at Jan. 02, 2016	$ 5,384,838	$ 106,654	3,192,675	(1,043,222)	3,128,731
Net income	$ 260,269				260,269
Dividends on Common Stock					(155,584)
Purchases of treasury stock (in Shares)	(11,300,000)	(11,307,165)
Purchase of treasury stock	$ (713,700)	$ (2,827)			(710,940)
Stock-based compensation, net (in Shares)		1,698,100
Stock-based compensation, net		$ 424	47,117		(22,288)
Foreign currency translation				115,279
Defined benefit pension plans				10,884
Derivative financial instruments				(33,226)
Balance (in shares) at Apr. 02, 2016	417,005,209	417,005,209
Balance at Apr. 02, 2016	$ 4,893,946	$ 104,251	$ 3,239,792	$ (950,285)	$ 2,500,188

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 02, 2016
Basis of Presentation	Note A – Basis of Presentation VF Corporation (together with its subsidiaries, collectively known as “VF” or “the Company”) 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 March 2016, December 2015 and March 2015 relate to the fiscal periods ended on April 2, 2016, January 2, 2016 and April 4, 2015, 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 2015 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 months ended March 2016 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 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 2015 (“2015 Form 10-K”).

Sale of Accounts Receivable

Sale of Accounts Receivable	3 Months Ended
	Apr. 02, 2016
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. This agreement was amended in January 2016 to permit up to $367.5 million of VF’s accounts receivable to be sold to the financial institution and remain outstanding at any point in time, compared to the $237.5 million limit in place at December 2015 and March 2015. 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 quarter of 2016, VF sold total accounts receivable of $328.2 million. As of March 2016, December 2015 and March 2015, $241.7 million, $144.9 million and $168.4 million, respectively, of the 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 $0.8 million and $0.4 million for the first quarter of 2016 and 2015, respectively. Net proceeds of this program are classified in operating activities in the Consolidated Statements of Cash Flows.

Inventories

Inventories	3 Months Ended
	Apr. 02, 2016
Inventories	Note C – Inventories In thousands March 2016 December March 2015 Finished products $ 1,506,060 $ 1,352,572 $ 1,366,759 Work in process 97,107 102,557 103,125 Raw materials 159,401 156,865 154,350 Total inventories $ 1,762,568 $ 1,611,994 $ 1,624,234

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Apr. 02, 2016
Property, Plant and Equipment	Note D – Property, Plant and Equipment In thousands March 2016 December March 2015 Land and improvements $ 99,436 $ 98,284 $ 56,791 Buildings and improvements 1,068,797 1,046,932 978,845 Machinery and equipment 1,288,508 1,266,886 1,219,968 Property, plant and equipment, at cost 2,456,741 2,412,102 2,255,604 Less accumulated depreciation and amortization 1,470,579 1,423,943 1,344,126 Property, plant and equipment, net $ 986,162 $ 988,159 $ 911,478

Intangible Assets

Intangible Assets	3 Months Ended
	Apr. 02, 2016
Intangible Assets	Note E – Intangible Assets Dollars in thousands Weighted Average Amortization Period Amortization Methods March 2016 December 2015 Cost Accumulated Amortization Net Carrying Amount Net Carrying Amount Amortizable intangible assets: Customer relationships 20 years Accelerated $ 284,621 $ 126,438 $ 158,183 $ 156,047 License agreements 24 years Accelerated and straight-line 179,906 95,306 84,600 86,540 Trademark 16 years Straight-line 58,132 908 57,224 — Other 11 years Straight-line 5,870 2,401 3,469 3,443 Amortizable intangible assets, net 303,476 246,030 Indefinite-lived intangible assets: Trademarks and trade names 1,867,341 1,866,589 Intangible assets, net $ 2,170,817 $ 2,112,619 In connection with the contract renewal during the first quarter of 2016, VF determined that the trademark intangible asset related to the Rock & Republic ® Amortization expense for the first quarter of 2016 was $6.9 million. Based on the carrying amounts of amortizable intangible assets noted above, estimated amortization expense for the years 2016 through 2020 is $27.5 million, $26.2 million, $25.6 million, $24.9 million and $24.0 million, respectively.

Goodwill

Goodwill	3 Months Ended
	Apr. 02, 2016
Goodwill	Note F – Goodwill Changes in goodwill are summarized by business segment as follows: In thousands Outdoor & Action Sports Jeanswear Imagewear Sportswear Total Balance, December 2015 $ 1,359,475 $ 212,871 $ 58,747 $ 157,314 $ 1,788,407 Currency translation 13,132 2,555 — — 15,687 Balance, March 2016 $ 1,372,607 $ 215,426 $ 58,747 $ 157,314 $ 1,804,094 Accumulated impairment charges for the Outdoor & Action Sports and Sportswear coalitions were $43.4 million and $58.5 million, respectively, as of the dates presented above. No impairment charges were recorded in the first quarter of 2016.

Pension Plans

Pension Plans	3 Months Ended
	Apr. 02, 2016
Pension Plans	Note G – Pension Plans The components of pension cost for VF’s defined benefit plans were as follows: Three Months Ended March In thousands 2016 2015 Service cost – benefits earned during the period $ 6,449 $ 7,335 Interest cost on projected benefit obligations 17,034 19,403 Expected return on plan assets (24,919 ) (27,771 ) Amortization of deferred amounts: Net deferred actuarial losses 16,306 15,497 Deferred prior service costs 647 762 Net periodic pension cost $ 15,517 $ 15,226 VF contributed $5.8 million to its defined benefit plans during the first three months of 2016, and intends to make approximately $9.6 million of additional contributions during the remainder of 2016.

Capital and Accumulated Other C

Capital and Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Apr. 02, 2016
Capital and Accumulated Other Comprehensive Income (Loss)	Note H – Capital and Accumulated Other Comprehensive Income (Loss) During the first quarter of 2016, the Company purchased 11.3 million shares of Common Stock in open market transactions for $713.7 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 quarter of 2016, VF restored 11.3 million treasury shares to an unissued status, after which they were no longer recognized as shares held in treasury. There were no shares held in treasury at the end of March 2016, December 2015 or March 2015. 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 quarter of 2016, the Company purchased 1,400 shares of Common Stock in open market transactions for $0.1 million. Balances related to shares held for deferred compensation plans are as follows: In thousands, except share amounts March December March Shares held for deferred compensation plans 550,149 562,649 647,304 Cost of shares held for deferred compensation plans $ 6,614 $ 6,823 $ 8,441 Accumulated Other Comprehensive Income (Loss) Comprehensive income consists of net income and specified components of other comprehensive income (“OCI”), which relates to 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 OCI in stockholders’ equity, as follows: In thousands March December March Foreign currency translation $ (602,890 ) $ (718,169 ) $ (603,022 ) Defined benefit pension plans (361,311 ) (372,195 ) (367,841 ) Derivative financial instruments 13,916 47,142 67,757 Marketable securities — — 714 Accumulated other comprehensive income (loss) $ (950,285 ) $ (1,043,222 ) $ (902,392 ) The changes in accumulated OCI, net of related taxes, are as follows: Three Months Ended March 2016 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Total Balance, December 2015 $ (718,169 ) $ (372,195 ) $ 47,142 $ (1,043,222 ) Other comprehensive income (loss) before reclassification 115,279 — (9,698 ) 105,581 Amounts reclassified from accumulated other comprehensive income (loss) — 10,884 (23,528 ) (12,644 ) Net other comprehensive income (loss) 115,279 10,884 (33,226 ) 92,937 Balance, March 2016 $ (602,890 ) $ (361,311 ) $ 13,916 $ (950,285 ) Three Months Ended March 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 (246,081 ) — 41,282 300 (204,499 ) Amounts reclassified from accumulated other comprehensive income (loss) — 9,293 (4,914 ) — 4,379 Net other comprehensive income (loss) (246,081 ) 9,293 36,368 300 (200,120 ) Balance, March 2015 $ (603,022 ) $ (367,841 ) $ 67,757 $ 714 $ (902,392 ) Reclassifications out of accumulated OCI are as follows: In thousands Details About Accumulated Other Comprehensive Income (Loss) Components Affected Line Item in the Consolidated Statements of Income Three Months Ended March 2016 2015 Amortization of defined benefit pension plans: Net deferred actuarial losses (a) $ (16,306 ) $ (15,497 ) Deferred prior service costs (a) (647 ) (762 ) Total before tax (16,953 ) (16,259 ) Tax benefit 6,069 6,966 Net of tax (10,884 ) (9,293 ) Gains (losses) on derivative financial instruments Foreign exchange contracts Net sales (4,963 ) (17,055 ) Foreign exchange contracts Cost of goods sold 43,837 19,368 Foreign exchange contracts Selling, general and administrative expenses (978 ) — Foreign exchange contracts Other income (expense), net 1,503 6,835 Interest rate contracts Interest expense (1,104 ) (1,053 ) Total before tax 38,295 8,095 Tax expense (14,767 ) (3,181 ) Net of tax 23,528 4,914 Total reclassifications for the period Net of tax $ 12,644 $ (4,379 ) (a) These accumulated OCI components are included in the computation of net periodic pension cost (see Note G for additional details).

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Apr. 02, 2016
Stock-based Compensation	Note I – Stock-based Compensation During the first quarter of 2016, VF granted stock options to employees and nonemployee members of VF’s Board of Directors to purchase 3,086,737 shares of its Common Stock at an exercise price of $61.29 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. Stock 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 March 2016 Expected volatility 21% to 29% Weighted average expected volatility 24% Expected term (in years) 6.3 to 7.6 Dividend yield 2.1% Risk-free interest rate 0.5% to 1.7% Fair value at date of grant $12.10 Also during the first quarter of 2016, VF granted 596,574 performance-based restricted stock units (“RSU”) to employees that enable them to receive shares of VF Common Stock at the end of a three-year period. Each RSU has a potential final payout ranging from zero to two shares of VF Common Stock. The number of shares earned by participants, if any, is based on achievement of a three-year baseline profitability goal and annually established performance goals set by the Compensation Committee of the Board of Directors. Shares are issued to participants in the year following the conclusion of each three-year performance period. The fair market value of VF Common Stock at the date the units were granted was $61.29 per share. The actual number of performance-based RSUs earned may also be adjusted upward or downward by 25% of the target award, based on how VF’s total shareholder return (“TSR”) over the three-year period compares to the TSR for companies included in the Standard & Poor’s 500 Index. The grant date fair value of the TSR-based adjustment related to the 2016 RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $4.48 per share. VF granted 13,013 nonperformance-based RSUs to nonemployee members of the Board of Directors during the first quarter of 2016. 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 $61.29 per share. VF granted 28,500 nonperformance-based RSUs to certain key employees in international jurisdictions during the first quarter of 2016. These units vest four years from the date of grant and each unit entitles the holder to one share of VF Common Stock. The fair market value of VF Common Stock at the date the units were granted was $61.29 per share. VF granted 84,927 restricted shares of VF Common Stock to certain members of management during the first quarter of 2016. These shares vest over periods of up to five years from the date of grant. The weighted average fair market value of VF Common Stock at the date the shares were granted was $61.29 per share.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 02, 2016
Income Taxes	Note J – Income Taxes The effective income tax rate for the first quarter of 2016 was 18.0% compared with 23.8% in the first quarter of 2015. The first quarter of 2016 included a net discrete tax benefit of $19.6 million, which included a $15.8 million tax benefit related to the early adoption of the accounting standards update on stock compensation (see Note O), and $3.8 million of net tax benefits related to the realization of previously unrecognized tax benefits and interest. The $19.6 million discrete tax benefit in 2016 reduced the effective income tax rate by 6.2%. The first quarter of 2015 included a net discrete tax benefit of $6.3 million, which included $4.2 million of tax benefits related to state refund claims and the settlement of state tax audits. The $6.3 million discrete tax benefit in 2015 reduced the effective income tax rate by 1.7%. Without discrete items, the effective income tax rate for the first quarter of 2016 decreased by 1.3% compared with the 2015 period primarily due to a higher percentage of income in lower tax rate jurisdictions and the impact of tax law changes in the U.S. VF files a consolidated U.S. federal income tax return, as well as separate and combined income tax returns in numerous state and international jurisdictions. In the U.S., the Internal Revenue Service (“IRS”) examinations for tax years through 2011 have been effectively settled. Additionally, the examination of Timberland’s 2011 tax return is ongoing. The IRS has proposed material 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 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. In February 2015, the European Union Commission (“EU”) opened a state aid investigation into rulings granted to companies under Belgium’s excess profit tax regime. On January 11, 2016, the EU announced its decision that these rulings granted by the Belgian government were illegal and ordered that tax benefits granted under these rulings should be collected from the affected companies, including VF. In March 2016, the Belgian government filed an appeal seeking annulment of the EU state aid decision. If this matter is adversely resolved, the Belgian government may be required to assess, and VF may be required to pay, past taxes reflective of the disallowed alleged state aid that VF received in years 2010 through 2014. VF is currently assessing its legal options and the impact that an adverse outcome would have on the Company’s financial statements in future periods, but does not expect the impact to be material. During the first quarter of 2016, the amount of net unrecognized tax benefits and associated interest increased by $106.6 million to $179.7 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 $34.7 million related to the completion of examinations and other settlements with tax authorities and the expiration of statutes of limitations, of which $31.0 million would reduce income tax expense.

Business Segment Information

Business Segment Information	3 Months Ended
	Apr. 02, 2016
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 March In thousands 2016 2015 Coalition revenues: Outdoor & Action Sports $ 1,644,395 $ 1,606,889 Jeanswear 710,590 699,655 Imagewear 269,125 282,896 Sportswear 118,397 135,657 Contemporary Brands 74,356 87,537 Other 22,437 24,667 Total coalition revenues $ 2,839,300 $ 2,837,301 Coalition profit: Outdoor & Action Sports $ 227,771 $ 260,820 Jeanswear 137,294 131,932 Imagewear 41,515 41,347 Sportswear 4,776 12,841 Contemporary Brands 1,669 3,540 Other (a) (2,358 ) 14,527 Total coalition profit 410,667 465,007 Corporate and other expenses (73,125 ) (66,344 ) Interest expense, net (20,155 ) (19,751 ) Income before income taxes $ 317,387 $ 378,912 (a) Includes a $16.6 million gain recognized on the sale of a VF Outlet ®

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 02, 2016
Earnings Per Share	Note L – Earnings Per Share Three Months Ended March In thousands, except per share amounts 2016 2015 Earnings per share – basic: Net income $ 260,269 $ 288,709 Weighted average common shares outstanding 421,748 426,255 Earnings per share $ 0.62 $ 0.68 Earnings per share – diluted: Net income $ 260,269 $ 288,709 Weighted average common shares outstanding 421,748 426,255 Incremental shares from stock options and other dilutive securities 7,385 7,848 Adjusted weighted average common shares outstanding 429,133 434,103 Earnings per share $ 0.61 $ 0.67 Outstanding options to purchase 5.5 million and 2.4 million shares of Common Stock were excluded from the calculations of diluted earnings per share for the three-month periods ended March 2016 and March 2015, respectively, because the effect of their inclusion would have been antidilutive to those periods. In addition, 1.1 million and 1.0 million shares of performance-based restricted stock units were excluded from the calculations of diluted earnings per share for the three-month periods ended March 2016 and March 2015, respectively, because these units were not considered to be contingent outstanding shares in those periods.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 02, 2016
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 March 2016 Financial assets: Cash equivalents: Money market funds $ 246,531 $ 246,531 $ — $ — Time deposits 34,488 34,488 — — Derivative financial instruments 71,616 — 71,616 — Investment securities 197,855 178,972 18,883 — Financial liabilities: Derivative financial instruments 43,656 — 43,656 — Deferred compensation 247,268 — 247,268 — December 2015 Financial assets: Cash equivalents: Money market funds $ 495,264 $ 495,264 $ — $ — Time deposits 39,813 39,813 — — Derivative financial instruments 105,791 — 105,791 — Investment securities 203,797 190,792 13,005 — Financial liabilities: Derivative financial instruments 28,032 — 28,032 — Deferred compensation 252,723 — 252,723 — (a) There were no transfers among the levels within the fair value hierarchy during the first quarter of 2016 or the year ended December 2015. 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) with underlying investments that are valued based on quoted prices for similar assets in active markets or quoted prices in inactive markets for identical 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. 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 March 2016 and December 2015, their carrying values approximated their fair values. Additionally, at March 2016 and December 2015, the carrying values of VF’s long-term debt, including the current portion, were $1,404.7 million and $1,415.1 million, respectively, compared with fair values of $1,637.0 million and $1,592.4 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	3 Months Ended
	Apr. 02, 2016
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 $2.3 billion at March 2016, $2.4 billion at December 2015 and $2.1 billion at March 2015, consisting primarily of contracts hedging exposures to the euro, British pound, Canadian dollar, Swiss franc, Mexican peso, Japanese yen, Polish zloty and Swedish krona. 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 In thousands March December March March 2016 December March Foreign currency exchange contracts designated as hedging instruments $ 71,007 $ 105,536 $ 158,557 $ (43,149 ) $ (27,896) $ (42,975) Foreign currency exchange contracts not designated as hedging instruments 609 255 342 (507 ) (136 ) (707 ) Total derivatives $ 71,616 $ 105,791 $ 158,899 $ (43,656) $ (28,032) $ (43,682 ) 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: March 2016 December 2015 March 2015 In thousands Derivative Derivative Derivative Derivative Derivative Derivative Gross amounts presented in the Consolidated Balance Sheets $ 71,616 $ (43,656 ) $ 105,791 $ (28,032 ) $ 158,899 $ (43,682 ) Gross amounts not offset in the Consolidated Balance Sheets (36,554 ) 36,554 (22,213 ) 22,213 (42,701 ) 42,701 Net amounts $ 35,062 $ (7,102 ) $ 83,578 $ (5,819 ) $ 116,198 $ (981 ) Derivatives are classified as current or noncurrent based on maturity dates, as follows: In thousands March December March Other current assets $ 64,429 $ 92,796 $ 138,564 Accrued liabilities (31,369 ) (25,776 ) (37,949 ) Other assets 7,187 12,995 20,335 Other liabilities (12,287 ) (2,256 ) (5,733 ) Cash Flow Hedges VF uses derivative contracts primarily to hedge a portion of the exchange risk for its forecasted sales, purchases, production costs, operating costs and intercompany royalties. The effects of cash flow hedging included in VF’s Consolidated Statements of Income and Consolidated Statements of Comprehensive Income are summarized as follows: In thousands Gain (Loss) on Derivatives Cash Flow Hedging Relationships 2016 2015 Foreign currency exchange $ (15,783 ) $ 68,010 In thousands Gain (Loss) Reclassified from Location of Gain (Loss) 2016 2015 Net sales $ (4,963 ) $ (17,055 ) Cost of goods sold 43,837 19,368 Selling, general and administrative expenses (978 ) — Other income (expense), net 1,503 6,835 Interest expense (1,104 ) (1,053 ) Total $ 38,295 $ 8,095 Derivative Contracts Not Designated as Hedges VF uses derivative contracts to manage foreign currency exchange risk on third-party accounts receivable and payable, as well as intercompany borrowings. 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 transaction gains or losses on the related assets and liabilities. Following is a summary of these derivatives included in VF’s Consolidated Statements of Income: In thousands Derivatives Not Designated as Hedges Location of Gain (Loss) on Derivatives Recognized in Income Gain (Loss) on Derivatives 2016 2015 Foreign currency exchange Cost of goods sold $ 1,504 $ — Foreign currency exchange Other income (expense), net (1,285 ) (1,031 ) Total $ 219 $ (1,031 ) Other Derivative Information There were no significant amounts recognized in earnings for the ineffective portion of any hedging relationships during the three- month periods ended March 2016 and March 2015. At March 2016, accumulated OCI included $57.0 million of pre-tax 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 pre-tax net deferred loss in accumulated OCI was $26.1 million at March 2016, 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 of net deferred losses from accumulated OCI into interest expense in each of the three-month periods ended March 2016 and March 2015, and expects to reclassify $4.6 million to interest expense during the next 12 months.

Recently Adopted and Issued Acc

Recently Adopted and Issued Accounting Standards	3 Months Ended
	Apr. 02, 2016
Recently Adopted and Issued Accounting Standards	Note O – Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards 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 became effective in the first quarter of 2016, but did not impact VF’s consolidated financial statements. In February 2015, the FASB issued an update to their existing consolidation model that changes the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance became effective in the first quarter of 2016, but did not impact VF’s consolidated financial statements. 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 should be treated as a software license or a service contract. This guidance became effective in the first quarter of 2016, but did not impact 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 the presentation of debt discounts. The Company early adopted this guidance as of December 2015 on a retrospective basis. The impact of adopting this guidance on VF’s March 2015 Consolidated Balance Sheet is presented in the table below. 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. The Company early adopted this guidance as of December 2015 on a retrospective basis. The new guidance did not impact disclosures related to VF’s investments, but did impact disclosures related to the Company’s defined benefit pension plan assets as of December 2015. This guidance did not impact disclosures in VF’s consolidated financial statements for the first quarter of 2016. 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 became effective in the first quarter of 2016, but did not impact VF’s consolidated financial statements. In November 2015, the FASB issued an update to their accounting guidance on income taxes that eliminates the current requirement for companies to present deferred income tax assets and liabilities as current and noncurrent in a classified balance sheet. Instead, companies are required to classify all deferred tax assets and liabilities as noncurrent. The Company early adopted this guidance as of December 2015 on a retrospective basis. The impact of adopting this guidance on VF’s March 2015 Consolidated Balance Sheet is presented in the table below. The impact of adopting the new accounting guidance on classification of debt issuance costs and deferred income taxes on VF’s March 2015 Consolidated Balance Sheet is as follows: In thousands Balance Sheet Line Item March 2015 (As Previously Reported) Reclassification of Debt Increase (Decrease) Reclassification of Increase (Decrease) March 2015 (Reclassified) Other current assets $ 518,593 $ — $ (153,424 ) $ 365,169 Other assets 652,996 (9,507 ) 28,772 672,261 Accrued liabilities 749,237 — (6,061 ) 743,176 Long-term debt 1,422,840 (9,507 ) — 1,413,333 Other liabilities 1,127,433 — (118,591 ) 1,008,842 In March 2016, the FASB issued an update to their accounting guidance on stock compensation that intends to simplify and improve the accounting and statement of cash flow presentation for income taxes at settlement, forfeitures, and net settlements for withholding tax. The new standard is effective in the first quarter of 2017 with early adoption permitted. The Company early adopted this guidance as of the beginning of the first quarter of 2016. The primary impact was the recognition of a $15.8 million excess tax benefit in our provision for income taxes, rather than paid-in capital, in the first quarter of 2016. Also starting in the first quarter of 2016, the Company changed its earnings per share calculation to exclude excess tax benefits previously assumed under the treasury stock method, which had a minimal impact on diluted shares. The Company has elected to continue its existing practice of estimating expected forfeitures in determining compensation cost. VF did not have any awards that were subject to the amendment regarding employee shares eligible for tax withholding, and no changes were required related to the classification of employee taxes paid for withheld shares on the statement of cash flows since VF has historically classified these within financing cash flows. The Company began to present excess tax benefits as an operating cash flow in the first quarter of 2016 as required by the updated guidance, and elected to retrospectively adjust its first quarter of 2015 operating and financing cash flows, as follows: In thousands Statement of Cash Flows First Quarter 2015 (As Previously Reported) Reclassification of Tax Benefits of Stock-based Increase (Decrease) First Quarter 2015 Cash used by operating activities $ (430,624 ) $ 29,678 $ (400,946 ) Cash provided by financing activities 205,094 (29,678 ) 175,416 Recently Issued Accounting Standards In May 2014, the FASB issued a new accounting standard on revenue recognition that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The new guidance contains principles that an entity must apply to determine when and how revenue is recognized. New disclosures about revenues and cash flows arising from contracts with customers are also required. In March 2016, the FASB issued an update to the new revenue recognition standard which further clarifies the implementation guidance on principal versus agent considerations, and in April 2016, the FASB issued an update on identifying performance obligations and accounting for licenses of intellectual property. This guidance will be effective in the first quarter of 2018 with early adoption permitted. The Company is evaluating the impact that adopting this guidance will have on VF’s consolidated financial statements. In July 2015, the FASB issued an update to their accounting guidance related to inventory that changes the measurement principle from lower of cost or market to lower of cost or net realizable value. This guidance will be effective in the first quarter of 2017 with early adoption permitted, but will not impact VF’s consolidated financial statements. In January 2016, the FASB issued an update to their accounting guidance related to the recognition and measurement of certain financial instruments. The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. This guidance will be effective in the first quarter of 2018 with early adoption permitted. The Company is evaluating the impact that adopting this guidance will have on VF’s consolidated financial statements. In February 2016, the FASB issued a new accounting standard on leasing. The new standard will require companies to record most leased assets and liabilities on their balance sheet, and also proposes a dual model for recognizing expense. This guidance will be effective in the first quarter of 2019 with early adoption permitted. The Company is evaluating the impact that adopting this guidance will have on VF’s consolidated financial statements. In March 2016, the FASB issued an update to their accounting guidance on extinguishments of financial liabilities that exempts prepaid stored-value products, or gift cards, from the existing guidance. The updated guidance requires that gift card liabilities be subject to breakage accounting, consistent with the new revenue recognition standard discussed above. This guidance will be effective in the first quarter of 2018 with early adoption permitted. The Company is evaluating the impact that adopting this guidance will have on VF’s consolidated financial statements. In March 2016, the FASB issued an update to their accounting guidance on equity method accounting. The guidance eliminates the requirement to retroactively apply the equity method when an entity obtains significant influence over a previously held investment. This guidance will be effective in the first quarter of 2017 with early adoption permitted. The Company does not expect the adoption of this accounting guidance to have a significant impact on VF’s consolidated financial statements. In March 2016, the FASB issued an update to their accounting guidance on derivative financial instruments when there is a change in the counterparty to a derivative contract, or novation. The new guidance clarifies that the novation of a derivative contract that has been designated as a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship, provided that all other hedge accounting criteria continue to be met. This guidance will be effective in the first quarter of 2017 with early adoption permitted. The Company is evaluating the impact that adopting this guidance will have on VF’s consolidated financial statements. In March 2016, the FASB issued an update to their accounting guidance on derivative financial instruments that clarifies the steps required to determine bifurcation of an embedded derivative. This guidance will be effective in the first quarter of 2017 with early adoption permitted. The Company does not expect the adoption of this accounting guidance to have a significant impact on VF’s consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Apr. 02, 2016
Subsequent Events	Note P – Subsequent Events On April 26, 2016, VF’s Board of Directors declared a quarterly cash dividend of $0.37 per share, payable on June 20, 2016 to stockholders of record on June 10, 2016.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Apr. 02, 2016
Inventories	In thousands March 2016 December March 2015 Finished products $ 1,506,060 $ 1,352,572 $ 1,366,759 Work in process 97,107 102,557 103,125 Raw materials 159,401 156,865 154,350 Total inventories $ 1,762,568 $ 1,611,994 $ 1,624,234

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Apr. 02, 2016
Property, Plant and Equipment	In thousands March 2016 December March 2015 Land and improvements $ 99,436 $ 98,284 $ 56,791 Buildings and improvements 1,068,797 1,046,932 978,845 Machinery and equipment 1,288,508 1,266,886 1,219,968 Property, plant and equipment, at cost 2,456,741 2,412,102 2,255,604 Less accumulated depreciation and amortization 1,470,579 1,423,943 1,344,126 Property, plant and equipment, net $ 986,162 $ 988,159 $ 911,478

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Apr. 02, 2016
Finite Lived Intangible Assets	Dollars in thousands Weighted Average Amortization Period Amortization Methods March 2016 December 2015 Cost Accumulated Amortization Net Carrying Amount Net Carrying Amount Amortizable intangible assets: Customer relationships 20 years Accelerated $ 284,621 $ 126,438 $ 158,183 $ 156,047 License agreements 24 years Accelerated and straight-line 179,906 95,306 84,600 86,540 Trademark 16 years Straight-line 58,132 908 57,224 — Other 11 years Straight-line 5,870 2,401 3,469 3,443 Amortizable intangible assets, net 303,476 246,030 Indefinite-lived intangible assets: Trademarks and trade names 1,867,341 1,866,589 Intangible assets, net $ 2,170,817 $ 2,112,619
Indefinite Lived Intangible Assets	Dollars in thousands Weighted Average Amortization Period Amortization Methods March 2016 December 2015 Cost Accumulated Amortization Net Carrying Amount Net Carrying Amount Amortizable intangible assets: Customer relationships 20 years Accelerated $ 284,621 $ 126,438 $ 158,183 $ 156,047 License agreements 24 years Accelerated and straight-line 179,906 95,306 84,600 86,540 Trademark 16 years Straight-line 58,132 908 57,224 — Other 11 years Straight-line 5,870 2,401 3,469 3,443 Amortizable intangible assets, net 303,476 246,030 Indefinite-lived intangible assets: Trademarks and trade names 1,867,341 1,866,589 Intangible assets, net $ 2,170,817 $ 2,112,619

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Apr. 02, 2016
Changes in Goodwill	Changes in goodwill are summarized by business segment as follows: In thousands Outdoor & Action Sports Jeanswear Imagewear Sportswear Total Balance, December 2015 $ 1,359,475 $ 212,871 $ 58,747 $ 157,314 $ 1,788,407 Currency translation 13,132 2,555 — — 15,687 Balance, March 2016 $ 1,372,607 $ 215,426 $ 58,747 $ 157,314 $ 1,804,094

Pension Plans (Tables)

Pension Plans (Tables)	3 Months Ended
	Apr. 02, 2016
Components of Pension Cost	The components of pension cost for VF’s defined benefit plans were as follows: Three Months Ended March In thousands 2016 2015 Service cost – benefits earned during the period $ 6,449 $ 7,335 Interest cost on projected benefit obligations 17,034 19,403 Expected return on plan assets (24,919 ) (27,771 ) Amortization of deferred amounts: Net deferred actuarial losses 16,306 15,497 Deferred prior service costs 647 762 Net periodic pension cost $ 15,517 $ 15,226

Capital and Accumulated Other29

Capital and Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Apr. 02, 2016
Shares Held for Deferred Compensation Plans	Balances related to shares held for deferred compensation plans are as follows: In thousands, except share amounts March December March Shares held for deferred compensation plans 550,149 562,649 647,304 Cost of shares held for deferred compensation plans $ 6,614 $ 6,823 $ 8,441
Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated OCI in Stockholders' Equity	The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows: In thousands March December March Foreign currency translation $ (602,890 ) $ (718,169 ) $ (603,022 ) Defined benefit pension plans (361,311 ) (372,195 ) (367,841 ) Derivative financial instruments 13,916 47,142 67,757 Marketable securities — — 714 Accumulated other comprehensive income (loss) $ (950,285 ) $ (1,043,222 ) $ (902,392 )
Changes in Accumulated OCI, Net of Related Taxes	The changes in accumulated OCI, net of related taxes, are as follows: Three Months Ended March 2016 In thousands Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Total Balance, December 2015 $ (718,169 ) $ (372,195 ) $ 47,142 $ (1,043,222 ) Other comprehensive income (loss) before reclassification 115,279 — (9,698 ) 105,581 Amounts reclassified from accumulated other comprehensive income (loss) — 10,884 (23,528 ) (12,644 ) Net other comprehensive income (loss) 115,279 10,884 (33,226 ) 92,937 Balance, March 2016 $ (602,890 ) $ (361,311 ) $ 13,916 $ (950,285 ) Three Months Ended March 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 (246,081 ) — 41,282 300 (204,499 ) Amounts reclassified from accumulated other comprehensive income (loss) — 9,293 (4,914 ) — 4,379 Net other comprehensive income (loss) (246,081 ) 9,293 36,368 300 (200,120 ) Balance, March 2015 $ (603,022 ) $ (367,841 ) $ 67,757 $ 714 $ (902,392 )
Reclassifications Out of Accumulated OCI	Reclassifications out of accumulated OCI are as follows: In thousands Details About Accumulated Other Comprehensive Income (Loss) Components Affected Line Item in the Consolidated Statements of Income Three Months Ended March 2016 2015 Amortization of defined benefit pension plans: Net deferred actuarial losses (a) $ (16,306 ) $ (15,497 ) Deferred prior service costs (a) (647 ) (762 ) Total before tax (16,953 ) (16,259 ) Tax benefit 6,069 6,966 Net of tax (10,884 ) (9,293 ) Gains (losses) on derivative financial instruments Foreign exchange contracts Net sales (4,963 ) (17,055 ) Foreign exchange contracts Cost of goods sold 43,837 19,368 Foreign exchange contracts Selling, general and administrative expenses (978 ) — Foreign exchange contracts Other income (expense), net 1,503 6,835 Interest rate contracts Interest expense (1,104 ) (1,053 ) Total before tax 38,295 8,095 Tax expense (14,767 ) (3,181 ) Net of tax 23,528 4,914 Total reclassifications for the period Net of tax $ 12,644 $ (4,379 ) (a) These accumulated OCI 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)	3 Months Ended
	Apr. 02, 2016
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 March 2016 Expected volatility 21% to 29% Weighted average expected volatility 24% Expected term (in years) 6.3 to 7.6 Dividend yield 2.1% Risk-free interest rate 0.5% to 1.7% Fair value at date of grant $12.10

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Apr. 02, 2016
Financial Information for Reportable Segments	Financial information for VF’s reportable segments is as follows: Three Months Ended March In thousands 2016 2015 Coalition revenues: Outdoor & Action Sports $ 1,644,395 $ 1,606,889 Jeanswear 710,590 699,655 Imagewear 269,125 282,896 Sportswear 118,397 135,657 Contemporary Brands 74,356 87,537 Other 22,437 24,667 Total coalition revenues $ 2,839,300 $ 2,837,301 Coalition profit: Outdoor & Action Sports $ 227,771 $ 260,820 Jeanswear 137,294 131,932 Imagewear 41,515 41,347 Sportswear 4,776 12,841 Contemporary Brands 1,669 3,540 Other (a) (2,358 ) 14,527 Total coalition profit 410,667 465,007 Corporate and other expenses (73,125 ) (66,344 ) Interest expense, net (20,155 ) (19,751 ) Income before income taxes $ 317,387 $ 378,912 (a) Includes a $16.6 million gain recognized on the sale of a VF Outlet ®

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Apr. 02, 2016
Schedule of Earnings Per Share Basic and Diluted	Three Months Ended March In thousands, except per share amounts 2016 2015 Earnings per share – basic: Net income $ 260,269 $ 288,709 Weighted average common shares outstanding 421,748 426,255 Earnings per share $ 0.62 $ 0.68 Earnings per share – diluted: Net income $ 260,269 $ 288,709 Weighted average common shares outstanding 421,748 426,255 Incremental shares from stock options and other dilutive securities 7,385 7,848 Adjusted weighted average common shares outstanding 429,133 434,103 Earnings per share $ 0.61 $ 0.67

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 02, 2016
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 March 2016 Financial assets: Cash equivalents: Money market funds $ 246,531 $ 246,531 $ — $ — Time deposits 34,488 34,488 — — Derivative financial instruments 71,616 — 71,616 — Investment securities 197,855 178,972 18,883 — Financial liabilities: Derivative financial instruments 43,656 — 43,656 — Deferred compensation 247,268 — 247,268 — December 2015 Financial assets: Cash equivalents: Money market funds $ 495,264 $ 495,264 $ — $ — Time deposits 39,813 39,813 — — Derivative financial instruments 105,791 — 105,791 — Investment securities 203,797 190,792 13,005 — Financial liabilities: Derivative financial instruments 28,032 — 28,032 — Deferred compensation 252,723 — 252,723 — (a) There were no transfers among the levels within the fair value hierarchy during the first quarter of 2016 or the year ended December 2015.

Derivative Financial Instrume34

Derivative Financial Instruments and Hedging Activities (Tables)	3 Months Ended
	Apr. 02, 2016
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 In thousands March December March March 2016 December March Foreign currency exchange contracts designated as hedging instruments $ 71,007 $ 105,536 $ 158,557 $ (43,149 ) $ (27,896) $ (42,975) Foreign currency exchange contracts not designated as hedging instruments 609 255 342 (507 ) (136 ) (707 ) Total derivatives $ 71,616 $ 105,791 $ 158,899 $ (43,656) $ (28,032) $ (43,682 )
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: March 2016 December 2015 March 2015 In thousands Derivative Derivative Derivative Derivative Derivative Derivative Gross amounts presented in the Consolidated Balance Sheets $ 71,616 $ (43,656 ) $ 105,791 $ (28,032 ) $ 158,899 $ (43,682 ) Gross amounts not offset in the Consolidated Balance Sheets (36,554 ) 36,554 (22,213 ) 22,213 (42,701 ) 42,701 Net amounts $ 35,062 $ (7,102 ) $ 83,578 $ (5,819 ) $ 116,198 $ (981 )
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: March 2016 December 2015 March 2015 In thousands Derivative Derivative Derivative Derivative Derivative Derivative Gross amounts presented in the Consolidated Balance Sheets $ 71,616 $ (43,656 ) $ 105,791 $ (28,032 ) $ 158,899 $ (43,682 ) Gross amounts not offset in the Consolidated Balance Sheets (36,554 ) 36,554 (22,213 ) 22,213 (42,701 ) 42,701 Net amounts $ 35,062 $ (7,102 ) $ 83,578 $ (5,819 ) $ 116,198 $ (981 )
Derivatives Classified as Current or Noncurrent Based on Maturity Dates	Derivatives are classified as current or noncurrent based on maturity dates, as follows: In thousands March December March Other current assets $ 64,429 $ 92,796 $ 138,564 Accrued liabilities (31,369 ) (25,776 ) (37,949 ) Other assets 7,187 12,995 20,335 Other liabilities (12,287 ) (2,256 ) (5,733 )
Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	The effects of cash flow hedging included in VF’s Consolidated Statements of Income and Consolidated Statements of Comprehensive Income are summarized as follows: In thousands Gain (Loss) on Derivatives Cash Flow Hedging Relationships 2016 2015 Foreign currency exchange $ (15,783 ) $ 68,010 In thousands Gain (Loss) Reclassified from Location of Gain (Loss) 2016 2015 Net sales $ (4,963 ) $ (17,055 ) Cost of goods sold 43,837 19,368 Selling, general and administrative expenses (978 ) — Other income (expense), net 1,503 6,835 Interest expense (1,104 ) (1,053 ) Total $ 38,295 $ 8,095
Effects of Fair Value Hedging Included in Consolidated Statements of Income	Following is a summary of these derivatives included in VF’s Consolidated Statements of Income: In thousands Derivatives Not Designated as Hedges Location of Gain (Loss) on Derivatives Recognized in Income Gain (Loss) on Derivatives 2016 2015 Foreign currency exchange Cost of goods sold $ 1,504 $ — Foreign currency exchange Other income (expense), net (1,285 ) (1,031 ) Total $ 219 $ (1,031 )

Recently Adopted and Issued A35

Recently Adopted and Issued Accounting Standards (Tables)	3 Months Ended
	Apr. 02, 2016
Impact of Adopting New Accounting Guidance on Classification of Debt Issuance Costs, Deferred Income Taxes and Consolidated Statement of Cash Flows	The impact of adopting the new accounting guidance on classification of debt issuance costs and deferred income taxes on VF’s March 2015 Consolidated Balance Sheet is as follows: In thousands Balance Sheet Line Item March 2015 (As Previously Reported) Reclassification of Debt Increase (Decrease) Reclassification of Increase (Decrease) March 2015 (Reclassified) Other current assets $ 518,593 $ — $ (153,424 ) $ 365,169 Other assets 652,996 (9,507 ) 28,772 672,261 Accrued liabilities 749,237 — (6,061 ) 743,176 Long-term debt 1,422,840 (9,507 ) — 1,413,333 Other liabilities 1,127,433 — (118,591 ) 1,008,842 In March 2016, the FASB issued an update to their accounting guidance on stock compensation that intends to simplify and improve the accounting and statement of cash flow presentation for income taxes at settlement, forfeitures, and net settlements for withholding tax. The new standard is effective in the first quarter of 2017 with early adoption permitted. The Company early adopted this guidance as of the beginning of the first quarter of 2016. The primary impact was the recognition of a $15.8 million excess tax benefit in our provision for income taxes, rather than paid-in capital, in the first quarter of 2016. Also starting in the first quarter of 2016, the Company changed its earnings per share calculation to exclude excess tax benefits previously assumed under the treasury stock method, which had a minimal impact on diluted shares. The Company has elected to continue its existing practice of estimating expected forfeitures in determining compensation cost. VF did not have any awards that were subject to the amendment regarding employee shares eligible for tax withholding, and no changes were required related to the classification of employee taxes paid for withheld shares on the statement of cash flows since VF has historically classified these within financing cash flows. The Company began to present excess tax benefits as an operating cash flow in the first quarter of 2016 as required by the updated guidance, and elected to retrospectively adjust its first quarter of 2015 operating and financing cash flows, as follows: In thousands Statement of Cash Flows First Quarter 2015 (As Previously Reported) Reclassification of Tax Benefits of Stock-based Increase (Decrease) First Quarter 2015 Cash used by operating activities $ (430,624 ) $ 29,678 $ (400,946 ) Cash provided by financing activities 205,094 (29,678 ) 175,416

Sale of Accounts Receivable - A

Sale of Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015	Jan. 31, 2016	Jan. 02, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum amount of accounts receivable sold at any point in time		$ 237.5	$ 367.5	$ 237.5
Decrease in receivables related to balances sold	$ 241.7	168.4		$ 144.9
Sale of accounts receivable	328.2
Funding fee	$ 0.8	$ 0.4

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Apr. 02, 2016	Jan. 02, 2016	Apr. 04, 2015
Inventory [Line Items]
Finished products	$ 1,506,060	$ 1,352,572	$ 1,366,759
Work in process	97,107	102,557	103,125
Raw materials	159,401	156,865	154,350
Total inventories	$ 1,762,568	$ 1,611,994	$ 1,624,234

Property Plant and Equipment (D

Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Apr. 02, 2016	Jan. 02, 2016	Apr. 04, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 2,456,741	$ 2,412,102	$ 2,255,604
Less accumulated depreciation and amortization	1,470,579	1,423,943	1,344,126
Property, plant and equipment, net	986,162	988,159	911,478
Land and Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	99,436	98,284	56,791
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	1,068,797	1,046,932	978,845
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 1,288,508	$ 1,266,886	$ 1,219,968

Intangible Assets (Detail)

Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Jan. 02, 2016	Apr. 04, 2015
Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, net carrying amount	$ 303,476	$ 246,030
Indefinite-lived intangible assets: Trademarks and trade names	1,867,341	1,866,589
Intangible assets, net	$ 2,170,817	2,112,619	$ 2,291,505
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	$ 284,621
Amortizable intangible assets, accumulated amortization	126,438
Amortizable intangible assets, net carrying amount	$ 158,183	156,047
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	$ 179,906
Amortizable intangible assets, accumulated amortization	95,306
Amortizable intangible assets, net carrying amount	$ 84,600	86,540
Trademarks
Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, weighted average amortization period (in years)	16 years
Amortizable intangible assets, amortization method	Straight-line
Amortizable intangible assets, cost	$ 58,132
Amortizable intangible assets, accumulated amortization	908
Amortizable intangible assets, net carrying amount	$ 57,224
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	$ 5,870
Amortizable intangible assets, accumulated amortization	2,401
Amortizable intangible assets, net carrying amount	$ 3,469	$ 3,443

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Jan. 02, 2016
Intangible Assets [Line Items]
Amortizable intangible assets	$ 303,476	$ 246,030
Amortization of intangible assets	6,900
Estimated amortization expense, 2016	27,500
Estimated amortization expense, 2017	26,200
Estimated amortization expense, 2018	25,600
Estimated amortization expense, 2019	24,900
Estimated amortization expense, 2020	24,000
Trademarks
Intangible Assets [Line Items]
Amortizable intangible assets	$ 57,224
Amortizable intangible assets, weighted average amortization period (in years)	16 years
Trademarks | Restatement Adjustment
Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ (58,100)
Amortizable intangible assets	$ 58,100

Changes in Goodwill (Detail)

Changes in Goodwill (Detail) $ in Thousands	3 Months Ended
	Apr. 02, 2016USD ($)
Goodwill [Line Items]
Goodwill, beginning balance	$ 1,788,407
Currency translation	15,687
Goodwill, ending balance	1,804,094
Outdoor & Action Sports
Goodwill [Line Items]
Goodwill, beginning balance	1,359,475
Currency translation	13,132
Goodwill, ending balance	1,372,607
Jeanswear
Goodwill [Line Items]
Goodwill, beginning balance	212,871
Currency translation	2,555
Goodwill, ending balance	215,426
Imagewear
Goodwill [Line Items]
Goodwill, beginning balance	58,747
Goodwill, ending balance	58,747
Sportswear
Goodwill [Line Items]
Goodwill, beginning balance	157,314
Goodwill, ending balance	$ 157,314

Goodwill - Additional Informati

Goodwill - Additional Information (Detail)	3 Months Ended
	Apr. 02, 2016USD ($)
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
	Apr. 02, 2016	Apr. 04, 2015
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	$ 6,449	$ 7,335
Interest cost on projected benefit obligations	17,034	19,403
Expected return on plan assets	(24,919)	(27,771)
Amortization of deferred amounts, Net deferred actuarial losses	16,306	15,497
Amortization of deferred amounts, Deferred prior service costs	647	762
Net periodic pension cost	$ 15,517	$ 15,226

Pension Plans - Additional Info

Pension Plans - Additional Information (Detail) $ in Millions	3 Months Ended
	Apr. 02, 2016USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plan contributed	$ 5.8
Defined benefit pension plan additional contributions to make during the remainder of the year	$ 9.6

Capital and Accumulated Other45

Capital and Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 02, 2016	Jan. 02, 2016	Apr. 04, 2015
Class of Stock [Line Items]
Common Stock, shares, purchased	11,300,000
Common Stock, value, purchased	$ 713.7
Treasury shares restored as unissued status	11,300,000
Treasury shares	0	0	0
Common Stock, stated value	$ 0.25	$ 0.25	$ 0.25
Common Stock held in trust for deferred compensation plans, shares	1,400
Common Stock held in trust for deferred compensation plan	$ 0.1

Shares Held for Deferred Compen

Shares Held for Deferred Compensation Plans (Detail) - USD ($) $ in Thousands	Apr. 02, 2016	Jan. 02, 2016	Apr. 04, 2015
Schedule of Deferred Compensation Plans [Line Items]
Shares held for deferred compensation plans	550,149	562,649	647,304
Cost of shares held for deferred compensation plans	$ 6,614	$ 6,823	$ 8,441

Deferred Components of OCI Repo

Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated OCI in Stockholders' Equity (Detail) - USD ($) $ in Thousands	Apr. 02, 2016	Jan. 02, 2016	Apr. 04, 2015	Jan. 03, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation	$ (602,890)	$ (718,169)	$ (603,022)
Defined benefit pension plans	(361,311)	(372,195)	(367,841)
Derivative financial instruments	13,916	47,142	67,757
Marketable securities			714
Accumulated other comprehensive income (loss)	$ (950,285)	$ (1,043,222)	$ (902,392)	$ (702,272)

Changes in Accumulated OCI, Net

Changes in Accumulated OCI, Net of Related Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (1,043,222)	$ (702,272)
Other comprehensive income (loss) before reclassification	105,581	(204,499)
Amounts reclassified from accumulated other comprehensive income (loss)	(12,644)	4,379
Net other comprehensive income (loss)	92,937	(200,120)
Ending balance	(950,285)	(902,392)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(718,169)	(356,941)
Other comprehensive income (loss) before reclassification	115,279	(246,081)
Net other comprehensive income (loss)	115,279	(246,081)
Ending balance	(602,890)	(603,022)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(372,195)	(377,134)
Amounts reclassified from accumulated other comprehensive income (loss)	10,884	9,293
Net other comprehensive income (loss)	10,884	9,293
Ending balance	(361,311)	(367,841)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	47,142	31,389
Other comprehensive income (loss) before reclassification	(9,698)	41,282
Amounts reclassified from accumulated other comprehensive income (loss)	(23,528)	(4,914)
Net other comprehensive income (loss)	(33,226)	36,368
Ending balance	$ 13,916	67,757
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		414
Other comprehensive income (loss) before reclassification		300
Net other comprehensive income (loss)		300
Ending balance		$ 714

Reclassification Out of Accumul

Reclassification Out of Accumulated OCI (Detail) - USD ($) $ in Thousands		3 Months Ended
		Apr. 02, 2016	Apr. 04, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net sales		$ 2,809,124	$ 2,803,302
Net deferred actuarial losses		16,306	15,497
Cost of goods sold		(1,472,006)	(1,446,547)
Deferred prior service costs		647	762
Selling, general and administrative expenses		(1,031,042)	(992,919)
Other income (expense), net		1,290	828
Interest expense		(22,145)	(21,849)
Income before income taxes		317,387	378,912
Tax benefit (expense)		(57,118)	(90,203)
Net of tax		260,269	288,709
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax		12,644	(4,379)
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]	(16,306)	(15,497)
Deferred prior service costs	[1]	(647)	(762)
Income before income taxes		(16,953)	(16,259)
Tax benefit (expense)		6,069	6,966
Net of tax		(10,884)	(9,293)
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		(4,963)	(17,055)
Cost of goods sold		43,837	19,368
Selling, general and administrative expenses		(978)
Other income (expense), net		1,503	6,835
Interest expense		(1,104)	(1,053)
Income before income taxes		38,295	8,095
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Unrealized Investment Gain (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit (expense)		(14,767)	(3,181)
Net of tax		$ 23,528	$ 4,914
[1]	These accumulated OCI 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)	3 Months Ended
	Apr. 02, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period | shares	3,086,737
Exercise price of options granted	$ 61.29
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 | shares	596,574
Award expiration period from grant date	3 years
Baseline profitability goal period	3 years
Grant date fair value of each restricted units granted	$ 61.29
Percentage of targets award adjusted to actual number of shares earned	25.00%
Performance-Based Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock to be issued for each restricted stock unit granted	0
Performance-Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock to be issued for each restricted stock unit granted	2
TSR Adjustment Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of each restricted units granted	$ 4.48
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 | shares	28,500
Number of shares of common stock to be issued for each restricted stock unit granted	1
Grant date fair value of each restricted units granted	$ 61.29
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 | shares	13,013
Award expiration period from grant date	1 year
Grant date fair value of each restricted units granted	$ 61.29
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation vesting period	5 years
Restricted stock units granted in period | shares	84,927
Grant date fair value of each restricted units granted	$ 61.29

Schedule of Assumption Used and

Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted (Detail)	3 Months Ended
	Apr. 02, 2016$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	21.00%
Expected volatility, maximum	29.00%
Weighted average expected volatility	24.00%
Dividend yield	2.10%
Risk-free interest rate, minimum	0.50%
Risk-free interest rate, maximum	1.70%
Fair value at date of grant	$ 12.10
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years 3 months 18 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	7 years 7 months 6 days

Income Taxes - Additional infor

Income Taxes - Additional information (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Income Taxes [Line Items]
Effective income tax rate	18.00%	23.80%
Net discrete tax Benefits	$ 19.6	$ 6.3
Tax benefit related to the early adoption	15.8
Refund claims related to prior years	6.3	$ 4.2
Realization of unrecognized net tax benefits	$ 3.8
Tax reduction due to discrete items	6.20%	1.70%
Change in effective income tax rate without discrete items	1.30%
Increase in unrecognized tax benefits and associated interest	$ 106.6
Net unrecognized tax benefits and interest, if recognized, would reduce the annual effective tax rate	179.7
Possible decrease in unrecognized income tax benefits	34.7
Reduction in income tax expenses	$ 31

Financial Information for Repor

Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended
		Apr. 02, 2016	Apr. 04, 2015
Segment Reporting Information [Line Items]
Revenues		$ 2,839,300	$ 2,837,301
Operating income		336,252	397,835
Corporate and other expenses		(73,125)	(66,344)
Interest expense, net		(20,155)	(19,751)
Income before income taxes		317,387	378,912
Operating Segments
Segment Reporting Information [Line Items]
Operating income		410,667	465,007
Operating Segments | Outdoor & Action Sports
Segment Reporting Information [Line Items]
Revenues		1,644,395	1,606,889
Operating income		227,771	260,820
Operating Segments | Jeanswear
Segment Reporting Information [Line Items]
Revenues		710,590	699,655
Operating income		137,294	131,932
Operating Segments | Imagewear
Segment Reporting Information [Line Items]
Revenues		269,125	282,896
Operating income		41,515	41,347
Operating Segments | Sportswear
Segment Reporting Information [Line Items]
Revenues		118,397	135,657
Operating income		4,776	12,841
Operating Segments | Contemporary Brands
Segment Reporting Information [Line Items]
Revenues		74,356	87,537
Operating income		1,669	3,540
Operating Segments | Other Segments
Segment Reporting Information [Line Items]
Revenues		22,437	24,667
Operating income	[1]	$ (2,358)	$ 14,527
[1]	Includes a $16.6 million gain recognized on the sale of a VF Outlet® location in the first quarter of 2015.

Financial Information for Rep54

Financial Information for Reportable Segments (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Apr. 04, 2015USD ($)
Segment Reporting Information [Line Items]
Gain on sale of business	$ 16.6

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Earnings per share - basic:
Net income	$ 260,269	$ 288,709
Weighted average common shares outstanding	421,748	426,255
Earnings per share	$ 0.62	$ 0.68
Earnings per share - diluted:
Net income	$ 260,269	$ 288,709
Weighted average common shares outstanding	421,748	426,255
Incremental shares from stock options and other dilutive securities	7,385	7,848
Adjusted weighted average common shares outstanding	429,133	434,103
Earnings per share	$ 0.61	$ 0.67

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options excluded from computation of earnings per share	5.5	2.4
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	1

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		Apr. 02, 2016	Jan. 02, 2016	Apr. 04, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, money market funds		$ 246,531	$ 495,264
Cash equivalents, time deposits		34,488	39,813
Derivative financial instruments		71,616	105,791	$ 158,899
Investment securities		197,855	203,797
Derivative financial instruments		43,656	28,032	$ 43,682
Deferred compensation		247,268	252,723
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]	246,531	495,264
Cash equivalents, time deposits	[1]	34,488	39,813
Investment securities	[1]	178,972	190,792
Significant Other Observable Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	[1]	71,616	105,791
Investment securities	[1]	18,883	13,005
Derivative financial instruments	[1]	43,656	28,032
Deferred compensation	[1]	$ 247,268	$ 252,723
[1]	There were no transfers among the levels within the fair value hierarchy during the first quarter of 2016 or the year ended December 2015.

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Apr. 02, 2016	Jan. 02, 2016
Fair Value, Measurement Inputs, Disclosure [Line Items]
Long-term debt, carrying values	$ 1,404.7	$ 1,415.1
Long-term debt, fair values	$ 1,637	$ 1,592.4

Derivative Financial Instrume59

Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) - USD ($)	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015	Jan. 02, 2016
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	$ 57,000,000
Remaining pretax deferred net loss in Accumulated OCI	26,100,000
Net deferred loss in accumulated OCI reclassified to earnings	1,100,000	$ 1,100,000
Net deferred loss in accumulated OCI expected to be reclassified to earnings over remainder of year	4,600,000
Foreign Currency Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of foreign currency derivatives	$ 2,300,000,000	$ 2,100,000,000	$ 2,400,000,000
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

Outstanding Derivatives on Indi

Outstanding Derivatives on Individual Contract Basis at Gross Amounts (Detail) - USD ($) $ in Thousands	Apr. 02, 2016	Jan. 02, 2016	Apr. 04, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains	$ 71,616	$ 105,791	$ 158,899
Fair value of derivatives with unrealized losses	(43,656)	(28,032)	(43,682)
Foreign exchange contracts designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains	71,007	105,536	158,557
Fair value of derivatives with unrealized losses	(43,149)	(27,896)	(42,975)
Foreign exchange contracts not designated as hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains	609	255	342
Fair value of derivatives with unrealized losses	$ (507)	$ (136)	$ (707)

Fair Value of Derivative Assets

Fair Value of Derivative Assets and Liabilities in Balance Sheet (Detail) - USD ($) $ in Thousands	Apr. 02, 2016	Jan. 02, 2016	Apr. 04, 2015
Offsetting Assets [Line Items]
Gross amounts presented in the Consolidated Balance Sheets, Derivative Asset	$ 71,616	$ 105,791	$ 158,899
Gross amounts not offset in the Consolidated Balance Sheets, Derivative Asset	(36,554)	(22,213)	(42,701)
Net amounts	35,062	83,578	116,198
Gross amounts presented in the Consolidated Balance Sheets, Derivative Liabilities	(43,656)	(28,032)	(43,682)
Gross amounts not offset in the Consolidated Balance Sheets, Derivative Liabilities	36,554	22,213	42,701
Net amounts	$ (7,102)	$ (5,819)	$ (981)

Derivatives Classified as Curre

Derivatives Classified as Current or Noncurrent Based on Maturity Dates (Detail) - USD ($) $ in Thousands	Apr. 02, 2016	Jan. 02, 2016	Apr. 04, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other current assets	$ 64,429	$ 92,796	$ 138,564
Accrued liabilities	(31,369)	(25,776)	(37,949)
Other assets	7,187	12,995	20,335
Other liabilities	$ (12,287)	$ (2,256)	$ (5,733)

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
	Apr. 02, 2016	Apr. 04, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	$ 38,295	$ 8,095
Foreign Currency Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in OCI	(15,783)	68,010
Foreign Currency Exchange Contract | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(4,963)	(17,055)
Foreign Currency Exchange Contract | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	43,837	19,368
Foreign Currency Exchange Contract | Selling, General and Administrative Expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(978)
Foreign Currency Exchange Contract | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	1,503	6,835
Interest Rate Contract | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	$ (1,104)	$ (1,053)

Hedges Included in Consolidated

Hedges Included in Consolidated Statements of Income (Detail) - Foreign exchange contracts not designated as hedging - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in Income	$ 219	$ (1,031)
Cost of goods sold | Foreign Currency Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in Income	1,504
Other income (expense), net | Foreign Currency Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in Income	$ (1,285)	$ (1,031)

Impact of Adopting New Accounti

Impact of Adopting New Accounting Guidance on Classification of Debt Issuance Costs and Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Apr. 02, 2016	Jan. 02, 2016	Apr. 04, 2015
Impact of Adopting New Accounting Guidance [Line Items]
Other current assets	$ 331,196	$ 285,979	$ 365,169
Other assets	898,316	587,221	672,261
Accrued liabilities	959,079	789,250	743,176
Long-term debt	1,401,233	1,401,820	1,413,333
Other liabilities	$ 1,007,617	$ 911,171	1,008,842
As Previously Reported
Impact of Adopting New Accounting Guidance [Line Items]
Other current assets			518,593
Other assets			652,996
Accrued liabilities			749,237
Long-term debt			1,422,840
Other liabilities			1,127,433
Accounting Standards Update 2015-03 "Debt Issuance Cost" and 2015-17 "Income Taxes" | Reclassification of Debt Issuance Costs Increase/(Decrease) | Restatement Adjustment
Impact of Adopting New Accounting Guidance [Line Items]
Other assets			(9,507)
Long-term debt			(9,507)
Accounting Standards Update 2015-03 "Debt Issuance Cost" and 2015-17 "Income Taxes" | Reclassification of Deferred Income Taxes Increase/(Decrease) | Restatement Adjustment
Impact of Adopting New Accounting Guidance [Line Items]
Other current assets			(153,424)
Other assets			28,772
Accrued liabilities			(6,061)
Other liabilities			$ (118,591)

Recently Adopted and Issued A66

Recently Adopted and Issued Accounting Standards - Additional Information (Detail) $ in Millions	3 Months Ended
	Apr. 02, 2016USD ($)
New Accounting Pronouncement, Early Adoption [Line Items]
Tax benefit related to the early adoption	$ 15.8

Impact of Adopting New Accoun67

Impact of Adopting New Accounting Guidance on Stock Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
New Accounting Pronouncement, Early Adoption [Line Items]
First Quarter 2015 Consolidated Statement of Cash Flows	$ (189,959)	$ 175,416
First Quarter 2015 Consolidated Statement of Cash Flows	(145,586)	(400,946)
Reclassification of Tax Benefits of Stock-based Compensation Increase (Decrease)	$ 15,800
As Previously Reported
New Accounting Pronouncement, Early Adoption [Line Items]
First Quarter 2015 Consolidated Statement of Cash Flows		205,094
First Quarter 2015 Consolidated Statement of Cash Flows		(430,624)
Restatement Adjustment | Reclassification Of Tax Benefits of Stock based Compensation Increase (Decrease)
New Accounting Pronouncement, Early Adoption [Line Items]
Reclassification of Tax Benefits of Stock-based Compensation Increase (Decrease)		(29,678)
Reclassification of Tax Benefits of Stock-based Compensation Increase (Decrease)		$ 29,678

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event - Dividend Declared	Apr. 26, 2016$ / shares
Subsequent Event [Line Items]
Cash dividend	$ 0.37
Dividends payable date	Jun. 20, 2016
Dividends record date	Jun. 10, 2016