V.F. (VFC) 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 01, 2016	Oct. 29, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 1, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	VFC
Entity Registrant Name	V F CORP
Entity Central Index Key	103,379
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		413,711,255

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015
Current assets
Cash and equivalents	$ 737,825	$ 944,423	$ 567,637
Accounts receivable, less allowance for doubtful accounts of: September 2016 - $22,947; December 2015 - $23,275; September 2015 - $22,301	1,785,289	1,289,962	1,840,673
Inventories	1,999,996	1,555,360	1,971,790
Other current assets	295,913	284,215	291,419
Current assets of discontinued operations		89,176	100,363
Total current assets	4,819,023	4,163,136	4,771,882
Property, plant and equipment	949,312	945,491	935,068
Intangible assets	1,970,788	1,948,611	2,001,010
Goodwill	1,798,474	1,788,407	1,800,008
Other assets	905,512	583,866	646,892
Other assets of discontinued operations		210,031	358,252
Total assets	10,443,109	9,639,542	10,513,112
Current liabilities
Short-term borrowings	737,660	449,590	1,285,388
Current portion of long-term debt	3,643	3,351	3,214
Accounts payable	565,745	680,606	571,448
Accrued liabilities	870,148	782,148	890,574
Current liabilities of discontinued operations		26,018	26,904
Total current liabilities	2,177,196	1,941,713	2,777,528
Long-term debt	2,347,122	1,401,820	1,401,058
Other liabilities	1,046,014	900,256	962,083
Other liabilities of discontinued operations		10,915	11,246
Commitments and contingencies
Total liabilities	5,570,332	4,254,704	5,151,915
Stockholders' equity
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at September 2016, December 2015 or September 2015
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at September 2016 - 413,682,259; December 2015 - 426,614,274; September 2015 - 426,250,097	103,421	106,654	106,563
Additional paid-in capital	3,313,077	3,192,675	3,176,806
Accumulated other comprehensive income (loss)	(998,020)	(1,043,222)	(898,775)
Retained earnings	2,454,299	3,128,731	2,976,603
Total stockholders' equity	4,872,777	5,384,838	5,361,197
Total liabilities and stockholders' equity	$ 10,443,109	$ 9,639,542	$ 10,513,112

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015
Accounts receivable, allowance for doubtful accounts	$ 22,947	$ 23,275	$ 22,301
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	413,682,259	426,614,274	426,250,097

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Net sales	$ 3,457,570	$ 3,500,569	$ 8,611,419	$ 8,614,974
Royalty income	30,656	29,057	87,010	91,402
Total revenues	3,488,226	3,529,626	8,698,429	8,706,376
Costs and operating expenses
Cost of goods sold	1,800,748	1,844,441	4,505,930	4,513,331
Selling, general and administrative expenses	1,052,050	1,045,622	3,013,394	2,943,153
Total costs and operating expenses	2,852,798	2,890,063	7,519,324	7,456,484
Operating income	635,428	639,563	1,179,105	1,249,892
Interest income	2,195	1,506	6,393	5,499
Interest expense	(24,783)	(22,163)	(70,449)	(66,713)
Other income (expense), net	(1,097)	(1,278)	1,696	217
Income from continuing operations before income taxes	611,743	617,628	1,116,745	1,188,895
Income taxes	108,709	159,993	208,551	280,293
Income from continuing operations	503,034	457,635	908,194	908,602
Income (loss) from discontinued operations, net of tax	(4,545)	2,229	(98,421)	10,782
Net income	$ 498,489	$ 459,864	$ 809,773	$ 919,384
Earnings per common share - basic
Continuing operations	$ 1.22	$ 1.08	$ 2.18	$ 2.14
Discontinued operations	(0.01)		(0.24)	0.02
Total earnings per common share - basic	1.21	1.08	1.94	2.16
Earnings per common share - diluted
Continuing operations	1.20	1.06	2.14	2.10
Discontinued operations	(0.01)	0.01	(0.23)	0.03
Total earnings per common share - diluted	1.19	1.07	1.91	2.13
Cash dividends per common share	$ 0.37	$ 0.32	$ 1.11	$ 0.96

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Net income	$ 498,489	$ 459,864	$ 809,773	$ 919,384
Foreign currency translation and other
Gains (losses) arising during the period	4,154	12,282	48,222	(232,829)
Less income tax effect	508	1,740	(604)	4,495
Defined benefit pension plans
Amortization of net deferred actuarial losses	16,303	15,493	48,928	46,485
Amortization of deferred prior service costs	645	760	1,937	2,281
Settlement charge		2,400		3,992
Less income tax effect	(6,541)	(7,065)	(19,561)	(24,161)
Derivative financial instruments
Gains (losses) arising during the period	9,571	5,634	32,837	52,068
Less income tax effect	(3,675)	(2,178)	(12,506)	(20,143)
Reclassification to net income for (gains) losses realized	(28,458)	(23,171)	(87,777)	(46,669)
Less income tax effect	10,928	8,956	33,726	18,392
Marketable securities
Gains (losses) arising during the period				495
Less income tax effect				(195)
Reclassification to net income for (gains) losses realized				(1,177)
Less income tax effect				463
Other comprehensive income (loss)	3,435	14,851	45,202	(196,503)
Comprehensive income (loss)	$ 501,924	$ 474,715	$ 854,975	$ 722,881

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
		Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015	Jan. 02, 2016
Operating activities
Net income		$ 498,489	$ 459,864	$ 809,773	$ 919,384
Adjustments to reconcile net income to cash provided (used) by operating activities
Depreciation and amortization				205,491	198,304
Stock-based compensation				54,933	73,136
Provision for doubtful accounts				16,193	7,876
Pension expense in excess of (less than) contributions				33,866	(220,339)
Loss on sale of businesses				104,357
Other, net				22,466	604
Changes in operating assets and liabilities:
Accounts receivable				(501,186)	(653,545)
Inventories				(443,115)	(587,669)
Accounts payable				(116,800)	(100,533)
Income taxes				(141,262)	21,451
Accrued liabilities				56,055	74,845
Other assets and liabilities				(57,403)	(13,725)
Cash provided (used) by operating activities				43,368	(280,211)
Investing activities
Capital expenditures				(129,947)	(187,281)
Proceeds from sale of businesses, net of cash sold				115,983
Software purchases				(31,843)	(53,053)
Other, net				(4,997)	3,150
Cash used by investing activities				(50,804)	(237,184)
Financing activities
Net increase in short-term borrowings				287,759	1,268,146
Payments on long-term debt				(12,385)	(3,163)
Payment of debt issuance costs				(6,772)	(1,475)
Proceeds from long-term debt				951,782
Purchases of treasury stock				(1,000,230)	(731,936)
Cash dividends paid				(462,406)	(407,684)
Proceeds from issuance of Common Stock, net of shares withheld for taxes				40,667	23,168
Cash (used) provided by financing activities				(201,585)	147,056
Effect of foreign currency rate changes on cash and equivalents				1,241	(34,957)
Net change in cash and equivalents				(207,780)	(405,296)
Cash and equivalents - beginning of year	[1]			945,605	971,895	$ 971,895
Cash and equivalents - end of period	[1]	$ 737,825	$ 566,599	$ 737,825	$ 566,599	$ 945,605
[1]	The cash flows related to discontinued operations have not been segregated, and are included in the Consolidated Statements of Cash Flows. The cash and equivalents amounts presented above differ from cash and equivalents in the Consolidated Balance Sheets due to cash included in "Current assets of discontinued operations."

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 (in shares) at Jan. 03, 2015		432,859,891
Balance at Jan. 03, 2015		$ 108,215	$ 2,993,186	$ (702,272)	$ 3,231,753
Net income	$ 919,384
Balance at Oct. 03, 2015	5,361,197			(898,775)
Balance (in shares) at Jan. 03, 2015		432,859,891
Balance at Jan. 03, 2015		$ 108,215	2,993,186	(702,272)	3,231,753
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 and other				(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
Balance at Jan. 02, 2016	5,384,838	$ 106,654	3,192,675	(1,043,222)	3,128,731
Balance at Jul. 04, 2015				(913,626)
Net income	459,864
Balance at Oct. 03, 2015	5,361,197			(898,775)
Balance at Jan. 02, 2016	5,384,838	$ 106,654	3,192,675	(1,043,222)	3,128,731
Net income	$ 809,773				809,773
Dividends on Common Stock					(462,406)
Purchases of treasury stock (in Shares)	(15,900,000)	(15,927,775)
Purchase of treasury stock	$ (1,000,000)	$ (3,982)			(996,248)
Stock-based compensation, net (in Shares)		2,995,760
Stock-based compensation, net		$ 749	120,402		(25,551)
Foreign currency translation and other				47,618
Defined benefit pension plans				31,304
Derivative financial instruments				(33,720)
Balance (in shares) at Oct. 01, 2016		413,682,259
Balance at Oct. 01, 2016	4,872,777	$ 103,421	3,313,077	(998,020)	2,454,299
Balance at Jul. 02, 2016				(1,001,455)
Net income	498,489
Balance (in shares) at Oct. 01, 2016		413,682,259
Balance at Oct. 01, 2016	$ 4,872,777	$ 103,421	$ 3,313,077	$ (998,020)	$ 2,454,299

Basis of Presentation

Basis of Presentation	9 Months Ended
	Oct. 01, 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 September 2016, December 2015 and September 2015 relate to the fiscal periods ended on October 1, 2016, January 2, 2016 and October 3, 2015, respectively. On August 26, 2016, VF completed the sale of its Contemporary Brands coalition. As a result, VF has reported the operating results of this coalition in the income (loss) from discontinued operations line in the Consolidated Statements of Income for all periods presented. In addition, the related assets and liabilities were reported as assets of discontinued operations and liabilities of discontinued operations in the Consolidated Balance Sheets through the date of sale. Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to continuing operations. See Note B for additional information on discontinued operations. 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 state the consolidated financial position, results of operations and cash flows of VF for the interim periods presented. Operating results for the three and nine months ended September 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”).

Discontinued Operations

Discontinued Operations	9 Months Ended
	Oct. 01, 2016
Discontinued Operations	Note B – Discontinued Operations On August 26, 2016, VF completed the sale of its Contemporary Brands coalition to Delta Galil Industries, Ltd. for $116.9 million. The Contemporary Brands coalition included the businesses of the 7 For All Mankind ® Splendid ® Ella Moss ® The transaction resulted in an after-tax loss on sale of $104.4 million which is included in the income (loss) from discontinued operations line in the Consolidated Statements of Income for the first nine months of 2016. The after-tax loss on sale included in income (loss) from discontinued operations for the third quarter of 2016 was $3.8 million. Beginning in the second quarter of 2016, VF has reported the results of the Businesses in the income (loss) from discontinued operations line item in the Consolidated Statements of Income and excluded them from continuing operations and segment results. Prior to the sale, the assets and liabilities of the Businesses were recorded in the assets of discontinued operations and liabilities of discontinued operations line items, respectively, in the Consolidated Balance Sheets. Certain corporate overhead costs and interest expense previously allocated to the Contemporary Brands coalition for segment reporting purposes did not qualify for classification within discontinued operations and have been reallocated to continuing operations. In addition, goodwill and intangible asset impairment charges related to the Contemporary Brands coalition, previously excluded from the calculation of coalition profit, were reallocated to discontinued operations. These changes were applied to all periods presented. VF will provide certain support services under transition services agreements for a limited period of time. The following table summarizes the major line items included in the income (loss) from discontinued operations for each of the periods presented. Three Months Ended September Nine Months Ended September In thousands 2016 2015 2016 2015 Revenues $ 43,186 $ 83,194 $ 187,821 $ 257,605 Cost of goods sold 20,199 39,169 85,303 117,172 Selling, general and administrative expenses 26,062 40,660 99,295 126,535 Interest income (expense), net (1 ) (161 ) (109 ) (483 ) Other income (expense), net 7 (2 ) 3 1 Pre-tax income (loss) from discontinued operations (3,069 ) 3,202 3,117 13,416 Pre-tax loss on the disposal of discontinued operations (4,439 ) — (154,275 ) — Total pre-tax income (loss) from discontinued operations (7,508 ) 3,202 (151,158 ) 13,416 Income tax benefit (expense) 2,963 (973 ) 52,737 (2,634 ) Income (loss) from discontinued operations $ (4,545 ) $ 2,229 $ (98,421 ) $ 10,782 The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations for each of the periods presented. In thousands September December September Accounts receivable, net $ — $ 29,596 $ 29,857 Inventories — 56,634 66,336 Other current assets, including cash and equivalents — 2,946 4,170 Property, plant and equipment — 42,668 46,490 Intangible assets — 164,008 308,471 Other assets — 3,355 3,291 Total assets of discontinued operations (a) $ — $ 299,207 $ 458,615 Current portion of long-term debt $ — $ 9,928 $ 9,983 Accounts payable — 8,988 8,920 Accrued liabilities — 7,102 8,001 Other liabilities — 10,915 11,246 Total liabilities of discontinued operations (a) $ — $ 36,933 $ 38,150 (a) Amounts at December 2015 and September 2015 have been classified as current and long-term in the Consolidated Balance Sheets. Because the cash flows of the Businesses were not material for any of the periods presented, we have not segregated them in our Consolidated Statements of Cash Flows.

Sale of Accounts Receivable

Sale of Accounts Receivable	9 Months Ended
	Oct. 01, 2016
Sale of Accounts Receivable	Note C – 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 September 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 nine months of 2016, VF sold total accounts receivable of $983.5 million. As of September 2016, December 2015 and September 2015, $212.3 million, $144.9 million and $167.5 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 $2.5 million for the third quarter and first nine months of 2016, respectively, and $0.5 million and $1.4 million for the third quarter and first nine months of 2015, respectively. Net proceeds of this program are classified in operating activities in the Consolidated Statements of Cash Flows.

Inventories

Inventories	9 Months Ended
	Oct. 01, 2016
Inventories	Note D – Inventories In thousands September 2016 December 2015 September 2015 Finished products $ 1,744,064 $ 1,313,646 $ 1,716,568 Work-in-process 98,686 94,355 93,198 Raw materials 157,246 147,359 162,024 Total inventories $ 1,999,996 $ 1,555,360 $ 1,971,790

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Oct. 01, 2016
Property, Plant and Equipment	Note E – Property, Plant and Equipment In thousands September 2016 December 2015 September 2015 Land and improvements $ 95,442 $ 93,923 $ 93,665 Buildings and improvements 1,026,266 983,666 963,647 Machinery and equipment 1,295,215 1,233,656 1,220,327 Property, plant and equipment, at cost 2,416,923 2,311,245 2,277,639 Less accumulated depreciation and amortization 1,467,611 1,365,754 1,342,571 Property, plant and equipment, net $ 949,312 $ 945,491 $ 935,068

Intangible Assets

Intangible Assets	9 Months Ended
	Oct. 01, 2016
Intangible Assets	Note F – Intangible Assets September 2016 December 2015 In thousands Weighted Average Amortization Cost Accumulated Net Net Carrying Amortizable intangible assets: Customer relationships 20 years Accelerated $ 280,909 $ 132,435 $ 148,474 $ 156,047 License agreements 24 years Accelerated and 179,488 99,228 80,260 86,540 Trademark 16 years Straight-line 58,132 2,725 55,407 — Other 10 years Straight-line 6,358 2,678 3,680 3,443 Amortizable intangible assets, net 287,821 246,030 Indefinite-lived intangible assets: Trademarks and trade names 1,682,967 1,702,581 Intangible assets, net $ 1,970,788 $ 1,948,611 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 third quarter and first nine months of 2016 was $6.9 million and $20.8 million, respectively. Based on the carrying amounts of amortizable intangible assets noted above, estimated amortization expense for the years 2016 through 2020 is $27.5 million, $26.5 million, $25.9 million, $25.2 million and $24.3 million, respectively. There were no impairment charges recorded in the third quarter or first nine months of 2016. Refer to Note O for discussion of the Company’s interim impairment testing of the Nautica ®

Goodwill

Goodwill	9 Months Ended
	Oct. 01, 2016
Goodwill	Note G – Goodwill Changes in goodwill are summarized by business segment as follows: In thousands Outdoor & Jeanswear Imagewear Sportswear Total Balance, December 2015 $ 1,359,475 $ 212,871 $ 58,747 $ 157,314 $ 1,788,407 Currency translation 8,443 1,624 — — 10,067 Balance, September 2016 $ 1,367,918 $ 214,495 $ 58,747 $ 157,314 $ 1,798,474 Accumulated impairment charges were $43.4 million for the Outdoor & Action Sports coalition and $58.5 million for the Sportswear coalition as of the dates presented above. There were no impairment charges recorded in the third quarter or first nine months of 2016. Refer to Note O for discussion of the Company’s interim impairment testing of the Nautica ®

Short-term Borrowings and Long-

Short-term Borrowings and Long-term Debt	9 Months Ended
	Oct. 01, 2016
Short-term Borrowings and Long-term Debt	Note H Short-term Borrowings and Long-term Debt In June 2016, VF entered an accession agreement to increase the existing $1.75 billion senior unsecured revolving line of credit to $2.25 billion. This line of credit supports VF’s commercial paper program which was also increased to $2.25 billion. In September 2016, VF issued €850 million of 0.625% fixed-rate notes maturing in September 2023. The outstanding balance of the notes was $947.1 million at September 2016, which was net of unamortized original issue discount and debt issuance costs. Interest expense on these notes is recorded at an effective annual interest rate of 0.712% which includes amortization of original issue discount and debt issuance costs.

Pension Plans

Pension Plans	9 Months Ended
	Oct. 01, 2016
Pension Plans	Note I – Pension Plans The components of pension cost for VF’s defined benefit plans are as follows: Three Months Ended September Nine Months Ended September In thousands 2016 2015 2016 2015 Service cost – benefits earned during the period $ 6,478 $ 7,305 $ 19,434 $ 21,984 Interest cost on projected benefit obligations 16,991 19,415 51,066 58,229 Expected return on plan assets (24,869 ) (27,784 ) (74,714 ) (83,334 ) Amortization of deferred amounts: Net deferred actuarial losses 16,303 15,493 48,928 46,485 Deferred prior service costs 645 760 1,937 2,281 Net periodic pension cost $ 15,548 $ 15,189 $ 46,651 $ 45,645 VF contributed $12.8 million to its defined benefit plans during the first nine months of 2016, and intends to make approximately $2.4 million of additional contributions during the remainder of 2016. VF incurred $2.4 million and $4.0 million in settlement charges during the third quarter and first nine months of 2015, respectively, related to the recognition of deferred actuarial losses resulting from lump sum payments of retirement benefits to participants in VF’s supplemental defined benefit pension plan. No settlement charges were incurred during the first nine months of 2016.

Capital and Accumulated Other C

Capital and Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Oct. 01, 2016
Capital and Accumulated Other Comprehensive Income (Loss)	Note J – Capital and Accumulated Other Comprehensive Income (Loss) During the first nine months of 2016, the Company purchased 15.9 million shares of Common Stock in open market transactions for $1.0 billion under its share repurchase program authorized by VF’s Board of Directors. These transactions were treated as treasury stock transactions. Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the first nine months of 2016, VF restored 16.0 million treasury shares to an unissued status, after which they were no longer recognized as shares held in treasury. There were 2,600 shares held in treasury at the end of September 2016, no shares held in treasury at the end of December 2015, and 1,900 shares held in treasury at the end of September 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 nine months of 2016, the Company purchased 4,000 shares of Common Stock in open market transactions for $0.2 million. Balances related to shares held for deferred compensation plans were as follows: In thousands, except share amounts September 2016 December 2015 September 2015 Shares held for deferred compensation plans 450,067 562,649 560,049 Cost of shares held for deferred compensation plans $ 5,434 $ 6,823 $ 6,651 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 September 2016 December 2015 September 2015 Foreign currency translation and other $ (670,551 ) $ (718,169 ) $ (585,275 ) Defined benefit pension plans (340,891 ) (372,195 ) (348,537 ) Derivative financial instruments 13,422 47,142 35,037 Accumulated other comprehensive income (loss) $ (998,020 ) $ (1,043,222 ) $ (898,775 ) The changes in accumulated OCI, net of related taxes, are as follows: Three Months Ended September 2016 In thousands Foreign Defined Benefit Derivative Total Balance, June 2016 $ (675,213 ) $ (351,298 ) $ 25,056 $ (1,001,455 ) Other comprehensive income (loss) before reclassification 4,662 — 5,896 10,558 Amounts reclassified from accumulated other comprehensive income (loss) — 10,407 (17,530 ) (7,123 ) Net other comprehensive income (loss) 4,662 10,407 (11,634 ) 3,435 Balance, September 2016 $ (670,551 ) $ (340,891 ) $ 13,422 $ (998,020 ) Three Months Ended September 2015 In thousands Foreign Defined Derivative Total Balance, June 2015 $ (599,297 ) $ (360,125 ) $ 45,796 $ (913,626 ) Other comprehensive income (loss) before reclassification 14,022 — 3,456 17,478 Amounts reclassified from accumulated other comprehensive income (loss) — 11,588 (14,215 ) (2,627 ) Net other comprehensive income (loss) 14,022 11,588 (10,759 ) 14,851 Balance, September 2015 $ (585,275 ) $ (348,537 ) $ 35,037 $ (898,775 ) Nine Months Ended September 2016 In thousands Foreign Defined Derivative Total Balance, December 2015 $ (718,169 ) $ (372,195 ) $ 47,142 $ (1,043,222 ) Other comprehensive income (loss) before reclassification 47,618 — 20,331 67,949 Amounts reclassified from accumulated other comprehensive income (loss) — 31,304 (54,051 ) (22,747 ) Net other comprehensive income (loss) 47,618 31,304 (33,720 ) 45,202 Balance, September 2016 $ (670,551 ) $ (340,891 ) $ 13,422 $ (998,020 ) Nine Months Ended September 2015 In thousands Foreign Defined Derivative Marketable Total Balance, December 2014 $ (356,941 ) $ (377,134 ) $ 31,389 $ 414 $ (702,272 ) Other comprehensive income (loss) before reclassification (228,334 ) — 31,925 300 (196,109 ) Amounts reclassified from accumulated other comprehensive income (loss) — 28,597 (28,277 ) (714 ) (394 ) Net other comprehensive income (loss) (228,334 ) 28,597 3,648 (414 ) (196,503 ) Balance, September 2015 $ (585,275 ) $ (348,537 ) $ 35,037 $ — $ (898,775 ) Reclassifications out of accumulated OCI are as follows: In thousands Affected Line Item in the Consolidated Statements of Income Three Months Ended September Nine Months Ended September Details About Accumulated Other Comprehensive Income (Loss) Components 2016 2015 2016 2015 Amortization of defined benefit pension plans: Net deferred actuarial losses (a) $ (16,303 ) $ (15,493 ) $ (48,928 ) $ (46,485 ) Deferred prior service costs (a) (645 ) (760 ) (1,937 ) (2,281 ) Pension settlement charges Selling, general and administrative expenses — (2,400 ) — (3,992 ) Total before tax (16,948 ) (18,653 ) (50,865 ) (52,758 ) Tax benefit 6,541 7,065 19,561 24,161 Net of tax (10,407 ) (11,588 ) (31,304 ) (28,597 ) Gains (losses) on derivative financial instruments: Foreign exchange contracts Net sales 14,676 (22,434 ) 11,997 (51,279 ) Foreign exchange contracts Cost of goods sold 15,485 39,142 80,094 80,633 Foreign exchange contracts Selling, general and administrative expenses (1,098 ) — (3,611 ) — Foreign exchange contracts Other income (expense), net 526 7,541 2,653 20,515 Interest rate contracts Interest expense (1,131 ) (1,078 ) (3,356 ) (3,200 ) Total before tax 28,458 23,171 87,777 46,669 Tax expense (10,928 ) (8,956 ) (33,726 ) (18,392 ) Net of tax 17,530 14,215 54,051 28,277 Gains (losses) on sales of marketable securities Other income (expense), net — — — 1,177 Tax expense — — — (463 ) Net of tax — — — 714 Total reclassifications for the period Net of tax $ 7,123 $ 2,627 $ 22,747 $ 394 (a) These accumulated OCI components are included in the computation of net periodic pension cost (see Note I for additional details).

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Oct. 01, 2016
Stock-based Compensation	Note K – Stock-based Compensation During the first nine months of 2016, VF granted stock options to employees and nonemployee members of VF’s Board of Directors to purchase 3,132,609 shares of its Common Stock at a weighted exercise price of $61.31 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: 2016 Expected volatility 21% to 29% Weighted average expected volatility 24% Expected term (in years) 6.3 to 7.6 Weighted average dividend yield 2.2% Risk-free interest rate 0.4% to 1.7% Weighted average fair value at date of grant $12.08 Also, during the first nine months of 2016, VF granted 605,658 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 performance-based 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 weighted average fair market value of VF Common Stock at the date the units were granted was $61.31 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 performance-based 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 69,100 nonperformance-based RSUs to certain key employees in international jurisdictions during the first nine months 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 weighted average fair market value of VF Common Stock at the date the units were granted was $61.93. VF granted 128,737 restricted shares of VF Common Stock to certain members of management during the first nine months 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 $61.66 per share.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 01, 2016
Income Taxes	Note L – Income Taxes The effective income tax rate for the first nine months of 2016 was 18.7% compared to 23.6% in the first nine months of 2015. The first nine months of 2016 included a net discrete tax benefit of $40.6 million, which included a $26.5 million tax benefit related to the early adoption of the accounting standards update on stock compensation (see Note Q), $15.6 million of net tax benefits related to the realization of previously unrecognized tax benefits and interest, and $4.1 million of discrete tax expense related to the effects of tax rate changes. The $40.6 million net discrete tax benefit in 2016 reduced the effective income tax rate by 3.6%. The first nine months of 2015 included a net discrete tax benefit of $29.0 million, which included $33.7 million of tax benefits related to the settlement of tax audits and $5.0 million of discrete tax expense related to the effects of tax rate changes. The $29.0 million net discrete tax benefit in 2015 reduced the effective income tax rate by 2.4%. Without discrete items, the effective income tax rate for the first nine months of 2016 decreased by 3.7% compared to 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. 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. During the second quarter of 2016, the Company filed a separate appeal to the EU seeking annulment of the state aid decision. During the second quarter of 2016, the Company received an assessment from the Belgian government regarding the amount of tax and interest due as a result of the excess profits ruling. The Company has not paid the assessed tax and interest as of the third quarter of 2016. The Company has evaluated all available information, including the technical merits of the excess profits ruling, and has concluded the amount of benefit previously recognized by the Company is the amount more likely than not to be sustained. As such, the Company has not made any additional accruals regarding the EU state aid decision. The Company does not expect the outcome of the appeals to have a material impact on the Company’s financial statements in future periods. During the first nine months of 2016, the amount of net unrecognized tax benefits and associated interest increased by $96.4 million to $169.5 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 $18.8 million related to the completion of examinations and other settlements with tax authorities and the expiration of statutes of limitations, of which $16.6 million would reduce income tax expense.

Business Segment Information

Business Segment Information	9 Months Ended
	Oct. 01, 2016
Business Segment Information	Note M – Business Segment Information VF’s businesses are grouped into product categories, and by brands within those product categories, for internal financial reporting used by management. These groupings of businesses within VF are referred to as “coalitions” and are the basis for VF’s reportable segments. Financial information for VF’s reportable segments is as follows: Three Months Ended September Nine Months Ended September In thousands 2016 2015 2016 2015 Coalition revenues: Outdoor & Action Sports $ 2,335,993 $ 2,296,551 $ 5,399,916 $ 5,299,784 Jeanswear 701,416 747,869 2,041,186 2,055,725 Imagewear 281,542 291,540 805,892 823,224 Sportswear 140,705 161,697 373,977 439,545 Other 28,570 31,969 77,458 88,098 Total coalition revenues $ 3,488,226 $ 3,529,626 $ 8,698,429 $ 8,706,376 Coalition profit: Outdoor & Action Sports $ 490,470 $ 487,929 $ 841,413 $ 883,674 Jeanswear 142,427 158,603 388,564 395,103 Imagewear 46,634 41,830 124,546 118,627 Sportswear 15,080 23,194 26,156 50,468 Other (a) (272 ) 354 (3,134 ) 15,478 Total coalition profit 694,339 711,910 1,377,545 1,463,350 Corporate and other expenses (b) (60,008 ) (73,625 ) (196,744 ) (213,241 ) Interest expense, net (b) (22,588 ) (20,657 ) (64,056 ) (61,214 ) Income from continuing operations before income taxes $ 611,743 $ 617,628 $ 1,116,745 $ 1,188,895 (a) Includes a $16.6 million gain recognized on the sale of a VF Outlet ® (b) Certain corporate overhead costs and interest expense previously allocated to the Contemporary Brands coalition for segment reporting purposes have been reallocated to continuing operations as discussed in Note B.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Oct. 01, 2016
Earnings Per Share	Note N – Earnings Per Share Three Months Ended September Nine Months Ended September In thousands, except per share amounts 2016 2015 2016 2015 Earnings per share – basic: Income from continuing operations $ 503,034 $ 457,635 $ 908,194 $ 908,602 Weighted average common shares outstanding 413,461 425,208 417,067 425,273 Earnings per share from continuing operations $ 1.22 $ 1.08 $ 2.18 $ 2.14 Earnings per share – diluted: Income from continuing operations $ 503,034 $ 457,635 $ 908,194 $ 908,602 Weighted average common shares outstanding 413,461 425,208 417,067 425,273 Incremental shares from stock options and other dilutive securities 5,779 6,252 6,410 6,818 Adjusted weighted average common shares outstanding 419,240 431,460 423,477 432,091 Earnings per share from continuing operations $ 1.20 $ 1.06 $ 2.14 $ 2.10 Outstanding options to purchase 5.2 million and 5.3 million shares of Common Stock were excluded from the calculations of diluted earnings per share for the three and nine-month periods ended September 2016, respectively, and options to purchase 2.4 million shares were excluded from the calculations of diluted earnings per share for both the three and nine-month periods ended September 2015, because the effect of their inclusion would have been antidilutive to those periods. In addition, 1.0 million shares of performance-based RSUs were excluded from the calculations of diluted earnings per share for all periods presented because these units were not considered to be contingent outstanding shares in those periods.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 01, 2016
Fair Value Measurements	Note O – Fair Value Measurements Financial assets and financial liabilities measured and reported at fair value are classified in a three-level hierarchy that prioritizes the inputs used in the valuation process. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities, or (iii) information derived from or corroborated by observable market data. • Level 3 — Prices or valuation techniques that require significant unobservable data inputs. Inputs would normally be VF’s own data and judgments about assumptions that market participants would use in pricing the asset or liability. The following table summarizes financial assets and financial liabilities that are measured and recorded in the consolidated financial statements at fair value on a recurring basis: Total Fair Value Measurement Using (a) In thousands Fair Value Level 1 Level 2 Level 3 September 2016 Financial assets: Cash equivalents: Money market funds $ 460,504 $ 460,504 $ — $ — Time deposits 32,987 32,987 — — Derivative financial instruments 75,497 — 75,497 — Investment securities 204,384 186,176 18,208 — Financial liabilities: Derivative financial instruments 32,181 — 32,181 — Deferred compensation 237,175 — 237,175 — 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 nine months 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. Prior to the second quarter of 2015, other marketable securities consisted of common stock investments classified as available-for-sale, the fair value of which was based on quoted prices in active markets. During the second quarter of 2015, VF sold all of its available-for-sale securities for $5.9 million in cash proceeds and recognized a gain of $1.5 million, which is included in other income (expense), net, in the 2015 Consolidated Statement of Income. All other financial assets and financial liabilities are recorded in the consolidated financial statements at cost, except life insurance contracts which are recorded at cash surrender value. These other financial assets and financial liabilities include cash held as demand deposits, accounts receivable, short-term borrowings, accounts payable and accrued liabilities. At September 2016 and December 2015, their carrying values approximated their fair values. Additionally, at September 2016 and December 2015, the carrying values of VF’s long-term debt, including the current portion, were $2,350.8 million and $1,405.2 million, respectively, compared with fair values of $2,647.0 million and $1,582.5 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. Nonrecurring Fair Value Measurements During the third quarter of 2016, management determined that the continued revenue and profitability decline in the Nautica ® Nautica ® Nautica ® The impairment testing of goodwill and trademark intangible assets utilized significant unobservable inputs (Level 3) to determine fair value. The fair value of the Nautica ® VF used the income-based relief-from-royalty method to value the Nautica ® Management’s revenue and profitability forecasts used in the Nautica ® Key assumptions developed by VF management and used in the quantitative analysis include: • Long-term growth in revenues primarily due to expanded distribution channels, including conversion of licensing arrangements in key international markets. • A gradual return to historical profitability rates over the remaining forecast period. • Royalty rates based on active license agreements of the brand. • Market-based discount rates. Management performed sensitivity analyses on the goodwill impairment model and determined that neither a 100 basis point decrease in the compounded annual growth rate for EBITDA nor a 100 basis point increase in the discount rate caused the estimated fair value of the reporting unit to decline below its carrying value. It is possible VF’s conclusions regarding impairment of the Nautica ®

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	9 Months Ended
	Oct. 01, 2016
Derivative Financial Instruments and Hedging Activities	Note P – 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 $2.2 billion at September 2016, $2.4 billion at December 2015 and $2.4 billion at September 2015, consisting primarily of contracts hedging exposures to the euro, British pound, Canadian dollar, Swiss franc, Mexican peso, Swedish krona, Japanese yen and Polish zloty. Derivative contracts have maturities up to 24 months. The following table presents outstanding derivatives on an individual contract basis: Fair Value of Derivatives with Unrealized Gains Fair Value of Derivatives with Unrealized Losses In thousands September 2016 December 2015 September 2015 September 2016 December 2015 September 2015 Foreign currency exchange contracts designated as hedging instruments $ 75,497 $ 105,536 $ 94,113 $ (31,996 ) $ (27,896 ) $ (46,808 ) Foreign currency exchange contracts not designated as hedging instruments — 255 112 (185 ) (136 ) (373 ) Total derivatives $ 75,497 $ 105,791 $ 94,225 $ (32,181 ) $ (28,032 ) $ (47,181 ) VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. However, if VF were to offset and record the asset and liability balances of its forward foreign currency exchange contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table: September 2016 December 2015 September 2015 In thousands Derivative Derivative Derivative Derivative Derivative Derivative Gross amounts presented in the Consolidated Balance Sheets $ 75,497 $ (32,181 ) $ 105,791 $ (28,032 ) $ 94,225 $ (47,181 ) Gross amounts not offset in the Consolidated Balance Sheets (19,328 ) 19,328 (22,213 ) 22,213 (36,597 ) 36,597 Net amounts $ 56,169 $ (12,853 ) $ 83,578 $ (5,819 ) $ 57,628 $ (10,584 ) Derivatives are classified as current or noncurrent based on maturity dates, as follows: In thousands September 2016 December 2015 September 2015 Other current assets $ 66,231 $ 92,796 $ 85,405 Accrued liabilities (28,852 ) (25,776 ) (40,969 ) Other assets 9,266 12,995 8,820 Other liabilities (3,329 ) (2,256 ) (6,212 ) Cash Flow Hedges VF uses derivative contracts primarily to hedge a portion of the exchange risk for its forecasted sales, purchases, production costs, operating costs and intercompany royalties. The effects of cash flow hedging included in VF’s Consolidated Statements of Income and Consolidated Statements of Comprehensive Income are summarized as follows: In thousands Gain (Loss) on Derivatives Gain (Loss) on Derivatives Cash Flow Hedging Relationships 2016 2015 2016 2015 Foreign currency exchange $ 9,571 $ 5,634 $ 32,837 $ 52,068 In thousands Gain (Loss) Reclassified from Gain (Loss) Reclassified from Location of Gain (Loss) 2016 2015 2016 2015 Net sales $ 14,676 $ (22,434 ) $ 11,997 $ (51,279 ) Cost of goods sold 15,485 39,142 80,094 80,633 Selling, general and administrative expenses (1,098 ) — (3,611 ) — Other income (expense), net 526 7,541 2,653 20,515 Interest expense (1,131 ) (1,078 ) (3,356 ) (3,200 ) Total $ 28,458 $ 23,171 $ 87,777 $ 46,669 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 Recognized in Income Three Months Ended September Gain (Loss) on Derivatives Recognized in Income Nine Months Ended September 2016 2015 2016 2015 Foreign currency exchange Cost of goods sold $ (510 ) $ — $ 225 $ — Foreign currency exchange Other income (expense), net (110 ) 836 (1,196 ) (1,625 ) Total $ (620 ) $ 836 $ (971 ) $ (1,625 ) Other Derivative Information There were no significant amounts recognized in earnings for the ineffective portion of any hedging relationships during the three and nine-month periods ended September 2016 and September 2015. At September 2016, accumulated OCI included $42.8 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 $23.8 million at September 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 and $3.4 million of net deferred losses from accumulated OCI into interest expense for the three and nine-month periods ended September 2016, respectively, and $1.1 million and $3.2 million for the three and nine-month periods ended September 2015, respectively. VF expects to reclassify $4.7 million to interest expense during the next 12 months. Net Investment Hedge The Company has designated its €850 million of euro-denominated bonds as a net investment hedge of VF’s investment in certain foreign operations. Because this debt qualified as a nonderivative hedging instrument, foreign currency transaction gains or losses of the debt are recorded in the cumulative translation adjustment component of accumulated OCI as an offset to the foreign currency translation adjustments on the hedged investments. During the third quarter of 2016, the Company recognized $1.7 million of gains in accumulated OCI related to the net investment hedge transaction. The amount will remain in OCI until the hedged investment is sold or substantially liquidated. The Company recorded no ineffectiveness from its net investment hedge in the third quarter of 2016.

Recently Adopted and Issued Acc

Recently Adopted and Issued Accounting Standards	9 Months Ended
	Oct. 01, 2016
Recently Adopted and Issued Accounting Standards	Note Q – 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 September 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. 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 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 September 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 September 2015 Consolidated Balance Sheet is as follows: In thousands Balance Sheet Line Item September 2015 Consolidated Balance Sheet (As Previously Reported) (a) Reclassification of Debt Increase (Decrease) Reclassification of Deferred Income Taxes Increase (Decrease) September 2015 Consolidated Balance Sheet (Reclassified) Other current assets $ 455,354 $ — $ (163,935 ) $ 291,419 Other assets 621,767 (10,388 ) 35,513 646,892 Accrued liabilities 896,666 — (6,092 ) 890,574 Long-term debt 1,411,446 (10,388 ) — 1,401,058 Other liabilities 1,084,413 — (122,330 ) 962,083 (a) Excludes assets and liabilities previously reported in the Contemporary Brands coalition. 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. Accordingly, VF recognized $8.9 million and $26.5 million of excess tax benefits in our provision for income taxes, rather than paid-in capital, for the third quarter and first nine months of 2016, respectively. 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 in the Consolidated Statements 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 nine months of 2015 operating and financing cash flows, as follows: In thousands Statement of Cash Flows September 2015 Consolidated Statement of Cash Flows (As Previously Reported) Reclassification of Tax Benefits of Stock-based Compensation Increase (Decrease) September 2015 Consolidated Statement of Cash Flows (Reclassified) Cash used by operating activities $ (330,961 ) $ 50,750 $ (280,211 ) Cash provided by financing activities 197,806 (50,750 ) 147,056 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. Additional updates have been issued. 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 does not expect the adoption of this accounting guidance to have a significant impact 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 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 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. In June 2016, the FASB issued an update to their accounting guidance on the measurement of credit losses on financial instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. This guidance will be effective in the first quarter of 2020 with early adoption permitted. The Company is evaluating the impact that adopting this guidance will have on VF’s consolidated financial statements. In August 2016, the FASB issued an update to their accounting guidance addressing how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This guidance will be effective in the first quarter of 2018 with early adoption permitted. The Company does not expect the adoption of this guidance to have a significant impact on VF’s consolidated financial statements. In October 2016, the FASB issued an update to their accounting guidance on the recognition of current and deferred income taxes for intra-entity asset transfers. 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Oct. 01, 2016
Subsequent Events	Note R – Subsequent Events On October 20, 2016, VF’s Board of Directors declared a quarterly cash dividend of $0.42 per share, payable on December 19, 2016 to stockholders of record on December 9, 2016.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Oct. 01, 2016
Summary of Major Line Items Included in the Income (Loss) from Discontinued Operations and Carrying Amounts of Major Classes of Assets and Liabilities of Discontinued Operations	The following table summarizes the major line items included in the income (loss) from discontinued operations for each of the periods presented. Three Months Ended September Nine Months Ended September In thousands 2016 2015 2016 2015 Revenues $ 43,186 $ 83,194 $ 187,821 $ 257,605 Cost of goods sold 20,199 39,169 85,303 117,172 Selling, general and administrative expenses 26,062 40,660 99,295 126,535 Interest income (expense), net (1 ) (161 ) (109 ) (483 ) Other income (expense), net 7 (2 ) 3 1 Pre-tax income (loss) from discontinued operations (3,069 ) 3,202 3,117 13,416 Pre-tax loss on the disposal of discontinued operations (4,439 ) — (154,275 ) — Total pre-tax income (loss) from discontinued operations (7,508 ) 3,202 (151,158 ) 13,416 Income tax benefit (expense) 2,963 (973 ) 52,737 (2,634 ) Income (loss) from discontinued operations $ (4,545 ) $ 2,229 $ (98,421 ) $ 10,782 The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations for each of the periods presented. In thousands September December September Accounts receivable, net $ — $ 29,596 $ 29,857 Inventories — 56,634 66,336 Other current assets, including cash and equivalents — 2,946 4,170 Property, plant and equipment — 42,668 46,490 Intangible assets — 164,008 308,471 Other assets — 3,355 3,291 Total assets of discontinued operations (a) $ — $ 299,207 $ 458,615 Current portion of long-term debt $ — $ 9,928 $ 9,983 Accounts payable — 8,988 8,920 Accrued liabilities — 7,102 8,001 Other liabilities — 10,915 11,246 Total liabilities of discontinued operations (a) $ — $ 36,933 $ 38,150 (a) Amounts at December 2015 and September 2015 have been classified as current and long-term in the Consolidated Balance Sheets.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Oct. 01, 2016
Inventories	In thousands September 2016 December 2015 September 2015 Finished products $ 1,744,064 $ 1,313,646 $ 1,716,568 Work-in-process 98,686 94,355 93,198 Raw materials 157,246 147,359 162,024 Total inventories $ 1,999,996 $ 1,555,360 $ 1,971,790

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Oct. 01, 2016
Property, Plant and Equipment	In thousands September 2016 December 2015 September 2015 Land and improvements $ 95,442 $ 93,923 $ 93,665 Buildings and improvements 1,026,266 983,666 963,647 Machinery and equipment 1,295,215 1,233,656 1,220,327 Property, plant and equipment, at cost 2,416,923 2,311,245 2,277,639 Less accumulated depreciation and amortization 1,467,611 1,365,754 1,342,571 Property, plant and equipment, net $ 949,312 $ 945,491 $ 935,068

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Oct. 01, 2016
Finite Lived Intangible Assets	September 2016 December 2015 In thousands Weighted Average Amortization Cost Accumulated Net Net Carrying Amortizable intangible assets: Customer relationships 20 years Accelerated $ 280,909 $ 132,435 $ 148,474 $ 156,047 License agreements 24 years Accelerated and 179,488 99,228 80,260 86,540 Trademark 16 years Straight-line 58,132 2,725 55,407 — Other 10 years Straight-line 6,358 2,678 3,680 3,443 Amortizable intangible assets, net 287,821 246,030 Indefinite-lived intangible assets: Trademarks and trade names 1,682,967 1,702,581 Intangible assets, net $ 1,970,788 $ 1,948,611
Indefinite Lived Intangible Assets	September 2016 December 2015 In thousands Weighted Average Amortization Cost Accumulated Net Net Carrying Amortizable intangible assets: Customer relationships 20 years Accelerated $ 280,909 $ 132,435 $ 148,474 $ 156,047 License agreements 24 years Accelerated and 179,488 99,228 80,260 86,540 Trademark 16 years Straight-line 58,132 2,725 55,407 — Other 10 years Straight-line 6,358 2,678 3,680 3,443 Amortizable intangible assets, net 287,821 246,030 Indefinite-lived intangible assets: Trademarks and trade names 1,682,967 1,702,581 Intangible assets, net $ 1,970,788 $ 1,948,611

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Oct. 01, 2016
Changes in Goodwill	Changes in goodwill are summarized by business segment as follows: In thousands Outdoor & Jeanswear Imagewear Sportswear Total Balance, December 2015 $ 1,359,475 $ 212,871 $ 58,747 $ 157,314 $ 1,788,407 Currency translation 8,443 1,624 — — 10,067 Balance, September 2016 $ 1,367,918 $ 214,495 $ 58,747 $ 157,314 $ 1,798,474

Pension Plans (Tables)

Pension Plans (Tables)	9 Months Ended
	Oct. 01, 2016
Components of Pension Cost	The components of pension cost for VF’s defined benefit plans are as follows: Three Months Ended September Nine Months Ended September In thousands 2016 2015 2016 2015 Service cost – benefits earned during the period $ 6,478 $ 7,305 $ 19,434 $ 21,984 Interest cost on projected benefit obligations 16,991 19,415 51,066 58,229 Expected return on plan assets (24,869 ) (27,784 ) (74,714 ) (83,334 ) Amortization of deferred amounts: Net deferred actuarial losses 16,303 15,493 48,928 46,485 Deferred prior service costs 645 760 1,937 2,281 Net periodic pension cost $ 15,548 $ 15,189 $ 46,651 $ 45,645

Capital and Accumulated Other32

Capital and Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Oct. 01, 2016
Shares Held for Deferred Compensation Plans	Balances related to shares held for deferred compensation plans were as follows: In thousands, except share amounts September 2016 December 2015 September 2015 Shares held for deferred compensation plans 450,067 562,649 560,049 Cost of shares held for deferred compensation plans $ 5,434 $ 6,823 $ 6,651
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 September 2016 December 2015 September 2015 Foreign currency translation and other $ (670,551 ) $ (718,169 ) $ (585,275 ) Defined benefit pension plans (340,891 ) (372,195 ) (348,537 ) Derivative financial instruments 13,422 47,142 35,037 Accumulated other comprehensive income (loss) $ (998,020 ) $ (1,043,222 ) $ (898,775 )
Changes in Accumulated OCI, Net of Related Taxes	The changes in accumulated OCI, net of related taxes, are as follows: Three Months Ended September 2016 In thousands Foreign Defined Benefit Derivative Total Balance, June 2016 $ (675,213 ) $ (351,298 ) $ 25,056 $ (1,001,455 ) Other comprehensive income (loss) before reclassification 4,662 — 5,896 10,558 Amounts reclassified from accumulated other comprehensive income (loss) — 10,407 (17,530 ) (7,123 ) Net other comprehensive income (loss) 4,662 10,407 (11,634 ) 3,435 Balance, September 2016 $ (670,551 ) $ (340,891 ) $ 13,422 $ (998,020 ) Three Months Ended September 2015 In thousands Foreign Defined Derivative Total Balance, June 2015 $ (599,297 ) $ (360,125 ) $ 45,796 $ (913,626 ) Other comprehensive income (loss) before reclassification 14,022 — 3,456 17,478 Amounts reclassified from accumulated other comprehensive income (loss) — 11,588 (14,215 ) (2,627 ) Net other comprehensive income (loss) 14,022 11,588 (10,759 ) 14,851 Balance, September 2015 $ (585,275 ) $ (348,537 ) $ 35,037 $ (898,775 ) Nine Months Ended September 2016 In thousands Foreign Defined Derivative Total Balance, December 2015 $ (718,169 ) $ (372,195 ) $ 47,142 $ (1,043,222 ) Other comprehensive income (loss) before reclassification 47,618 — 20,331 67,949 Amounts reclassified from accumulated other comprehensive income (loss) — 31,304 (54,051 ) (22,747 ) Net other comprehensive income (loss) 47,618 31,304 (33,720 ) 45,202 Balance, September 2016 $ (670,551 ) $ (340,891 ) $ 13,422 $ (998,020 ) Nine Months Ended September 2015 In thousands Foreign Defined Derivative Marketable Total Balance, December 2014 $ (356,941 ) $ (377,134 ) $ 31,389 $ 414 $ (702,272 ) Other comprehensive income (loss) before reclassification (228,334 ) — 31,925 300 (196,109 ) Amounts reclassified from accumulated other comprehensive income (loss) — 28,597 (28,277 ) (714 ) (394 ) Net other comprehensive income (loss) (228,334 ) 28,597 3,648 (414 ) (196,503 ) Balance, September 2015 $ (585,275 ) $ (348,537 ) $ 35,037 $ — $ (898,775 )
Reclassifications Out of Accumulated OCI	Reclassifications out of accumulated OCI are as follows: In thousands Affected Line Item in the Consolidated Statements of Income Three Months Ended September Nine Months Ended September Details About Accumulated Other Comprehensive Income (Loss) Components 2016 2015 2016 2015 Amortization of defined benefit pension plans: Net deferred actuarial losses (a) $ (16,303 ) $ (15,493 ) $ (48,928 ) $ (46,485 ) Deferred prior service costs (a) (645 ) (760 ) (1,937 ) (2,281 ) Pension settlement charges Selling, general and administrative expenses — (2,400 ) — (3,992 ) Total before tax (16,948 ) (18,653 ) (50,865 ) (52,758 ) Tax benefit 6,541 7,065 19,561 24,161 Net of tax (10,407 ) (11,588 ) (31,304 ) (28,597 ) Gains (losses) on derivative financial instruments: Foreign exchange contracts Net sales 14,676 (22,434 ) 11,997 (51,279 ) Foreign exchange contracts Cost of goods sold 15,485 39,142 80,094 80,633 Foreign exchange contracts Selling, general and administrative expenses (1,098 ) — (3,611 ) — Foreign exchange contracts Other income (expense), net 526 7,541 2,653 20,515 Interest rate contracts Interest expense (1,131 ) (1,078 ) (3,356 ) (3,200 ) Total before tax 28,458 23,171 87,777 46,669 Tax expense (10,928 ) (8,956 ) (33,726 ) (18,392 ) Net of tax 17,530 14,215 54,051 28,277 Gains (losses) on sales of marketable securities Other income (expense), net — — — 1,177 Tax expense — — — (463 ) Net of tax — — — 714 Total reclassifications for the period Net of tax $ 7,123 $ 2,627 $ 22,747 $ 394 (a) These accumulated OCI components are included in the computation of net periodic pension cost (see Note I for additional details).

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Oct. 01, 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: 2016 Expected volatility 21% to 29% Weighted average expected volatility 24% Expected term (in years) 6.3 to 7.6 Weighted average dividend yield 2.2% Risk-free interest rate 0.4% to 1.7% Weighted average fair value at date of grant $12.08

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Oct. 01, 2016
Financial Information for Reportable Segments	Financial information for VF’s reportable segments is as follows: Three Months Ended September Nine Months Ended September In thousands 2016 2015 2016 2015 Coalition revenues: Outdoor & Action Sports $ 2,335,993 $ 2,296,551 $ 5,399,916 $ 5,299,784 Jeanswear 701,416 747,869 2,041,186 2,055,725 Imagewear 281,542 291,540 805,892 823,224 Sportswear 140,705 161,697 373,977 439,545 Other 28,570 31,969 77,458 88,098 Total coalition revenues $ 3,488,226 $ 3,529,626 $ 8,698,429 $ 8,706,376 Coalition profit: Outdoor & Action Sports $ 490,470 $ 487,929 $ 841,413 $ 883,674 Jeanswear 142,427 158,603 388,564 395,103 Imagewear 46,634 41,830 124,546 118,627 Sportswear 15,080 23,194 26,156 50,468 Other (a) (272 ) 354 (3,134 ) 15,478 Total coalition profit 694,339 711,910 1,377,545 1,463,350 Corporate and other expenses (b) (60,008 ) (73,625 ) (196,744 ) (213,241 ) Interest expense, net (b) (22,588 ) (20,657 ) (64,056 ) (61,214 ) Income from continuing operations before income taxes $ 611,743 $ 617,628 $ 1,116,745 $ 1,188,895 (a) Includes a $16.6 million gain recognized on the sale of a VF Outlet ® (b) Certain corporate overhead costs and interest expense previously allocated to the Contemporary Brands coalition for segment reporting purposes have been reallocated to continuing operations as discussed in Note B.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Oct. 01, 2016
Schedule of Earnings Per Share Basic and Diluted	Three Months Ended September Nine Months Ended September In thousands, except per share amounts 2016 2015 2016 2015 Earnings per share – basic: Income from continuing operations $ 503,034 $ 457,635 $ 908,194 $ 908,602 Weighted average common shares outstanding 413,461 425,208 417,067 425,273 Earnings per share from continuing operations $ 1.22 $ 1.08 $ 2.18 $ 2.14 Earnings per share – diluted: Income from continuing operations $ 503,034 $ 457,635 $ 908,194 $ 908,602 Weighted average common shares outstanding 413,461 425,208 417,067 425,273 Incremental shares from stock options and other dilutive securities 5,779 6,252 6,410 6,818 Adjusted weighted average common shares outstanding 419,240 431,460 423,477 432,091 Earnings per share from continuing operations $ 1.20 $ 1.06 $ 2.14 $ 2.10

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 01, 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 Measurement Using (a) In thousands Fair Value Level 1 Level 2 Level 3 September 2016 Financial assets: Cash equivalents: Money market funds $ 460,504 $ 460,504 $ — $ — Time deposits 32,987 32,987 — — Derivative financial instruments 75,497 — 75,497 — Investment securities 204,384 186,176 18,208 — Financial liabilities: Derivative financial instruments 32,181 — 32,181 — Deferred compensation 237,175 — 237,175 — 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 nine months of 2016 or the year ended December 2015.

Derivative Financial Instrume37

Derivative Financial Instruments and Hedging Activities (Tables)	9 Months Ended
	Oct. 01, 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 September 2016 December 2015 September 2015 September 2016 December 2015 September 2015 Foreign currency exchange contracts designated as hedging instruments $ 75,497 $ 105,536 $ 94,113 $ (31,996 ) $ (27,896 ) $ (46,808 ) Foreign currency exchange contracts not designated as hedging instruments — 255 112 (185 ) (136 ) (373 ) Total derivatives $ 75,497 $ 105,791 $ 94,225 $ (32,181 ) $ (28,032 ) $ (47,181 )
Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross	VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. However, if VF were to offset and record the asset and liability balances of its forward foreign currency exchange contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table: September 2016 December 2015 September 2015 In thousands Derivative Derivative Derivative Derivative Derivative Derivative Gross amounts presented in the Consolidated Balance Sheets $ 75,497 $ (32,181 ) $ 105,791 $ (28,032 ) $ 94,225 $ (47,181 ) Gross amounts not offset in the Consolidated Balance Sheets (19,328 ) 19,328 (22,213 ) 22,213 (36,597 ) 36,597 Net amounts $ 56,169 $ (12,853 ) $ 83,578 $ (5,819 ) $ 57,628 $ (10,584 )
Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross	VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. However, if VF were to offset and record the asset and liability balances of its forward foreign currency exchange contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table: September 2016 December 2015 September 2015 In thousands Derivative Derivative Derivative Derivative Derivative Derivative Gross amounts presented in the Consolidated Balance Sheets $ 75,497 $ (32,181 ) $ 105,791 $ (28,032 ) $ 94,225 $ (47,181 ) Gross amounts not offset in the Consolidated Balance Sheets (19,328 ) 19,328 (22,213 ) 22,213 (36,597 ) 36,597 Net amounts $ 56,169 $ (12,853 ) $ 83,578 $ (5,819 ) $ 57,628 $ (10,584 )
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 September 2016 December 2015 September 2015 Other current assets $ 66,231 $ 92,796 $ 85,405 Accrued liabilities (28,852 ) (25,776 ) (40,969 ) Other assets 9,266 12,995 8,820 Other liabilities (3,329 ) (2,256 ) (6,212 )
Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	The effects of cash flow hedging included in VF’s Consolidated Statements of Income and Consolidated Statements of Comprehensive Income are summarized as follows: In thousands Gain (Loss) on Derivatives Gain (Loss) on Derivatives Cash Flow Hedging Relationships 2016 2015 2016 2015 Foreign currency exchange $ 9,571 $ 5,634 $ 32,837 $ 52,068 In thousands Gain (Loss) Reclassified from Gain (Loss) Reclassified from Location of Gain (Loss) 2016 2015 2016 2015 Net sales $ 14,676 $ (22,434 ) $ 11,997 $ (51,279 ) Cost of goods sold 15,485 39,142 80,094 80,633 Selling, general and administrative expenses (1,098 ) — (3,611 ) — Other income (expense), net 526 7,541 2,653 20,515 Interest expense (1,131 ) (1,078 ) (3,356 ) (3,200 ) Total $ 28,458 $ 23,171 $ 87,777 $ 46,669
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 Recognized in Income Three Months Ended September Gain (Loss) on Derivatives Recognized in Income Nine Months Ended September 2016 2015 2016 2015 Foreign currency exchange Cost of goods sold $ (510 ) $ — $ 225 $ — Foreign currency exchange Other income (expense), net (110 ) 836 (1,196 ) (1,625 ) Total $ (620 ) $ 836 $ (971 ) $ (1,625 )

Recently Adopted and Issued A38

Recently Adopted and Issued Accounting Standards (Tables)	9 Months Ended
	Oct. 01, 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 September 2015 Consolidated Balance Sheet is as follows: In thousands Balance Sheet Line Item September 2015 Consolidated Balance Sheet (As Previously Reported) (a) Reclassification of Debt Increase (Decrease) Reclassification of Deferred Income Taxes Increase (Decrease) September 2015 Consolidated Balance Sheet (Reclassified) Other current assets $ 455,354 $ — $ (163,935 ) $ 291,419 Other assets 621,767 (10,388 ) 35,513 646,892 Accrued liabilities 896,666 — (6,092 ) 890,574 Long-term debt 1,411,446 (10,388 ) — 1,401,058 Other liabilities 1,084,413 — (122,330 ) 962,083 (a) Excludes assets and liabilities previously reported in the Contemporary Brands coalition. 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. Accordingly, VF recognized $8.9 million and $26.5 million of excess tax benefits in our provision for income taxes, rather than paid-in capital, for the third quarter and first nine months of 2016, respectively. 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 in 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 nine months of 2015 operating and financing cash flows, as follows: In thousands Statement of Cash Flows September 2015 Consolidated Statement of Cash Flows (As Previously Reported) Reclassification of Tax Benefits of Stock-based Compensation Increase (Decrease) September 2015 Consolidated Statement of Cash Flows (Reclassified) Cash used by operating activities $ (330,961 ) $ 50,750 $ (280,211 ) Cash provided by financing activities 197,806 (50,750 ) 147,056

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 01, 2016	Oct. 01, 2016	Aug. 26, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) gain on the sale of business, net of income taxes	$ (3.8)	$ (104.4)
Delta Galil Industries, Ltd.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from assets sold			$ 116.9
Disposal date		Aug. 26, 2016

Summary of Major Line Items Inc

Summary of Major Line Items Included in the Income (Loss) from Discontinued Operations and Carrying Amounts of Major Classes of Assets and Liabilities (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015	Jan. 02, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations		$ (4,545)	$ 2,229	$ (98,421)	$ 10,782
Other assets			358,252		358,252	$ 210,031
Other liabilities			11,246		11,246	10,915
Contemporary Brands | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		43,186	83,194	187,821	257,605
Cost of goods sold		20,199	39,169	85,303	117,172
Selling, general and administrative expenses		26,062	40,660	99,295	126,535
Interest income (expense), net		(1)	(161)	(109)	(483)
Other income (expense), net		7	(2)	3	1
Pre-tax income (loss) from discontinued operations		(3,069)	3,202	3,117	13,416
Pre-tax loss on the disposal of discontinued operations		(4,439)		(154,275)
Total pre-tax income (loss) from discontinued operations		(7,508)	3,202	(151,158)	13,416
Income tax benefit (expense)		2,963	(973)	52,737	(2,634)
Income (loss) from discontinued operations		$ (4,545)	2,229	$ (98,421)	10,782
Accounts receivable, net			29,857		29,857	29,596
Inventories			66,336		66,336	56,634
Other current assets, including cash and equivalents			4,170		4,170	2,946
Property, plant and equipment			46,490		46,490	42,668
Intangible assets			308,471		308,471	164,008
Other assets			3,291		3,291	3,355
Total assets of discontinued operations	[1]		458,615		458,615	299,207
Current portion of long-term debt			9,983		9,983	9,928
Accounts payable			8,920		8,920	8,988
Accrued liabilities			8,001		8,001	7,102
Other liabilities			11,246		11,246	10,915
Total liabilities of discontinued operations	[1]		$ 38,150		$ 38,150	$ 36,933
[1]	Amounts at December 2015 and September 2015 have been classified as current and long-term in the Consolidated Balance Sheets.

Sale of Accounts Receivable - A

Sale of Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 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		$ 237.5	$ 367.5	$ 237.5
Decrease in receivables related to balances sold	$ 212.3	167.5	$ 212.3	167.5		$ 144.9
Sale of accounts receivable			983.5
Funding fee	$ 0.8	$ 0.5	$ 2.5	$ 1.4

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015
Inventory [Line Items]
Finished products	$ 1,744,064	$ 1,313,646	$ 1,716,568
Work-in-process	98,686	94,355	93,198
Raw materials	157,246	147,359	162,024
Total inventories	$ 1,999,996	$ 1,555,360	$ 1,971,790

Property Plant and Equipment (D

Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 2,416,923	$ 2,311,245	$ 2,277,639
Less accumulated depreciation and amortization	1,467,611	1,365,754	1,342,571
Property, plant and equipment, net	949,312	945,491	935,068
Land and Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	95,442	93,923	93,665
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	1,026,266	983,666	963,647
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 1,295,215	$ 1,233,656	$ 1,220,327

Intangible Assets (Detail)

Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 02, 2016	Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015
Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, net carrying amount		$ 287,821	$ 246,030
Indefinite-lived intangible assets: Trademarks and trade names		1,682,967	1,702,581
Intangible assets, net		$ 1,970,788	1,948,611	$ 2,001,010
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		$ 280,909
Amortizable intangible assets, accumulated amortization		132,435
Amortizable intangible assets, net carrying amount		$ 148,474	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		$ 179,488
Amortizable intangible assets, accumulated amortization		99,228
Amortizable intangible assets, net carrying amount		$ 80,260	86,540
Trademarks
Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, weighted average amortization period (in years)	16 years	16 years
Amortizable intangible assets, amortization method		Straight-line
Amortizable intangible assets, cost		$ 58,132
Amortizable intangible assets, accumulated amortization		2,725
Amortizable intangible assets, net carrying amount		$ 55,407
Other Intangible Assets
Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, weighted average amortization period (in years)		10 years
Amortizable intangible assets, amortization method		Straight-line
Amortizable intangible assets, cost		$ 6,358
Amortizable intangible assets, accumulated amortization		2,678
Amortizable intangible assets, net carrying amount		$ 3,680	$ 3,443

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Apr. 02, 2016	Oct. 01, 2016	Jan. 02, 2016
Intangible Assets [Line Items]
Amortizable intangible assets	$ 287,821,000		$ 287,821,000	$ 246,030,000
Amortization of intangible assets	6,900,000		20,800,000
Estimated amortization expense, 2016	27,500,000		27,500,000
Estimated amortization expense, 2017	26,500,000		26,500,000
Estimated amortization expense, 2018	25,900,000		25,900,000
Estimated amortization expense, 2019	25,200,000		25,200,000
Estimated amortization expense, 2020	24,300,000		24,300,000
Intangible asset impairment charges			0
Trademarks
Intangible Assets [Line Items]
Amortizable intangible assets	$ 55,407,000		$ 55,407,000
Amortizable intangible assets, weighted average amortization period (in years)		16 years	16 years
Trademarks | Restatement Adjustment
Intangible Assets [Line Items]
Indefinite-lived intangible assets		$ (58,100,000)
Amortizable intangible assets		$ 58,100,000

Changes in Goodwill (Detail)

Changes in Goodwill (Detail) $ in Thousands	9 Months Ended
	Oct. 01, 2016USD ($)
Goodwill [Line Items]
Goodwill, beginning balance	$ 1,788,407
Currency translation	10,067
Goodwill, ending balance	1,798,474
Outdoor & Action Sports
Goodwill [Line Items]
Goodwill, beginning balance	1,359,475
Currency translation	8,443
Goodwill, ending balance	1,367,918
Jeanswear
Goodwill [Line Items]
Goodwill, beginning balance	212,871
Currency translation	1,624
Goodwill, ending balance	214,495
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	9 Months Ended
	Oct. 01, 2016USD ($)	Oct. 01, 2016USD ($)
Goodwill [Line Items]
Goodwill impairment charges	$ 0	$ 0
Outdoor & Action Sports
Goodwill [Line Items]
Cumulative impairment charges	43,400,000	43,400,000
Sportswear
Goodwill [Line Items]
Cumulative impairment charges	$ 58,500,000	$ 58,500,000

Short-Term Borrowings and Lon48

Short-Term Borrowings and Long-Term Debt - Additional Information (Detail) € in Millions	Oct. 01, 2016USD ($)	Oct. 01, 2016EUR (€)	Apr. 30, 2015USD ($)
Global Credit Facility
Line of Credit Facility [Line Items]
Credit facility amount outstanding	$ 2,250,000,000		$ 1,750,000,000
Global Credit Facility | Commercial Paper
Line of Credit Facility [Line Items]
Credit facility amount outstanding	$ 2,250,000,000
0.625% fixed rate notes maturing in September 2023
Line of Credit Facility [Line Items]
Long - term debt, face amount | €		€ 850
Notes, stated percentage	0.625%	0.625%
Effective annual interest rate	0.712%	0.712%
Notes, outstanding balance	$ 947,100,000

Components of Pension Cost (Det

Components of Pension Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	$ 6,478	$ 7,305	$ 19,434	$ 21,984
Interest cost on projected benefit obligations	16,991	19,415	51,066	58,229
Expected return on plan assets	(24,869)	(27,784)	(74,714)	(83,334)
Amortization of deferred amounts, Net deferred actuarial losses	16,303	15,493	48,928	46,485
Amortization of deferred amounts, Deferred prior service costs	645	760	1,937	2,281
Net periodic pension cost	$ 15,548	$ 15,189	$ 46,651	$ 45,645

Pension Plans - Additional Info

Pension Plans - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plan contributed		$ 12,800,000
Defined benefit pension plan additional contributions to make during the remainder of the year		2,400,000
Settlement charges	$ 2,400,000	$ 0	$ 4,000,000

Capital and Accumulated Other51

Capital and Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015
Class of Stock [Line Items]
Common Stock, shares, purchased	15,900,000
Common Stock, value, purchased	$ 1,000
Treasury shares restored as unissued status	16,000,000
Treasury shares	2,600	0	1,900
Common Stock, stated value	$ 0.25	$ 0.25	$ 0.25
Common Stock held in trust for deferred compensation plans, shares	4,000
Common Stock held in trust for deferred compensation plan	$ 0.2

Shares Held for Deferred Compen

Shares Held for Deferred Compensation Plans (Detail) - USD ($) $ in Thousands	Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015
Schedule of Deferred Compensation Plans [Line Items]
Shares held for deferred compensation plans	450,067	562,649	560,049
Cost of shares held for deferred compensation plans	$ 5,434	$ 6,823	$ 6,651

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	Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation and other	$ (670,551)	$ (718,169)	$ (585,275)
Defined benefit pension plans	(340,891)	(372,195)	(348,537)
Derivative financial instruments	13,422	47,142	35,037
Accumulated other comprehensive income (loss)	$ (998,020)	$ (1,043,222)	$ (898,775)

Changes in Accumulated OCI, Net

Changes in Accumulated OCI, Net of Related Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			$ 5,384,838
Other comprehensive income (loss) before reclassification	$ 10,558	$ 17,478	67,949	$ (196,109)
Amounts reclassified from accumulated other comprehensive income (loss)	(7,123)	(2,627)	(22,747)	(394)
Net other comprehensive income (loss)	3,435	14,851	45,202	(196,503)
Balance	4,872,777	5,361,197	4,872,777	5,361,197
Accumulated Translation Adjustment and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(675,213)	(599,297)	(718,169)	(356,941)
Other comprehensive income (loss) before reclassification	4,662	14,022	47,618	(228,334)
Net other comprehensive income (loss)	4,662	14,022	47,618	(228,334)
Balance	(670,551)	(585,275)	(670,551)	(585,275)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(351,298)	(360,125)	(372,195)	(377,134)
Amounts reclassified from accumulated other comprehensive income (loss)	10,407	11,588	31,304	28,597
Net other comprehensive income (loss)	10,407	11,588	31,304	28,597
Balance	(340,891)	(348,537)	(340,891)	(348,537)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	25,056	45,796	47,142	31,389
Other comprehensive income (loss) before reclassification	5,896	3,456	20,331	31,925
Amounts reclassified from accumulated other comprehensive income (loss)	(17,530)	(14,215)	(54,051)	(28,277)
Net other comprehensive income (loss)	(11,634)	(10,759)	(33,720)	3,648
Balance	13,422	35,037	13,422	35,037
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance				414
Other comprehensive income (loss) before reclassification				300
Amounts reclassified from accumulated other comprehensive income (loss)				(714)
Net other comprehensive income (loss)				(414)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(1,001,455)	(913,626)	(1,043,222)	(702,272)
Balance	$ (998,020)	$ (898,775)	$ (998,020)	$ (898,775)

Reclassification Out of Accumul

Reclassification Out of Accumulated OCI (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net sales		$ (3,457,570)	$ (3,500,569)	$ (8,611,419)	$ (8,614,974)
Cost of goods sold		1,800,748	1,844,441	4,505,930	4,513,331
Selling, general and administrative expenses		1,052,050	1,045,622	3,013,394	2,943,153
Other income (expense), net		1,097	1,278	(1,696)	(217)
Interest expense		24,783	22,163	70,449	66,713
Total before tax		(611,743)	(617,628)	(1,116,745)	(1,188,895)
Tax benefit (expense)		108,709	159,993	208,551	280,293
Net of tax		(498,489)	(459,864)	(809,773)	(919,384)
Total reclassifications for the period		7,123	2,627	22,747	394
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current	[1]	(16,303)	(15,493)	(48,928)	(46,485)
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current	[1]	(645)	(760)	(1,937)	(2,281)
Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative expenses			(2,400)		(3,992)
Total before tax		(16,948)	(18,653)	(50,865)	(52,758)
Tax benefit (expense)		6,541	7,065	19,561	24,161
Net of tax		(10,407)	(11,588)	(31,304)	(28,597)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net sales		14,676	(22,434)	11,997	(51,279)
Cost of goods sold		15,485	39,142	80,094	80,633
Selling, general and administrative expenses		(1,098)		(3,611)
Other income (expense), net		526	7,541	2,653	20,515
Interest expense		(1,131)	(1,078)	(3,356)	(3,200)
Total before tax		28,458	23,171	87,777	46,669
Tax benefit (expense)		(10,928)	(8,956)	(33,726)	(18,392)
Net of tax		$ 17,530	$ 14,215	$ 54,051	28,277
Accumulated Net Unrealized Investment Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (expense), net					1,177
Tax benefit (expense)					(463)
Net of tax					$ 714
[1]	These accumulated OCI components are included in the computation of net periodic pension cost (see Note I for additional details).

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - $ / shares	3 Months Ended	9 Months Ended
	Apr. 02, 2016	Oct. 01, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period		3,132,609
Weighted exercise price of options granted		$ 61.31
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		605,658
Award expiration period from grant date		3 years
Baseline profitability goal period		3 years
Grant date fair value of each restricted units granted		$ 61.31
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		69,100
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		$ 61.93
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	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		128,737
Grant date fair value of each restricted units granted		$ 61.66

Schedule of Assumption Used and

Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted (Detail)	9 Months Ended
	Oct. 01, 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%
Weighted average dividend yield	2.20%
Risk-free interest rate, minimum	0.40%
Risk-free interest rate, maximum	1.70%
Weighted average fair value at date of grant	$ 12.08
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	9 Months Ended
	Oct. 01, 2016	Oct. 01, 2016	Oct. 03, 2015
Income Taxes [Line Items]
Effective income tax rate		18.70%	23.60%
Net discrete tax Benefits		$ 40.6	$ 29
Tax benefit related to the early adoption	$ 8.9	26.5
Discrete tax expense related to effects of tax rate changes		4.1	5
Refund claims related to prior years			$ 33.7
Realization of unrecognized net tax benefits		$ 15.6
Tax reduction due to discrete items		3.60%	2.40%
Change in effective income tax rate without discrete items		3.70%
Increase in unrecognized tax benefits and associated interest		$ 96.4
Net unrecognized tax benefits and interest, if recognized, would reduce the annual effective tax rate	169.5	169.5
Possible decrease in unrecognized income tax benefits	$ 18.8	18.8
Reduction in income tax expenses		$ 16.6

Financial Information for Repor

Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Segment Reporting Information [Line Items]
Revenues		$ 3,488,226	$ 3,529,626	$ 8,698,429	$ 8,706,376
Operating income		635,428	639,563	1,179,105	1,249,892
Corporate and other expenses	[1]	(60,008)	(73,625)	(196,744)	(213,241)
Interest expense, net	[1]	(22,588)	(20,657)	(64,056)	(61,214)
Income from continuing operations before income taxes		611,743	617,628	1,116,745	1,188,895
Operating Segments
Segment Reporting Information [Line Items]
Operating income		694,339	711,910	1,377,545	1,463,350
Operating Segments | Outdoor & Action Sports
Segment Reporting Information [Line Items]
Revenues		2,335,993	2,296,551	5,399,916	5,299,784
Operating income		490,470	487,929	841,413	883,674
Operating Segments | Jeanswear
Segment Reporting Information [Line Items]
Revenues		701,416	747,869	2,041,186	2,055,725
Operating income		142,427	158,603	388,564	395,103
Operating Segments | Imagewear
Segment Reporting Information [Line Items]
Revenues		281,542	291,540	805,892	823,224
Operating income		46,634	41,830	124,546	118,627
Operating Segments | Sportswear
Segment Reporting Information [Line Items]
Revenues		140,705	161,697	373,977	439,545
Operating income		15,080	23,194	26,156	50,468
Operating Segments | Other Segments
Segment Reporting Information [Line Items]
Revenues		28,570	31,969	77,458	88,098
Operating income	[2]	$ (272)	$ 354	$ (3,134)	$ 15,478
[1]	Certain corporate overhead costs and interest expense previously allocated to the Contemporary Brands coalition for segment reporting purposes have been reallocated to continuing operations as discussed in Note B.
[2]	Includes a $16.6 million gain recognized on the sale of a VF Outlet® location in the first quarter of 2015.

Financial Information for Rep60

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		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Earnings per share - basic:
Income from continuing operations	$ 503,034	$ 457,635	$ 908,194	$ 908,602
Weighted average common shares outstanding	413,461	425,208	417,067	425,273
Earnings per share from continuing operations	$ 1.22	$ 1.08	$ 2.18	$ 2.14
Earnings per share - diluted:
Income from continuing operations	$ 503,034	$ 457,635	$ 908,194	$ 908,602
Weighted average common shares outstanding	413,461	425,208	417,067	425,273
Incremental shares from stock options and other dilutive securities	5,779	6,252	6,410	6,818
Adjusted weighted average common shares outstanding	419,240	431,460	423,477	432,091
Earnings per share from continuing operations	$ 1.20	$ 1.06	$ 2.14	$ 2.10

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Employees And Non Employees Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options excluded from computation of earnings per share	5.2	2.4	5.3	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	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		Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, money market funds		$ 460,504	$ 495,264
Cash equivalents, time deposits		32,987	39,813
Derivative financial instruments		75,497	105,791	$ 94,225
Investment securities		204,384	203,797
Derivative financial instruments		32,181	28,032	$ 47,181
Deferred compensation		237,175	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]	460,504	495,264
Cash equivalents, time deposits	[1]	32,987	39,813
Investment securities	[1]	186,176	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]	75,497	105,791
Investment securities	[1]	18,208	13,005
Derivative financial instruments	[1]	32,181	28,032
Deferred compensation	[1]	$ 237,175	$ 252,723
[1]	There were no transfers among the levels within the fair value hierarchy during the first nine months of 2016 or the year ended December 2015.

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 04, 2015	Oct. 01, 2016	Jan. 02, 2016
Fair Value, Measurement Inputs, Disclosure [Line Items]
Cash proceeds from available-for-sale securities	$ 5.9
Long-term debt, carrying values		$ 2,350.8	$ 1,405.2
Long-term debt, fair values		$ 2,647	$ 1,582.5
Reporting unit percentage of fair value in excesses of carrying value amount		45.00%
Goodwill impairment model, decrease in compounded annual growth rate		1.00%
Goodwill impairment model, increase in discount rate		1.00%
Other income (expense), net
Fair Value, Measurement Inputs, Disclosure [Line Items]
Gain recognized from sale of available-for-sale securities	$ 1.5

Derivative Financial Instrume65

Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) € in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016USD ($)	Oct. 03, 2015USD ($)	Oct. 01, 2016USD ($)	Oct. 01, 2016EUR (€)	Oct. 03, 2015USD ($)	Jan. 02, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net pretax deferred gains for foreign currency exchange contracts that are expected to be reclassified to earnings during next 12 months			$ 42,800,000
Remaining pretax deferred net loss in Accumulated OCI	$ 23,800,000		23,800,000
Net deferred loss in accumulated OCI reclassified to earnings	1,100,000	$ 1,100,000	3,400,000		$ 3,200,000
Net deferred loss in accumulated OCI expected to be reclassified to earnings over remainder of year	4,700,000		$ 4,700,000
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Higher derivative maturity range by months			24 months	24 months
Foreign Currency Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of foreign currency derivatives	2,200,000,000	$ 2,400,000,000	$ 2,200,000,000		$ 2,400,000,000	$ 2,400,000,000
Interest Rate Swap Derivative Contracts In 2011
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maturity date, notes			2,021	2,021
Interest Rate Swap Derivative Contracts In 2003
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maturity date, notes			2,033	2,033
Net Investment Hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of nonderivative instruments | €				€ 850
Gain (Loss) in accumulated OCI related to net investment hedge	1,700,000
Amount of ineffectiveness on net investment hedges	$ 0

Outstanding Derivatives on Indi

Outstanding Derivatives on Individual Contract Basis at Gross Amounts (Detail) - USD ($) $ in Thousands	Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains	$ 75,497	$ 105,791	$ 94,225
Fair value of derivatives with unrealized losses	(32,181)	(28,032)	(47,181)
Foreign exchange contracts designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains	75,497	105,536	94,113
Fair value of derivatives with unrealized losses	(31,996)	(27,896)	(46,808)
Foreign exchange contracts not designated as hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains		255	112
Fair value of derivatives with unrealized losses	$ (185)	$ (136)	$ (373)

Fair Value of Derivative Assets

Fair Value of Derivative Assets and Liabilities in Balance Sheet (Detail) - USD ($) $ in Thousands	Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015
Offsetting Assets [Line Items]
Gross amounts presented in the Consolidated Balance Sheets, Derivative Asset	$ 75,497	$ 105,791	$ 94,225
Gross amounts not offset in the Consolidated Balance Sheets, Derivative Asset	(19,328)	(22,213)	(36,597)
Net amounts	56,169	83,578	57,628
Gross amounts presented in the Consolidated Balance Sheets, Derivative Liabilities	(32,181)	(28,032)	(47,181)
Gross amounts not offset in the Consolidated Balance Sheets, Derivative Liabilities	19,328	22,213	36,597
Net amounts	$ (12,853)	$ (5,819)	$ (10,584)

Derivatives Classified as Curre

Derivatives Classified as Current or Noncurrent Based on Maturity Dates (Detail) - USD ($) $ in Thousands	Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other current assets	$ 66,231	$ 92,796	$ 85,405
Accrued liabilities	(28,852)	(25,776)	(40,969)
Other assets	9,266	12,995	8,820
Other liabilities	$ (3,329)	$ (2,256)	$ (6,212)

Effects of Cash Flow Hedging in

Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	$ 28,458	$ 23,171	$ 87,777	$ 46,669
Foreign Currency Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in OCI	9,571	5,634	32,837	52,068
Foreign Currency Exchange Contract | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	14,676	(22,434)	11,997	(51,279)
Foreign Currency Exchange Contract | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	15,485	39,142	80,094	80,633
Foreign Currency Exchange Contract | Selling, General and Administrative Expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(1,098)		(3,611)
Foreign Currency Exchange Contract | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	526	7,541	2,653	20,515
Interest Rate Contract | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	$ (1,131)	$ (1,078)	$ (3,356)	$ (3,200)

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		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in Income	$ (620)	$ 836	$ (971)	$ (1,625)
Cost of goods sold | Foreign Currency Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in Income	(510)		225
Other income (expense), net | Foreign Currency Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in Income	$ (110)	$ 836	$ (1,196)	$ (1,625)

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		Oct. 01, 2016	Jan. 02, 2016	Oct. 03, 2015
Impact of Adopting New Accounting Guidance [Line Items]
Other current assets		$ 295,913	$ 284,215	$ 291,419
Other assets		905,512	583,866	646,892
Accrued liabilities		870,148	782,148	890,574
Long-term debt		2,347,122	1,401,820	1,401,058
Other liabilities		$ 1,046,014	$ 900,256	962,083
As Previously Reported
Impact of Adopting New Accounting Guidance [Line Items]
Other current assets	[1]			455,354
Other assets	[1]			621,767
Accrued liabilities	[1]			896,666
Long-term debt	[1]			1,411,446
Other liabilities	[1]			1,084,413
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				(10,388)
Long-term debt				(10,388)
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				(163,935)
Other assets				35,513
Accrued liabilities				(6,092)
Other liabilities				$ (122,330)
[1]	Excludes assets and liabilities previously reported in the Contemporary Brands coalition.

Recently Adopted and Issued A72

Recently Adopted and Issued Accounting Standards - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 01, 2016	Oct. 01, 2016
New Accounting Pronouncement, Early Adoption [Line Items]
Excess tax benefits related to the early adoption	$ 8.9	$ 26.5

Impact of Adopting New Accoun73

Impact of Adopting New Accounting Guidance on Stock Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 01, 2016	Oct. 01, 2016	Oct. 03, 2015
New Accounting Pronouncement, Early Adoption [Line Items]
Third Quarter 2015 Consolidated Statement of Cash Flows			$ 147,056
Third Quarter 2015 Consolidated Statement of Cash Flows			(280,211)
Reclassification of Tax Benefits of Stock-based Compensation Increase (Decrease)	$ 8,900	$ 26,500
As Previously Reported
New Accounting Pronouncement, Early Adoption [Line Items]
Third Quarter 2015 Consolidated Statement of Cash Flows			197,806
Third Quarter 2015 Consolidated Statement of Cash Flows			(330,961)
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)			(50,750)
Reclassification of Tax Benefits of Stock-based Compensation Increase (Decrease)			$ 50,750

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Dividend Declared - Subsequent Event	Oct. 20, 2016$ / shares
Subsequent Event [Line Items]
Cash dividend	$ 0.42
Dividends payable date	Dec. 19, 2016
Dividends record date	Dec. 9, 2016