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Share Name | Share Symbol | Market | Type |
---|---|---|---|
VF Corporation | NYSE:VFC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.10 | -0.78% | 12.67 | 12.99 | 12.67 | 12.91 | 3,815,395 | 23:44:29 |
|
|
|
|
|
Pennsylvania
|
|
23-1180120
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. employer
identification number)
|
Title of each class
|
|
Name of each exchange on which registered
|
Common Stock, without par value,
stated capital $.25 per share
|
|
New York Stock Exchange
|
Large accelerated filer
x
|
|
Accelerated filer
¨
|
|
Non-accelerated filer
¨
|
|
Smaller reporting company
¨
|
|
|
|
|
|
•
|
Lead in innovation by delivering new products and experiences that consistently delight customers, to drive core growth and strong gross margins;
|
•
|
Connect with consumers by gaining a deep understanding of their behavior, values and preferences to inspire brand engagement and loyalty;
|
•
|
Serve consumers directly, reaching them across multiple channels — wherever and whenever they shop; and,
|
•
|
Expand geographically, taking advantage of VF’s scale within every region and channel in which we operate.
|
|
|
|
|
|
Coalition
|
|
Primary Brands
|
|
Primary Products
|
Outdoor & Action Sports
|
|
Vans
®
|
|
Youth culture/action sports-inspired footwear, apparel, accessories
|
|
The North Face
®
|
|
High performance outdoor apparel, footwear, equipment, accessories
|
|
|
|
Timberland
®
|
|
Outdoor lifestyle footwear, apparel, accessories
|
|
|
Kipling
®
(outside North America)
|
|
Handbags, luggage, backpacks, totes, accessories
|
|
|
Napapijri
®
|
|
Premium outdoor apparel, footwear, accessories
|
|
|
JanSport
®
|
|
Backpacks, luggage, apparel
|
|
|
Reef
®
|
|
Surf-inspired footwear, apparel, accessories
|
|
|
SmartWool
®
|
|
Performance-based merino wool socks, apparel, accessories
|
|
|
Eastpak
®
|
|
Backpacks, luggage
|
|
|
lucy
®
|
|
Women’s activewear
|
|
|
Eagle Creek
®
|
|
Luggage, backpacks, travel accessories
|
Jeanswear
|
|
Wrangler
®
|
|
Denim, casual apparel, footwear, accessories
|
|
|
Lee
®
|
|
Denim, casual apparel
|
|
|
Lee Casuals
®
|
|
Denim, casual apparel
|
|
|
Riders by Lee
®
|
|
Denim, casual apparel
|
|
|
Rustler
®
|
|
Denim, casual apparel
|
|
|
Timber Creek by Wrangler
®
|
|
Denim, casual apparel
|
|
|
Rock & Republic
®
|
|
Denim, casual apparel, accessories
|
Imagewear
|
|
Red Kap
®
|
|
Occupational apparel
|
|
|
Bulwark
®
|
|
Protective occupational apparel
|
|
|
Horace Small
®
|
|
Occupational apparel
|
|
|
Majestic
®
|
|
Athletic apparel, fanwear
|
|
|
MLB (licensed)
|
|
Licensed athletic apparel
|
|
|
NFL (licensed)
|
|
Licensed athletic apparel
|
|
|
Harley-Davidson
®
(licensed)
|
|
Licensed apparel
|
Sportswear
|
|
Nautica
®
|
|
Sportswear apparel, luggage, accessories
|
|
|
Kipling
®
(within North America)
|
|
Handbags, luggage, backpacks, totes, accessories
|
•
|
Anticipate and respond to changing consumer trends in a timely manner;
|
•
|
Develop attractive, innovative and high quality products that meet consumer needs;
|
•
|
Maintain strong brand recognition;
|
•
|
Price products appropriately;
|
•
|
Provide best-in-class marketing support and intelligence;
|
•
|
Ensure product availability and optimize supply chain efficiencies;
|
•
|
Obtain sufficient retail store space and effectively present our products at retail; and
|
•
|
Produce or procure quality products on a consistent basis.
|
•
|
Political or labor instability in countries where VF’s facilities, contractors and suppliers are located;
|
•
|
Changes in local economic conditions in countries where VF’s facilities, contractors, and suppliers are located;
|
•
|
Political or military conflict could cause a delay in the transportation of raw materials and products to VF and an increase in transportation costs;
|
•
|
Disruption at ports of entry, such as the west coast dock workers labor dispute that disrupted international trade at seaports, could cause delays in product availability and increase transportation times and costs;
|
•
|
Heightened terrorism security concerns could subject imported or exported goods to additional, more frequent or more lengthy inspections, leading to delays in deliveries or impoundment of goods for extended periods;
|
•
|
Decreased scrutiny by customs officials for counterfeit goods, leading to more counterfeit goods and reduced sales of VF products, increased costs for VF’s anti-counterfeiting measures and damage to the reputation of its brands;
|
•
|
Disruptions at manufacturing or distribution facilities caused by natural and man-made disasters;
|
•
|
Disease epidemics and health-related concerns could result in closed factories, reduced workforces, scarcity of raw materials and scrutiny or embargo of VF’s goods produced in infected areas;
|
•
|
Imposition of regulations and quotas relating to imports and our ability to adjust timely to changes in trade regulations could limit our ability to produce products in cost-effective countries that have the labor and expertise needed;
|
•
|
Imposition of duties, taxes and other charges on imports; and
|
•
|
Imposition or the repeal of laws that affect intellectual property rights.
|
•
|
Obtain capital;
|
•
|
Manage its labor relations;
|
•
|
Maintain relationships with its suppliers;
|
•
|
Manage its credit risk effectively;
|
•
|
Maintain relationships with its customers; and
|
•
|
Adhere to VF’s Global Compliance Principles.
|
|
High
|
|
Low
|
|
Dividends
Declared
|
||||||
2016
|
|
|
|
|
|
||||||
Fourth quarter
|
$
|
58.35
|
|
|
$
|
51.76
|
|
|
$
|
0.42
|
|
Third quarter
|
65.25
|
|
|
55.20
|
|
|
0.37
|
|
|||
Second quarter
|
66.31
|
|
|
57.78
|
|
|
0.37
|
|
|||
First quarter
|
67.10
|
|
|
52.21
|
|
|
0.37
|
|
|||
|
|
|
|
|
$
|
1.53
|
|
||||
2015
|
|
|
|
|
|
||||||
Fourth quarter
|
$
|
73.81
|
|
|
$
|
61.17
|
|
|
$
|
0.37
|
|
Third quarter
|
77.40
|
|
|
66.90
|
|
|
0.32
|
|
|||
Second quarter
|
76.18
|
|
|
68.12
|
|
|
0.32
|
|
|||
First quarter
|
77.83
|
|
|
67.85
|
|
|
0.32
|
|
|||
|
|
|
|
|
$
|
1.33
|
|
Company / Index
|
|
Base 2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
||||||||||||
VF Corporation
|
|
$
|
100.00
|
|
|
$
|
119.19
|
|
|
$
|
201.79
|
|
|
$
|
245.80
|
|
|
$
|
211.43
|
|
|
$
|
185.76
|
|
S&P 500 Index
|
|
100.00
|
|
|
114.07
|
|
|
152.98
|
|
|
174.56
|
|
|
177.01
|
|
|
198.18
|
|
||||||
S&P 1500 Apparel, Accessories & Luxury Goods
|
|
100.00
|
|
|
114.77
|
|
|
161.05
|
|
|
169.73
|
|
|
134.34
|
|
|
120.80
|
|
Fiscal Period
|
Total
Number of
Shares
Purchased
|
|
Weighted
Average
Price Paid
per Share
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced
Programs
|
|
Maximum Number
of Shares that May
Yet be Purchased
Under the
Program
|
|||||
October 2 — October 29, 2016
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
14,761,201
|
|
October 30 — November 26, 2016
|
1,800
|
|
|
54.09
|
|
|
1,800
|
|
|
14,759,401
|
|
|
November 27 — December 31, 2016
|
2,500
|
|
|
55.99
|
|
|
2,500
|
|
|
14,756,901
|
|
|
Total
|
4,300
|
|
|
|
|
4,300
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
Dollars and shares in thousands, except per share amounts
|
||||||||||||||||||
Summary of Operations
(1)
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues
|
$
|
12,019,003
|
|
|
$
|
12,032,655
|
|
|
$
|
11,881,730
|
|
|
$
|
11,004,595
|
|
|
$
|
10,433,895
|
|
Operating income
|
1,499,226
|
|
|
1,787,927
|
|
|
1,798,314
|
|
|
1,597,362
|
|
|
1,405,580
|
|
|||||
Net income attributable to VF Corporation
|
1,172,527
|
|
|
1,315,131
|
|
|
1,327,749
|
|
|
1,173,571
|
|
|
1,043,478
|
|
|||||
Earnings per common share attributable to VF Corporation common stockholders – basic
|
$
|
2.82
|
|
|
$
|
3.09
|
|
|
$
|
3.07
|
|
|
$
|
2.68
|
|
|
$
|
2.38
|
|
Earnings per common share attributable to VF Corporation common stockholders – diluted
|
2.78
|
|
|
3.04
|
|
|
3.02
|
|
|
2.63
|
|
|
2.33
|
|
|||||
Dividends per share
|
1.5300
|
|
|
1.3300
|
|
|
1.1075
|
|
|
0.9150
|
|
|
0.7575
|
|
|||||
Dividend payout ratio
(2)
|
55.1
|
%
|
|
43.7
|
%
|
|
36.7
|
%
|
|
34.8
|
%
|
|
32.5
|
%
|
|||||
Financial Position
|
|
|
|
|
|
|
|
|
|
||||||||||
Working capital
|
$
|
2,507,698
|
|
|
$
|
2,158,265
|
|
|
$
|
2,326,294
|
|
|
$
|
2,059,540
|
|
|
$
|
1,492,333
|
|
Current ratio
|
2.4
|
|
|
2.1
|
|
|
2.5
|
|
|
2.3
|
|
|
1.9
|
|
|||||
Total assets
|
$
|
9,739,287
|
|
|
$
|
9,340,335
|
|
|
$
|
9,361,640
|
|
|
$
|
9,258,489
|
|
|
$
|
8,596,974
|
|
Long-term debt, less current maturities
|
2,039,180
|
|
|
1,401,820
|
|
|
1,403,919
|
|
|
1,406,050
|
|
|
1,406,686
|
|
|||||
Stockholders’ equity
|
4,940,921
|
|
|
5,384,838
|
|
|
5,630,882
|
|
|
6,077,038
|
|
|
5,125,625
|
|
|||||
Debt to total capital ratio
(3)
|
31.9
|
%
|
|
25.6
|
%
|
|
20.2
|
%
|
|
19.0
|
%
|
|
26.2
|
%
|
|||||
Weighted average common shares outstanding
|
416,103
|
|
|
425,408
|
|
|
432,611
|
|
|
438,657
|
|
|
439,292
|
|
|||||
Book value per common share
|
$
|
11.93
|
|
|
$
|
12.62
|
|
|
$
|
13.01
|
|
|
$
|
13.80
|
|
|
$
|
11.63
|
|
Other Statistics
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating margin
|
12.5
|
%
|
|
14.9
|
%
|
|
15.1
|
%
|
|
14.5
|
%
|
|
13.5
|
%
|
|||||
Return on invested capital
(4) (5)
|
16.6
|
%
|
|
18.4
|
%
|
|
18.3
|
%
|
|
17.2
|
%
|
|
15.7
|
%
|
|||||
Return on average stockholders’ equity
(4)
|
25.7
|
%
|
|
27.2
|
%
|
|
24.1
|
%
|
|
23.0
|
%
|
|
23.8
|
%
|
|||||
Return on average total assets
(4)
|
12.7
|
%
|
|
14.3
|
%
|
|
14.6
|
%
|
|
14.0
|
%
|
|
12.8
|
%
|
|||||
Cash provided by operations
|
$
|
1,477,919
|
|
|
$
|
1,203,430
|
|
|
$
|
1,762,066
|
|
|
$
|
1,554,181
|
|
|
$
|
1,322,213
|
|
Cash dividends paid
|
635,994
|
|
|
565,275
|
|
|
478,933
|
|
|
402,136
|
|
|
333,229
|
|
|
(1)
|
Operating results for 2016 include charges for the impairment of goodwill and intangible assets, pension settlement and restructuring charges. The charges impacted pre-tax operating income by $188.6 million, after tax net income attributable to VF Corporation by $139.2 million, basic earnings per share by $0.33 and diluted earnings per share by $0.33.
|
(2)
|
Dividend payout ratio is defined as dividends per share divided by earnings per diluted share.
|
(3)
|
Total capital is defined as stockholders’ equity plus short-term and long-term debt.
|
(4)
|
Return is defined as net income attributable to VF Corporation plus total interest income/expense, net of taxes.
|
(5)
|
Invested capital is defined as average stockholders’ equity plus average short-term and long-term debt.
|
•
|
2016 revenues were flat at $12.0 billion compared to 2015.
|
•
|
International revenues increased 4%, including a 2% unfavorable impact from foreign currency, and accounted for
38%
of VF’s total revenues in 2016.
|
•
|
Direct-to-consumer revenues increased 8% over 2015, which included a 1% unfavorable impact from foreign currency, and accounted for
28%
of VF’s total revenues in 2016. VF opened
155
retail stores in 2016.
|
•
|
Gross margin increased 20 basis points to 48.4% in 2016, reflecting benefits from pricing, lower product costs and a mix shift toward higher margin businesses, partially offset by impacts from restructuring activities and foreign currency.
|
•
|
Cash flow from operations was $1.5 billion in 2016.
|
•
|
Earnings per share decreased 9% to $2.78 in 2016 from $3.04 in 2015, as benefits from a lower effective tax rate were more than offset by unfavorable impacts from foreign currency and a $0.33 impact from charges related to goodwill and intangible asset impairment, pension settlement and restructuring.
|
•
|
VF increased the quarterly dividend rate by 14% in the fourth quarter, marking the 44
th
consecutive year of increase in the rate of dividends paid per share.
|
•
|
VF repurchased
$1.0 billion
of its Common Stock and paid
$636.0 million
in cash dividends, returning over $1.6 billion to stockholders.
|
In millions
|
2016
Compared to 2015 |
|
2015
Compared to 2014 |
||||
Total revenues — prior year
|
$
|
12,032.7
|
|
|
$
|
11,881.7
|
|
Operations
|
81.0
|
|
|
742.7
|
|
||
Impact of foreign currency
|
(94.7
|
)
|
|
(591.7
|
)
|
||
Total revenues — current year
|
$
|
12,019.0
|
|
|
$
|
12,032.7
|
|
In millions
|
Outdoor
& Action
Sports
|
|
Jeanswear
|
|
Imagewear
|
|
Sportswear
|
|
Other
|
|
Total
|
||||||||||||
Coalition revenues — 2014
|
$
|
7,199.0
|
|
|
$
|
2,801.8
|
|
|
$
|
1,104.0
|
|
|
$
|
650.2
|
|
|
$
|
126.7
|
|
|
$
|
11,881.7
|
|
Operations
|
672.0
|
|
|
101.7
|
|
|
(11.6
|
)
|
|
(15.1
|
)
|
|
(4.3
|
)
|
|
742.7
|
|
||||||
Impact of foreign currency
|
(470.6
|
)
|
|
(111.3
|
)
|
|
(9.8
|
)
|
|
—
|
|
|
—
|
|
|
(591.7
|
)
|
||||||
Coalition revenues — 2015
|
7,400.4
|
|
|
2,792.2
|
|
|
1,082.6
|
|
|
635.1
|
|
|
122.4
|
|
|
12,032.7
|
|
||||||
Operations
|
169.6
|
|
|
3.4
|
|
|
21.1
|
|
|
(98.8
|
)
|
|
(14.3
|
)
|
|
81.0
|
|
||||||
Impact of foreign currency
|
(36.9
|
)
|
|
(57.9
|
)
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
(94.7
|
)
|
||||||
Coalition revenues — 2016
|
$
|
7,533.1
|
|
|
$
|
2,737.7
|
|
|
$
|
1,103.8
|
|
|
$
|
536.3
|
|
|
$
|
108.1
|
|
|
$
|
12,019.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
In millions
|
Outdoor
& Action
Sports
|
|
Jeanswear
|
|
Imagewear
|
|
Sportswear
|
|
Other
|
|
Total
|
||||||||||||
Coalition profit — 2014
|
$
|
1,313.0
|
|
|
$
|
528.0
|
|
|
$
|
164.4
|
|
|
$
|
78.0
|
|
|
$
|
(2.7
|
)
|
|
$
|
2,080.7
|
|
Operations
|
97.4
|
|
|
39.5
|
|
|
(0.6
|
)
|
|
0.9
|
|
|
17.7
|
|
|
154.9
|
|
||||||
Impact of foreign currency
|
(143.6
|
)
|
|
(32.1
|
)
|
|
(5.8
|
)
|
|
—
|
|
|
—
|
|
|
(181.5
|
)
|
||||||
Coalition profit — 2015
|
1,266.8
|
|
|
535.4
|
|
|
158.0
|
|
|
78.9
|
|
|
15.0
|
|
|
2,054.1
|
|
||||||
Operations
|
41.8
|
|
|
(43.0
|
)
|
|
15.7
|
|
|
(42.3
|
)
|
|
(19.3
|
)
|
|
(47.1
|
)
|
||||||
Impact of foreign currency
|
(82.4
|
)
|
|
(0.5
|
)
|
|
6.1
|
|
|
—
|
|
|
—
|
|
|
(76.8
|
)
|
||||||
Coalition profit — 2016
|
$
|
1,226.2
|
|
|
$
|
491.9
|
|
|
$
|
179.8
|
|
|
$
|
36.6
|
|
|
$
|
(4.3
|
)
|
|
$
|
1,930.2
|
|
|
|
|
|
|
|
|
Percent
Change
|
||||||||||
Dollars in millions
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
||||||||
Coalition revenues
|
$
|
7,533.1
|
|
|
$
|
7,400.4
|
|
|
$
|
7,199.0
|
|
|
1.8
|
%
|
|
2.8
|
%
|
Coalition profit
|
1,226.2
|
|
|
1,266.8
|
|
|
1,313.0
|
|
|
(3.2
|
)%
|
|
(3.5
|
)%
|
|||
Operating margin
|
16.3
|
%
|
|
17.1
|
%
|
|
18.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Change
|
||||||||||
Dollars in millions
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
||||||||
Coalition revenues
|
$
|
2,737.7
|
|
|
$
|
2,792.2
|
|
|
$
|
2,801.8
|
|
|
(2.0
|
)%
|
|
(0.3
|
)%
|
Coalition profit
|
491.9
|
|
|
535.4
|
|
|
528.0
|
|
|
(8.1
|
)%
|
|
1.4
|
%
|
|||
Operating margin
|
18.0
|
%
|
|
19.2
|
%
|
|
18.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Change
|
||||||||||
Dollars in millions
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
||||||||
Coalition revenues
|
$
|
1,103.8
|
|
|
$
|
1,082.6
|
|
|
$
|
1,104.0
|
|
|
2.0
|
%
|
|
(1.9
|
)%
|
Coalition profit
|
179.8
|
|
|
158.0
|
|
|
164.4
|
|
|
13.8
|
%
|
|
(3.9
|
)%
|
|||
Operating margin
|
16.3
|
%
|
|
14.6
|
%
|
|
14.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Change
|
||||||||||
Dollars in millions
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
||||||||
Coalition revenues
|
$
|
536.3
|
|
|
$
|
635.1
|
|
|
$
|
650.2
|
|
|
(15.6
|
)%
|
|
(2.3
|
)%
|
Coalition profit
|
36.6
|
|
|
78.9
|
|
|
78.0
|
|
|
(53.5
|
)%
|
|
1.2
|
%
|
|||
Operating margin
|
6.8
|
%
|
|
12.4
|
%
|
|
12.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Change
|
||||||||||
Dollars in millions
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
||||||||
Revenues
|
$
|
108.1
|
|
|
$
|
122.4
|
|
|
$
|
126.7
|
|
|
(11.7
|
)%
|
|
(3.5
|
)%
|
Profit (loss)
|
(4.3
|
)
|
|
15.0
|
|
|
(2.7
|
)
|
|
(129.1
|
)%
|
|
*
|
||||
Operating margin
|
(4.1
|
)%
|
|
12.4
|
%
|
|
(2.1
|
)%
|
|
|
|
|
In millions
|
2016
|
|
2015
|
|
2014
|
||||||
Information systems and shared services
|
$
|
333.0
|
|
|
$
|
307.6
|
|
|
$
|
290.9
|
|
Less costs allocated to coalitions
|
(249.0
|
)
|
|
(224.8
|
)
|
|
(211.2
|
)
|
|||
Information systems and shared services retained at corporate
|
84.0
|
|
|
82.8
|
|
|
79.7
|
|
|||
Corporate headquarters’ costs
|
169.1
|
|
|
138.1
|
|
|
146.9
|
|
|||
Other
|
96.2
|
|
|
44.3
|
|
|
61.3
|
|
|||
Corporate and other expenses
|
$
|
349.3
|
|
|
$
|
265.2
|
|
|
$
|
287.9
|
|
•
|
Decrease in accounts receivable
— primarily due to reduced wholesale shipments in the U.S. in the fourth quarter of 2016.
|
•
|
Decrease in intangible assets
— driven by (i) the intangible asset impairment charge for the
lucy
®
brand, (ii) the impact of foreign currency fluctuations, and (iii) amortization expense. Refer to Notes F and T to the consolidated financial statements for additional information.
|
•
|
Decrease in goodwill
— driven by the goodwill impairment charge for the
lucy
®
brand. Refer to Notes G and T to the consolidated financial statements for additional information.
|
•
|
Increase in other assets
— primarily due to a deferred charge related to the taxable effect of an intra-entity transaction. Refer to Note P to the consolidated financial statements for additional information.
|
•
|
Decrease in short-term borrowings
— due to the increase in long-term debt, which was used to repay commercial paper borrowings.
|
•
|
Increase in the current portion of long-term debt
— due to $250.0 million of long-term notes due in 2017.
|
•
|
Increase in accrued liabilities
— primarily due to $53.6 million of restructuring liability remaining from the fourth quarter of 2016 restructuring actions.
|
•
|
Increase in long-term debt
— due to the issuance of €850.0 million of euro-denominated 0.625% fixed-rate notes in 2016.
|
•
|
Increase in other liabilities
— primarily due to an increase in accrued income taxes.
|
Dollars in millions
|
2016
|
|
2015
|
Working capital
|
$2,507.7
|
|
$2,158.3
|
Current ratio
|
2.4 to 1
|
|
2.1 to 1
|
Debt to total capital
|
31.9%
|
|
25.6%
|
In millions
|
2016
|
|
2015
(a)
|
|
2014
(a)
|
||||||
Cash provided by operating activities
|
$
|
1,477.9
|
|
|
$
|
1,203.4
|
|
|
$
|
1,762.1
|
|
Cash used by investing activities
|
(112.4
|
)
|
|
(322.8
|
)
|
|
(329.3
|
)
|
|||
Cash used by financing activities
|
(1,076.9
|
)
|
|
(840.2
|
)
|
|
(1,171.9
|
)
|
(a)
|
Reflects the impact of adopting the new accounting guidance on stock compensation as of the beginning of the first quarter of 2016. Refer to Note A to the consolidated financial statements.
|
|
|
|
Payment Due or Forecasted by Period
|
||||||||||||||||||||||||
In millions
|
Total
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
||||||||||||||
Recorded liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Long-term debt
(1)
|
$
|
2,314
|
|
|
$
|
254
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
502
|
|
|
$
|
1,546
|
|
Other
(2)
|
508
|
|
|
200
|
|
|
66
|
|
|
54
|
|
|
49
|
|
|
40
|
|
|
99
|
|
|||||||
Unrecorded commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest payment obligations
(3)
|
923
|
|
|
79
|
|
|
64
|
|
|
64
|
|
|
64
|
|
|
64
|
|
|
588
|
|
|||||||
Operating leases
(4)
|
1,219
|
|
|
344
|
|
|
273
|
|
|
205
|
|
|
150
|
|
|
96
|
|
|
151
|
|
|||||||
Minimum royalty payments
(5)
|
389
|
|
|
82
|
|
|
107
|
|
|
104
|
|
|
47
|
|
|
49
|
|
|
—
|
|
|||||||
Inventory obligations
(6)
|
1,722
|
|
|
1,719
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other obligations
(7)
|
194
|
|
|
142
|
|
|
39
|
|
|
7
|
|
|
4
|
|
|
2
|
|
|
—
|
|
|||||||
|
$
|
7,269
|
|
|
$
|
2,820
|
|
|
$
|
556
|
|
|
$
|
438
|
|
|
$
|
318
|
|
|
$
|
753
|
|
|
$
|
2,384
|
|
|
(1)
|
Long-term debt consists of required principal payments on long-term debt and capital lease obligations.
|
(2)
|
Other recorded liabilities represent payments due for long-term liabilities in VF’s Consolidated Balance Sheet related to deferred compensation and other employee-related benefits, product warranty claims and other liabilities. These amounts are based on historical and forecasted cash outflows. Amounts exclude liabilities for unrecognized income tax benefits and deferred income taxes.
|
(3)
|
Interest payment obligations represent required interest payments on long-term debt and the interest portion of payments on capital leases. Amounts exclude amortization of debt issuance costs, debt discounts and acquisition costs that would be included in interest expense in the consolidated financial statements.
|
(4)
|
Operating leases represent required minimum lease payments during the noncancelable lease term. Most real estate leases also require payment of related operating expenses such as taxes, insurance, utilities and maintenance, which are not included above.
|
(5)
|
Minimum royalty payments represent obligations under license agreements to use trademarks owned by third parties and include required minimum advertising commitments. Actual payments could exceed minimum royalty obligations.
|
(6)
|
Inventory obligations represent binding commitments to purchase finished goods, raw materials and sewing labor that are payable upon delivery of the inventory to VF. This obligation excludes the amount included in accounts payable at December 2016 related to inventory purchases.
|
(7)
|
Other obligations represent other binding commitments for the expenditure of funds, including (i) amounts related to contracts not involving the purchase of inventories, such as the noncancelable portion of service or maintenance agreements for management information systems, and (ii) capital expenditures for approved projects.
|
•
|
$122.2 million of surety bonds, custom bonds, standby letters of credit and international bank guarantees are not included in the above table because they represent contingent guarantees of performance under self-insurance and other programs and would only be drawn upon if VF were to fail to meet its other obligations.
|
•
|
Purchase orders for goods or services in the ordinary course of business are not included in the above table because they represent authorizations to purchase rather than binding commitments.
|
•
|
Annual cash flows, on a debt-free basis, arising from future revenues and profitability, changes in working capital, capital spending and income taxes for at least a 10-year forecast period.
|
•
|
A terminal growth rate for years beyond the forecast period. The terminal growth rate is selected based on consideration of growth rates used in the forecast period, historical performance of the reporting unit and economic conditions.
|
•
|
A discount rate that reflects the risks inherent in realizing the forecasted cash flows. A discount rate considers the risk-free rate of return on long-term treasury securities, the risk premium associated with investing in equity securities of comparable companies, the beta obtained from comparable companies and the cost of debt for investment grade issuers. In addition, the discount rate may consider any company-specific risk in achieving the prospective financial information.
|
•
|
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.
|
•
|
Minimal revenue growth in the wholesale channel driven by door expansion with existing and new customers
|
•
|
Modest growth in the e-commerce business
|
•
|
Modest gross margin expansion based on updated strategies
|
•
|
Increased leverage of selling, general and administrative expenses on higher revenues
|
•
|
Market-based discount rates
|
•
|
Royalty rate based on active license agreements of the brand
|
•
|
A wind down of the
lucy
®
operations during 2017
|
•
|
No planned revenues in 2018, as
lucy
®
product will be rebranded as
The North Face
®
|
•
|
No current plans to sell or license the
lucy
®
brand
|
•
|
A decline in MLB revenues during 2017 through 2019, with no MLB revenues in 2020 and thereafter
|
•
|
Decreased leverage of selling, general and administrative expenses on a lower base of revenues
|
•
|
Market-based discount rates
|
•
|
Royalty rates based on active license agreements of the brand
|
|
Increase (Decrease) in
|
||||||
Dollars in millions
|
Pension
Expense
|
|
Projected
Benefit
Obligations
|
||||
0.50% decrease in discount rate
|
$
|
16
|
|
|
$
|
94
|
|
0.50% increase in discount rate
|
(17
|
)
|
|
(85
|
)
|
||
0.50% decrease in expected investment return
|
8
|
|
|
—
|
|
||
0.50% increase in expected investment return
|
(8
|
)
|
|
—
|
|
||
0.50% decrease in rate of compensation change
|
(1
|
)
|
|
(4
|
)
|
||
0.50% increase in rate of compensation change
|
2
|
|
|
4
|
|
Item 15.
|
Exhibits and Financial Statement Schedules
.
|
|
|
Page
Number
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
Page
Number
|
|
Number
|
|
Description
|
||
|
|
|||
3.
|
|
Articles of incorporation and bylaws:
|
||
|
|
|
||
|
|
(A)
|
|
Articles of Incorporation, restated as of October 21, 2013 (Incorporated by reference to Exhibit 3(1) to Form 8-K dated October 21, 2013)
|
|
|
|
||
|
|
(B)
|
|
Amended and Restated By-Laws (Incorporated by reference to Exhibit 3(B) to Form 10-K for the year ended December 29, 2012)
|
|
|
|||
4.
|
|
Instruments defining the rights of security holders, including indentures:
|
||
|
|
|
||
|
|
(A)
|
|
A specimen of VF’s Common Stock certificate (Incorporated by reference to Exhibit 3(C) to Form 10-K for the year ended January 3, 1998)
|
|
|
|
||
|
|
(B)
|
|
Indenture between VF and United States Trust Company of New York, as Trustee, dated September 29, 2000 (Incorporated by reference to Exhibit 4.1 to Form 10-Q for the quarter ended September 30, 2000)
|
|
|
|
||
|
|
(C)
|
|
Form of 6.00% Note due October 15, 2033 for $297,500,000 (Incorporated by reference to Exhibit 4.2 to Form S-4 Registration Statement No. 110458 filed November 13, 2003)
|
|
|
|
||
|
|
(D)
|
|
Form of 6.00% Note due October 15, 2033 for $2,500,000 (Incorporated by reference to Exhibit 4.2 to Form S-4 Registration Statement No. 110458 filed November 13, 2003)
|
|
|
|
||
|
|
(E)
|
|
Indenture between VF and The Bank of New York Trust Company, N.A., as Trustee, dated October 10, 2007 (Incorporated by reference to Exhibit 4.1 to Form S-3ASR Registration Statement No. 333-146594 filed October 10, 2007)
|
|
|
|
||
|
|
(F)
|
|
First Supplemental Indenture between VF and The Bank of New York Trust Company, N.A., as Trustee, dated October 15, 2007 (Incorporated by reference to Exhibit 4.2 to Form 8-K filed October 25, 2007)
|
Number
|
|
Description
|
||
|
|
|
||
|
|
*(M)
|
|
Executive Deferred Savings Plan II, as amended and restated January 1, 2015 (Incorporated by reference to Item 10(M) to Form 10-K for the year ended January 3, 2015)
|
|
|
|
||
|
|
*(N)
|
|
Amendment to Executive Deferred Savings Plan (Incorporated by reference to Exhibit 10(b) to Form 8-K filed on December 17, 2004)
|
|
|
|
||
|
|
*(O)
|
|
Amended and Restated Second Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan for Mid-Career Senior Management (Incorporated by reference to Exhibit 10.2 to Form 10-Q for the quarter ended April 1, 2006)
|
|
|
|
||
|
|
*(P)
|
|
Amended and Restated Fourth Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan for Participants in VF’s Deferred Compensation Plan (Incorporated by reference to Exhibit 10.3 to Form 10-Q for the quarter ended April 1, 2006)
|
|
|
|
||
|
|
*(Q)
|
|
Amended and Restated Seventh Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan for Participants in VF’s Executive Deferred Savings Plan (Incorporated by reference to Exhibit 10.5 to Form 10-Q for the quarter ended April 1, 2006)
|
|
|
|
||
|
|
*(R)
|
|
Amended and Restated Eighth Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.6 to Form 10-Q for the quarter ended April 1, 2006)
|
|
|
|
||
|
|
*(S)
|
|
Amended and Restated Ninth Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan relating to the computation of benefits for Senior Management (Incorporated by reference to Exhibit 10.7 to Form 10-Q for the quarter ended April 1, 2006)
|
|
|
|
||
|
|
*(T)
|
|
Amended and Restated Tenth Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan for Participants in VF’s Mid-Term Incentive Plan (Incorporated by reference to Exhibit 10.8 to Form 10-Q for the quarter ended April 1, 2006)
|
|
|
|
||
|
|
*(U)
|
|
Eleventh Supplemental Annual Benefit Determination Pursuant to the Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.9 to Form 10-Q for the quarter ended April 1, 2006)
|
|
|
|
||
|
|
*(V)
|
|
Twelfth Supplemental Benefit Determination Pursuant to the VF Corporation Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.1 to Form 10-Q for the quarter ended September 27, 2014)
|
|
|
|
||
|
|
*(W)
|
|
Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.10 to Form 10-Q for the quarter ended April 1, 2006)
|
|
|
|
||
|
|
*(X)
|
|
Resolution of the Board of Directors dated December 3, 1996 relating to lump sum payments under VF’s Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10(N) to Form 10-K for the year ended January 4, 1997)
|
|
|
|
||
|
|
*(Y)
|
|
Form of Change in Control Agreement with Certain Senior Management of VF or its Subsidiaries (Incorporated by reference to Exhibit 10.1 to Form 8-K filed on October 21, 2008)
|
|
|
|
||
|
|
*(Z)
|
|
2012 Form of Change in Control Agreement with Certain Senior Management of VF or its Subsidiaries (Incorporated by reference to Exhibit 10(W) to Form 10-K filed February 29, 2012)
|
Number
|
|
Description
|
||
|
|
|
||
|
|
*(AA)
|
|
Amended and Restated Executive Incentive Compensation Plan (Incorporated by reference to Exhibit 10.1 to Form 8-K filed April 25, 2013)
|
|
|
|
||
|
|
*(BB)
|
|
VF Corporation Deferred Savings Plan for Non-Employee Directors (Incorporated by reference to Exhibit 10 (W) to Form 10-K for the year ended January 3, 2009)
|
|
|
|
||
|
|
*(CC)
|
|
Form of Indemnification Agreement with each of VF’s Non-Employee Directors (Incorporated by reference to Exhibit 10.2 of the Form 10-Q for the quarter ended September 27, 2008)
|
|
|
|
||
|
|
*(DD)
|
|
2004 Mid-Term Incentive Plan, a subplan under the 1996 Stock Compensation Plan (Incorporated by reference to Exhibit 10(AA) to form 10-K filed February 29, 2012)
|
|
|
|
||
|
|
(EE)
|
|
Five-year Revolving Credit Agreement, dated April 14, 2015 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed April 15, 2015)
|
|
|
|
|
|
|
|
(FF)
|
|
Accession No. 1 to Credit Agreement related to the Five-Year Revolving Credit Agreement dated as of April 14, 2015 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed June 6, 2016)
|
|
|
|
|
|
|
|
*
|
|
Management compensation plans
|
|
|
|||
14.
|
|
Code of Business Conduct (Incorporated by reference to Exhibit 14.2 to Form 10-Q filed on May 7, 2014)
The VF Corporation Code of Business Conduct is also available on VF’s website at www.vfc.com. A copy of the Code of Business Conduct will be provided free of charge to any person upon request directed to the Secretary of VF Corporation, at P.O. Box 21488, Greensboro, NC 27420.
|
||
|
|
|||
21.
|
|
Subsidiaries of the Corporation
|
||
|
|
|||
23.
|
|
Consent of independent registered public accounting firm
|
||
|
|
|||
24.
|
|
Power of attorney
|
||
|
|
|||
31.1
|
|
Certification of the principal executive officer, Steven E. Rendle, pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
||
|
|
|||
31.2
|
|
Certification of the principal financial officer, Scott A. Roe, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
|
|
|||
32.1
|
|
Certification of the principal executive officer, Steven E. Rendle, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
|
|
|||
32.2
|
|
Certification of the principal financial officer, Scott A. Roe, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
|
|
|||
101.INS
|
|
XBRL Instance Document
|
||
|
|
|||
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
||
|
|
|||
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
||
|
|
|||
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
||
|
|
|||
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
||
|
|
|||
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
V.F. CORPORATION
|
||
|
|
|
By:
|
|
/s/ Steven E. Rendle
|
|
|
Steven E. Rendle
President and Chief Executive Officer
(Chief Executive Officer)
|
|
|
|
By:
|
|
/s/ Scott A. Roe
|
|
|
Scott A. Roe
Vice President and Chief Financial Officer
(Chief Financial Officer)
|
|
|
|
By:
|
|
/s/ Bryan H. McNeill
|
|
|
Bryan H. McNeill
Vice President — Controller
(Chief Accounting Officer)
|
Richard T. Carucci*
|
|
Director
|
|
|
|
Juliana L. Chugg*
|
|
Director
|
|
|
|
Juan Ernesto de Bedout*
|
|
Director
|
|
|
|
Benno O. Dorer*
|
|
Director
|
|
|
|
Mark S. Hoplamazian*
|
|
Director
|
|
|
|
Robert J. Hurst*
|
|
Director
|
|
|
|
Laura W. Lang*
|
|
Director
|
|
|
|
W. Alan McCollough*
|
|
Director
|
|
|
|
W. Rodney McMullen*
|
|
Director
|
|
|
|
Clarence Otis, Jr.*
|
|
Director
|
|
|
|
Steven E. Rendle*
|
|
Director
|
|
|
|
Carol L. Roberts
|
|
Director
|
|
|
|
Matthew J. Shattock*
|
|
Director
|
|
|
|
Eric C. Wiseman*
|
|
Director
|
|
|
|
*By:
|
|
/s/ Laura C. Meagher
|
|
|
Laura C. Meagher, Attorney-in-Fact
|
|
|
Page
Number
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
December
|
||||||
|
2016
|
|
2015
|
||||
|
In thousands,
except share amounts
|
||||||
ASSETS
|
|||||||
Current assets
|
|
|
|
||||
Cash and equivalents
|
$
|
1,227,862
|
|
|
$
|
944,423
|
|
Accounts receivable, less allowance for doubtful accounts of $21,131 in 2016 and $23,275 in 2015
|
1,197,678
|
|
|
1,289,962
|
|
||
Inventories
|
1,569,325
|
|
|
1,555,360
|
|
||
Other current assets
|
298,233
|
|
|
284,215
|
|
||
Current assets of discontinued operations
|
—
|
|
|
89,176
|
|
||
Total current assets
|
4,293,098
|
|
|
4,163,136
|
|
||
Property, plant and equipment
|
939,650
|
|
|
945,491
|
|
||
Intangible assets
|
1,839,698
|
|
|
1,948,611
|
|
||
Goodwill
|
1,736,959
|
|
|
1,788,407
|
|
||
Other assets
|
929,882
|
|
|
583,866
|
|
||
Other assets of discontinued operations
|
—
|
|
|
210,031
|
|
||
Total assets
|
$
|
9,739,287
|
|
|
$
|
9,639,542
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||||||
Current liabilities
|
|
|
|
||||
Short-term borrowings
|
$
|
26,029
|
|
|
$
|
449,590
|
|
Current portion of long-term debt
|
253,689
|
|
|
3,351
|
|
||
Accounts payable
|
664,644
|
|
|
680,606
|
|
||
Accrued liabilities
|
841,038
|
|
|
782,148
|
|
||
Current liabilities of discontinued operations
|
—
|
|
|
26,018
|
|
||
Total current liabilities
|
1,785,400
|
|
|
1,941,713
|
|
||
Long-term debt
|
2,039,180
|
|
|
1,401,820
|
|
||
Other liabilities
|
973,786
|
|
|
900,256
|
|
||
Other liabilities of discontinued operations
|
—
|
|
|
10,915
|
|
||
Commitments and contingencies
|
|
|
|
||||
Total liabilities
|
4,798,366
|
|
|
4,254,704
|
|
||
Stockholders’ equity
|
|
|
|
||||
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding in 2016 and 2015
|
—
|
|
|
—
|
|
||
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; 414,012,954 shares outstanding in 2016 and 426,614,274 shares outstanding in 2015
|
103,503
|
|
|
106,654
|
|
||
Additional paid-in capital
|
3,333,423
|
|
|
3,192,675
|
|
||
Accumulated other comprehensive loss
|
(1,041,463
|
)
|
|
(1,043,222
|
)
|
||
Retained earnings
|
2,545,458
|
|
|
3,128,731
|
|
||
Total stockholders’ equity
|
4,940,921
|
|
|
5,384,838
|
|
||
Total liabilities and stockholders’ equity
|
$
|
9,739,287
|
|
|
$
|
9,639,542
|
|
|
Year Ended December
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands, except per share amounts
|
||||||||||
Net sales
|
$
|
11,902,314
|
|
|
$
|
11,909,635
|
|
|
$
|
11,757,399
|
|
Royalty income
|
116,689
|
|
|
123,020
|
|
|
124,331
|
|
|||
Total revenues
|
12,019,003
|
|
|
12,032,655
|
|
|
11,881,730
|
|
|||
Costs and operating expenses
|
|
|
|
|
|
||||||
Cost of goods sold
|
6,196,335
|
|
|
6,235,699
|
|
|
6,112,880
|
|
|||
Selling, general and administrative expenses
|
4,243,798
|
|
|
4,009,029
|
|
|
3,970,536
|
|
|||
Impairment of goodwill and intangible assets
|
79,644
|
|
|
—
|
|
|
—
|
|
|||
Total costs and operating expenses
|
10,519,777
|
|
|
10,244,728
|
|
|
10,083,416
|
|
|||
Operating income
|
1,499,226
|
|
|
1,787,927
|
|
|
1,798,314
|
|
|||
Interest income
|
9,094
|
|
|
7,152
|
|
|
6,911
|
|
|||
Interest expense
|
(94,730
|
)
|
|
(88,772
|
)
|
|
(86,104
|
)
|
|||
Other income (expense), net
|
2,001
|
|
|
1,028
|
|
|
(5,545
|
)
|
|||
Income from continuing operations before income taxes
|
1,415,591
|
|
|
1,707,335
|
|
|
1,713,576
|
|
|||
Income taxes
|
243,064
|
|
|
392,204
|
|
|
385,827
|
|
|||
Income from continuing operations
|
1,172,527
|
|
|
1,315,131
|
|
|
1,327,749
|
|
|||
Loss from discontinued operations, net of tax
|
(98,421
|
)
|
|
(83,538
|
)
|
|
(280,244
|
)
|
|||
Net income
|
$
|
1,074,106
|
|
|
$
|
1,231,593
|
|
|
$
|
1,047,505
|
|
Earnings per common share - basic
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
2.82
|
|
|
$
|
3.09
|
|
|
$
|
3.07
|
|
Discontinued operations
|
(0.24
|
)
|
|
(0.19
|
)
|
|
(0.65
|
)
|
|||
Total earnings per common share - basic
|
$
|
2.58
|
|
|
$
|
2.90
|
|
|
$
|
2.42
|
|
Earnings per common share - diluted
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
2.78
|
|
|
$
|
3.04
|
|
|
$
|
3.02
|
|
Discontinued operations
|
(0.24
|
)
|
|
(0.19
|
)
|
|
(0.64
|
)
|
|||
Total earnings per common share - diluted
|
$
|
2.54
|
|
|
$
|
2.85
|
|
|
$
|
2.38
|
|
Cash dividends per common share
|
$
|
1.5300
|
|
|
$
|
1.3300
|
|
|
$
|
1.1075
|
|
|
Year Ended December
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Net income
|
$
|
1,074,106
|
|
|
$
|
1,231,593
|
|
|
$
|
1,047,505
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
||||||
Foreign currency translation and other
|
|
|
|
|
|
||||||
Gains (losses) arising during year
|
(52,028
|
)
|
|
(361,814
|
)
|
|
(469,663
|
)
|
|||
Less income tax effect
|
(24,382
|
)
|
|
586
|
|
|
6,075
|
|
|||
Defined benefit pension plans
|
|
|
|
|
|
||||||
Current year actuarial gains (losses) and plan amendments
|
(5,384
|
)
|
|
(62,556
|
)
|
|
(203,234
|
)
|
|||
Amortization of net deferred actuarial losses
|
65,212
|
|
|
61,966
|
|
|
37,518
|
|
|||
Amortization of deferred prior service costs
|
2,584
|
|
|
3,038
|
|
|
5,445
|
|
|||
Reclassification of net actuarial loss from settlement charge
|
50,922
|
|
|
4,062
|
|
|
—
|
|
|||
Less income tax effect
|
(43,836
|
)
|
|
(1,571
|
)
|
|
60,588
|
|
|||
Derivative financial instruments
|
|
|
|
|
|
||||||
Gains (losses) arising during year
|
90,708
|
|
|
89,993
|
|
|
88,387
|
|
|||
Less income tax effect
|
(9,672
|
)
|
|
(34,668
|
)
|
|
(34,736
|
)
|
|||
Reclassification to net income for (gains) losses realized
|
(107,457
|
)
|
|
(64,976
|
)
|
|
32,111
|
|
|||
Less income tax effect
|
35,092
|
|
|
25,404
|
|
|
(12,619
|
)
|
|||
Marketable securities
|
|
|
|
|
|
||||||
Gains (losses) arising during year
|
—
|
|
|
495
|
|
|
(698
|
)
|
|||
Less income tax effect
|
—
|
|
|
(195
|
)
|
|
274
|
|
|||
Reclassification to net income for (gains) losses realized
|
—
|
|
|
(1,177
|
)
|
|
—
|
|
|||
Less income tax effect
|
—
|
|
|
463
|
|
|
—
|
|
|||
Other comprehensive income (loss)
|
1,759
|
|
|
(340,950
|
)
|
|
(490,552
|
)
|
|||
Comprehensive income
|
$
|
1,075,865
|
|
|
$
|
890,643
|
|
|
$
|
556,953
|
|
|
Year Ended December
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Operating activities
|
|
|
|
|
|
||||||
Net income
|
$
|
1,074,106
|
|
|
$
|
1,231,593
|
|
|
$
|
1,047,505
|
|
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
|
|
||||||
Impairment of goodwill and intangible assets
|
79,644
|
|
|
143,562
|
|
|
396,362
|
|
|||
Depreciation and amortization
|
281,577
|
|
|
272,075
|
|
|
274,883
|
|
|||
Stock-based compensation
|
67,762
|
|
|
73,420
|
|
|
104,313
|
|
|||
Provision for doubtful accounts
|
17,283
|
|
|
12,006
|
|
|
(2,198
|
)
|
|||
Pension expense in excess of (less than) contributions
|
89,005
|
|
|
(208,709
|
)
|
|
(9,864
|
)
|
|||
Deferred income taxes
|
(71,625
|
)
|
|
7,088
|
|
|
(78,064
|
)
|
|||
Loss on sale of businesses
|
104,357
|
|
|
—
|
|
|
—
|
|
|||
Other, net
|
(15,232
|
)
|
|
(34,784
|
)
|
|
4,112
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable
|
47,102
|
|
|
(124,248
|
)
|
|
854
|
|
|||
Inventories
|
(37,210
|
)
|
|
(175,098
|
)
|
|
(130,540
|
)
|
|||
Accounts payable
|
(9,553
|
)
|
|
14,225
|
|
|
69,807
|
|
|||
Income taxes
|
(129,574
|
)
|
|
4,206
|
|
|
20,293
|
|
|||
Accrued liabilities
|
28,904
|
|
|
(14,505
|
)
|
|
41,989
|
|
|||
Other assets and liabilities
|
(48,627
|
)
|
|
2,599
|
|
|
22,614
|
|
|||
Cash provided by operating activities
|
1,477,919
|
|
|
1,203,430
|
|
|
1,762,066
|
|
|||
Investing activities
|
|
|
|
|
|
||||||
Capital expenditures
|
(175,840
|
)
|
|
(254,501
|
)
|
|
(234,077
|
)
|
|||
Proceeds from sale of businesses, net of cash sold
|
115,983
|
|
|
—
|
|
|
—
|
|
|||
Software purchases
|
(44,226
|
)
|
|
(63,283
|
)
|
|
(67,943
|
)
|
|||
Other, net
|
(8,331
|
)
|
|
(5,038
|
)
|
|
(27,235
|
)
|
|||
Cash used by investing activities
|
(112,414
|
)
|
|
(322,822
|
)
|
|
(329,255
|
)
|
|||
Financing activities
|
|
|
|
|
|
||||||
Net (decrease) increase in short-term borrowings
|
(421,069
|
)
|
|
432,262
|
|
|
4,761
|
|
|||
Payments on long-term debt
|
(13,276
|
)
|
|
(3,975
|
)
|
|
(4,760
|
)
|
|||
Payment of debt issuance costs
|
(6,807
|
)
|
|
(1,475
|
)
|
|
—
|
|
|||
Proceeds from long-term debt
|
951,817
|
|
|
—
|
|
|
—
|
|
|||
Purchases of treasury stock
|
(1,000,468
|
)
|
|
(732,623
|
)
|
|
(727,795
|
)
|
|||
Cash dividends paid
|
(635,994
|
)
|
|
(565,275
|
)
|
|
(478,933
|
)
|
|||
Proceeds from issuance of Common Stock, net of shares withheld for taxes
|
48,918
|
|
|
30,871
|
|
|
34,869
|
|
|||
Cash used by financing activities
|
(1,076,879
|
)
|
|
(840,215
|
)
|
|
(1,171,858
|
)
|
|||
Effect of foreign currency rate changes on cash and equivalents
|
(6,369
|
)
|
|
(66,683
|
)
|
|
(65,461
|
)
|
|||
Net change in cash and equivalents
|
282,257
|
|
|
(26,290
|
)
|
|
195,492
|
|
|||
Cash and equivalents — beginning of year
(a)
|
945,605
|
|
|
971,895
|
|
|
776,403
|
|
|||
Cash and equivalents — end of year
(a)
|
$
|
1,227,862
|
|
|
$
|
945,605
|
|
|
$
|
971,895
|
|
(a)
|
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 amount presented at December 2015 differs from cash and equivalents in the Consolidated Balance Sheet due to cash included in “Current assets of discontinued operations.”
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated Other Comprehensive Loss
|
|
Retained
Earnings
|
|||||||||||
|
Shares
|
|
Amounts
|
|
||||||||||||||
|
In thousands, except share amounts
|
|||||||||||||||||
Balance, December 2013
|
440,310,370
|
|
|
$
|
110,078
|
|
|
$
|
2,746,590
|
|
|
$
|
(211,720
|
)
|
|
$
|
3,432,090
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,047,505
|
|
||||
Dividends on Common Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(478,933
|
)
|
||||
Purchase of treasury stock
|
(12,037,000
|
)
|
|
(3,009
|
)
|
|
—
|
|
|
—
|
|
|
(724,786
|
)
|
||||
Stock-based compensation, net
|
4,586,521
|
|
|
1,146
|
|
|
246,596
|
|
|
—
|
|
|
(44,123
|
)
|
||||
Foreign currency translation and other
|
—
|
|
|
—
|
|
|
—
|
|
|
(463,588
|
)
|
|
—
|
|
||||
Defined benefit pension plans
|
—
|
|
|
—
|
|
|
—
|
|
|
(99,683
|
)
|
|
—
|
|
||||
Derivative financial instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
73,143
|
|
|
—
|
|
||||
Marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(424
|
)
|
|
—
|
|
||||
Balance, December 2014
|
432,859,891
|
|
|
108,215
|
|
|
2,993,186
|
|
|
(702,272
|
)
|
|
3,231,753
|
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,231,593
|
|
||||
Dividends on Common Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(565,275
|
)
|
||||
Purchase of treasury stock
|
(10,036,100
|
)
|
|
(2,509
|
)
|
|
—
|
|
|
—
|
|
|
(730,114
|
)
|
||||
Stock-based compensation, net
|
3,790,483
|
|
|
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, December 2015
|
426,614,274
|
|
|
106,654
|
|
|
3,192,675
|
|
|
(1,043,222
|
)
|
|
3,128,731
|
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,074,106
|
|
||||
Dividends on Common Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(635,994
|
)
|
||||
Purchase of treasury stock
|
(15,932,075
|
)
|
|
(3,983
|
)
|
|
—
|
|
|
—
|
|
|
(996,485
|
)
|
||||
Stock-based compensation, net
|
3,330,755
|
|
|
832
|
|
|
140,748
|
|
|
—
|
|
|
(24,900
|
)
|
||||
Foreign currency translation and other
|
—
|
|
|
—
|
|
|
—
|
|
|
(76,410
|
)
|
|
—
|
|
||||
Defined benefit pension plans
|
—
|
|
|
—
|
|
|
—
|
|
|
69,498
|
|
|
—
|
|
||||
Derivative financial instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
8,671
|
|
|
—
|
|
||||
Balance, December 2016
|
414,012,954
|
|
|
$
|
103,503
|
|
|
$
|
3,333,423
|
|
|
$
|
(1,041,463
|
)
|
|
$
|
2,545,458
|
|
Statement of Cash Flows
|
Consolidated Statement of Cash Flows
(As Previously Reported)
|
|
Reclassification of Tax Benefits of Stock-based Compensation
Increase (Decrease)
|
|
Consolidated Statement of Cash Flows (Reclassified)
|
||||||
|
In thousands
|
||||||||||
2015
|
|
|
|
|
|
||||||
Cash provided by operating activities
|
$
|
1,146,510
|
|
|
$
|
56,920
|
|
|
$
|
1,203,430
|
|
Cash used by financing activities
|
(783,295
|
)
|
|
(56,920
|
)
|
|
(840,215
|
)
|
|||
2014
|
|
|
|
|
|
||||||
Cash provided by operating activities
|
1,697,629
|
|
|
64,437
|
|
|
1,762,066
|
|
|||
Cash used by financing activities
|
(1,107,421
|
)
|
|
(64,437
|
)
|
|
(1,171,858
|
)
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Revenues
|
$
|
187,821
|
|
|
$
|
344,089
|
|
|
$
|
400,431
|
|
Cost of goods sold
|
85,303
|
|
|
158,101
|
|
|
175,310
|
|
|||
Selling, general and administrative expenses
|
99,295
|
|
|
169,357
|
|
|
189,349
|
|
|||
Impairment of goodwill and intangible assets
|
—
|
|
|
143,562
|
|
|
396,362
|
|
|||
Interest income (expense), net
|
(109
|
)
|
|
(642
|
)
|
|
(621
|
)
|
|||
Other income (expense), net
|
3
|
|
|
627
|
|
|
1
|
|
|||
Pre-tax income (loss) from discontinued operations
|
3,117
|
|
|
(126,946
|
)
|
|
(361,210
|
)
|
|||
Pre-tax loss on the disposal of discontinued operations
|
(154,275
|
)
|
|
—
|
|
|
—
|
|
|||
Total pre-tax loss from discontinued operations
|
(151,158
|
)
|
|
(126,946
|
)
|
|
(361,210
|
)
|
|||
Income tax benefit
|
52,737
|
|
|
43,408
|
|
|
80,966
|
|
|||
Loss from discontinued operations, net of tax
|
$
|
(98,421
|
)
|
|
$
|
(83,538
|
)
|
|
$
|
(280,244
|
)
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Accounts receivable, net
|
$
|
—
|
|
|
$
|
29,596
|
|
Inventories
|
—
|
|
|
56,634
|
|
||
Other current assets, including cash and equivalents
|
—
|
|
|
2,946
|
|
||
Property, plant and equipment
|
—
|
|
|
42,668
|
|
||
Intangible assets
|
—
|
|
|
164,008
|
|
||
Other assets
|
—
|
|
|
3,355
|
|
||
Total assets of discontinued operations
(a)
|
$
|
—
|
|
|
$
|
299,207
|
|
Current portion of long-term debt
|
$
|
—
|
|
|
$
|
9,928
|
|
Accounts payable
|
—
|
|
|
8,988
|
|
||
Accrued liabilities
|
—
|
|
|
7,102
|
|
||
Other liabilities
|
—
|
|
|
10,915
|
|
||
Total liabilities of discontinued operations
(a)
|
$
|
—
|
|
|
$
|
36,933
|
|
(a)
|
Amounts at December 2015 have been classified as current and long-term in the Consolidated Balance Sheet.
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Depreciation and amortization
|
$
|
4,581
|
|
|
$
|
17,673
|
|
|
$
|
24,006
|
|
Capital expenditures
|
719
|
|
|
5,663
|
|
|
10,308
|
|
|||
Impairment of goodwill and intangible assets
|
—
|
|
|
143,562
|
|
|
396,362
|
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Trade
|
$
|
1,147,942
|
|
|
$
|
1,240,654
|
|
Royalty and other
|
70,867
|
|
|
72,583
|
|
||
Total accounts receivable
|
1,218,809
|
|
|
1,313,237
|
|
||
Less allowance for doubtful accounts
|
21,131
|
|
|
23,275
|
|
||
Accounts receivable, net
|
$
|
1,197,678
|
|
|
$
|
1,289,962
|
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Finished products
|
$
|
1,321,511
|
|
|
$
|
1,313,646
|
|
Work-in-process
|
99,536
|
|
|
94,355
|
|
||
Raw materials
|
148,278
|
|
|
147,359
|
|
||
Total inventories
|
$
|
1,569,325
|
|
|
$
|
1,555,360
|
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Land and improvements
|
$
|
87,510
|
|
|
$
|
93,923
|
|
Buildings and improvements
|
998,999
|
|
|
983,666
|
|
||
Machinery and equipment
|
1,288,873
|
|
|
1,233,656
|
|
||
Property, plant and equipment, at cost
|
2,375,382
|
|
|
2,311,245
|
|
||
Less accumulated depreciation and amortization
|
1,435,732
|
|
|
1,365,754
|
|
||
Property, plant and equipment, net
|
$
|
939,650
|
|
|
$
|
945,491
|
|
|
Weighted
Average
Amortization
Period
|
|
Amortization
Methods
|
|
Cost
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||
|
In thousands
|
||||||||||||||
December 2016
|
|
|
|
|
|
|
|
|
|
||||||
Amortizable intangible assets:
|
|
|
|
|
|
|
|
|
|
||||||
Customer relationships
|
20 years
|
|
Accelerated
|
|
$
|
268,417
|
|
|
$
|
131,029
|
|
|
$
|
137,388
|
|
License agreements
|
23 years
|
|
Accelerated and straight-line
|
|
175,084
|
|
|
97,941
|
|
|
77,143
|
|
|||
Trademark
|
16 years
|
|
Straight-line
|
|
58,132
|
|
|
3,633
|
|
|
54,499
|
|
|||
Other
|
10 years
|
|
Straight-line
|
|
6,036
|
|
|
2,739
|
|
|
3,297
|
|
|||
Amortizable intangible assets, net
|
|
|
|
|
|
|
|
|
272,327
|
|
|||||
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
||||||
Trademarks and trade names
|
|
|
|
|
|
|
|
|
1,567,371
|
|
|||||
Intangible assets, net
|
|
|
|
|
|
|
|
|
$
|
1,839,698
|
|
|
Weighted
Average
Amortization
Period
|
|
Amortization
Methods
|
|
Cost
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||
|
In thousands
|
||||||||||||||
December 2015
|
|
|
|
|
|
|
|
|
|
||||||
Amortizable intangible assets:
|
|
|
|
|
|
|
|
|
|
||||||
Customer relationships
|
20 years
|
|
Accelerated
|
|
$
|
275,385
|
|
|
$
|
119,338
|
|
|
$
|
156,047
|
|
License agreements
|
24 years
|
|
Accelerated and straight-line
|
|
179,626
|
|
|
93,086
|
|
|
86,540
|
|
|||
Other
|
11 years
|
|
Straight-line
|
|
5,636
|
|
|
2,193
|
|
|
3,443
|
|
|||
Amortizable intangible assets, net
|
|
|
|
|
|
|
|
|
246,030
|
|
|||||
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
||||||
Trademarks and trade names
|
|
|
|
|
|
|
|
|
1,702,581
|
|
|||||
Intangible assets, net
|
|
|
|
|
|
|
|
|
$
|
1,948,611
|
|
|
Outdoor &
Action Sports
|
|
Jeanswear
|
|
Imagewear
|
|
Sportswear
|
|
Total
|
||||||||||
|
In thousands
|
||||||||||||||||||
Balance, December 2014
|
$
|
1,389,453
|
|
|
$
|
219,442
|
|
|
$
|
58,747
|
|
|
$
|
157,314
|
|
|
$
|
1,824,956
|
|
Currency translation
|
(29,978
|
)
|
|
(6,571
|
)
|
|
—
|
|
|
—
|
|
|
(36,549
|
)
|
|||||
Balance, December 2015
|
1,359,475
|
|
|
212,871
|
|
|
58,747
|
|
|
157,314
|
|
|
1,788,407
|
|
|||||
Impairment charge
|
(39,344
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39,344
|
)
|
|||||
Currency translation
|
(9,998
|
)
|
|
(2,106
|
)
|
|
—
|
|
|
—
|
|
|
(12,104
|
)
|
|||||
Balance, December 2016
|
$
|
1,310,133
|
|
|
$
|
210,765
|
|
|
$
|
58,747
|
|
|
$
|
157,314
|
|
|
$
|
1,736,959
|
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Deferred charge (Note P)
|
$
|
276,473
|
|
|
$
|
—
|
|
Computer software, net of accumulated amortization of $133,324 in 2016 and $99,069 in 2015
|
195,176
|
|
|
177,642
|
|
||
Investments held for deferred compensation plans (Note M)
|
194,362
|
|
|
205,283
|
|
||
Deferred income taxes (Note P)
|
42,231
|
|
|
39,246
|
|
||
Pension assets (Note M)
|
41,281
|
|
|
9,273
|
|
||
Deposits
|
36,318
|
|
|
36,485
|
|
||
Partnership stores and shop-in-shop costs, net of accumulated amortization of $110,765 in 2016 and $96,546 in 2015
|
35,298
|
|
|
45,365
|
|
||
Derivative financial instruments (Note U)
|
18,821
|
|
|
12,995
|
|
||
Other investments
|
11,217
|
|
|
10,706
|
|
||
Deferred line of credit issuance costs
|
1,545
|
|
|
1,596
|
|
||
Other
|
77,160
|
|
|
45,275
|
|
||
Other assets
|
$
|
929,882
|
|
|
$
|
583,866
|
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Commercial paper borrowings
|
$
|
—
|
|
|
$
|
423,000
|
|
International borrowing arrangements
|
26,029
|
|
|
26,590
|
|
||
Short-term borrowings
|
$
|
26,029
|
|
|
$
|
449,590
|
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Compensation
|
$
|
159,298
|
|
|
$
|
169,047
|
|
Other taxes
|
129,340
|
|
|
123,051
|
|
||
Income taxes
|
70,154
|
|
|
59,779
|
|
||
Restructuring (Note W)
|
53,598
|
|
|
—
|
|
||
Customer discounts and allowances
|
45,277
|
|
|
35,179
|
|
||
Advertising
|
43,520
|
|
|
56,338
|
|
||
Freight, duties and postage
|
43,247
|
|
|
51,447
|
|
||
Deferred compensation (Note M)
|
34,498
|
|
|
29,491
|
|
||
Interest
|
19,899
|
|
|
16,918
|
|
||
Derivative financial instruments (Note U)
|
18,574
|
|
|
25,776
|
|
||
Insurance
|
17,541
|
|
|
16,669
|
|
||
Product warranty claims (Note L)
|
12,993
|
|
|
13,550
|
|
||
Pension liabilities (Note M)
|
10,669
|
|
|
8,480
|
|
||
Other
|
182,430
|
|
|
176,423
|
|
||
Accrued liabilities
|
$
|
841,038
|
|
|
$
|
782,148
|
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
5.95% notes, due 2017
|
$
|
249,823
|
|
|
$
|
249,586
|
|
3.50% notes, due 2021
|
497,128
|
|
|
496,566
|
|
||
0.625% notes, due 2023
|
889,760
|
|
|
—
|
|
||
6.00% notes, due 2033
|
292,251
|
|
|
291,948
|
|
||
6.45% notes, due 2037
|
346,112
|
|
|
345,925
|
|
||
Capital leases
|
17,795
|
|
|
21,146
|
|
||
Total long-term debt
|
2,292,869
|
|
|
1,405,171
|
|
||
Less current portion
|
253,689
|
|
|
3,351
|
|
||
Long-term debt, due beyond one year
|
$
|
2,039,180
|
|
|
$
|
1,401,820
|
|
|
Notes and
Other
|
|
Capital
Leases
|
|
Total
|
||||||
|
In thousands
|
||||||||||
2017
|
$
|
250,000
|
|
|
$
|
4,504
|
|
|
$
|
254,504
|
|
2018
|
—
|
|
|
4,504
|
|
|
4,504
|
|
|||
2019
|
—
|
|
|
4,504
|
|
|
4,504
|
|
|||
2020
|
—
|
|
|
4,504
|
|
|
4,504
|
|
|||
2021
|
500,000
|
|
|
1,877
|
|
|
501,877
|
|
|||
Thereafter
|
1,546,495
|
|
|
—
|
|
|
1,546,495
|
|
|||
|
2,296,495
|
|
|
19,893
|
|
|
2,316,388
|
|
|||
Less unamortized debt discount
|
7,630
|
|
|
—
|
|
|
7,630
|
|
|||
Less unamortized debt issuance costs
|
13,791
|
|
|
—
|
|
|
13,791
|
|
|||
Less amounts representing interest
|
—
|
|
|
2,098
|
|
|
2,098
|
|
|||
Total long-term debt
|
2,275,074
|
|
|
17,795
|
|
|
2,292,869
|
|
|||
Less current portion
|
250,000
|
|
|
3,689
|
|
|
253,689
|
|
|||
Long-term debt, due beyond one year
|
$
|
2,025,074
|
|
|
$
|
14,106
|
|
|
$
|
2,039,180
|
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Deferred income taxes (Note P)
|
$
|
220,618
|
|
|
$
|
241,409
|
|
Deferred compensation (Note M)
|
198,256
|
|
|
223,232
|
|
||
Income taxes
|
181,629
|
|
|
79,975
|
|
||
Pension liabilities (Note M)
|
165,642
|
|
|
157,434
|
|
||
Deferred rent credits
|
89,835
|
|
|
84,960
|
|
||
Product warranty claims
|
49,879
|
|
|
49,564
|
|
||
Derivative financial instruments (Note U)
|
7,000
|
|
|
2,256
|
|
||
Other
|
60,927
|
|
|
61,426
|
|
||
Other liabilities
|
$
|
973,786
|
|
|
$
|
900,256
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Balance, beginning of year
|
$
|
63,114
|
|
|
$
|
62,288
|
|
|
$
|
57,139
|
|
Accrual for products sold during the year
|
12,022
|
|
|
16,673
|
|
|
20,971
|
|
|||
Repair or replacement costs incurred
|
(11,956
|
)
|
|
(14,136
|
)
|
|
(13,660
|
)
|
|||
Currency translation
|
(308
|
)
|
|
(1,711
|
)
|
|
(2,162
|
)
|
|||
Balance, end of year
|
62,872
|
|
|
63,114
|
|
|
62,288
|
|
|||
Less current portion (Note J)
|
12,993
|
|
|
13,550
|
|
|
14,467
|
|
|||
Long-term portion
|
$
|
49,879
|
|
|
$
|
49,564
|
|
|
$
|
47,821
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Service cost — benefits earned during the year
|
$
|
25,839
|
|
|
$
|
29,223
|
|
|
$
|
24,163
|
|
Interest cost on projected benefit obligations
|
68,020
|
|
|
77,620
|
|
|
81,496
|
|
|||
Expected return on plan assets
|
(99,540
|
)
|
|
(111,095
|
)
|
|
(90,674
|
)
|
|||
Settlement charges
|
50,922
|
|
|
4,062
|
|
|
—
|
|
|||
Amortization of deferred amounts:
|
|
|
|
|
|
||||||
Net deferred actuarial losses
|
65,212
|
|
|
61,966
|
|
|
37,518
|
|
|||
Deferred prior service costs
|
2,584
|
|
|
3,038
|
|
|
5,445
|
|
|||
Total pension expense
|
$
|
113,037
|
|
|
$
|
64,814
|
|
|
$
|
57,948
|
|
Weighted average actuarial assumptions used to determine pension expense:
|
|
|
|
|
|
||||||
Discount rate in effect for determining service cost
|
4.54
|
%
|
|
3.93
|
%
|
|
4.64
|
%
|
|||
Discount rate in effect for determining interest cost
|
3.56
|
%
|
|
3.93
|
%
|
|
4.64
|
%
|
|||
Expected long-term return on plan assets
|
5.81
|
%
|
|
6.05
|
%
|
|
4.73
|
%
|
|||
Rate of compensation increase
|
3.90
|
%
|
|
3.91
|
%
|
|
3.53
|
%
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Fair value of plan assets, beginning of year
|
$
|
1,755,374
|
|
|
$
|
1,628,254
|
|
Actual return on plan assets
|
191,219
|
|
|
(56,624
|
)
|
||
VF contributions
|
24,031
|
|
|
273,520
|
|
||
Participant contributions
|
3,644
|
|
|
3,483
|
|
||
Benefits paid
|
(286,271
|
)
|
|
(87,994
|
)
|
||
Currency translation
|
(14,700
|
)
|
|
(5,265
|
)
|
||
Fair value of plan assets, end of year
|
1,673,297
|
|
|
1,755,374
|
|
||
Projected benefit obligations, beginning of year
|
1,912,015
|
|
|
1,999,947
|
|
||
Service cost
|
25,839
|
|
|
29,223
|
|
||
Interest cost
|
68,020
|
|
|
77,620
|
|
||
Participant contributions
|
3,644
|
|
|
3,483
|
|
||
Actuarial loss (gain)
|
100,242
|
|
|
(101,387
|
)
|
||
Benefits paid
|
(286,271
|
)
|
|
(87,994
|
)
|
||
Plan amendments
|
—
|
|
|
(1,510
|
)
|
||
Currency translation
|
(15,162
|
)
|
|
(7,367
|
)
|
||
Projected benefit obligations, end of year
|
1,808,327
|
|
|
1,912,015
|
|
||
Funded status, end of year
|
$
|
(135,030
|
)
|
|
$
|
(156,641
|
)
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Amounts included in Consolidated Balance Sheets:
|
|
|
|
||||
Noncurrent assets (Note H)
|
$
|
41,281
|
|
|
$
|
9,273
|
|
Current liabilities (Note J)
|
(10,669
|
)
|
|
(8,480
|
)
|
||
Noncurrent liabilities (Note L)
|
(165,642
|
)
|
|
(157,434
|
)
|
||
Funded status
|
$
|
(135,030
|
)
|
|
$
|
(156,641
|
)
|
Accumulated other comprehensive loss, pre-tax:
|
|
|
|
||||
Net deferred actuarial losses
|
$
|
476,071
|
|
|
$
|
586,828
|
|
Deferred prior service costs
|
14,883
|
|
|
17,459
|
|
||
Total accumulated other comprehensive loss, pre-tax
|
$
|
490,954
|
|
|
$
|
604,287
|
|
Accumulated benefit obligations
|
$
|
1,717,786
|
|
|
$
|
1,827,521
|
|
Weighted average actuarial assumptions used to determine pension obligations:
|
|
|
|
||||
Discount rate
|
3.87
|
%
|
|
4.29
|
%
|
||
Rate of compensation increase
|
3.78
|
%
|
|
3.90
|
%
|
|
Total Plan
Assets
|
|
Fair Value Measurements
|
||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
In thousands
|
||||||||||||||
December 2016
|
|
|
|
|
|
|
|
||||||||
Plan assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
2,896
|
|
|
$
|
2,896
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury and government agencies
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
||||
Insurance contracts
|
63,013
|
|
|
—
|
|
|
63,013
|
|
|
—
|
|
||||
Commodities
|
506
|
|
|
506
|
|
|
—
|
|
|
—
|
|
||||
Total plan assets in the fair value hierarchy
|
66,425
|
|
|
$
|
3,402
|
|
|
$
|
63,023
|
|
|
$
|
—
|
|
|
Plan assets measured at net asset value
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
27,486
|
|
|
|
|
|
|
|
|||||||
Equity securities:
|
|
|
|
|
|
|
|
||||||||
Domestic
|
134,254
|
|
|
|
|
|
|
|
|||||||
International
|
142,772
|
|
|
|
|
|
|
|
|||||||
Fixed income securities:
|
|
|
|
|
|
|
|
||||||||
Corporate and international bonds
|
1,140,894
|
|
|
|
|
|
|
|
|||||||
Alternative investments
|
161,466
|
|
|
|
|
|
|
|
|||||||
Total plan assets measured at net asset value
|
1,606,872
|
|
|
|
|
|
|
|
|||||||
Total plan assets
|
$
|
1,673,297
|
|
|
|
|
|
|
|
|
Total Plan
Assets
|
|
Fair Value Measurements
|
||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
In thousands
|
||||||||||||||
December 2015
|
|
|
|
|
|
|
|
||||||||
Plan assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
2,790
|
|
|
$
|
2,790
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury and government agencies
|
11
|
|
|
—
|
|
|
11
|
|
|
—
|
|
||||
Insurance contracts
|
50,856
|
|
|
—
|
|
|
50,856
|
|
|
—
|
|
||||
Commodities
|
(439
|
)
|
|
(439
|
)
|
|
—
|
|
|
—
|
|
||||
Total plan assets in the fair value hierarchy
|
53,218
|
|
|
$
|
2,351
|
|
|
$
|
50,867
|
|
|
$
|
—
|
|
|
Plan assets measured at net asset value
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
23,538
|
|
|
|
|
|
|
|
|||||||
Equity securities:
|
|
|
|
|
|
|
|
||||||||
Domestic
|
107,190
|
|
|
|
|
|
|
|
|||||||
International
|
179,256
|
|
|
|
|
|
|
|
|||||||
Fixed income securities:
|
|
|
|
|
|
|
|
||||||||
Corporate and international bonds
|
1,232,691
|
|
|
|
|
|
|
|
|||||||
Alternative investments
|
159,481
|
|
|
|
|
|
|
|
|||||||
Total plan assets measured at net asset value
|
1,702,156
|
|
|
|
|
|
|
|
|||||||
Total plan assets
|
$
|
1,755,374
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands, except share amounts
|
||||||||||
Shares held for deferred compensation plans
|
439,667
|
|
|
562,649
|
|
|
637,504
|
|
|||
Cost of shares held for deferred compensation plans
|
$
|
5,464
|
|
|
$
|
6,823
|
|
|
$
|
7,724
|
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Foreign currency translation and other
|
$
|
(794,579
|
)
|
|
$
|
(718,169
|
)
|
Defined benefit pension plans
|
(302,697
|
)
|
|
(372,195
|
)
|
||
Derivative financial instruments
|
55,813
|
|
|
47,142
|
|
||
Accumulated other comprehensive loss
|
$
|
(1,041,463
|
)
|
|
$
|
(1,043,222
|
)
|
|
Foreign Currency Translation and Other
|
|
Defined
Benefit
Pension Plans
|
|
Derivative
Financial
Instruments
|
|
Marketable
Securities
|
|
Total
|
||||||||||
|
In thousands
|
||||||||||||||||||
Balance, December 2013
|
$
|
106,647
|
|
|
$
|
(277,451
|
)
|
|
$
|
(41,754
|
)
|
|
$
|
838
|
|
|
$
|
(211,720
|
)
|
Other comprehensive income (loss) before reclassifications
|
(463,588
|
)
|
|
(126,275
|
)
|
|
53,651
|
|
|
(424
|
)
|
|
(536,636
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
26,592
|
|
|
19,492
|
|
|
—
|
|
|
46,084
|
|
|||||
Net other comprehensive income (loss)
|
(463,588
|
)
|
|
(99,683
|
)
|
|
73,143
|
|
|
(424
|
)
|
|
(490,552
|
)
|
|||||
Balance, December 2014
|
(356,941
|
)
|
|
(377,134
|
)
|
|
31,389
|
|
|
414
|
|
|
(702,272
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
(361,228
|
)
|
|
(37,238
|
)
|
|
55,325
|
|
|
300
|
|
|
(342,841
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
42,177
|
|
|
(39,572
|
)
|
|
(714
|
)
|
|
1,891
|
|
|||||
Net other comprehensive income (loss)
|
(361,228
|
)
|
|
4,939
|
|
|
15,753
|
|
|
(414
|
)
|
|
(340,950
|
)
|
|||||
Balance, December 2015
|
(718,169
|
)
|
|
(372,195
|
)
|
|
47,142
|
|
|
—
|
|
|
(1,043,222
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
(76,410
|
)
|
|
(4,357
|
)
|
|
81,036
|
|
|
—
|
|
|
269
|
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
73,855
|
|
|
(72,365
|
)
|
|
—
|
|
|
1,490
|
|
|||||
Net other comprehensive income (loss)
|
(76,410
|
)
|
|
69,498
|
|
|
8,671
|
|
|
—
|
|
|
1,759
|
|
|||||
Balance, December 2016
|
$
|
(794,579
|
)
|
|
$
|
(302,697
|
)
|
|
$
|
55,813
|
|
|
$
|
—
|
|
|
$
|
(1,041,463
|
)
|
Details About Accumulated Other
Comprehensive Income (Loss) Components
|
Affected Line Item in the
Consolidated Statements of
Income
|
|
2016
|
|
2015
|
|
2014
|
|||||||
|
|
|
In thousands
|
|||||||||||
Amortization of defined benefit pension plans:
|
|
|
|
|
|
|
|
|||||||
Net deferred actuarial losses
|
(a)
|
|
$
|
(65,212
|
)
|
|
$
|
(61,966
|
)
|
|
$
|
(37,518
|
)
|
|
Deferred prior service costs
|
(a)
|
|
(2,584
|
)
|
|
(3,038
|
)
|
|
(5,445
|
)
|
||||
Pension settlement charges
|
Selling, general and administrative expenses
|
|
(50,922
|
)
|
|
(4,062
|
)
|
|
—
|
|
||||
|
Total before tax
|
|
(118,718
|
)
|
|
(69,066
|
)
|
|
(42,963
|
)
|
||||
|
Tax benefit
|
|
44,863
|
|
|
26,889
|
|
|
16,371
|
|
||||
|
Net of tax
|
|
(73,855
|
)
|
|
(42,177
|
)
|
|
(26,592
|
)
|
||||
Gains (losses) on derivative financial instruments:
|
|
|
|
|
|
|
|
|||||||
Foreign exchange contracts
|
Net sales
|
|
28,798
|
|
|
(68,543
|
)
|
|
(18,071
|
)
|
||||
Foreign exchange contracts
|
Cost of goods sold
|
|
84,613
|
|
|
132,432
|
|
|
(8,756
|
)
|
||||
Foreign exchange contracts
|
Selling, general and administrative expenses
|
|
(4,314
|
)
|
|
(1,885
|
)
|
|
—
|
|
||||
Foreign exchange contracts
|
Other income (expense), net
|
|
2,864
|
|
|
7,267
|
|
|
(1,189
|
)
|
||||
Interest rate contracts
|
Interest expense
|
|
(4,504
|
)
|
|
(4,295
|
)
|
|
(4,095
|
)
|
||||
|
Total before tax
|
|
107,457
|
|
|
64,976
|
|
|
(32,111
|
)
|
||||
|
Tax benefit (expense)
|
|
(35,092
|
)
|
|
(25,404
|
)
|
|
12,619
|
|
||||
|
Net of tax
|
|
72,365
|
|
|
39,572
|
|
|
(19,492
|
)
|
||||
Gains (losses) on sale of marketable securities:
|
Other income (expense), net
|
|
—
|
|
|
1,177
|
|
|
—
|
|
||||
|
Tax expense
|
|
—
|
|
|
(463
|
)
|
|
—
|
|
||||
|
Net of tax
|
|
—
|
|
|
714
|
|
|
—
|
|
||||
Total reclassifications for the year
|
Net of tax
|
|
$
|
(1,490
|
)
|
|
$
|
(1,891
|
)
|
|
$
|
(46,084
|
)
|
(a)
|
These accumulated OCI components are included in the computation of net periodic pension cost (refer to Note M for additional details).
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Stock-based compensation cost
|
$
|
67,762
|
|
|
$
|
73,420
|
|
|
$
|
104,313
|
|
Income tax benefits
|
22,870
|
|
|
28,090
|
|
|
41,725
|
|
|||
Stock-based compensation costs included in inventory
|
1,332
|
|
|
1,345
|
|
|
797
|
|
|
2016
|
|
2015
|
|
2014
|
Expected volatility
|
21% to 29%
|
|
19% to 29%
|
|
23% to 29%
|
Weighted average expected volatility
|
24%
|
|
22%
|
|
26%
|
Expected term (in years)
|
6.3 to 7.6
|
|
5.9 to 7.5
|
|
5.5 to 7.3
|
Weighted average dividend yield
|
2.2%
|
|
2.0%
|
|
2.1%
|
Risk-free interest rate
|
0.4% to 1.7%
|
|
0.1% to 2.3%
|
|
0.1% to 2.7%
|
Weighted average fair value at date of grant
|
$12.08
|
|
$13.72
|
|
$12.01
|
|
Number of
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term (Years)
|
|
Aggregate
Intrinsic
Value
(In thousands)
|
|||||
Outstanding, December 2015
|
14,715,410
|
|
|
$
|
41.73
|
|
|
|
|
|
||
Granted
|
3,132,609
|
|
|
61.31
|
|
|
|
|
|
|||
Exercised
|
(2,515,180
|
)
|
|
28.47
|
|
|
|
|
|
|||
Forfeited/cancelled
|
(552,656
|
)
|
|
62.04
|
|
|
|
|
|
|||
Outstanding, December 2016
|
14,780,183
|
|
|
47.38
|
|
|
6.4
|
|
$
|
180,400
|
|
|
Exercisable, December 2016
|
9,694,433
|
|
|
38.37
|
|
|
5.3
|
|
$
|
180,394
|
|
|
Performance-based
|
|
Nonperformance-based
|
||||||||||
|
Number
Outstanding
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Number
Outstanding
|
|
Weighted
Average
Grant Date
Fair Value
|
||||||
Outstanding, December 2015
|
1,649,630
|
|
|
$
|
55.18
|
|
|
274,856
|
|
|
$
|
49.64
|
|
Granted
|
605,658
|
|
|
61.31
|
|
|
82,113
|
|
|
61.83
|
|
||
Issued as Common Stock
|
(672,883
|
)
|
|
40.64
|
|
|
(25,556
|
)
|
|
53.19
|
|
||
Forfeited/cancelled
|
(87,780
|
)
|
|
64.15
|
|
|
(32,500
|
)
|
|
48.95
|
|
||
Outstanding, December 2016
|
1,494,625
|
|
|
63.68
|
|
|
298,913
|
|
|
52.76
|
|
||
Vested, December 2016
|
924,326
|
|
|
61.50
|
|
|
13,013
|
|
|
61.29
|
|
|
Nonvested
Shares
Outstanding
|
|
Weighted
Average
Grant Date
Fair Value
|
|||
Nonvested shares, December 2015
|
594,637
|
|
|
$
|
50.73
|
|
Granted
|
128,737
|
|
|
61.66
|
|
|
Dividend equivalents
|
15,931
|
|
|
59.85
|
|
|
Vested
|
(72,862
|
)
|
|
43.87
|
|
|
Forfeited
|
(43,751
|
)
|
|
58.83
|
|
|
Nonvested shares, December 2016
|
622,692
|
|
|
53.45
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
|
|
In thousands
|
|
|
||||||
Domestic
|
$
|
404,878
|
|
|
$
|
853,630
|
|
|
$
|
815,081
|
|
Foreign
|
1,010,713
|
|
|
853,705
|
|
|
898,495
|
|
|||
Income before income taxes
|
$
|
1,415,591
|
|
|
$
|
1,707,335
|
|
|
$
|
1,713,576
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
150,428
|
|
|
$
|
234,325
|
|
|
$
|
280,999
|
|
Foreign
|
124,871
|
|
|
113,812
|
|
|
138,552
|
|
|||
State
|
39,390
|
|
|
36,979
|
|
|
44,340
|
|
|||
|
314,689
|
|
|
385,116
|
|
|
463,891
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal and state
|
(63,610
|
)
|
|
401
|
|
|
(78,362
|
)
|
|||
Foreign
|
(8,015
|
)
|
|
6,687
|
|
|
298
|
|
|||
Income taxes
|
$
|
243,064
|
|
|
$
|
392,204
|
|
|
$
|
385,827
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Tax at federal statutory rate
|
$
|
495,457
|
|
|
$
|
597,567
|
|
|
$
|
599,752
|
|
State income taxes, net of federal tax benefit
|
25,783
|
|
|
23,917
|
|
|
29,118
|
|
|||
Foreign rate differences
|
(271,198
|
)
|
|
(202,420
|
)
|
|
(234,773
|
)
|
|||
Stock compensation (federal)
|
(26,553
|
)
|
|
—
|
|
|
—
|
|
|||
Other
|
19,575
|
|
|
(26,860
|
)
|
|
(8,270
|
)
|
|||
Income taxes
|
$
|
243,064
|
|
|
$
|
392,204
|
|
|
$
|
385,827
|
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Deferred income tax assets:
|
|
|
|
||||
Inventories
|
$
|
40,468
|
|
|
$
|
38,897
|
|
Deferred compensation
|
88,249
|
|
|
96,397
|
|
||
Other employee benefits
|
79,834
|
|
|
88,359
|
|
||
Stock compensation
|
69,010
|
|
|
67,551
|
|
||
Other accrued expenses
|
168,908
|
|
|
154,337
|
|
||
Operating loss carryforwards
|
152,587
|
|
|
139,634
|
|
||
Gross deferred income tax assets
|
599,056
|
|
|
585,175
|
|
||
Valuation allowances
|
(114,990
|
)
|
|
(100,951
|
)
|
||
Net deferred income tax assets
|
484,066
|
|
|
484,224
|
|
||
Deferred income tax liabilities:
|
|
|
|
||||
Depreciation
|
33,919
|
|
|
27,756
|
|
||
Intangible assets
|
569,767
|
|
|
591,615
|
|
||
Other deferred tax liabilities
|
58,767
|
|
|
67,016
|
|
||
Deferred income tax liabilities
|
662,453
|
|
|
686,387
|
|
||
Net deferred income tax assets (liabilities)
|
$
|
(178,387
|
)
|
|
$
|
(202,163
|
)
|
Amounts included in the Consolidated Balance Sheets:
|
|
|
|
||||
Noncurrent assets (Note H)
|
$
|
42,231
|
|
|
$
|
39,246
|
|
Noncurrent liabilities (Note L)
|
(220,618
|
)
|
|
(241,409
|
)
|
||
|
$
|
(178,387
|
)
|
|
$
|
(202,163
|
)
|
|
Unrecognized
Income Tax
Benefits
|
|
Accrued
Interest
and Penalties
|
|
Unrecognized
Income Tax
Benefits
Including Interest
and Penalties
|
||||||
|
In thousands
|
||||||||||
Balance, December 2013
|
$
|
118,514
|
|
|
$
|
17,474
|
|
|
$
|
135,988
|
|
Additions for current year tax positions
|
12,850
|
|
|
—
|
|
|
12,850
|
|
|||
Additions for prior year tax positions
|
5,252
|
|
|
5,033
|
|
|
10,285
|
|
|||
Reductions for prior year tax positions
|
(12,898
|
)
|
|
(2,780
|
)
|
|
(15,678
|
)
|
|||
Reductions due to statute expirations
|
(9,159
|
)
|
|
(647
|
)
|
|
(9,806
|
)
|
|||
Payments in settlement
|
(657
|
)
|
|
(1,742
|
)
|
|
(2,399
|
)
|
|||
Currency translation
|
(298
|
)
|
|
(119
|
)
|
|
(417
|
)
|
|||
Balance, December 2014
|
113,604
|
|
|
17,219
|
|
|
130,823
|
|
|||
Additions for current year tax positions
|
13,470
|
|
|
—
|
|
|
13,470
|
|
|||
Additions for prior year tax positions
|
4,396
|
|
|
3,188
|
|
|
7,584
|
|
|||
Reductions for prior year tax positions
|
(32,432
|
)
|
|
(6,350
|
)
|
|
(38,782
|
)
|
|||
Reductions due to statute expirations
|
(11,780
|
)
|
|
(2,528
|
)
|
|
(14,308
|
)
|
|||
Payments in settlement
|
(11,437
|
)
|
|
(2,065
|
)
|
|
(13,502
|
)
|
|||
Currency translation
|
(144
|
)
|
|
(95
|
)
|
|
(239
|
)
|
|||
Balance, December 2015
|
75,677
|
|
|
9,369
|
|
|
85,046
|
|
|||
Additions for current year tax positions
|
121,025
|
|
|
—
|
|
|
121,025
|
|
|||
Additions for prior year tax positions
|
6,164
|
|
|
2,880
|
|
|
9,044
|
|
|||
Reductions for prior year tax positions
|
(4,798
|
)
|
|
(1,362
|
)
|
|
(6,160
|
)
|
|||
Reductions due to statute expirations
|
(14,985
|
)
|
|
(1,335
|
)
|
|
(16,320
|
)
|
|||
Payments in settlement
|
(6,108
|
)
|
|
(829
|
)
|
|
(6,937
|
)
|
|||
Currency translation
|
(9
|
)
|
|
(14
|
)
|
|
(23
|
)
|
|||
Balance, December 2016
|
$
|
176,966
|
|
|
$
|
8,709
|
|
|
$
|
185,675
|
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Amounts included in the Consolidated Balance Sheets:
|
|
|
|
||||
Unrecognized income tax benefits, including interest and penalties
|
$
|
185,675
|
|
|
$
|
85,046
|
|
Less deferred tax benefits
|
35,141
|
|
|
11,973
|
|
||
Total unrecognized tax benefits
|
$
|
150,534
|
|
|
$
|
73,073
|
|
• Outdoor & Action Sports
|
|
High performance outdoor apparel and footwear, backpacks, handbags and technical equipment
|
|
|
|
• Jeanswear
|
|
Denim and casual apparel
|
|
|
|
• Imagewear
|
|
Occupational workwear and athletic apparel
|
|
|
|
• Sportswear
|
|
Fashion sportswear apparel and accessories
|
|
|
|
• Other
|
|
Sales of non-VF products at
VF Outlet
®
stores
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Coalition revenues:
|
|
|
|
|
|
||||||
Outdoor & Action Sports
|
$
|
7,533,145
|
|
|
$
|
7,400,446
|
|
|
$
|
7,198,994
|
|
Jeanswear
|
2,737,701
|
|
|
2,792,244
|
|
|
2,801,754
|
|
|||
Imagewear
|
1,103,813
|
|
|
1,082,565
|
|
|
1,104,038
|
|
|||
Sportswear
|
536,302
|
|
|
635,056
|
|
|
650,203
|
|
|||
Other
|
108,042
|
|
|
122,344
|
|
|
126,741
|
|
|||
Total coalition revenues
|
$
|
12,019,003
|
|
|
$
|
12,032,655
|
|
|
$
|
11,881,730
|
|
Coalition profit:
(a)
|
|
|
|
|
|
||||||
Outdoor & Action Sports
|
$
|
1,226,208
|
|
|
$
|
1,266,763
|
|
|
$
|
1,312,963
|
|
Jeanswear
|
491,912
|
|
|
535,385
|
|
|
527,972
|
|
|||
Imagewear
|
179,793
|
|
|
157,959
|
|
|
164,352
|
|
|||
Sportswear
|
36,648
|
|
|
78,879
|
|
|
77,972
|
|
|||
Other
(b)
|
(4,403
|
)
|
|
15,135
|
|
|
(2,600
|
)
|
|||
Total coalition profit
|
1,930,158
|
|
|
2,054,121
|
|
|
2,080,659
|
|
|||
Impairment of goodwill and intangible assets
(c)
|
(79,644
|
)
|
|
—
|
|
|
—
|
|
|||
Corporate and other expenses
(d) (e)
|
(349,287
|
)
|
|
(265,166
|
)
|
|
(287,890
|
)
|
|||
Interest expense, net
(f)
|
(85,636
|
)
|
|
(81,620
|
)
|
|
(79,193
|
)
|
|||
Income from continuing operations before income taxes
|
$
|
1,415,591
|
|
|
$
|
1,707,335
|
|
|
$
|
1,713,576
|
|
(a)
|
Reflects restructuring costs in 2016 totaling
$43.3 million
as follows: Outdoor and Action Sports -
$17.4 million
; Jeanswear -
$20.4 million
; Imagewear -
$1.3 million
; Sportswear -
$2.9 million
; and Other -
$1.3 million
(Note W).
|
(b)
|
Reflects a
$16.6 million
gain in 2015 recognized on the sale of a
VF Outlet
®
location.
|
(c)
|
Represents goodwill and intangible asset impairment charges in 2016 related to the Outdoor & Action Sports coalition (Notes F, G and T).
|
(d)
|
Reflects a $
50.9 million
pension settlement charge (Note M) and
$14.8 million
in restructuring charges (Note W) in 2016.
|
(e)
|
Certain corporate overhead costs of
$5.8 million
,
$11.4 million
and
$12.4 million
in 2016, 2015 and 2014, respectively, previously allocated to the Contemporary Brands coalition for segment reporting purposes have been reallocated to continuing operations as discussed in Note B.
|
(f)
|
Interest expense of
$2.3 million
and
$1.9 million
in 2015 and 2014, respectively, previously allocated to the Contemporary Brands coalition for segment reporting purposes has been reallocated to continuing operations as discussed in Note B.
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Coalition assets:
|
|
|
|
||||
Outdoor & Action Sports
|
$
|
2,424,830
|
|
|
$
|
2,436,788
|
|
Jeanswear
|
943,764
|
|
|
951,411
|
|
||
Imagewear
|
355,707
|
|
|
366,062
|
|
||
Sportswear
|
130,233
|
|
|
140,458
|
|
||
Other
|
63,351
|
|
|
63,162
|
|
||
Total coalition assets
|
3,917,885
|
|
|
3,957,881
|
|
||
Cash and equivalents
|
1,227,862
|
|
|
944,423
|
|
||
Intangible assets and goodwill
|
3,576,657
|
|
|
3,737,018
|
|
||
Deferred income taxes
|
42,231
|
|
|
39,246
|
|
||
Corporate assets
|
974,652
|
|
|
661,767
|
|
||
Assets of discontinued operations
|
—
|
|
|
299,207
|
|
||
Consolidated assets
|
$
|
9,739,287
|
|
|
$
|
9,639,542
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Capital expenditures:
(a)
|
|
|
|
|
|
||||||
Outdoor & Action Sports
|
$
|
114,430
|
|
|
$
|
166,267
|
|
|
$
|
111,020
|
|
Jeanswear
|
38,802
|
|
|
31,844
|
|
|
31,586
|
|
|||
Imagewear
|
5,244
|
|
|
6,959
|
|
|
6,356
|
|
|||
Sportswear
|
4,944
|
|
|
8,771
|
|
|
22,814
|
|
|||
Other
|
2,390
|
|
|
2,679
|
|
|
2,489
|
|
|||
Corporate
|
9,311
|
|
|
32,318
|
|
|
49,504
|
|
|||
|
$
|
175,121
|
|
|
$
|
248,838
|
|
|
$
|
223,769
|
|
Depreciation and amortization expense:
(b)
|
|
|
|
|
|
||||||
Outdoor & Action Sports
|
$
|
138,387
|
|
|
$
|
129,986
|
|
|
$
|
131,166
|
|
Jeanswear
|
47,726
|
|
|
41,823
|
|
|
43,189
|
|
|||
Imagewear
|
13,013
|
|
|
11,608
|
|
|
11,602
|
|
|||
Sportswear
|
17,042
|
|
|
15,358
|
|
|
14,334
|
|
|||
Other
|
3,537
|
|
|
4,510
|
|
|
5,231
|
|
|||
Corporate
|
57,291
|
|
|
51,117
|
|
|
45,355
|
|
|||
|
$
|
276,996
|
|
|
$
|
254,402
|
|
|
$
|
250,877
|
|
(a)
|
Excludes
$0.7 million
,
$5.7 million
and
$10.3 million
of capital expenditures related to the Contemporary Brands coalition for 2016, 2015 and 2014, respectively. These amounts are included in capital expenditures in our Consolidated Statements of Cash Flows as we did not segregate cash flows related to discontinued operations (Note B).
|
(b)
|
Excludes
$4.6 million
,
$17.7 million
and
$24.0 million
of depreciation and amortization related to the Contemporary Brands coalition for 2016, 2015 and 2014, respectively. These amounts are included in depreciation and amortization in our Consolidated Statements of Cash Flows as we did not segregate cash flows related to discontinued operations (Note B).
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Total revenues:
|
|
|
|
|
|
||||||
U.S.
|
$
|
7,444,594
|
|
|
$
|
7,631,476
|
|
|
$
|
7,292,051
|
|
Foreign, primarily Europe
|
4,574,409
|
|
|
4,401,179
|
|
|
4,589,679
|
|
|||
|
$
|
12,019,003
|
|
|
$
|
12,032,655
|
|
|
$
|
11,881,730
|
|
Property, plant and equipment:
|
|
|
|
|
|
||||||
U.S.
|
$
|
590,593
|
|
|
$
|
591,981
|
|
|
|
||
Foreign, primarily Europe
|
349,057
|
|
|
353,510
|
|
|
|
||||
|
$
|
939,650
|
|
|
$
|
945,491
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Minimum rent expense
|
$
|
360,226
|
|
|
$
|
318,402
|
|
|
$
|
305,149
|
|
Contingent rent expense
|
19,549
|
|
|
25,467
|
|
|
22,399
|
|
|||
Rent expense
|
$
|
379,775
|
|
|
$
|
343,869
|
|
|
$
|
327,548
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands, except per share amounts
|
||||||||||
Earnings per share — basic:
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
1,172,527
|
|
|
$
|
1,315,131
|
|
|
$
|
1,327,749
|
|
Weighted average common shares outstanding
|
416,103
|
|
|
425,408
|
|
|
432,611
|
|
|||
Earnings per share from continuing operations
|
$
|
2.82
|
|
|
$
|
3.09
|
|
|
$
|
3.07
|
|
Earnings per share — diluted:
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
1,172,527
|
|
|
$
|
1,315,131
|
|
|
$
|
1,327,749
|
|
Weighted average common shares outstanding
|
416,103
|
|
|
425,408
|
|
|
432,611
|
|
|||
Incremental shares from stock options and other dilutive securities
|
5,978
|
|
|
6,671
|
|
|
7,542
|
|
|||
Adjusted weighted average common shares outstanding
|
422,081
|
|
|
432,079
|
|
|
440,153
|
|
|||
Earnings per share from continuing operations
|
$
|
2.78
|
|
|
$
|
3.04
|
|
|
$
|
3.02
|
|
•
|
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. These inputs would normally be VF’s own data and judgments about assumptions that market participants would use in pricing the asset or liability.
|
|
|
|
Fair Value Measurement Using
(a)
|
||||||||||||
|
Total Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
In thousands
|
||||||||||||||
December 2016
|
|
|
|
|
|
|
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
840,842
|
|
|
$
|
840,842
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Time deposits
|
14,774
|
|
|
14,774
|
|
|
—
|
|
|
—
|
|
||||
Derivative financial instruments
|
103,340
|
|
|
—
|
|
|
103,340
|
|
|
—
|
|
||||
Investment securities
|
196,738
|
|
|
179,673
|
|
|
17,065
|
|
|
—
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
25,574
|
|
|
—
|
|
|
25,574
|
|
|
—
|
|
||||
Deferred compensation
|
232,214
|
|
|
—
|
|
|
232,214
|
|
|
—
|
|
||||
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
2016
or
2015
.
|
|
Fair Value of Derivatives
with Unrealized Gains
|
|
Fair Value of Derivatives
with Unrealized Losses
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
In thousands
|
||||||||||||||
Foreign currency exchange contracts designated as hedging instruments
|
$
|
103,340
|
|
|
$
|
105,536
|
|
|
$
|
(25,292
|
)
|
|
$
|
(27,896
|
)
|
Foreign currency exchange contracts not designated as hedging instruments
|
—
|
|
|
255
|
|
|
(282
|
)
|
|
(136
|
)
|
||||
Total derivatives
|
$
|
103,340
|
|
|
$
|
105,791
|
|
|
$
|
(25,574
|
)
|
|
$
|
(28,032
|
)
|
|
2016
|
|
2015
|
||||||||||||
|
Derivative
Asset
|
|
Derivative
Liability
|
|
Derivative
Asset
|
|
Derivative
Liability
|
||||||||
|
In thousands
|
||||||||||||||
Gross amounts presented in the Consolidated Balance Sheets
|
$
|
103,340
|
|
|
$
|
(25,574
|
)
|
|
$
|
105,791
|
|
|
$
|
(28,032
|
)
|
Gross amounts not offset in the Consolidated Balance Sheets
|
(22,341
|
)
|
|
22,341
|
|
|
(22,213
|
)
|
|
22,213
|
|
||||
Net amounts
|
$
|
80,999
|
|
|
$
|
(3,233
|
)
|
|
$
|
83,578
|
|
|
$
|
(5,819
|
)
|
|
2016
|
|
2015
|
||||
|
In thousands
|
||||||
Other current assets
|
$
|
84,519
|
|
|
$
|
92,796
|
|
Accrued liabilities (Note J)
|
(18,574
|
)
|
|
(25,776
|
)
|
||
Other assets (Note H)
|
18,821
|
|
|
12,995
|
|
||
Other liabilities (Note L)
|
(7,000
|
)
|
|
(2,256
|
)
|
Cash Flow Hedging Relationships
|
Gain (Loss) on Derivatives
Recognized in OCI
|
||||||||||
2016
|
|
2015
|
|
2014
|
|||||||
|
In thousands
|
||||||||||
Foreign currency exchange
|
$
|
90,708
|
|
|
$
|
89,993
|
|
|
$
|
88,387
|
|
|
Gain (Loss) Reclassified
from Accumulated OCI into Income
|
||||||||||
Location of Gain (Loss)
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Net sales
|
$
|
28,798
|
|
|
$
|
(68,543
|
)
|
|
$
|
(18,071
|
)
|
Cost of goods sold
|
84,613
|
|
|
132,432
|
|
|
(8,756
|
)
|
|||
Selling, general and administrative expenses
|
(4,314
|
)
|
|
(1,885
|
)
|
|
—
|
|
|||
Other income (expense), net
|
2,864
|
|
|
7,267
|
|
|
(1,189
|
)
|
|||
Interest expense
|
(4,504
|
)
|
|
(4,295
|
)
|
|
(4,095
|
)
|
|||
Total
|
$
|
107,457
|
|
|
$
|
64,976
|
|
|
$
|
(32,111
|
)
|
Derivatives Not Designated as Hedges
|
Location of Gain (Loss) on
Derivatives
Recognized in Income
|
Gain (Loss) on Derivatives
Recognized in Income
|
||||||||||
2016
|
|
2015
|
|
2014
|
||||||||
|
|
In thousands
|
||||||||||
Foreign currency exchange
|
Cost of goods sold
|
$
|
1,674
|
|
|
$
|
(4,179
|
)
|
|
$
|
—
|
|
Foreign currency exchange
|
Other income (expense), net
|
83
|
|
|
2,806
|
|
|
(707
|
)
|
|||
Total
|
|
$
|
1,757
|
|
|
$
|
(1,373
|
)
|
|
$
|
(707
|
)
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
In thousands
|
||||||||||
Income taxes paid, net of refunds
|
$
|
434,795
|
|
|
$
|
339,010
|
|
|
$
|
370,202
|
|
Interest paid, net of amounts capitalized
|
87,521
|
|
|
83,850
|
|
|
82,280
|
|
|||
Noncash transactions:
|
|
|
|
|
|
||||||
Property, plant and equipment expenditures included in accounts payable or accrued liabilities
|
28,103
|
|
|
9,445
|
|
|
9,529
|
|
|||
Computer software costs included in accounts payable or accrued liabilities
|
15,143
|
|
|
4,394
|
|
|
27,555
|
|
|
2016 Charges
|
||
|
In thousands
|
||
Severance and employee-related benefits
|
$
|
53,387
|
|
Asset impairments
|
3,394
|
|
|
Other
|
1,310
|
|
|
Total restructuring charges
|
$
|
58,091
|
|
|
2016 Charges
|
||
|
In thousands
|
||
Outdoor & Action Sports
|
$
|
17,401
|
|
Jeanswear
|
20,357
|
|
|
Imagewear
|
1,308
|
|
|
Sportswear
|
2,921
|
|
|
Other
|
1,277
|
|
|
Corporate
|
14,827
|
|
|
Total
|
$
|
58,091
|
|
|
Severance
|
|
Other
|
|
Total
|
||||||
|
In thousands
|
||||||||||
Amounts recorded in accrued liabilities at December 2015
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Charges
|
53,387
|
|
|
1,310
|
|
|
54,697
|
|
|||
Cash payments
|
667
|
|
|
432
|
|
|
1,099
|
|
|||
Amounts recorded in accrued liabilities at December 2016
|
$
|
52,720
|
|
|
$
|
878
|
|
|
$
|
53,598
|
|
|
First
Quarter |
|
Second
Quarter |
|
Third
Quarter |
|
Fourth
Quarter (a) |
|
Full
Year |
||||||||||
|
In thousands, except per share amounts
|
||||||||||||||||||
2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues
|
$
|
2,764,944
|
|
|
$
|
2,445,259
|
|
|
$
|
3,488,226
|
|
|
$
|
3,320,574
|
|
|
$
|
12,019,003
|
|
Operating income
|
332,253
|
|
|
211,424
|
|
|
635,428
|
|
|
320,121
|
|
|
1,499,226
|
|
|||||
Income from continuing operations
|
256,866
|
|
|
148,294
|
|
|
503,034
|
|
|
264,333
|
|
|
1,172,527
|
|
|||||
Income (loss) from discontinued operations, net of tax
|
3,403
|
|
|
(97,279
|
)
|
|
(4,545
|
)
|
|
—
|
|
|
(98,421
|
)
|
|||||
Net income
|
$
|
260,269
|
|
|
$
|
51,015
|
|
|
$
|
498,489
|
|
|
$
|
264,333
|
|
|
$
|
1,074,106
|
|
Earnings per common share - basic
(b)
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.61
|
|
|
$
|
0.35
|
|
|
$
|
1.22
|
|
|
$
|
0.64
|
|
|
$
|
2.82
|
|
Discontinued operations
|
0.01
|
|
|
(0.23
|
)
|
|
(0.01
|
)
|
|
—
|
|
|
(0.24
|
)
|
|||||
Total earnings per common share - basic
|
$
|
0.62
|
|
|
$
|
0.12
|
|
|
$
|
1.21
|
|
|
$
|
0.64
|
|
|
$
|
2.58
|
|
Earnings per common share - diluted
(b)
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.60
|
|
|
$
|
0.35
|
|
|
$
|
1.20
|
|
|
$
|
0.63
|
|
|
$
|
2.78
|
|
Discontinued operations
|
0.01
|
|
|
(0.23
|
)
|
|
(0.01
|
)
|
|
—
|
|
|
(0.24
|
)
|
|||||
Total earnings per common share - diluted
|
$
|
0.61
|
|
|
$
|
0.12
|
|
|
$
|
1.19
|
|
|
$
|
0.63
|
|
|
$
|
2.54
|
|
Dividends per common share
|
$
|
0.37
|
|
|
$
|
0.37
|
|
|
$
|
0.37
|
|
|
$
|
0.42
|
|
|
$
|
1.53
|
|
2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues
|
$
|
2,749,764
|
|
|
$
|
2,426,986
|
|
|
$
|
3,529,626
|
|
|
$
|
3,326,279
|
|
|
$
|
12,032,655
|
|
Operating income
|
391,349
|
|
|
218,980
|
|
|
639,563
|
|
|
538,035
|
|
|
1,787,927
|
|
|||||
Income from continuing operations
|
283,125
|
|
|
167,842
|
|
|
457,635
|
|
|
406,529
|
|
|
1,315,131
|
|
|||||
Income (loss) from discontinued operations, net of tax
|
5,584
|
|
|
2,969
|
|
|
2,229
|
|
|
(94,320
|
)
|
|
(83,538
|
)
|
|||||
Net income
|
$
|
288,709
|
|
|
$
|
170,811
|
|
|
$
|
459,864
|
|
|
$
|
312,209
|
|
|
$
|
1,231,593
|
|
Earnings per common share - basic
(b)
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.67
|
|
|
$
|
0.39
|
|
|
$
|
1.08
|
|
|
$
|
0.95
|
|
|
$
|
3.09
|
|
Discontinued operations
|
0.01
|
|
|
0.01
|
|
|
—
|
|
|
(0.22
|
)
|
|
(0.19
|
)
|
|||||
Total earnings per common share - basic
|
$
|
0.68
|
|
|
$
|
0.40
|
|
|
$
|
1.08
|
|
|
$
|
0.73
|
|
|
$
|
2.90
|
|
Earnings per common share - diluted
(b)
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.66
|
|
|
$
|
0.39
|
|
|
$
|
1.06
|
|
|
$
|
0.94
|
|
|
$
|
3.04
|
|
Discontinued operations
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
(0.22
|
)
|
|
(0.19
|
)
|
|||||
Total earnings per common share - diluted
|
$
|
0.67
|
|
|
$
|
0.40
|
|
|
$
|
1.07
|
|
|
$
|
0.72
|
|
|
$
|
2.85
|
|
Dividends per common share
|
$
|
0.32
|
|
|
$
|
0.32
|
|
|
$
|
0.32
|
|
|
$
|
0.37
|
|
|
$
|
1.33
|
|
(a)
|
VF recorded the following charges during the fourth quarter of 2016: restructuring —
$58.1 million
(
$43.7 million
after-tax), goodwill and intangible asset impairment charges —
$79.6 million
(
$64.1 million
after-tax) and pension settlement charge —
$50.9 million
(
$31.4 million
after-tax).
|
(b)
|
Per share amounts are computed independently for each quarter presented using unrounded numbers. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and rounding.
|
COL. A
|
COL. B
|
|
COL. C
|
|
COL. D
|
|
COL. E
|
||||||||||||
|
|
|
ADDITIONS
|
|
|
|
|
||||||||||||
Description
|
Balance at
Beginning
of Period
|
|
(1)
Charged to
Costs and
Expenses
|
|
(2)
Charged to
Other
Accounts
|
|
Deductions
|
|
Balance at
End of
Period
|
||||||||||
|
In thousands
|
||||||||||||||||||
Fiscal year ended December 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
$
|
23,275
|
|
|
$
|
17,263
|
|
|
$
|
—
|
|
|
$
|
19,407
|
|
(A)
|
$
|
21,131
|
|
Other accounts receivable allowances
|
$
|
187,530
|
|
|
1,528,313
|
|
|
—
|
|
|
1,528,169
|
|
(B)
|
$
|
187,674
|
|
|||
Valuation allowance for deferred income tax assets
|
$
|
100,951
|
|
|
—
|
|
|
14,039
|
|
(C)
|
—
|
|
|
$
|
114,990
|
|
|||
Fiscal year ended December 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
$
|
25,458
|
|
|
12,048
|
|
|
—
|
|
|
14,231
|
|
(A)
|
$
|
23,275
|
|
|||
Other accounts receivable allowances
|
$
|
177,535
|
|
|
1,378,288
|
|
|
—
|
|
|
1,368,293
|
|
(B)
|
$
|
187,530
|
|
|||
Valuation allowance for deferred income tax assets
|
$
|
96,802
|
|
|
—
|
|
|
4,149
|
|
(C)
|
—
|
|
|
$
|
100,951
|
|
|||
Fiscal year ended December 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
$
|
43,338
|
|
|
(2,036
|
)
|
|
—
|
|
|
15,844
|
|
(A)
|
$
|
25,458
|
|
|||
Other accounts receivable allowances
|
$
|
160,789
|
|
|
1,261,684
|
|
|
—
|
|
|
1,244,938
|
|
(B)
|
$
|
177,535
|
|
|||
Valuation allowance for deferred income tax assets
|
$
|
107,521
|
|
|
—
|
|
|
(10,719
|
)
|
(C)
|
—
|
|
|
$
|
96,802
|
|
(A)
|
Deductions include accounts written off, net of recoveries, and the effects of foreign currency translation.
|
(B)
|
Deductions include discounts, markdowns and returns, and the effects of foreign currency translation.
|
(C)
|
Additions relate to circumstances where it is more likely than not that deferred income tax assets will not be realized and the effects of foreign currency translation.
|
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