XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.4.0.3

Capital and Accumulated Other Comprehensive Income (Loss) | 3 Months Ended
--- | ---
Apr. 02, 2016
Capital and Accumulated Other Comprehensive Income (Loss) | Note H – Capital and Accumulated Other Comprehensive Income (Loss) During the first quarter of 2016, the Company purchased 11.3 million shares of Common Stock in open market transactions for $713.7 million under its share repurchase program authorized by VF’s Board of Directors. These transactions were treated as treasury stock transactions. Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the first quarter of 2016, VF restored 11.3 million treasury shares to an unissued status, after which they were no longer recognized as shares held in treasury. There were no shares held in treasury at the end of March 2016, December 2015 or March 2015. The excess of the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings. VF Common Stock is also held by the Company’s deferred compensation plans and is treated as treasury shares for financial reporting purposes. During the first quarter of 2016, the Company purchased 1,400 shares of Common Stock in open market transactions for $0.1 million. Balances related to shares held for deferred compensation plans are as follows:
In thousands, except share amounts |  | March 2016 |  |  | December 2015 |  |  | March 2015 |
Shares held for deferred compensation plans |  |  | 550,149 |  |  |  | 562,649 |  |  |  | 647,304 |
Cost of shares held for deferred compensation plans |  | $ | 6,614 |  |  | $ | 6,823 |  |  | $ | 8,441 |
Accumulated Other Comprehensive Income (Loss) Comprehensive income consists of net income and specified components of other comprehensive income (“OCI”), which relates to changes in assets and liabilities that are not included in net income under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive income is presented in the Consolidated Statements of Comprehensive Income. The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:
In thousands |  | March 2016 |  |  | December 2015 |  |  | March 2015 |
Foreign currency translation |  | $ | (602,890 | ) |  | $ | (718,169 | ) |  | $ | (603,022 | )
Defined benefit pension plans |  |  | (361,311 | ) |  |  | (372,195 | ) |  |  | (367,841 | )
Derivative financial instruments |  |  | 13,916 |  |  |  | 47,142 |  |  |  | 67,757 |
Marketable securities |  |  | — |  |  |  | — |  |  |  | 714 |
Accumulated other comprehensive income (loss) |  | $ | (950,285 | ) |  | $ | (1,043,222 | ) |  | $ | (902,392 | )
The changes in accumulated OCI, net of related taxes, are as follows:
|  | Three Months Ended March 2016 |  |  |  |
In thousands |  | Foreign Currency Translation |  |  | Defined Benefit Pension Plans |  |  | Derivative Financial Instruments |  |  | Total |  |
Balance, December 2015 |  | $ | (718,169 | ) |  | $ | (372,195 | ) |  | $ | 47,142 |  |  | $ | (1,043,222 | ) |
Other comprehensive income (loss) before reclassification |  |  | 115,279 |  |  |  | — |  |  |  | (9,698 | ) |  |  | 105,581 |  |
Amounts reclassified from accumulated other comprehensive income (loss) |  |  | — |  |  |  | 10,884 |  |  |  | (23,528 | ) |  |  | (12,644 | ) |
Net other comprehensive income (loss) |  |  | 115,279 |  |  |  | 10,884 |  |  |  | (33,226 | ) |  |  | 92,937 |  |
Balance, March 2016 |  | $ | (602,890 | ) |  | $ | (361,311 | ) |  | $ | 13,916 |  |  | $ | (950,285 | ) |
|  | Three Months Ended March 2015 |
In thousands |  | Foreign Currency Translation |  |  | Defined Benefit Pension Plans |  |  | Derivative Financial Instruments |  |  | Marketable Securities |  |  | Total |
Balance, December 2014 |  | $ | (356,941 | ) |  | $ | (377,134 | ) |  | $ | 31,389 |  |  | $ | 414 |  |  | $ | (702,272 | )
Other comprehensive income (loss) before reclassification |  |  | (246,081 | ) |  |  | — |  |  |  | 41,282 |  |  |  | 300 |  |  |  | (204,499 | )
Amounts reclassified from accumulated other comprehensive income (loss) |  |  | — |  |  |  | 9,293 |  |  |  | (4,914 | ) |  |  | — |  |  |  | 4,379 |
Net other comprehensive income (loss) |  |  | (246,081 | ) |  |  | 9,293 |  |  |  | 36,368 |  |  |  | 300 |  |  |  | (200,120 | )
Balance, March 2015 |  | $ | (603,022 | ) |  | $ | (367,841 | ) |  | $ | 67,757 |  |  | $ | 714 |  |  | $ | (902,392 | )
Reclassifications out of accumulated OCI are as follows:
In thousands Details About Accumulated Other Comprehensive Income (Loss) Components |  | Affected Line Item in the Consolidated Statements of Income |  |  |  |  |  |
|  | Three Months Ended March |
|  | 2016 |  |  | 2015 |
Amortization of defined benefit pension plans: |  |  |  |  |  |  |  |  |  |
Net deferred actuarial losses |  | (a) |  | $ | (16,306 | ) |  | $ | (15,497 | )
Deferred prior service costs |  | (a) |  |  | (647 | ) |  |  | (762 | )
|  | Total before tax |  |  | (16,953 | ) |  |  | (16,259 | )
|  | Tax benefit |  |  | 6,069 |  |  |  | 6,966 |
|  | Net of tax |  |  | (10,884 | ) |  |  | (9,293 | )
Gains (losses) on derivative financial instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Net sales |  |  | (4,963 | ) |  |  | (17,055 | )
Foreign exchange contracts |  | Cost of goods sold |  |  | 43,837 |  |  |  | 19,368 |
Foreign exchange contracts |  | Selling, general and administrative expenses |  |  | (978 | ) |  |  | — |
Foreign exchange contracts |  | Other income (expense), net |  |  | 1,503 |  |  |  | 6,835 |
Interest rate contracts |  | Interest expense |  |  | (1,104 | ) |  |  | (1,053 | )
|  | Total before tax |  |  | 38,295 |  |  |  | 8,095 |
|  | Tax expense |  |  | (14,767 | ) |  |  | (3,181 | )
|  | Net of tax |  |  | 23,528 |  |  |  | 4,914 |
Total reclassifications for the period |  | Net of tax |  | $ | 12,644 |  |  | $ | (4,379 | )
(a) | These accumulated OCI components are included in the computation of net periodic pension cost (see Note G for additional details).

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration