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Recently Adopted and Issued Accounting Standards (Tables) | 9 Months Ended
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Oct. 01, 2016
Impact of Adopting New Accounting Guidance on Classification of Debt Issuance Costs, Deferred Income Taxes and Consolidated Statement of Cash Flows | The impact of adopting the new accounting guidance on classification of debt issuance costs and deferred income taxes on VF’s September 2015 Consolidated Balance Sheet is as follows:
In thousands Balance Sheet Line Item |  | September 2015 Consolidated Balance Sheet (As Previously Reported)(a) |  |  | Reclassification of Debt Issuance Costs Increase (Decrease) |  |  | Reclassification of Deferred Income Taxes Increase (Decrease) |  |  | September 2015 Consolidated Balance Sheet (Reclassified) |
Other current assets |  | $ | 455,354 |  |  | $ | — |  |  | $ | (163,935 | ) |  | $ | 291,419 |
Other assets |  |  | 621,767 |  |  |  | (10,388 | ) |  |  | 35,513 |  |  |  | 646,892 |
Accrued liabilities |  |  | 896,666 |  |  |  | — |  |  |  | (6,092 | ) |  |  | 890,574 |
Long-term debt |  |  | 1,411,446 |  |  |  | (10,388 | ) |  |  | — |  |  |  | 1,401,058 |
Other liabilities |  |  | 1,084,413 |  |  |  | — |  |  |  | (122,330 | ) |  |  | 962,083 |
(a) | Excludes assets and liabilities previously reported in the Contemporary Brands coalition.
In March 2016, the FASB issued an update to their accounting guidance on stock compensation that intends to simplify and improve the accounting and statement of cash flow presentation for income taxes at settlement, forfeitures, and net settlements for withholding tax. The new standard is effective in the first quarter of 2017 with early adoption permitted. The Company early adopted this guidance as of the beginning of the first quarter of 2016. Accordingly, VF recognized $8.9 million and $26.5 million of excess tax benefits in our provision for income taxes, rather than paid-in capital, for the third quarter and first nine months of 2016, respectively. Also starting in the first quarter of 2016, the Company changed its earnings per share calculation to exclude excess tax benefits previously assumed under the treasury stock method, which had a minimal impact on diluted shares. The Company has elected to continue its existing practice of estimating expected forfeitures in determining compensation cost. VF did not have any awards that were subject to the amendment regarding employee shares eligible for tax withholding, and no changes were required related to the classification of employee taxes paid for withheld shares in the statement of cash flows since VF has historically classified these within financing cash flows. The Company began to present excess tax benefits as an operating cash flow in the first quarter of 2016 as required by the updated guidance, and elected to retrospectively adjust its first nine months of 2015 operating and financing cash flows, as follows:
In thousands Statement of Cash Flows |  | September 2015 Consolidated Statement of Cash Flows (As Previously Reported) |  |  | Reclassification of Tax Benefits of Stock-based Compensation Increase (Decrease) |  |  | September 2015 Consolidated Statement of Cash Flows (Reclassified) |
Cash used by operating activities |  | $ | (330,961 | ) |  | $ | 50,750 |  |  | $ | (280,211 | )
Cash provided by financing activities |  |  | 197,806 |  |  |  | (50,750 | ) |  |  | 147,056 |

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- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Direct Effects of a Change in Accounting Principle -URI http://asc.fasb.org/extlink&oid=66092750 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Indirect Effects of a Change in Accounting Principle -URI http://asc.fasb.org/extlink&oid=6515603 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Accounting Change -URI http://asc.fasb.org/extlink&oid=6503790 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Change in Accounting Principle -URI http://asc.fasb.org/extlink&oid=6507316 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Retrospective Application -URI http://asc.fasb.org/extlink&oid=6523989 + Details
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