EXHIBIT 12.1 V.F. CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
NINE MONTHS ENDED FISCAL YEARS ENDED ------------------------- -------------------------------------------------------------------- SEPTEMBER 30, OCTOBER 2, JANUARY 1, JANUARY 2, JANUARY 3, JANUARY 4, DECEMBER 30, 2000 2000 2000 1999 1998 1997 1995 ------- ------- ------- ------- ------- ------- ------- (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND RATIO DATA) Earnings before fixed charges: Income before income taxes 418,929 436,972 595,576 631,598 585,880 508,408 284,135 Plus: Interest and debt expense .............. 62,451 53,831 71,426 62,282 49,695 62,793 77,302 Interest portion of rental expense ....... 14,825 14,825 19,767 21,433 22,067 22,333 23,467 ------- ------- ------- ------- ------- ------- ------- Earnings before fixed charges ................... 496,205 505,628 686,769 715,313 657,642 593,534 384,904 ======= ======= ======= ======= ======= ======= ======= Fixed charges: Interest and debt expense ................ 62,451 53,831 71,426 62,282 49,695 62,793 77,302 Capitalized interest ...... 291 895 1,645 796 603 192 412 Interest portion of rental expense ................ 14,825 14,825 19,767 21,433 22,067 22,333 23,467 ------- ------- ------- ------- ------- ------- ------- Fixed charges ................ 77,567 69,551 92,838 84,511 72,365 85,318 101,181 ======= ======= ======= ======= ======= ======= ======= Rental expense(1) ............ 44,475 44,475 59,300 64,300 66,200 67,000 70,400 Preferred stock dividends .... 2,517 2,678 3,547 3,717 3,804 4,016 4,131 ------- ------- ------- ------- ------- ------- ------- Combined fixed charges and preferred stock dividends .... 80,084 72,229 96,385 88,228 76,169 89,334 105,312 ======= ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges ................... 6.4 7.3 7.4 8.5 9.1 7.0 3.8 Ratio of earnings to combined fixed charges and preferred stock dividends ................. 6.2 7.0 7.1 8.1 8.6 6.6 3.7
- ------------------- (1) Rental expense was estimated for the nine months ended September 30, 2000 and the nine months ended October 2, 1999 based on three quarters of the rental expense in the fiscal year ended January 1, 2000.