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
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October 4, September January December December January January
2003 28, 2002 4, 2003 29, 2001 30, 2000 1, 2000 2, 1999
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(dollars in millions, except per share data)
Earnings before fixed charges:
Income from continuing operations
before income taxes..................... $ 447 $ 456 $ 562 $ 369 $ 427 $ 583 $ 611
Plus:
Interest and debt expense
Interest portion of rental .......... $ 43 $ 57 $ 71 $ 93 $ 89 $ 72 $ 62
expense.............................. 16 16 21 21 21 20 21
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Earnings before fixed charges ............. $ 506 $ 529 $ 654 $ 484 $ 537 $ 675 $ 694
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Fixed charges:
Interest and debt expenses.............. $ 43 $ 57 $ 71 $ 93 $ 89 $ 72 $ 62
Capitalized interest.................... 0 0 0 0 0 2 1
Interest portion of rental expense...... 16 16 21 21 21 20 21
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Fixed charges ............................. $ 59 $ 73 $ 93 $ 115 $ 110 $ 94 $ 84
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Rental expense (1)......................... $ 47 $ 47 $ 63 $ 64 $ 64 $ 59 $ 64
Preferred stock dividends.................. $ 2 $ 2 $ 3 $ 3 $ 3 $ 4 $ 4
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Combined fixed charges and
preferred stock dividends.................. $ 61 $ 75 $ 95 $ 118 $ 114 $ 97 $ 88
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Ratio of earnings to fixed charges ........ 8.6 7.3 7.1 4.2 4.9 7.2 8.2
Ratio of earnings to combined fixed
charges and preferred stock dividends ..... 8.4 7.1 6.9 4.1 4.7 7.0 7.9
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(1) Rental expense was estimated for the nine months ended October 4, 2003 and
the nine months ended September 28, 2002 based on three quarters of the
rental expense in the fiscal year ended January 4, 2003.