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
| Fiscal Years Ended | |||||||||||||||
| January 3, 2004 |
January 4, 2003 |
December 29, 2001 |
December 30, 2000 |
January 1, 2000 |
|||||||||||
| (dollars in millions, except per share data) | |||||||||||||||
| Earnings before fixed charges: | |||||||||||||||
| Income from continuing operations | |||||||||||||||
| before income taxes | $ | 599 | $ | 562 | $ | 369 | $ | 427 | $ | 583 | |||||
| Plus: | |||||||||||||||
| Interest and debt expense | 61 | 71 | 93 | 89 | 72 | ||||||||||
| Interest portion of rental expense 1 | 25 | 21 | 21 | 21 | 20 | ||||||||||
| Earnings before fixed charges | $ | 685 | $ | 654 | $ | 483 | $ | 537 | $ | 675 | |||||
| Fixed charges: | |||||||||||||||
| Interest and debt expense | $ | 61 | $ | 71 | $ | 93 | $ | 89 | $ | 72 | |||||
| Capitalized interest | 0 | 0 | 0 | 0 | 2 | ||||||||||
| Interest portion of rental expense 1 | 25 | 21 | 21 | 21 | 20 | ||||||||||
| Fixed charges | $ | 86 | $ | 92 | $ | 114 | $ | 110 | $ | 94 | |||||
| Fixed charges | $ | 86 | $ | 92 | $ | 114 | $ | 110 | $ | 94 | |||||
| Preferred stock dividends | 2 | 3 | 3 | 3 | 3 | ||||||||||
| Combined fixed charges and preferred stock | |||||||||||||||
| dividends | $ | 88 | $ | 95 | $ | 117 | $ | 113 | $ | 97 | |||||
| Ratio of earnings to fixed charges | 7.9 | 7.1 | 4.2 | 4.9 | 7.2 | ||||||||||
| Ratio of earnings to combined fixed charges | |||||||||||||||
| and preferred stock dividends | 7.7 | 6.9 | 4.1 | 4.7 | 7.0 | ||||||||||
| 1Represents one-third of rental expense. | |||||||||||||||