Exhibit 12.1
V.F. Corporation Computation of Ratio of Earnings to Fixed Charges
| Six Months Ended | Fiscal Years | |||||||||||||||||||||||||||
| June 28, | June 29, | |||||||||||||||||||||||||||
| 2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
| (dollars in millions, except ratio data) | ||||||||||||||||||||||||||||
| Earnings: |
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| Income before income taxes |
$ | 581 | $ | 517 | $ | 1,562 | $ | 1,422 | $ | 1,165 | $ | 750 | $ | 655 | ||||||||||||||
| Add: |
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| (Income) loss attributable to noncontrolling interests |
— | — | — | — | (3 | ) | (2 | ) | 3 | |||||||||||||||||||
| Amortization of capitalized interest in current and prior periods (1) |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Fixed charges (see calculation below) |
98 | 94 | 187 | 193 | 156 | 138 | 145 | |||||||||||||||||||||
| Less: |
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| Income from equity method investments |
— | — | — | — | — | (1 | ) | (1 | ) | |||||||||||||||||||
| Capitalized interest |
(1 | ) | (2 | ) | (4 | ) | (1 | ) | — | — | — | |||||||||||||||||
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| Total Earnings |
$ | 678 | $ | 609 | $ | 1,745 | $ | 1,614 | $ | 1,318 | $ | 885 | $ | 802 | ||||||||||||||
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| Fixed Charges: |
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| Interest and debt expense (2) |
$ | 42 | $ | 43 | $ | 85 | $ | 94 | $ | 78 | $ | 78 | $ | 86 | ||||||||||||||
| Capitalized interest |
1 | 2 | 4 | 1 | — | — | — | |||||||||||||||||||||
| Representative interest portion of rent expense (3) |
55 | 49 | 98 | 98 | 78 | 60 | 59 | |||||||||||||||||||||
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| Total Fixed Charges |
$ | 98 | $ | 94 | $ | 187 | $ | 193 | $ | 156 | $ | 138 | $ | 145 | ||||||||||||||
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| Ratio of Earnings to Fixed Charges: |
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| Earnings |
$ | 678 | $ | 609 | $ | 1,745 | $ | 1,614 | $ | 1,318 | $ | 885 | $ | 802 | ||||||||||||||
| Fixed Charges (4) |
98 | 94 | 187 | 193 | 156 | 138 | 145 | |||||||||||||||||||||
| Ratio of Earnings to Fixed Charges |
6.9 x | 6.5 x | 9.3 x | 8.4 x | 8.4 x | 6.4 x | 5.5 x | |||||||||||||||||||||
| (1) | Rounds to immaterial amounts |
| (2) | Interest and debt expense includes interest on indebtedness, amortization of debt discount and expenses, and excludes interest related to reserves for income taxes, as such interest is included in the provision for income taxes |
| (3) | One-third of rent expense (excluding contingent rent expense) represents a reasonable approximation of the interest factor |
| (4) | There were no preferred stock dividends in any periods presented |