VF Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Capital and Accumulated Other Comprehensive Income (Loss) (Tables)

Capital and Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 28, 2014

Shares Held for Deferred Compensation Plans

Balances related to shares held for deferred compensation plans are as follows:


	June		December		June
In millions, except share amounts	2014		2013		2013
Shares held for deferred compensation plans		695,204		704,104		733,664
Cost of shares held for deferred compensation plans	$	8.2	$	8.4	$	8.7

Deferred Components of Other Comprehensive Income (Loss) Reported, Net of Related Income Taxes, in Accumulated Other Comprehensive Income (Loss) in Stockholders' Equity

The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in accumulated other comprehensive income (loss) in stockholders’ equity, as follows:


	June			December			June
In thousands	2014			2013			2013
Foreign currency translation	$	70,525		$	106,647		$	(42,716	)
Defined benefit pension plans		(264,187	)		(277,451	)		(394,785	)
Derivative financial instruments		(38,684	)		(41,754	)		(3,170	)
Marketable securities		134			838			(200	)

Accumulated other comprehensive income (loss)	$	(232,212	)	$	(211,720	)	$	(440,871	)

Changes in Accumulated Other Comprehensive Income (Loss), Net of Related Taxes

The changes in accumulated other comprehensive income (loss), net of related taxes, are as follows:


	Three Months Ended June 2014
	Foreign			Defined			Derivative
	Currency			Benefit			Financial			Marketable
In thousands	Translation			Pension Plans			Instruments			Securities			Total
Balance, March 2014	$	97,060		$	(270,830	)	$	(36,223	)	$	504		$	(209,489	)

Other comprehensive income (loss) before reclassifications		(26,535	)		—			(6,957	)		(370	)		(33,862	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			6,643			4,496			—			11,139

Net other comprehensive income (loss)		(26,535	)		6,643			(2,461	)		(370	)		(22,723	)

Balance, June 2014	$	70,525		$	(264,187	)	$	(38,684	)	$	134		$	(232,212	)


	Three Months Ended June 2013
In thousands	Foreign Currency Translation			Defined Benefit Pension Plans			Derivative Financial Instruments			Marketable Securities			Total
Balance, March 2013	$	(17,866	)	$	(407,679	)	$	1,924		$	486		$	(423,135	)

Other comprehensive income (loss) before reclassifications		(24,850	)		—			(1,878	)		(686	)		(27,414	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			12,894			(3,216	)		—			9,678

Net other comprehensive income (loss)		(24,850	)		12,894			(5,094	)		(686	)		(17,736	)

Balance, June 2013	$	(42,716	)	$	(394,785	)	$	(3,170	)	$	(200	)	$	(440,871	)


	Six Months Ended June 2014
	Foreign			Defined			Derivative
	Currency			Benefit			Financial			Marketable
In thousands	Translation			Pension Plans			Instruments			Securities			Total
Balance, December 2013	$	106,647		$	(277,451	)	$	(41,754	)	$	838		$	(211,720	)

Other comprehensive income (loss) before reclassifications		(36,122	)		—			(4,714	)		(704	)		(41,540	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			13,264			7,784			—			21,048

Net other comprehensive income (loss)		(36,122	)		13,264			3,070			(704	)		(20,492	)

Balance, June 2014	$	70,525		$	(264,187	)	$	(38,684	)	$	134		$	(232,212	)


	Six Months Ended June 2013
In thousands	Foreign Currency Translation			Defined Benefit Pension Plans			Derivative Financial Instruments			Marketable Securities			Total
Balance, December 2012	$	(4,068	)	$	(420,538	)	$	(29,430	)	$	141		$	(453,895	)

Other comprehensive income (loss) before reclassifications		(38,648	)		—			31,806			(341	)		(7,183	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			25,753			(5,546	)		—			20,207

Net other comprehensive income (loss)		(38,648	)		25,753			26,260			(341	)		13,024

Balance, June 2013	$	(42,716	)	$	(394,785	)	$	(3,170	)	$	(200	)	$	(440,871	)

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

Reclassifications out of accumulated other comprehensive income (loss) are as follows:


In thousands	Affected Line Item in the
Details About Accumulated Other	Consolidated Statements	Three Months Ended June						Six Months Ended June
Comprehensive Income (Loss) Components	of Income	2014			2013			2014			2013
Amortization of defined benefit pension plans:
Net deferred actuarial losses	^(a)	$	(9,389	)	$	(21,326	)	$	(18,773	)	$	(42,688	)
Deferred prior service costs	^(a)		(1,362	)		(316	)		(2,724	)		(657	)

	Total before tax		(10,751	)		(21,642	)		(21,497	)		(43,345	)
	Tax benefit (expense)		4,108			8,748			8,233			17,592

	Net of tax	$	(6,643	)	$	(12,894	)	$	(13,264	)	$	(25,753	)

Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net sales	$	(1,542	)	$	1,378		$	118		$	1,223
Foreign exchange contracts	Cost of goods sold		(4,339	)		3,683			(9,703	)		7,541
Foreign exchange contracts	Other income (expense), net		(507	)		1,209			(1,215	)		2,301
Interest rate contracts	Interest expense		(1,019	)		(972	)		(2,023	)		(1,929	)

	Total before tax		(7,407	)		5,298			(12,823	)		9,136
	Tax benefit (expense)		2,911			(2,082	)		5,039			(3,590	)

	Net of tax	$	(4,496	)	$	3,216		$	(7,784	)	$	5,546

Total reclassifications for the period	Net of tax	$	(11,139	)	$	(9,678	)	$	(21,048	)	$	(20,207	)

^(a)	These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note G for additional details).

- Definition

Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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