Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v2.4.1.9
Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Jan. 03, 2015
Dec. 28, 2013
Dec. 29, 2012
Net sales $ 12,154,784us-gaap_SalesRevenueNet $ 11,302,350us-gaap_SalesRevenueNet $ 10,766,020us-gaap_SalesRevenueNet
Royalty income 127,377us-gaap_RoyaltyRevenue 117,298us-gaap_RoyaltyRevenue 113,835us-gaap_RoyaltyRevenue
Total revenues 12,282,161us-gaap_Revenues [1],[2] 11,419,648us-gaap_Revenues [1],[3] 10,879,855us-gaap_Revenues
Costs and operating expenses      
Cost of goods sold 6,288,190us-gaap_CostOfGoodsSold 5,931,469us-gaap_CostOfGoodsSold 5,817,880us-gaap_CostOfGoodsSold
Selling, general and administrative expenses 4,159,885us-gaap_SellingGeneralAndAdministrativeExpense 3,841,032us-gaap_SellingGeneralAndAdministrativeExpense 3,596,708us-gaap_SellingGeneralAndAdministrativeExpense
Impairment of goodwill and intangible assets 396,362us-gaap_GoodwillAndIntangibleAssetImpairment [4]    
Costs and Expenses, Total 10,844,437us-gaap_CostsAndExpenses 9,772,501us-gaap_CostsAndExpenses 9,414,588us-gaap_CostsAndExpenses
Operating income 1,437,724us-gaap_OperatingIncomeLoss [1],[2] 1,647,147us-gaap_OperatingIncomeLoss [1],[3] 1,465,267us-gaap_OperatingIncomeLoss
Interest income 6,911us-gaap_InvestmentIncomeInterest 4,141us-gaap_InvestmentIncomeInterest 3,353us-gaap_InvestmentIncomeInterest
Interest expense (86,725)us-gaap_InterestAndDebtExpense (84,773)us-gaap_InterestAndDebtExpense (93,605)us-gaap_InterestAndDebtExpense
Other income (expense), net (5,544)us-gaap_OtherNonoperatingIncomeExpense (4,025)us-gaap_OtherNonoperatingIncomeExpense 46,860us-gaap_OtherNonoperatingIncomeExpense
Income before income taxes 1,352,366us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 1,562,490us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 1,421,875us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income taxes 304,861us-gaap_IncomeTaxExpenseBenefit 352,371us-gaap_IncomeTaxExpenseBenefit 335,737us-gaap_IncomeTaxExpenseBenefit
Net income 1,047,505us-gaap_ProfitLoss 1,210,119us-gaap_ProfitLoss 1,086,138us-gaap_ProfitLoss
Net income attributable to noncontrolling interests     (139)us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
Net income attributable to VF Corporation common stockholders $ 1,047,505us-gaap_NetIncomeLoss [1],[2] $ 1,210,119us-gaap_NetIncomeLoss [1],[3] $ 1,085,999us-gaap_NetIncomeLoss
Earnings per common share attributable to VF Corporation common stockholders      
Basic $ 2.42us-gaap_EarningsPerShareBasic [1],[2],[5] $ 2.76us-gaap_EarningsPerShareBasic [1],[3],[5] $ 2.47us-gaap_EarningsPerShareBasic
Diluted $ 2.38us-gaap_EarningsPerShareDiluted [1],[2],[5] $ 2.71us-gaap_EarningsPerShareDiluted [1],[3],[5] $ 2.43us-gaap_EarningsPerShareDiluted
Cash dividends per common share $ 1.1075us-gaap_CommonStockDividendsPerShareCashPaid [1],[2] $ 0.9150us-gaap_CommonStockDividendsPerShareCashPaid [1],[3] $ 0.7575us-gaap_CommonStockDividendsPerShareCashPaid
[1] The fourth quarter and full year 2014 consisted of 14 weeks and 53 weeks, respectively, compared with 13 weeks and 52 weeks in the respective 2013 periods.
[2] Goodwill and intangible asset impairment charges in the fourth quarter of 2014 reduced fourth quarter and full year operating results as follows: operating income - $396.4 million; net income - $306.8 million; basic earnings per share - $0.71; and diluted earnings per share - $0.70. See Notes F, G and T.
[3] Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2013 as follows: First Second Third Fourth Full Quarter Quarter Quarter Quarter Year In millions, except per share amounts Operating income $ 2.8 $ 4.5 $ 2.8 $ 0.6 $ 10.7 Net income 2.2 3.8 2.2 0.6 8.8 Earnings per share: Basic $ 0.01 $ 0.01 $ - $ - $ 0.02 Diluted $ 0.01 $ 0.01 $ - $ - $ 0.02
[4] Reflects impairment charges related to the Contemporary Brands coalition. See Notes F, G and T for additional information.
[5] Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and all other quarterly amounts may not equal the total year due to rounding.