| Quarterly Results of Operations (Unaudited) |
Note
X — Quarterly Results of Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
First
Quarter |
|
|
Second
Quarter |
|
|
Third
Quarter |
|
|
Fourth
Quarter |
|
|
Full
Year
|
|
| |
|
In thousands, except per
share amounts |
|
|
2014
(a)(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
$ |
2,780,778 |
|
|
$ |
2,402,076 |
|
|
$ |
3,520,447 |
|
|
$ |
3,578,860 |
|
|
$ |
12,282,161 |
|
|
Operating income
|
|
|
403,190 |
|
|
|
219,808 |
|
|
|
633,082 |
|
|
|
181,644 |
|
|
|
1,437,724 |
|
|
Net income attributable to
VF Corporation
|
|
|
297,193 |
|
|
|
157,682 |
|
|
|
470,529 |
|
|
|
122,101 |
|
|
|
1,047,505 |
|
|
Earnings per share
attributable to VF Corporation common stockholders:
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
0.68 |
|
|
$ |
0.37 |
|
|
$ |
1.09 |
|
|
$ |
0.28 |
|
|
$ |
2.42 |
|
|
Diluted
|
|
|
0.67 |
|
|
|
0.36 |
|
|
|
1.08 |
|
|
|
0.28 |
|
|
|
2.38 |
|
|
Dividends per common
share
|
|
$ |
0.2625 |
|
|
$ |
0.2625 |
|
|
$ |
0.2625 |
|
|
$ |
0.3200 |
|
|
$ |
1.1075 |
|
|
2013
(a)(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
$ |
2,611,869 |
|
|
$ |
2,220,411 |
|
|
$ |
3,297,269 |
|
|
$ |
3,290,099 |
|
|
$ |
11,419,648 |
|
|
Operating income
|
|
|
357,728 |
|
|
|
201,334 |
|
|
|
579,703 |
|
|
|
508,382 |
|
|
|
1,647,147 |
|
|
Net income attributable to
VF Corporation
|
|
|
270,417 |
|
|
|
138,274 |
|
|
|
433,761 |
|
|
|
367,667 |
|
|
|
1,210,119 |
|
|
Earnings per share
attributable to VF Corporation common stockholders:
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
0.61 |
|
|
$ |
0.32 |
|
|
$ |
0.99 |
|
|
$ |
0.84 |
|
|
$ |
2.76 |
|
|
Diluted
|
|
|
0.60 |
|
|
|
0.31 |
|
|
|
0.97 |
|
|
|
0.82 |
|
|
|
2.71 |
|
|
Dividends per common
share
|
|
$ |
0.2175 |
|
|
$ |
0.2175 |
|
|
$ |
0.2175 |
|
|
$ |
0.2625 |
|
|
$ |
0.9150 |
|
| (a) |
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.
|
| (b) |
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.
|
| (c) |
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 |
|
| (d) |
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.
|
|