VF Corporation Annual report pursuant to Section 13 and 15(d)

Business Segment Information (Tables)

12 Months Ended

Jan. 03, 2015

Financial information for VF’s reportable segments is as follows:


	2014			2013			2012
	In thousands
Coalition revenues:
Outdoor & Action Sports	$	7,198,994		$	6,379,167		$	5,866,071
Jeanswear		2,801,754			2,810,994			2,789,293
Imagewear		1,104,038			1,065,952			1,075,677
Sportswear		650,203			624,693			577,317
Contemporary Brands ^(a)		400,431			415,053			445,960
Other		126,741			123,789			125,537

Total coalition revenues	$	12,282,161		$	11,419,648		$	10,879,855

Coalition profit:
Outdoor & Action Sports ^(b)	$	1,312,963		$	1,106,384		$	1,019,425
Jeanswear		527,972			544,882			466,960
Imagewear		164,352			152,203			145,053
Sportswear		77,972			88,157			72,978
Contemporary Brands ^(a)		23,420			38,825			49,182
Other		(2,600	)		(562	)		(232	)

Total coalition profit		2,104,079			1,929,889			1,753,366
Impairment of goodwill and intangible assets ^(c)		(396,362	)		—			—
Corporate and other expenses ^(b)		(275,537	)		(286,767	)		(241,239	)
Interest expense, net		(79,814	)		(80,632	)		(90,252	)

Income before income taxes	$	1,352,366		$	1,562,490		$	1,421,875

^(a)	Excludes operating results of John Varvatos Enterprises, Inc. since its disposition date of April 30, 2012.

^(b)	Includes expenses related to the acquisition of Timberland as follows:

2013 — $10.7 million reported in Outdoor & Action Sports

2012 — $30.8 million reported in Outdoor & Action Sports ($22.1 million) and Corporate ($8.7 million)

^(c)	Reflects impairment charges related to the Contemporary Brands coalition. See Notes F, G and T for additional information.


	2014		2013		2012
	In thousands
Coalition assets:
Outdoor & Action Sports	$	2,211,232	$	2,133,447	$	1,944,822
Jeanswear		904,933		943,011		870,302
Imagewear		349,254		334,864		341,588
Sportswear		147,091		156,107		131,393
Contemporary Brands		172,687		187,116		172,564
Other		63,549		74,043		66,774

Total coalition assets		3,848,746		3,828,588		3,527,443
Cash and equivalents		971,895		776,403		597,461
Intangible assets and goodwill		4,258,508		4,981,951		4,926,815
Deferred income taxes		174,537		185,858		167,685
Corporate assets		726,454		542,643		413,617

Consolidated assets	$	9,980,140	$	10,315,443	$	9,633,021

Capital expenditures:
Outdoor & Action Sports	$	111,020	$	139,428	$	155,522
Jeanswear		31,586		49,763		67,239
Imagewear		6,356		3,793		4,967
Sportswear		22,814		6,074		5,279
Contemporary Brands		10,308		13,679		6,766
Other		2,489		3,953		5,418
Corporate		49,504		54,463		6,749

	$	234,077	$	271,153	$	251,940

Depreciation and amortization expense:
Outdoor & Action Sports	$	131,166	$	122,385	$	114,483
Jeanswear		43,189		41,742		39,520
Imagewear		11,602		11,481		11,733
Sportswear		14,334		12,195		11,639
Contemporary Brands		24,006		24,309		24,915
Other		5,231		4,608		5,517
Corporate		45,355		36,553		30,149

	$	274,883	$	253,273	$	237,956

Supplemental information (with revenues by geographic area based on the location of the customer) is as follows:


	2014		2013		2012
	In thousands
Total revenues:
U.S.	$	7,574,546	$	7,124,781	$	6,903,269
Foreign, primarily Europe		4,707,615		4,294,867		3,976,586

	$	12,282,161	$	11,419,648	$	10,879,855

Property, plant and equipment:
U.S.	$	577,669	$	549,420	$	513,282
Foreign, primarily Europe		364,512		383,372		314,936

	$	942,181	$	932,792	$	828,218