| Quarterly Results of Operations (Unaudited) |
Quarterly Results of Operations (Unaudited)
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First
Quarter |
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Second
Quarter |
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Third
Quarter |
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Fourth
Quarter (a)
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Full
Year |
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In thousands, except per share amounts |
2016 |
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Total revenues |
$ |
2,764,944 |
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$ |
2,445,259 |
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$ |
3,488,226 |
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$ |
3,320,574 |
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$ |
12,019,003 |
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Operating income |
332,253 |
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211,424 |
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635,428 |
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320,121 |
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1,499,226 |
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Income from continuing operations |
256,866 |
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148,294 |
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503,034 |
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264,333 |
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1,172,527 |
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Income (loss) from discontinued operations, net of tax |
3,403 |
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(97,279 |
) |
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(4,545 |
) |
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— |
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(98,421 |
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Net income |
$ |
260,269 |
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$ |
51,015 |
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$ |
498,489 |
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$ |
264,333 |
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$ |
1,074,106 |
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Earnings per common share - basic (b)
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Continuing operations |
$ |
0.61 |
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$ |
0.35 |
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$ |
1.22 |
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$ |
0.64 |
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$ |
2.82 |
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Discontinued operations |
0.01 |
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(0.23 |
) |
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(0.01 |
) |
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— |
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(0.24 |
) |
Total earnings per common share - basic |
$ |
0.62 |
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$ |
0.12 |
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$ |
1.21 |
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$ |
0.64 |
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$ |
2.58 |
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Earnings per common share - diluted (b)
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Continuing operations |
$ |
0.60 |
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$ |
0.35 |
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$ |
1.20 |
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$ |
0.63 |
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$ |
2.78 |
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Discontinued operations |
0.01 |
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(0.23 |
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(0.01 |
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— |
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(0.24 |
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Total earnings per common share - diluted |
$ |
0.61 |
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$ |
0.12 |
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$ |
1.19 |
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$ |
0.63 |
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$ |
2.54 |
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Dividends per common share |
$ |
0.37 |
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$ |
0.37 |
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$ |
0.37 |
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$ |
0.42 |
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$ |
1.53 |
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2015 |
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Total revenues |
$ |
2,749,764 |
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$ |
2,426,986 |
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$ |
3,529,626 |
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$ |
3,326,279 |
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$ |
12,032,655 |
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Operating income |
391,349 |
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218,980 |
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639,563 |
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538,035 |
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1,787,927 |
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Income from continuing operations |
283,125 |
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167,842 |
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457,635 |
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406,529 |
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1,315,131 |
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Income (loss) from discontinued operations, net of tax |
5,584 |
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2,969 |
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2,229 |
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(94,320 |
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(83,538 |
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Net income |
$ |
288,709 |
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$ |
170,811 |
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$ |
459,864 |
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$ |
312,209 |
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$ |
1,231,593 |
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Earnings per common share - basic (b)
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Continuing operations |
$ |
0.67 |
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$ |
0.39 |
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$ |
1.08 |
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$ |
0.95 |
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$ |
3.09 |
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Discontinued operations |
0.01 |
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0.01 |
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— |
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(0.22 |
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(0.19 |
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Total earnings per common share - basic |
$ |
0.68 |
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$ |
0.40 |
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$ |
1.08 |
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$ |
0.73 |
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$ |
2.90 |
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Earnings per common share - diluted (b)
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Continuing operations |
$ |
0.66 |
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$ |
0.39 |
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$ |
1.06 |
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$ |
0.94 |
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$ |
3.04 |
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Discontinued operations |
0.01 |
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0.01 |
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0.01 |
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(0.22 |
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(0.19 |
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Total earnings per common share - diluted |
$ |
0.67 |
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$ |
0.40 |
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$ |
1.07 |
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$ |
0.72 |
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$ |
2.85 |
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Dividends per common share |
$ |
0.32 |
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$ |
0.32 |
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$ |
0.32 |
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$ |
0.37 |
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$ |
1.33 |
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(a) |
VF recorded the following charges during the fourth quarter of 2016: restructuring — $58.1 million ($43.7 million after-tax), goodwill and intangible asset impairment charges — $79.6 million ($64.1 million after-tax) and pension settlement charge — $50.9 million ($31.4 million after-tax).
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(b) |
Per share amounts are computed independently for each quarter presented using unrounded numbers. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and rounding. |
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