BUSINESS SEGMENT INFORMATION (Tables)
|
12 Months Ended |
Dec. 30, 2017 |
|---|
| Segment Reporting [Abstract] |
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| Financial Information for Reportable Segments |
Financial information for VF’s reportable segments is as follows:
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|
|
|
|
|
|
|
|
|
|
|
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|
(In thousands) |
|
2017 |
|
|
2016 |
|
2015 |
Coalition revenues: |
|
|
|
|
|
|
|
Outdoor & Action Sports |
|
$ |
8,212,456 |
|
|
|
$ |
7,618,564 |
|
|
$ |
7,492,789 |
|
Jeanswear |
|
2,655,361 |
|
|
|
2,737,701 |
|
|
2,792,244 |
|
Imagewear |
|
830,215 |
|
|
|
551,808 |
|
|
577,462 |
|
Other |
|
113,145 |
|
|
|
118,074 |
|
|
133,898 |
|
Total coalition revenues |
|
$ |
11,811,177 |
|
|
|
$ |
11,026,147 |
|
|
$ |
10,996,393 |
|
Coalition profit: |
|
|
|
|
|
|
|
Outdoor & Action Sports |
|
$ |
1,378,294 |
|
|
|
$ |
1,243,201 |
|
|
$ |
1,288,789 |
|
Jeanswear |
|
421,945 |
|
|
|
491,912 |
|
|
535,385 |
|
Imagewear |
|
113,252 |
|
|
|
104,023 |
|
|
105,946 |
|
Other (a)
|
|
(3,086 |
) |
|
|
(4,817 |
) |
|
14,979 |
|
Total coalition profit |
|
1,910,405 |
|
|
|
1,834,319 |
|
|
1,945,099 |
|
Impairment of goodwill and intangible assets (b)
|
|
— |
|
|
|
(79,644 |
) |
|
— |
|
Corporate and other expenses (c) (d)
|
|
(408,030 |
) |
|
|
(384,413 |
) |
|
(299,243 |
) |
Interest expense, net (e)
|
|
(85,880 |
) |
|
|
(85,546 |
) |
|
(81,599 |
) |
Income from continuing operations before income taxes |
|
$ |
1,416,495 |
|
|
|
$ |
1,284,716 |
|
|
$ |
1,564,257 |
|
|
|
(a) |
Reflects a $16.6 million gain in 2015 recognized on the sale of a VF Outlet® location.
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|
|
(b) |
Represents goodwill and intangible asset impairment charges in 2016 related to the Outdoor & Action Sports coalition (Notes G, H and U). The impairment charges were excluded from the profit of the Outdoor & Action Sports coalition since they are not part of the ongoing operations of the business. |
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|
(c) |
Reflects a $50.9 million pension settlement charge in 2016 (Note N).
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|
(d) |
Certain corporate overhead and other costs of $16.6 million, $44.3 million and $48.2 million in 2017, 2016 and 2015, respectively, previously allocated to the Sportswear, Imagewear, Outdoor & Action Sports and Contemporary Brands coalitions for segment reporting purposes, have been reallocated to continuing operations as discussed in Note C.
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|
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(e) |
Interest expense of $2.3 million in 2015, previously allocated to the Contemporary Brands coalition for segment reporting purposes, has been reallocated to continuing operations as discussed in Note C.
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|
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|
(In thousands) |
|
2017 |
|
|
2016 |
Coalition assets: |
|
|
|
|
|
Outdoor & Action Sports |
|
$ |
2,560,648 |
|
|
|
$ |
2,442,882 |
|
Jeanswear |
|
1,055,004 |
|
|
|
943,764 |
|
Imagewear |
|
713,082 |
|
|
|
207,104 |
|
Other |
|
60,128 |
|
|
|
63,351 |
|
Total coalition assets |
|
4,388,862 |
|
|
|
3,657,101 |
|
Cash and equivalents |
|
566,075 |
|
|
|
1,227,862 |
|
Intangible assets and goodwill |
|
3,782,425 |
|
|
|
3,088,595 |
|
Deferred income taxes |
|
103,601 |
|
|
|
42,231 |
|
Corporate assets |
|
715,474 |
|
|
|
986,196 |
|
Assets of discontinued operations |
|
402,065 |
|
|
|
737,302 |
|
Consolidated assets |
|
$ |
9,958,502 |
|
|
|
$ |
9,739,287 |
|
|
| Reconciliation Assets |
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|
|
|
|
|
|
|
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|
(In thousands) |
|
2017 |
|
|
2016 |
Coalition assets: |
|
|
|
|
|
Outdoor & Action Sports |
|
$ |
2,560,648 |
|
|
|
$ |
2,442,882 |
|
Jeanswear |
|
1,055,004 |
|
|
|
943,764 |
|
Imagewear |
|
713,082 |
|
|
|
207,104 |
|
Other |
|
60,128 |
|
|
|
63,351 |
|
Total coalition assets |
|
4,388,862 |
|
|
|
3,657,101 |
|
Cash and equivalents |
|
566,075 |
|
|
|
1,227,862 |
|
Intangible assets and goodwill |
|
3,782,425 |
|
|
|
3,088,595 |
|
Deferred income taxes |
|
103,601 |
|
|
|
42,231 |
|
Corporate assets |
|
715,474 |
|
|
|
986,196 |
|
Assets of discontinued operations |
|
402,065 |
|
|
|
737,302 |
|
Consolidated assets |
|
$ |
9,958,502 |
|
|
|
$ |
9,739,287 |
|
|
| Reconciliation of Capital Expenditures and Depreciation and Amortization Expense |
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|
|
|
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|
|
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|
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|
(In thousands) |
|
2017 |
|
|
2016 |
|
2015 |
Capital expenditures: (a)
|
|
|
|
|
|
|
|
Outdoor & Action Sports |
|
$ |
104,230 |
|
|
|
$ |
115,508 |
|
|
$ |
168,679 |
|
Jeanswear |
|
30,726 |
|
|
|
38,802 |
|
|
31,844 |
|
Imagewear |
|
7,794 |
|
|
|
5,034 |
|
|
5,445 |
|
Other |
|
1,981 |
|
|
|
2,390 |
|
|
2,679 |
|
Corporate |
|
22,087 |
|
|
|
9,311 |
|
|
32,318 |
|
|
|
$ |
166,818 |
|
|
|
$ |
171,045 |
|
|
$ |
240,965 |
|
Depreciation and amortization expense: (b)
|
|
|
|
|
|
|
|
Outdoor & Action Sports |
|
$ |
140,682 |
|
|
|
$ |
141,799 |
|
|
$ |
131,877 |
|
Jeanswear |
|
53,205 |
|
|
|
47,726 |
|
|
41,823 |
|
Imagewear |
|
11,682 |
|
|
|
3,863 |
|
|
3,559 |
|
Other |
|
3,560 |
|
|
|
3,537 |
|
|
4,510 |
|
Corporate |
|
68,016 |
|
|
|
57,291 |
|
|
51,117 |
|
|
|
$ |
277,145 |
|
|
|
$ |
254,216 |
|
|
$ |
232,886 |
|
|
|
(a) |
Excludes $2.6 million, $4.8 million and $13.5 million of capital expenditures related to discontinued operations in 2017, 2016 and 2015, respectively. These amounts are included in capital expenditures in our Consolidated Statements of Cash Flows as we did not segregate cash flows related to discontinued operations (Note C).
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(b) |
Excludes $14.0 million, $27.4 million and $39.2 million of depreciation and amortization related to discontinued operations in 2017, 2016 and 2015, respectively. These amounts are included in depreciation and amortization in our Consolidated Statements of Cash Flows as we did not segregate cash flows related to discontinued operations (Note C).
|
|
| Supplemental Information (with Revenues by Geographic Area Based on Location of Customer) |
Supplemental information (with revenues by geographic area based on the location of the customer) is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2017 |
|
|
2016 |
|
2015 |
Total revenues: |
|
|
|
|
|
|
|
U.S. |
|
$ |
6,785,196 |
|
|
|
$ |
6,526,223 |
|
|
$ |
6,654,226 |
|
Foreign, primarily Europe |
|
5,025,981 |
|
|
|
4,499,924 |
|
|
4,342,167 |
|
|
|
$ |
11,811,177 |
|
|
|
$ |
11,026,147 |
|
|
$ |
10,996,393 |
|
Property, plant and equipment: |
|
|
|
|
|
|
|
U.S. |
|
$ |
595,499 |
|
|
|
$ |
547,036 |
|
|
|
Foreign, primarily Europe |
|
407,201 |
|
|
|
348,924 |
|
|
|
|
|
$ |
1,002,700 |
|
|
|
$ |
895,960 |
|
|
|
|