Note X — Quarterly Results of Operations (Unaudited)
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Year
In thousands, except per share amounts
2011 (a)
Total revenues
$
1,958,799
$
1,840,123
$
2,750,071
$
2,910,239
$
9,459,232
Operating income
274,643
188,671
430,118
351,359
1,244,791
Net income attributable to VF Corporation
200,703
129,368
300,700
257,318
888,089
Earnings per share attributable to VF Corporation common stockholders:
Basic
$
1.85
$
1.19
$
2.74
$
2.33
$
8.13
Diluted
1.82
1.17
2.69
2.28
7.98
Dividends per common share
$
0.63
$
0.63
$
0.63
$
0.72
$
2.61
2010 (b)
Total revenues
$
1,749,879
$
1,594,104
$
2,232,367
$
2,126,239
$
7,702,589
Operating income
223,260
169,524
354,545
73,531
820,860
Net income attributable to VF Corporation
163,516
110,835
242,787
54,224
571,362
Earnings per share attributable to VF Corporation common stockholders:
Basic
$
1.48
$
1.02
$
2.25
$
0.50
$
5.25
Diluted
1.46
1.00
2.22
0.49
5.18
Dividends per common share
$
0.60
$
0.60
$
0.60
$
0.63
$
2.43
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Year
In thousands, except per share amounts
2009 (c)
Total revenues
$
1,725,474
$
1,485,637
$
2,093,806
$
1,915,369
$
7,220,286
Operating income
161,448
119,738
317,891
137,740
736,817
Net income attributable to VF Corporation
100,939
75,527
217,920
66,885
461,271
Earnings per share attributable to VF Corporation common stockholders:
Basic
$
0.92
$
0.69
$
1.97
$
0.61
$
4.18
Diluted
0.91
0.68
1.94
0.60
4.13
Dividends per common share
$
0.59
$
0.59
$
0.59
$
0.60
$
2.37
(a)
Transaction and restructuring costs related to the acquisition of Timberland reduced operating results as follows:
Third Quarter
Fourth Quarter
Year
In millions, except per share amounts
Operating income
$
26.8
$
6.7
$
33.5
Net income
20.0
4.6
24.6
Earnings per share:
Basic
$
0.19
$
0.04
$
0.23
Diluted
0.18
0.04
0.22
(b)
Goodwill and trademark impairment charges in the fourth quarter of 2010 reduced operating results as follows: operating income — $201.7 million; net income — $141.8 million; basic earnings per share — $1.31 ($1.30 for year); and diluted earnings per share — $1.29. See Notes F, G and T.
(c)
Goodwill and trademark impairment changes in the fourth quarter of 2009 reduced operating results as follows: operating income — $122.0 million; net income — $114.4 million; basic earnings per share — $1.04; and diluted earnings per share — $1.02 ($1.03 for year). See Notes F, G and T.
The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.