Quarterly report pursuant to Section 13 or 15(d)

Capital and Accumulated Other Comprehensive Income (Loss)

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Capital and Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2012
Capital and Accumulated Other Comprehensive Income (Loss)

Note H — Capital and Accumulated Other Comprehensive Income (Loss)

Common stock outstanding is net of shares held in treasury and, in substance, retired. During the quarter ended June 2012, VF restored 19,000,000 shares of treasury stock to unissued status. There were 2,474,996 treasury shares at June 2012, 19,289,690 at December 2011 and 19,270,341 at June 2011. The excess of the cost of treasury shares acquired over the $1 per share stated value of Common Stock is deducted from Retained Earnings. In addition, 234,301 shares of VF Common Stock at June 2012, 238,275 shares at December 2011 and 241,059 shares at June 2011 were held in connection with deferred compensation plans. These shares, having a cost of $11.2 million, $11.0 million and $10.4 million at the respective dates, are treated as treasury shares for financial reporting purposes.

There are 25,000,000 authorized shares of Preferred Stock, $1 par value, of which none are outstanding.

Comprehensive income includes net income and specified components of other comprehensive income (“OCI”). OCI consists of changes in assets and liabilities that are not included in net income under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive income is presented in the Consolidated Statements of Comprehensive Income. The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in Accumulated Other Comprehensive Income (Loss) in Stockholders’ Equity, as follows:

 

     June     December     June  
In thousands    2012     2011     2011  

Foreign currency translation

    $ (81,253 )    $ (51,159 )    $ 92,861   

Defined benefit pension plans

      (334,084 )      (356,693 )      (251,621 ) 

Derivative financial instruments

      (777 )      (14,167 )      (24,563 ) 

Marketable securities

      (272 )      542        3,540   
  

 

 

    

 

 

    

 

 

  

Accumulated other comprehensive income (loss)

    $ (416,386 )    $ (421,477 )    $ (179,783 )