Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 29, 2012
Dec. 31, 2011
Jan. 01, 2011
Net sales $ 10,766,020 $ 9,365,477 $ 7,624,599
Royalty income 113,835 93,755 77,990
Total revenues 10,879,855 [1] 9,459,232 [2] 7,702,589 [3]
Costs and operating expenses      
Cost of goods sold 5,817,880 5,128,602 4,105,201
Marketing, administrative and general expenses 3,596,708 3,085,839 2,574,790
Impairment of goodwill and intangible assets     201,738 [4]
Costs and Expenses, Total 9,414,588 8,214,441 6,881,729
Operating income 1,465,267 [1] 1,244,791 [2] 820,860 [3]
Interest income 3,353 4,778 2,336
Interest expense (93,605) (77,578) (77,738)
Other income (expense), net 46,860 (7,248) 4,754
Income before income taxes 1,421,875 1,164,743 750,212
Income taxes 335,737 274,350 176,700
Net income 1,086,138 890,393 573,512
Net (income) loss attributable to noncontrolling interests (139) (2,304) (2,150)
Net income attributable to VF Corporation $ 1,085,999 [1] $ 888,089 [2] $ 571,362 [3]
Earnings per common share attributable to VF Corporation common stockholders - Basic $ 9.89 [1] $ 8.13 [2] $ 5.25 [3]
Earnings per common share attributable to VF Corporation common stockholders - Diluted $ 9.70 [1] $ 7.98 [2] $ 5.18 [3]
Cash dividends per common share $ 3.03 [1] $ 2.61 [2] $ 2.43 [3]
[1] Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2012 as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Full Year In millions, except per share amounts Operating income $ 4.6 $ 5.0 $ 14.4 $ 6.8 $ 30.8 Net income 3.3 3.1 11.3 10.2 27.9 Earnings per share: Basic $ 0.03 $ 0.03 $ 0.10 $ 0.09 $ 0.26 Diluted 0.03 0.03 0.10 0.09 0.25
[2] Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2011 as follows: Third Fourth Full Quarter 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
[3] 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 G and T.
[4] Goodwill and trademark impairment charges totaling $201.7 million in 2010 related to Contemporary Brands. See Notes G and T.