$VFC
V F CORP

2013 Q1 Form 10-Q Financial Statement

#000119312513206864 Filed on May 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q4 2012 Q1
Revenue $2.612B $3.033B $2.556B
YoY Change 2.17% 4.23% 20.23%
Cost Of Revenue $1.355B $1.596B $1.389B
YoY Change -2.42% 6.01% 22.36%
Gross Profit $1.257B $1.438B $1.168B
YoY Change 7.62% 2.31% 17.81%
Gross Profit Margin 48.11% 47.4% 45.67%
Selling, General & Admin $898.9M $987.5M $853.5M
YoY Change 5.32% 21.17% 19.22%
% of Gross Profit 71.53% 68.69% 73.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.49M $71.20M $35.06M
YoY Change 4.07% 61.09% -29.87%
% of Gross Profit 2.9% 4.95% 3.0%
Operating Expenses $898.9M $987.5M $853.5M
YoY Change 5.32% 21.17% 19.22%
Operating Profit $357.7M $450.3M $314.1M
YoY Change 13.89% 28.16% 327.17%
Interest Expense -$19.20M -$22.30M -$22.30M
YoY Change -13.9% 15.54% 43.87%
% of Operating Profit -5.37% -4.95% -7.1%
Other Income/Expense, Net $1.039M $2.000M $1.746M
YoY Change -40.49% -130.9% -141.57%
Pretax Income $423.6M $429.9M $379.4M
YoY Change 11.65% -13.44% 603.84%
Income Tax $67.83M $95.80M $78.31M
% Of Pretax Income 16.01% 22.28% 20.64%
Net Earnings $270.4M $334.2M $215.2M
YoY Change 25.65% 29.87% 296.9%
Net Earnings / Revenue 10.35% 11.02% 8.42%
Basic Earnings Per Share $0.61 $0.76 $0.49
Diluted Earnings Per Share $0.60 $0.75 $0.48
COMMON SHARES
Basic Shares Outstanding 440.3M shares 110.2M shares 110.5M shares
Diluted Shares Outstanding 447.9M shares 112.8M shares

Balance Sheet

Concept 2013 Q1 2012 Q4 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0M $597.0M $326.0M
YoY Change -7.98% 77.15% -58.84%
Cash & Equivalents $300.4M $597.5M $325.6M
Short-Term Investments
Other Short-Term Assets $341.1M $135.1M $315.1M
YoY Change 8.25% -18.66% 65.82%
Inventory $1.409B $1.354B $1.516B
Prepaid Expenses
Receivables $1.209B $1.222B $1.206B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.260B $3.450B $3.363B
YoY Change -3.08% 8.21% 19.01%
LONG-TERM ASSETS
Property, Plant & Equipment $866.3M $828.2M $729.1M
YoY Change 18.81% 12.31% 20.93%
Goodwill $2.001B $2.010B $2.019B
YoY Change -0.9% -0.68% 73.05%
Intangibles $5.241B $5.267B $2.956B
YoY Change 77.3% -0.67%
Long-Term Investments
YoY Change
Other Assets $467.0M $428.4M $435.8M
YoY Change 7.17% 5.57% 17.45%
Total Long-Term Assets $6.232B $6.183B $6.140B
YoY Change 1.49% 0.95% 69.07%
TOTAL ASSETS
Total Short-Term Assets $3.260B $3.450B $3.363B
Total Long-Term Assets $6.232B $6.183B $6.140B
Total Assets $9.491B $9.633B $9.503B
YoY Change -0.13% 3.43% 47.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $432.9M $562.6M $537.5M
YoY Change -19.46% -11.69% 5.19%
Accrued Expenses $687.4M $754.1M $683.5M
YoY Change 0.57% 1.3% 22.27%
Deferred Revenue
YoY Change
Short-Term Debt $182.2M $12.56M $680.5M
YoY Change -73.22% -95.54% 1739.19%
Long-Term Debt Due $403.0M $400.2M $3.000M
YoY Change 13333.33% 13239.57% 0.0%
Total Short-Term Liabilities $1.705B $1.732B $1.904B
YoY Change -10.45% 3.97% 71.72%
LONG-TERM LIABILITIES
Long-Term Debt $1.428B $1.402B $1.831B
YoY Change -22.01% -23.46% 95.62%
Other Long-Term Liabilities $1.268B $1.346B $1.316B
YoY Change -3.63% 4.33% 138.88%
Total Long-Term Liabilities $1.268B $2.748B $1.316B
YoY Change -3.63% 113.02% -11.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.705B $1.732B $1.904B
Total Long-Term Liabilities $1.268B $2.748B $1.316B
Total Liabilities $2.974B $4.480B $3.221B
YoY Change -7.66% 51.56% 24.06%
SHAREHOLDERS EQUITY
Retained Earnings $2.807B $2.941B $2.336B
YoY Change 20.21% 16.69%
Common Stock $109.3M $110.2M $109.3M
YoY Change -0.04% -95.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 16.96M shares 10.12M shares 21.46M shares
Shareholders Equity $5.089B $5.126B $4.452B
YoY Change
Total Liabilities & Shareholders Equity $9.491B $9.633B $9.503B
YoY Change -0.13% 3.43% 47.16%

Cashflow Statement

Concept 2013 Q1 2012 Q4 2012 Q1
OPERATING ACTIVITIES
Net Income $270.4M $334.2M $215.2M
YoY Change 25.65% 29.87% 296.9%
Depreciation, Depletion And Amortization $36.49M $71.20M $35.06M
YoY Change 4.07% 61.09% -29.87%
Cash From Operating Activities $11.67M $1.172B -$112.1M
YoY Change -110.41% 8584.44% -120.29%
INVESTING ACTIVITIES
Capital Expenditures -$112.8M -$80.00M -$38.50M
YoY Change 192.99% 96.08% -16.12%
Acquisitions
YoY Change
Other Investing Activities $2.225M -$800.0K -$6.341M
YoY Change -135.09% -99.96% -35.95%
Cash From Investing Activities -$115.0M -$80.90M -$32.17M
YoY Change 257.48% -96.4% -42.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $281.4M $210.8M
YoY Change 33.45%
Debt Paid & Issued, Net $707.0K $698.0K
YoY Change 1.29%
Cash From Financing Activities -192.0M -800.8M 126.0M
YoY Change -252.32% -140.54% -216.69%
NET CHANGE
Cash From Operating Activities 11.67M 1.172B -112.1M
Cash From Investing Activities -115.0M -80.90M -32.17M
Cash From Financing Activities -192.0M -800.8M 126.0M
Net Change In Cash -295.3M 290.7M -18.28M
YoY Change 1515.18% -211.34% -104.7%
FREE CASH FLOW
Cash From Operating Activities $11.67M $1.172B -$112.1M
Capital Expenditures -$112.8M -$80.00M -$38.50M
Free Cash Flow $124.5M $1.252B -$73.64M
YoY Change -269.04% 2206.45% -112.3%

Facts In Submission

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IncreaseDecreaseInAccountsPayableTrade
-127139000
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment On Derivatives Included In Net Income Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentOnDerivativesIncludedInNetIncomeBeforeTax
-3838000
CY2013Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
102227000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
270417000
CY2013Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
24222000
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
898864000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
884308 shares
CY2013Q1 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
13500000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
67832000
CY2013Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1737000
CY2013Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
2300000
CY2013Q1 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
9933000
CY2013Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
301177000
CY2013Q1 us-gaap Interest Income Operating
InterestIncomeOperating
490000
CY2013Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11525000
CY2013Q1 us-gaap Income Tax Reconciliation Tax Settlements
IncomeTaxReconciliationTaxSettlements
5600000
CY2013Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
32.25
CY2013Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-18791000
CY2013Q1 vfc Other Comprehensive Income Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeReclassificationAdjustmentsNetOfTax
-10529000
CY2013Q1 vfc Deferred Compensation
DeferredCompensation
252530000
CY2013Q1 vfc Fair Market Value Of Common Stock
FairMarketValueOfCommonStock
161.95
CY2013Q1 vfc Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Tax
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeTax
1508000
CY2013Q1 vfc Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Before Tax
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionBeforeTax
-3838000
CY2013Q1 vfc Total Accounts Receivable Sold Gross
TotalAccountsReceivableSoldGross
298100000
CY2013Q1 vfc Sale Of Accounts Receivable Program Fee
SaleOfAccountsReceivableProgramFee
400000
CY2013Q1 vfc Reduction To Effective Income Tax Rate
ReductionToEffectiveIncomeTaxRate
0.040 pure
CY2013Q1 vfc Other Comprehensive Income Loss Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationAdjustmentsNetOfTax
20231000
CY2013Q1 vfc Income Tax Expense On Amounts Reclassified To Income From Accumulated Other Comprehensive Income
IncomeTaxExpenseOnAmountsReclassifiedToIncomeFromAccumulatedOtherComprehensiveIncome
-8844000
CY2013Q1 vfc Amounts Reclassified From Accumulated Other Comprehensive Income Net Of Income Taxes
AmountsReclassifiedFromAccumulatedOtherComprehensiveIncomeNetOfIncomeTaxes
10529000

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