North Face 2015 Annual Report Download - page 113
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VF CORPORATION
Notes to Consolidated Financial Statements
December 2015
As of the end of 2015, VF has not provided deferred taxes on $3,657.2 million of undistributed earnings
from international subsidiaries where the earnings are considered to be permanently reinvested. VF’s intent is to
continue to reinvest these earnings to support the strategic priority for growth in international markets. If
management decides at a later date to repatriate these funds to the U.S., VF would be required to provide taxes on
these amounts based on applicable U.S. tax rates, net of foreign taxes already paid. VF has not determined the
deferred tax liability associated with these undistributed earnings, as such determination is not practicable.
VF has potential tax benefits totaling $106.0 million for foreign operating loss carryforwards, of which
$103.3 million have an unlimited carryforward life. In addition, there are $3.0 million of potential tax benefits for
federal operating loss carryforwards that expire between 2017 and 2026, and $30.6 million of potential tax
benefits for state operating loss and credit carryforwards that expire between 2016 and 2031.
A valuation allowance has been provided where it is more likely than not that the deferred tax assets related
to those operating loss carryforwards will not be realized. Valuation allowances totaled $83.0 million for
available foreign operating loss carryforwards, $12.4 million for available state operating loss and credit
carryforwards, and $5.6 million for other foreign deferred income tax assets. During 2015, VF had a net increase
in valuation allowances of $3.1 million related to state operating loss and credit carryforwards, and an increase of
$1.0 million related to foreign operating loss carryforwards and other foreign deferred tax assets, inclusive of
foreign currency effects.
F-37