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VF CORPORATION
Notes to Consolidated Financial Statements
December 2015
Note V — Subsequent Events
On February 16, 2016, VF’s Board of Directors declared a quarterly cash dividend of $0.37 per share,
payable on March 18, 2016 to shareholders of record on March 8, 2016. The Board of Directors also granted
approximately 3,100,000 stock options, 600,000 performance-based RSUs, 42,000 nonperformance-based RSUs
and 85,000 shares of restricted VF Common Stock at market value.
Note W — Quarterly Results of Operations (Unaudited)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
In thousands, except per share amounts
2015 (a)(b)
Total revenues ......................... $2,837,301 $2,513,860 $3,612,820 $3,412,763 $12,376,744
Operating income ...................... 397,835 223,027 642,928 397,206 1,660,996
Net income ........................... 288,709 170,811 459,864 312,209 1,231,593
Earnings per common share: (d)
Basic .............................. $ 0.68 $ 0.40 $ 1.08 $ 0.73 $ 2.90
Diluted ............................. 0.67 0.40 1.07 0.72 2.85
Dividends per common share ............. $ 0.32 $ 0.32 $ 0.32 $ 0.37 $ 1.33
2014 (a)(c)
Total revenues ......................... $2,780,778 $2,402,076 $3,520,447 $3,578,860 $12,282,161
Operating income ...................... 403,190 219,808 633,082 181,644 1,437,724
Net income ........................... 297,193 157,682 470,529 122,101 1,047,505
Earnings per common share: (d)
Basic .............................. $ 0.68 $ 0.37 $ 1.09 $ 0.28 $ 2.42
Diluted ............................. 0.67 0.36 1.08 0.28 2.38
Dividends per common share ............. $ 0.2625 $ 0.2625 $ 0.2625 $ 0.3200 $ 1.1075
(a) The fourth quarter and full year 2015 consisted of 13 weeks and 52 weeks, respectively, compared with 14
weeks and 53 weeks in the respective 2014 periods.
(b) Intangible asset impairment charges in the fourth quarter of 2015 reduced fourth quarter and full year
operating results as follows: operating income — $143.6 million; net income — $97.1 million; and diluted
earnings per share — $0.23. In addition, these intangible asset impairment charges reduced fourth quarter
and full year 2015 basic earnings per share by $0.23 and $0.22, respectively. See Notes E, F and S.
(c) Goodwill and intangible asset impairment charges in the fourth quarter of 2014 reduced fourth quarter and
full year operating results as follows: operating income — $396.4 million; net income — $306.8 million;
basic earnings per share — $0.71; and diluted earnings per share — $0.70. See Notes E, F and S.
(d) Per share amounts are computed independently for each of the quarters presented. The sum of the quarters
may not equal the total year amount due to the impact of changes in average quarterly shares outstanding
and rounding.
F-50