10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 28, 2014

Commission file number: 1-5256

V. F. CORPORATION

(Exact name of registrant as specified in its charter)

Pennsylvania	23-1180120
(State or other jurisdiction of incorporation or organization)	(I.R.S. employer identification number)

105 Corporate Center Boulevard

Greensboro, North Carolina 27408

(Address of principal executive offices)

(336) 424-6000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    YES  x    NO  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    YES  x    NO  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  x

On July 26, 2014, there were 431,100,626 shares of the registrant’s common stock outstanding.

VF CORPORATION

Table of Contents

	Page No.
Part I — Financial Information
Item 1 — Financial Statements (Unaudited)
Consolidated Balance Sheets: June 2014, December 2013 and June 2013		3
Consolidated Statements of Income: Three and six months ended June 2014 and June 2013		4
Consolidated Statements of Comprehensive Income: Three and six months ended June 2014 and June 2013		5
Consolidated Statements of Cash Flows: Six months ended June 2014 and June 2013		6
Consolidated Statements of Stockholders’ Equity: Year ended December 2013 and six months ended June 2014		7
Notes to Consolidated Financial Statements		8
Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations		19
Item 3 — Quantitative and Qualitative Disclosures about Market Risk		28
Item 4 — Controls and Procedures		28
Part II — Other Information
Item 1 — Legal Proceedings		28
Item 1A — Risk Factors		28
Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds		29
Item 6 — Exhibits		29
Signatures		30

2

Part I — Financial Information

Item 1 — Financial Statements (Unaudited)

VF CORPORATION

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share amounts)

	June			December			June
	2014			2013			2013
ASSETS
Current assets
Cash and equivalents	$	475,891		$	776,403		$	320,112
Accounts receivable, less allowance for doubtful accounts of: June 2014 – $44,747; December 2013 – $45,350; June 2013 – $52,500		1,178,874			1,360,443			1,060,778
Inventories		1,615,245			1,399,062			1,522,809
Other current assets		509,902			347,074			394,008
Total current assets		3,779,912			3,882,982			3,297,707
Property, plant and equipment		921,970			932,792			883,197
Intangible assets		2,921,335			2,960,201			2,889,106
Goodwill		2,018,997			2,021,750			2,001,375
Other assets		573,113			517,718			478,182
Total assets	$	10,215,327		$	10,315,443		$	9,549,567
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	581,120		$	18,810		$	46,350
Current portion of long-term debt		4,334			5,167			402,949
Accounts payable		537,192			638,732			555,719
Accrued liabilities		747,678			905,292			639,280
Total current liabilities		1,870,324			1,568,001			1,644,298
Long-term debt		1,425,123			1,426,829			1,427,823
Other liabilities		1,266,512			1,243,575			1,293,389
Commitments and contingencies
Stockholders’ equity
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at June 2014, December 2013 or June 2013		—			—			—
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at June 2014 – 430,890,659; December 2013 – 440,310,370; June 2013 – 438,838,624		107,723			110,078			109,710
Additional paid-in capital		2,875,240			2,746,590			2,666,117
Accumulated other comprehensive income (loss)		(232,212	)		(211,720	)		(440,871	)
Retained earnings		2,902,617			3,432,090			2,849,101
Total stockholders’ equity		5,653,368			6,077,038			5,184,057
Total liabilities and stockholders’ equity	$	10,215,327		$	10,315,443		$	9,549,567

See notes to consolidated financial statements.

3

VF CORPORATION

Consolidated Statements of Income

(Unaudited)

(In thousands, except per share amounts)

	Three Months Ended June						Six Months Ended June
	2014			2013			2014			2013
Net sales	$	2,373,408		$	2,194,727		$	5,123,523		$	4,776,957
Royalty income		28,668			25,684			59,331			55,323
Total revenues		2,402,076			2,220,411			5,182,854			4,832,280
Costs and operating expenses
Cost of goods sold		1,239,344			1,143,358			2,645,910			2,498,635
Selling, general and administrative expenses		942,924			875,719			1,913,946			1,774,583
		2,182,268			2,019,077			4,559,856			4,273,218
Operating income		219,808			201,334			622,998			559,062
Interest income		1,519			815			2,850			1,305
Interest expense		(21,338	)		(21,534	)		(41,975	)		(42,542	)
Other income (expense), net		(508	)		(1,512	)		(2,600	)		(473	)
Income before income taxes		199,481			179,103			581,273			517,352
Income taxes		41,799			40,829			126,398			108,661
Net income	$	157,682		$	138,274		$	454,875		$	408,691
Earnings per common share
Basic	$	0.37		$	0.32		$	1.05		$	0.93
Diluted		0.36			0.31			1.03			0.91
Cash dividends per common share	$	0.2625		$	0.2175		$	0.5250		$	0.4350

See notes to consolidated financial statements.

4

VF CORPORATION

Consolidated Statements of Comprehensive Income

(Unaudited)

(In thousands)

	Three Months Ended June						Six Months Ended June
	2014			2013			2014			2013
Net income	$	157,682		$	138,274		$	454,875		$	408,691
Other comprehensive income (loss)
Foreign currency translation
Gains (losses) arising during the period		(25,832	)		(22,076	)		(36,734	)		(39,021	)
Less income tax effect		(703	)		(2,774	)		612			373
Defined benefit pension plans
Amortization of net deferred actuarial losses		9,389			21,326			18,773			42,688
Amortization of deferred prior service costs		1,362			316			2,724			657
Less income tax effect		(4,108	)		(8,748	)		(8,233	)		(17,592	)
Derivative financial instruments
Gains (losses) arising during the period		(11,461	)		(3,093	)		(7,765	)		52,400
Less income tax effect		4,504			1,215			3,051			(20,594	)
Reclassification to net income for (gains) losses realized		7,407			(5,298	)		12,823			(9,136	)
Less income tax effect		(2,911	)		2,082			(5,039	)		3,590
Marketable securities
Gains (losses) arising during the period		(611	)		(815	)		(1,160	)		(470	)
Less income tax effect		241			129			456			129
Other comprehensive income (loss)		(22,723	)		(17,736	)		(20,492	)		13,024
Comprehensive income	$	134,959		$	120,538		$	434,383		$	421,715

See notes to consolidated financial statements.

5

VF CORPORATION

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

	Six Months Ended June
	2014			2013
Operating activities
Net income	$	454,875		$	408,691
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation		83,474			73,588
Amortization of intangible assets		22,454			22,992
Other amortization		25,273			20,135
Stock-based compensation		53,580			47,879
Provision for doubtful accounts		4,089			9,208
Pension expense in excess of (less than) contributions		17,673			(65,994	)
Other, net		4,810			57,074
Changes in operating assets and liabilities:
Accounts receivable		174,448			133,830
Inventories		(220,187	)		(178,511	)
Other current assets		(33,420	)		(59,643	)
Accounts payable		(100,841	)		(3,104	)
Accrued compensation		(30,341	)		(38,851	)
Accrued income taxes		(174,251	)		(105,035	)
Accrued liabilities		(61,704	)		(24,233	)
Other assets and liabilities		(345	)		(6,613	)
Cash provided by operating activities		219,587			291,413
Investing activities
Capital expenditures		(95,844	)		(155,454	)
Software purchases		(56,042	)		(28,715	)
Other, net		(11,701	)		(4,307	)
Cash used by investing activities		(163,587	)		(188,476	)
Financing activities
Net increase in short-term borrowings		562,315			34,783
Payments on long-term debt		(2,697	)		(1,417	)
Purchases of treasury stock		(727,536	)		(281,586	)
Cash dividends paid		(227,625	)		(191,460	)
Proceeds from issuance of Common Stock, net of shares withheld for taxes		4,333			26,069
Tax benefits of stock-based compensation		39,195			37,933
Cash used by financing activities		(352,015	)		(375,678	)
Effect of foreign currency rate changes on cash and equivalents		(4,497	)		(4,608	)
Net change in cash and equivalents		(300,512	)		(277,349	)
Cash and equivalents — beginning of year		776,403			597,461
Cash and equivalents — end of period	$	475,891		$	320,112

See notes to consolidated financial statements.

6

VF CORPORATION

Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands)

									Accumulated
							Additional		Other
	Common Stock						Paid-in		Comprehensive			Retained
	Shares			Amounts			Capital		Income (Loss)			Earnings
In thousands, except share amounts
Balance, December 2012		440,818,936		$	110,205		$	2,527,868	$	(453,895	)	$	2,941,447
Net income		—			—			—		—			1,210,119
Dividends on Common Stock		—			—			—		—			(402,136	)
Purchases of treasury stock		(6,849,160	)		(1,712	)		—		—			(280,408	)
Stock-based compensation, net		6,340,594			1,585			218,722		—			(36,932	)
Foreign currency translation		—			—			—		110,715			—
Defined benefit pension plans		—			—			—		143,087			—
Derivative financial instruments		—			—			—		(12,324	)		—
Marketable securities		—			—			—		697			—
Balance, December 2013		440,310,370			110,078			2,746,590		(211,720	)		3,432,090
Net income		—			—			—		—			454,875
Dividends on Common Stock		—			—			—		—			(227,625	)
Purchases of treasury stock		(12,033,300	)		(3,008	)		—		—			(724,528	)
Stock-based compensation, net		2,613,589			653			128,650		—			(32,195	)
Foreign currency translation		—			—			—		(36,122	)		—
Defined benefit pension plans		—			—			—		13,264			—
Derivative financial instruments		—			—			—		3,070			—
Marketable securities		—			—			—		(704	)		—
Balance, June 2014		430,890,659		$	107,723		$	2,875,240	$	(232,212	)	$	2,902,617

See notes to consolidated financial statements.

7

VF CORPORATION

Notes to Consolidated Financial Statements

(Unaudited)

Note A – Basis of Presentation

VF Corporation (together with its subsidiaries, collectively known as “VF”) uses a 52/53 week fiscal year ending on the Saturday closest to December 31 of each year. For presentation purposes herein, all references to periods ended June 2014, December 2013 and June 2013 relate to the fiscal periods ended on June 28, 2014, December 28, 2013 and June 29, 2013, respectively.

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and notes required by generally accepted accounting principles (“GAAP”) in the United States of America for complete financial statements. Similarly, the December 2013 consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, the accompanying unaudited consolidated financial statements contain all normal and recurring adjustments necessary to fairly present the consolidated financial position, results of operations and cash flows of VF for the interim periods presented. Operating results for the three and six months ended June 2014 are not necessarily indicative of results that may be expected for any other interim period or for the year ending January 3, 2015. For further information, refer to the consolidated financial statements and notes included in VF’s Annual Report on Form 10-K for the year ended December 2013 (“2013 Form 10-K”).

Concessions are retail store locations, which are all outside the U.S., where VF is responsible for all aspects of operations without ownership of the retail space. Under typical concession arrangements, VF pays a concession fee for use of the space based on a percentage of retail sales. Effective fiscal 2014, VF has included all concession fees as a component of selling, general and administrative expenses instead of the previous treatment as an offset to revenue in the Consolidated Statement of Income. The change in classification did not impact operating income. The impact on prior periods is not material and thus, comparative numbers have not been restated.

Note B – Sale of Accounts Receivable

VF has an agreement with a financial institution to sell selected trade accounts receivable on a recurring, nonrecourse basis. Under the agreement, up to $237.5 million of accounts receivable may be sold to the financial institution and remain outstanding at any point in time. After the sale, VF does not retain any interests in the accounts receivable and removes them from the Consolidated Balance Sheets, but continues to service and collect outstanding accounts receivable on behalf of the financial institution. At June 2014, December 2013 and June 2013, accounts receivable had been reduced by $138.4 million, $136.4 million and $118.6 million, respectively, related to this program. During the first six months of 2014, VF sold $557.8 million of accounts receivable at their stated amounts, less a funding fee charged by the financial institution. The funding fee is recorded in other income (expense), net, and totaled $0.8 million for the first six months of 2014. Net proceeds of this program are classified in operating activities in the Consolidated Statements of Cash Flows.

Note C – Inventories

	June		December		June
In thousands	2014		2013		2013
Finished products	$	1,362,069	$	1,159,555	$	1,270,901
Work in process		104,039		94,586		99,776
Raw materials		149,137		144,921		152,132
Total inventories	$	1,615,245	$	1,399,062	$	1,522,809

Note D – Property, Plant and Equipment

	June		December		June
In thousands	2014		2013		2013
Land and improvements	$	56,962	$	56,828	$	52,764
Buildings and improvements		988,980		953,931		915,805
Machinery and equipment		1,191,219		1,159,221		1,119,890
Property, plant and equipment, at cost		2,237,161		2,169,980		2,088,459
Less accumulated depreciation and amortization		1,315,191		1,237,188		1,205,262
Property, plant and equipment, net	$	921,970	$	932,792	$	883,197

8

Note E – Intangible Assets

	Weighted		June 2014						December 2013
	Average						Net		Net
	Amortization				Accumulated		Carrying		Carrying
Dollars in thousands	Period	Amortization methods	Cost		Amortization		Amount		Amount
Amortizable intangible assets:
Customer relationships	20 years	Accelerated	$	625,359	$	223,934	$	401,425	$	417,439
License agreements	24 years	Accelerated and straight-line		184,171		82,369		101,802		107,789
Other	8 years	Straight-line		15,796		11,556		4,240		6,524
Amortizable intangible assets, net								507,467		531,752
Indefinite-lived intangible assets:
Trademarks and trade names								2,413,868		2,428,449
Intangible assets, net							$	2,921,335	$	2,960,201

Amortization expense for the second quarter and first six months of 2014 was $11.2 million and $22.5 million, respectively. Estimated amortization expense for the next five years is:

In millions Year	Estimated Amortization Expense
2014	$	44.7
2015		41.8
2016		40.5
2017		39.3
2018		38.7

Note F – Goodwill

Changes in goodwill are summarized by business segment as follows:

	Outdoor &									Contemporary
In thousands	Action Sports			Jeanswear		Imagewear		Sportswear		Brands		Total
Balance, December 2013	$	1,434,898		$	228,430	$	58,747	$	157,314	$	142,361	$	2,021,750
Currency translation		(2,872	)		119		—		—		—		(2,753	)
Balance, June 2014	$	1,432,026		$	228,549	$	58,747	$	157,314	$	142,361	$	2,018,997

Accumulated impairment charges for the Outdoor & Action Sports, Sportswear and Contemporary Brands Coalitions were $43.4 million, $58.5 million and $195.2 million, respectively, for the periods presented above. No impairment charges were recorded in the first six months of 2014.

Note G – Pension Plans

The components of pension cost for VF’s defined benefit plans were as follows:

	Three Months Ended June						Six Months Ended June
In thousands	2014			2013			2014			2013
Service cost – benefits earned during the period	$	6,097		$	6,327		$	12,182		$	13,220
Interest cost on projected benefit obligations		20,404			17,978			40,793			36,029
Expected return on plan assets		(22,697	)		(23,628	)		(45,378	)		(47,310	)
Amortization of deferred amounts:
Net deferred actuarial losses		9,389			21,326			18,773			42,688
Deferred prior service costs		1,362			316			2,724			657
Net periodic pension cost	$	14,555		$	22,319		$	29,094		$	45,284

9

During the first six months of 2014, VF contributed $11.4 million to its defined benefit plans. VF intends to make approximately $9.1 million of additional contributions during the remainder of 2014.

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

During the first six months of 2014, the Company repurchased 12.0 million shares of Common Stock in open market transactions for $725.5 million under its share repurchase program authorized by VF’s Board of Directors. These transactions were treated as treasury stock transactions during the first six months of 2014.

Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the first six months of 2014, VF restored 12.0 million treasury shares to an unissued status. There were no shares held in treasury at the end of June 2014 or December 2013, and 17.0 million shares held in treasury at the end of June 2013. The excess of the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings.

VF Common Stock is also held by the Company’s deferred compensation plans and is treated as treasury shares for financial reporting purposes. During the first half of 2014, the Company purchased 33,300 shares of Common Stock in open market transaction for $2.0 million. Balances related to shares held for deferred compensation plans are as follows:

	June		December		June
In millions, except share amounts	2014		2013		2013
Shares held for deferred compensation plans		695,204		704,104		733,664
Cost of shares held for deferred compensation plans	$	8.2	$	8.4	$	8.7

Accumulated Other Comprehensive Income (Loss)

Comprehensive income consists of 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	2014			2013			2013
Foreign currency translation	$	70,525		$	106,647		$	(42,716	)
Defined benefit pension plans		(264,187	)		(277,451	)		(394,785	)
Derivative financial instruments		(38,684	)		(41,754	)		(3,170	)
Marketable securities		134			838			(200	)
Accumulated other comprehensive income (loss)	$	(232,212	)	$	(211,720	)	$	(440,871	)

10

The changes in accumulated other comprehensive income (loss), net of related taxes, are as follows:

	Three Months Ended June 2014
	Foreign			Defined			Derivative
	Currency			Benefit			Financial			Marketable
In thousands	Translation			Pension Plans			Instruments			Securities			Total
Balance, March 2014	$	97,060		$	(270,830	)	$	(36,223	)	$	504		$	(209,489	)
Other comprehensive income (loss) before reclassifications		(26,535	)		—			(6,957	)		(370	)		(33,862	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			6,643			4,496			—			11,139
Net other comprehensive income (loss)		(26,535	)		6,643			(2,461	)		(370	)		(22,723	)
Balance, June 2014	$	70,525		$	(264,187	)	$	(38,684	)	$	134		$	(232,212	)
	Three Months Ended June 2013
In thousands	Foreign Currency Translation			Defined Benefit Pension Plans			Derivative Financial Instruments			Marketable Securities			Total
Balance, March 2013	$	(17,866	)	$	(407,679	)	$	1,924		$	486		$	(423,135	)
Other comprehensive income (loss) before reclassifications		(24,850	)		—			(1,878	)		(686	)		(27,414	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			12,894			(3,216	)		—			9,678
Net other comprehensive income (loss)		(24,850	)		12,894			(5,094	)		(686	)		(17,736	)
Balance, June 2013	$	(42,716	)	$	(394,785	)	$	(3,170	)	$	(200	)	$	(440,871	)

	Six Months Ended June 2014
	Foreign			Defined			Derivative
	Currency			Benefit			Financial			Marketable
In thousands	Translation			Pension Plans			Instruments			Securities			Total
Balance, December 2013	$	106,647		$	(277,451	)	$	(41,754	)	$	838		$	(211,720	)
Other comprehensive income (loss) before reclassifications		(36,122	)		—			(4,714	)		(704	)		(41,540	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			13,264			7,784			—			21,048
Net other comprehensive income (loss)		(36,122	)		13,264			3,070			(704	)		(20,492	)
Balance, June 2014	$	70,525		$	(264,187	)	$	(38,684	)	$	134		$	(232,212	)
	Six Months Ended June 2013
In thousands	Foreign Currency Translation			Defined Benefit Pension Plans			Derivative Financial Instruments			Marketable Securities			Total
Balance, December 2012	$	(4,068	)	$	(420,538	)	$	(29,430	)	$	141		$	(453,895	)
Other comprehensive income (loss) before reclassifications		(38,648	)		—			31,806			(341	)		(7,183	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			25,753			(5,546	)		—			20,207
Net other comprehensive income (loss)		(38,648	)		25,753			26,260			(341	)		13,024
Balance, June 2013	$	(42,716	)	$	(394,785	)	$	(3,170	)	$	(200	)	$	(440,871	)

11

Reclassifications out of accumulated other comprehensive income (loss) are as follows:

In thousands	Affected Line Item in the
Details About Accumulated Other	Consolidated Statements	Three Months Ended June						Six Months Ended June
Comprehensive Income (Loss) Components	of Income	2014			2013			2014			2013
Amortization of defined benefit pension plans:
Net deferred actuarial losses	(a)	$	(9,389	)	$	(21,326	)	$	(18,773	)	$	(42,688	)
Deferred prior service costs	(a)		(1,362	)		(316	)		(2,724	)		(657	)
	Total before tax		(10,751	)		(21,642	)		(21,497	)		(43,345	)
	Tax benefit (expense)		4,108			8,748			8,233			17,592
	Net of tax	$	(6,643	)	$	(12,894	)	$	(13,264	)	$	(25,753	)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net sales	$	(1,542	)	$	1,378		$	118		$	1,223
Foreign exchange contracts	Cost of goods sold		(4,339	)		3,683			(9,703	)		7,541
Foreign exchange contracts	Other income (expense), net		(507	)		1,209			(1,215	)		2,301
Interest rate contracts	Interest expense		(1,019	)		(972	)		(2,023	)		(1,929	)
	Total before tax		(7,407	)		5,298			(12,823	)		9,136
	Tax benefit (expense)		2,911			(2,082	)		5,039			(3,590	)
	Net of tax	$	(4,496	)	$	3,216		$	(7,784	)	$	5,546
Total reclassifications for the period	Net of tax	$	(11,139	)	$	(9,678	)	$	(21,048	)	$	(20,207	)

^(a)  These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note G for additional details).

Note I – Stock-based Compensation

During the second quarter of 2014, VF did not grant any stock-based compensation awards.

During the first quarter of 2014, VF granted options to employees and nonemployee members of VF’s Board of Directors to purchase 2,777,130 shares of Common Stock at an exercise price of $56.79 per share. The exercise price of each option granted was equal to the fair market value of VF Common Stock on the date of grant. Employee stock options vest in equal annual installments over three years. Options granted to members of VF’s Board of Directors become exercisable one year from the date of grant. The grant date fair value of each option award is calculated using a lattice option–pricing valuation model, which incorporates a range of assumptions for inputs as follows:

	Six Months Ended
	June 2014
Expected volatility	23% to 29%
Weighted average expected volatility	26%
Expected term (in years)	5.5 to 7.3
Dividend yield	2.1%
Risk-free interest rate	0.1% to 2.7%
Weighted average fair value at date of grant	$12.00

Also during the first quarter of 2014, VF granted 576,544 performance-based restricted stock units (“RSU”) to employees that enable them to receive shares of VF Common Stock at the end of a three year period. Each RSU has a potential final value ranging from zero to two shares of VF Common Stock. The number of shares earned by participants, if any, is based on achievement of a three year profitability goal and annually established performance goals set by the Compensation Committee of the Board of Directors. Shares are issued to participants in the year following the conclusion of each three year performance period. The fair market value of VF Common Stock at the date the units were granted was $56.79 per share.

The actual number of performance-based RSUs earned may also be adjusted upward or downward by 25% of the target award, based on how VF’s total stockholder return (“TSR”) over the three year period compares to the TSR for companies included in the Standard & Poor’s 500 Index. The grant date fair value of the TSR-based adjustment related to the 2014 RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $1.41 per share.

VF granted 12,595 nonperformance-based restricted stock units to members of the Board of Directors during the first quarter of 2014. These units vest upon grant and will be settled in shares of VF Common Stock one year from the date of grant. The fair market value of VF Common Stock at the date the units were granted was $56.79 per share.

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VF granted 17,000 nonperformance-based restricted stock units to employees during the first quarter of 2014. These units vest four years from the date of grant and each RSU entitles the holder to one share of VF Common Stock. The fair market value of VF Common Stock at the date the units were granted was $58.89 per share.

VF granted 87,000 restricted shares of VF Common Stock to employees during the first quarter of 2014. These shares generally vest four years from the date of grant. The fair market value of VF Common Stock at the date the units were granted was $58.89 per share.

Note J – Income Taxes

The effective income tax rate for the first half of 2014 was 21.7% compared with 21.0% in the first half of 2013. The first six months of 2014 included a net discrete tax benefit of $15.5 million, which included $4.1 million of prior year refund claims and $8.5 million of net tax benefits related to the realization of previously unrecognized tax benefits and interest, reducing the effective income tax rate by 2.7%. The first six months of 2013 included a net discrete tax benefit of $14.4 million, which included $8.3 million of tax benefits related to the extension of certain tax credits and other provisions of the Internal Revenue Code enacted in 2013 which were retroactive to 2012, and $6.9 million of tax benefits related to the realization of previously unrecognized tax benefits and interest, reducing the effective income tax rate by 2.8%. Without discrete items, the effective tax rate for the first half of 2014 increased by 0.6% compared with the 2013 period primarily due to the impact of tax law changes in the U.S.

VF files a consolidated U.S. federal income tax return, as well as separate and combined income tax returns in numerous states and foreign jurisdictions. In the U.S., the Internal Revenue Service (“IRS”) examination for tax years 2007, 2008 and 2009 was completed in 2012. VF has appealed the results of the 2007 to 2009 examination to the IRS Appeals office. Tax years prior to 2007 have been effectively settled with the IRS. The IRS commenced its examination of VF’s 2010 and 2011 tax returns during the fourth quarter of 2013, and such examination is still ongoing. During the second quarter of 2014, the IRS completed its examination of Timberland’s 2010 tax return. The examination of Timberland’s 2011 tax return is still ongoing. In addition, VF is currently subject to examinations by various state and foreign tax authorities. Management regularly assesses the potential outcomes of both ongoing and future examinations for the current and prior years, and has concluded that VF’s provision for income taxes is sufficient. The outcome of any one examination is not expected to have a material impact on VF’s consolidated financial statements. Management believes that some of these examinations and negotiations will conclude during the next 12 months.

During the first half of 2014, the amount of net unrecognized tax benefits and associated interest decreased by $2.4 million to $107.1 million. Management believes that it is reasonably possible that the amount of unrecognized income tax benefits and interest may decrease during the next 12 months by approximately $35.0 million related to the completion of examinations and other settlements with tax authorities and the expiration of statutes of limitations, of which $28.1 million would reduce income tax expense.

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Note K – Business Segment Information

VF’s businesses are grouped into product categories, and by brands within those product categories, for internal financial reporting used by management. These groupings of businesses within VF are referred to as “coalitions” and are the basis for VF’s reportable segments. Financial information for VF’s reportable segments is as follows:

	Three Months Ended June						Six Months Ended June
In thousands	2014			2013			2014			2013
Coalition revenues:
Outdoor & Action Sports	$	1,279,144		$	1,103,608		$	2,853,791		$	2,487,882
Jeanswear		605,838			611,749			1,296,168			1,329,678
Imagewear		249,963			241,827			513,202			494,584
Sportswear		140,102			133,478			271,607			261,711
Contemporary Brands		96,186			98,614			194,355			202,341
Other		30,843			31,135			53,731			56,084
Total coalition revenues	$	2,402,076		$	2,220,411		$	5,182,854		$	4,832,280
Coalition profit:
Outdoor & Action Sports	$	130,684		$	100,458		$	405,174		$	326,960
Jeanswear		100,137			108,874			229,403			252,217
Imagewear		35,317			35,059			73,089			66,645
Sportswear		10,267			16,278			22,822			28,494
Contemporary Brands		8,840			7,878			16,742			20,454
Other		(74	)		509			(3,190	)		(2,148	)
Total coalition profit		285,171			269,056			744,040			692,622
Corporate and other expenses		(65,871	)		(69,234	)		(123,642	)		(134,033	)
Interest expense, net		(19,819	)		(20,719	)		(39,125	)		(41,237	)
Income before income taxes	$	199,481		$	179,103		$	581,273		$	517,352

Note L – Earnings Per Share

In thousands, except per share amounts	Three Months Ended June				Six Months Ended June
	2014		2013		2014		2013
Earnings per share – basic:
Net income	$	157,682	$	138,274	$	454,875	$	408,691
Weighted average common shares outstanding		429,940		437,096		434,115		438,684
Earnings per common share	$	0.37	$	0.32	$	1.05	$	0.93
Earnings per share – diluted:
Net income	$	157,682	$	138,274	$	454,875	$	408,691
Weighted average common shares outstanding		429,940		437,096		434,115		438,684
Incremental shares from stock options and other dilutive securities		7,191		8,820		7,584		8,220
Adjusted weighted average common shares outstanding		437,131		445,916		441,699		446,904
Earnings per common share	$	0.36	$	0.31	$	1.03	$	0.91

Outstanding options to purchase 2.7 million shares of Common Stock for the three month period ended June 2014 were excluded from the calculation of diluted earnings per share because the effect of their inclusion would have been antidilutive. For the quarter ended June 2013, all outstanding options to purchase Common Stock were dilutive and included in the calculation of diluted earnings per share. Outstanding options to purchase 2.7 million and 1.8 million shares of Common Stock for the six month periods ended June 2014 and 2013, respectively, were excluded from the calculations of diluted earnings per share because the effect of their inclusion would have been antidilutive. In addition, 1.3 million and 1.5 million of performance-based restricted stock units were excluded from the computation of diluted earnings per share for the three and six month periods ended June 2014 and June 2013, respectively, because these units are not considered to be contingent outstanding shares.

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Note M – Fair Value Measurements

Financial assets and financial liabilities measured and reported at fair value are classified in a three level hierarchy that prioritizes the inputs used in the valuation process. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows:

• Level 1 — Quoted prices in active markets for identical assets or liabilities.

• Level 2 — Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data.

• Level 3 — Prices or valuation techniques that require significant unobservable data inputs. Inputs would normally be VF’s own data and judgments about assumptions that market participants would use in pricing the asset or liability.

The following table summarizes financial assets and financial liabilities that are measured and recorded in the consolidated financial statements at fair value on a recurring basis:

	Total		Fair Value Measurement Using (a)
In thousands	Fair Value		Level 1		Level 2		Level 3
June 2014
Financial assets:
Cash equivalents:
Money market funds	$	156,442	$	156,442	$	—	$	—
Time deposits		144,522		144,522		—		—
Derivative financial instruments		11,635		—		11,635		—
Investment securities		232,841		212,013		20,828		—
Other marketable securities		4,649		4,649		—		—
Financial liabilities:
Derivative financial instruments		40,798		—		40,798		—
Deferred compensation		293,042		—		293,042		—
December 2013
Financial assets:
Cash equivalents:
Money market funds	$	352,942	$	352,942	$	—	$	—
Time deposits		121,097		121,097		—		—
Derivative financial instruments		16,088		—		16,088		—
Investment securities		214,035		193,540		20,495		—
Other marketable securities		5,809		5,809		—		—
Financial liabilities:
Derivative financial instruments		46,791		—		46,791		—
Deferred compensation		274,659		—		274,659		—

^(a)  There were no transfers among the levels within the fair value hierarchy during the first half of 2014 or the year ended December 2013.

VF’s cash equivalents include money market funds and short-term time deposits that approximate fair value based on Level 1 measurements. The fair value of derivative financial instruments, which consist of forward foreign currency exchange contracts, is determined based on observable market inputs, including spot and forward exchange rates for foreign currencies, and considers the credit risk of the Company and its counterparties. Investment securities are held in VF’s deferred compensation plans as an economic hedge of the related deferred compensation liabilities. These investments are classified as trading securities and primarily include mutual funds (Level 1) that are valued based on quoted prices in active markets and a separately managed fixed income fund (Level 2) that is valued based on the net asset values of the underlying assets. Liabilities related to VF’s deferred compensation plans are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments. Other marketable securities consist of common stock investments classified as available-for-sale, the fair value of which is based on quoted prices in active markets.

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All other financial assets and financial liabilities are recorded in the consolidated financial statements at cost, except life insurance contracts which are recorded at cash surrender value. These other financial assets and financial liabilities include cash held as demand deposits, accounts receivable, short-term borrowings, accounts payable and accrued liabilities. At June 2014 and December 2013, their carrying values approximated their fair values. Additionally, at June 2014 and December 2013, the carrying value of VF’s long-term debt, including the current portion, was $1,429.5 million and $1,432.0 million, respectively, compared with a fair value of $1,651.6 million and $1,568.4 million at those dates. Fair value for long-term debt is a Level 2 estimate based on quoted market prices or values of comparable borrowings.

Note N – Derivative Financial Instruments and Hedging Activities

Summary of Derivative Financial Instruments

All of VF’s outstanding derivative financial instruments are forward foreign currency exchange contracts. Although derivatives meet the criteria for hedge accounting at the inception of the hedging relationship, a limited number of derivative contracts intended to hedge assets and liabilities are not designated as hedges for accounting purposes. The notional amounts of outstanding derivative contracts were $1.9 billion at June 2014 and December 2013, and $2.1 billion at June 2013, consisting primarily of contracts hedging exposures to the euro, British pound, Canadian dollar, Mexican peso, Japanese yen and Polish zloty. Derivative contracts have maturities up to 24 months.

The following table presents outstanding derivatives on a gross basis by individual contract:

	Fair Value of Derivatives with						Fair Value of Derivatives with
	Unrealized Gains						Unrealized Losses
	June		December		June		June			December			June
In thousands	2014		2013		2013		2014			2013			2013
Foreign currency exchange contracts designated as hedging instruments	$	11,635	$	15,964	$	41,472	$	(40,191	)	$	(46,627	)	$	(10,629	)
Foreign currency exchange contracts dedesignated as hedging instruments		—		—		355		—			—			(133	)
Foreign currency exchange contracts not designated as hedging instruments		—		124		416		(607	)		(164	)		(91	)
Total derivatives	$	11,635	$	16,088	$	42,243	$	(40,798	)	$	(46,791	)	$	(10,853	)

VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. However, if VF were to offset and record the asset and liability balances of all of its forward foreign currency exchange contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets as of June 2014, December 2013 and June 2013 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:

	June 2014						December 2013						June 2013
	Derivative			Derivative			Derivative			Derivative			Derivative			Derivative
In thousands	Asset			Liability			Asset			Liability			Asset			Liability
Gross amounts presented in the Consolidated Balance Sheets	$	11,635		$	(40,798	)	$	16,088		$	(46,791	)	$	42,243		$	(10,853	)
Gross amounts not offset in the Consolidated Balance Sheets		(10,380	)		10,380			(11,641	)		11,641			(9,130	)		9,130
Net amounts	$	1,255		$	(30,418	)	$	4,447		$	(35,150	)	$	33,113		$	(1,723	)

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Derivatives are classified as current or noncurrent based on their maturity dates, as follows:

	June			December			June
In thousands	2014			2013			2013
Other current assets	$	7,866		$	12,699		$	33,463
Accrued liabilities (current)		(34,289	)		(36,622	)		(8,685	)
Other assets (noncurrent)		3,769			3,389			8,780
Other liabilities (noncurrent)		(6,509	)		(10,169	)		(2,168	)

Cash Flow Hedges

VF uses derivative contracts primarily to hedge a portion of the exchange risk for its forecasted sales, purchases, production costs and intercompany royalties. The effects of cash flow hedging included in VF’s Consolidated Statements of Income and Consolidated Statements of Comprehensive Income are summarized as follows:

In thousands	Gain (Loss) on Derivatives Recognized in OCI Three Months Ended June						Gain (Loss) on Derivatives Recognized in OCI Six Months Ended June
Cash Flow Hedging Relationships	2014			2013			2014			2013
Foreign currency exchange	$	(11,461	)	$	(3,093	)	$	(7,765	)	$	52,400
In thousands	Gain (Loss) Reclassified from Accumulated OCI into Income Three Months Ended June						Gain (Loss) Reclassified from Accumulated OCI into Income Six Months Ended June
Location of Gain (Loss)	2014			2013			2014			2013
Net sales	$	(1,542	)	$	1,378		$	118		$	1,223
Cost of goods sold		(4,339	)		3,683			(9,703	)		7,541
Other income (expense), net		(507	)		1,209			(1,215	)		2,301
Interest expense		(1,019	)		(972	)		(2,023	)		(1,929	)
Total	$	(7,407	)	$	5,298		$	(12,823	)	$	9,136

Derivative Contracts Dedesignated as Hedges

Cash flow hedges of some forecasted sales to third parties have historically been dedesignated as hedges when the sales were recognized. At that time, hedge accounting was discontinued and the amount of unrealized hedging gain or loss was recognized in net sales. These derivatives remained outstanding as an economic hedge of foreign currency exposures associated with the ultimate collection of the related accounts receivable, during which time changes in the fair value of the derivative contracts were recognized directly in earnings. As discussed below in Derivative Contracts Not Designated as Hedges, VF now utilizes separate derivative contracts to manage foreign currency risk related to the balance sheet exposures. Accordingly, 2013 was the last year during which dedesignations were recognized related to these cash flow hedges.

For the three and six month periods ended June 2013, VF recorded net gains of $0.8 million and $1.3 million, respectively, in other income (expense), net, for derivatives dedesignated as hedging instruments.

Derivative Contracts Not Designated as Hedges

VF uses derivative contracts to manage foreign currency exchange risk on intercompany loans as well as intercompany and third party accounts receivable and payable. These contracts are not designated as hedges, and are recorded at fair value in the Consolidated Balance Sheets. Changes in the fair values of these instruments are recognized directly in earnings. Gains or losses on these contracts largely offset the net remeasurement gains or losses on the related assets and liabilities. Following is a summary of these derivatives included in VF’s Consolidated Statements of Income:

		Gain (Loss) on Derivatives					Gain (Loss) on Derivatives
	Location of Gain (Loss)	Recognized in Income					Recognized in Income
In thousands	on Derivatives	Three Months Ended June					Six Months Ended June
Derivatives Not Designated as Hedges	Recognized in Income	2014			2013		2014			2013
Foreign currency exchange	Other income (expense), net	$	(4,014	)	$	2,729	$	(4,870	)	$	3,998

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Other Derivative Information

There were no significant amounts recognized in earnings for the ineffective portion of any hedging relationships during the three and six month periods ended June 2014 and June 2013.

At June 2014, accumulated OCI included $27.9 million of pretax net deferred losses for foreign exchange contracts that are expected to be reclassified to earnings during the next 12 months. The amounts ultimately reclassified to earnings will depend on exchange rates in effect when outstanding derivative contracts are settled.

VF entered into interest rate swap derivative contracts in 2011 and 2003 to hedge the interest rate risk for issuance of long-term debt due in 2021 and 2033, respectively. In each case, the contracts were terminated concurrent with the issuance of the debt, and the realized gain or loss was deferred in accumulated OCI. The remaining pretax net deferred loss in accumulated OCI was $33.5 million at June 2014, which will be reclassified into interest expense in the Consolidated Statements of Income over the remaining terms of the associated debt instruments. Of the $33.5 million, approximately $4.2 million is expected to be reclassified to earnings during the next 12 months.

Note O – Recently Issued and Adopted Accounting Standards

In July 2013, the Financial Accounting Standards Board (“FASB”) issued an update to their accounting guidance which requires unrecognized tax benefits to be netted with net operating loss or tax credit carryforwards in the balance sheet if specific criteria are met. This guidance became effective in the first quarter of 2014, but did not have an impact on VF’s consolidated financial statements.

In April 2014, the FASB changed the definition and disclosure requirements for discontinued operations. This guidance will be effective in the first quarter of 2015, but will not have an impact on VF’s consolidated financial statements unless the Company disposes of a business that meets the updated definition of discontinued operations.

In May 2014, the FASB issued a new accounting standard on revenue recognition which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The new model provides a 5-step analysis in determining the measurement of revenue and the timing of when it is recognized. New disclosures about revenues and cash flows arising from contracts with customers are also required. This guidance will be effective in the first quarter of 2017, and the Company is currently evaluating the impact that adopting this guidance will have on VF’s consolidated financial statements.

In June 2014, the FASB issued an update to their accounting guidance related to stock-based compensation. The guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. This guidance will be effective in the first quarter of 2016, but is not expected to have an impact on VF’s consolidated financial statements.

Note P – Subsequent Events

On July 15, 2014, VF’s Board of Directors declared a quarterly cash dividend of $0.2625 per share, payable on September 19, 2014 to stockholders of record on September 9, 2014.

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Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations

All per share amounts are presented on a diluted basis. All percentages shown in the tables below and the discussion that follows have been calculated using unrounded numbers.

Highlights of the Second Quarter of 2014

• Revenues grew to $2.4 billion, an increase of 8% from the second quarter of 2013.

• Outdoor & Action Sports revenues rose 16% over the 2013 quarter with double-digit percentage growth in every region and channel.

• International revenues increased 14% over the 2013 quarter with double-digit percentage growth in Europe and Asia Pacific.

• Direct-to-consumer revenues were up 18% and accounted for 26% of VF’s total revenues in the quarter.

• Earnings per share increased 16% to $0.36 from $0.31 in the 2013 quarter.

Analysis of Results of Operations

Consolidated Statements of Income

The following table presents a summary of the changes in total revenues from the comparable periods in 2013:

In millions	Second Quarter		Six Months
Total revenues – 2013	$	2,220.4	$	4,832.3
Operations		177.9		340.9
Impact of foreign currency translation		3.8		9.7
Total revenues – 2014	$	2,402.1	$	5,182.9

VF reported revenue growth of 8% in the second quarter and 7% in the first six months of 2014 driven by growth in the Outdoor & Action Sports coalition, and continued strength in the international and direct-to-consumer businesses. Additional details on revenues are provided in the section titled “Information by Business Segment.”

VF’s foreign currency exposure primarily relates to business conducted in euro-based countries. In addition, VF conducts business in other developed and emerging markets around the world that creates exposure to foreign currencies other than the euro. The impact of foreign currency translation was not material to VF’s operating results for the second quarter and first six months of 2014.

The following table presents the percentage relationships to total revenues for components of the Consolidated Statements of Income:

	Second Quarter						Six Months
	2014			2013			2014			2013
Gross margin (total revenues less cost of goods sold)		48.4	%		48.5	%		48.9	%		48.3	%
Selling, general and administrative expenses		39.3	%		39.4	%		36.9	%		36.7	%
Operating income		9.2	%		9.1	%		12.0	%		11.6	%

Gross margin declined 10 basis points in the second quarter and increased 60 basis points during the first half of 2014 compared with the 2013 periods. The second quarter decline was primarily due to the negative impact of foreign currency and initiatives to manage inventories primarily in the Jeanswear coalition. Partially offsetting the gross margin decline in the second quarter and driving the increase in the first half of 2014 was the continued shift in our revenue mix towards higher margin businesses, including Outdoor and Action Sports, international and direct-to-consumer. In addition, a change in classification of retail concession fees positively impacted gross margin by approximately 30 basis points in both the second quarter and first half of 2014. The classification of retail concession fees is discussed below in the Direct-to-Consumer Operations section.

Selling, general and administrative expenses as a percentage of total revenues decreased 10 basis points in the second quarter and increased 20 basis points during the first six months of 2014 compared with the 2013 periods. In the second quarter and first six months of 2014, the positive impact from leverage of operating expenses on higher revenues was partially offset by increased investments in direct-to-consumer businesses and marketing, resulting in net decreases in the percentage of selling, general and administrative expenses to revenues of 40 and 10 basis points, respectively, compared with the 2013 periods. In addition, the second quarter and first six months of 2014 were both negatively impacted by approximately 30 basis points due to the aforementioned change in classification of retail concession fees.

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Net interest expense decreased by $0.9 million in the second quarter and $2.1 million in the first six months of 2014 from the comparable periods in 2013, due to the repayment of $400 million of floating rate notes during the third quarter of 2013, and increased interest income on cash equivalents. Total outstanding debt averaged $1.7 billion for the first half of 2014 and $1.9 billion for the same period in 2013. The weighted average interest rates on total outstanding debt were 4.9% and 4.5% for the first six months of 2014 and 2013, respectively.

The effective income tax rate for the first half of 2014 was 21.7% compared with 21.0% in the first half of 2013. The first six months of 2014 included a net discrete tax benefit of $15.5 million, which included $4.1 million of prior year refund claims and $8.5 million of net tax benefits related to the realization of previously unrecognized tax benefits and interest, reducing the effective income tax rate by 2.7%. The first six months of 2013 included a net discrete tax benefit of $14.4 million, which included $8.3 million of tax benefits related to the extension of certain tax credits and other provisions of the Internal Revenue Code enacted in 2013 which were retroactive to 2012, and $6.9 million of tax benefits related to the realization of previously unrecognized tax benefits and interest, reducing the effective income tax rate by 2.8%. Without discrete items, the effective tax rate for the first half of 2014 increased by 0.6% compared with the 2013 period primarily due to the impact of tax law changes in the U.S.

Net income for the second quarter of 2014 increased to $157.7 million ($0.36 per share) compared with $138.3 million ($0.31 per share) in 2013. Net income for the first half of 2014 increased to $454.9 million ($1.03 per share) compared with $408.7 million ($0.91 per share) in 2013. The increases in earnings per share for the second quarter and first half of 2014 compared with the 2013 periods resulted primarily from improved operating performance, as discussed in the “Information by Business Segment” section below, as well as the other factors described above.

Information by Business Segment

VF’s businesses are grouped into product categories, and by brands within those product categories, for management and internal financial reporting purposes. These groupings of businesses within VF are referred to as “coalitions.” These coalitions are the basis for VF’s reportable business segments.

See Note K to the Consolidated Financial Statements for a summary of results of operations by coalition, along with a reconciliation of coalition profit to income before income taxes.

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The following tables present a summary of the changes in coalition revenues and coalition profit for the second quarter and first six months of 2014 from the comparable periods in 2013:

Coalition revenues:

	Second Quarter
	Outdoor &										Contemporary
In millions	Action Sports		Jeanswear			Imagewear			Sportswear		Brands			Other			Total
Coalition revenues – 2013	$	1,103.6	$	611.7		$	241.8		$	133.5	$	98.6		$	31.2		$	2,220.4
Operations		162.0		3.8			9.2			6.6		(3.4	)		(0.3	)		177.9
Impact of foreign currency translation		13.5		(9.7	)		(1.0	)		—		1.0			—			3.8
Coalition revenues – 2014	$	1,279.1	$	605.8		$	250.0		$	140.1	$	96.2		$	30.9		$	2,402.1
	Six Months
	Outdoor &										Contemporary
In millions	Action Sports		Jeanswear			Imagewear			Sportswear		Brands			Other			Total
Coalition revenues – 2013	$	2,487.9	$	1,329.7		$	494.6		$	261.7	$	202.3		$	56.1		$	4,832.3
Operations		338.8		(16.5	)		20.9			9.9		(9.8	)		(2.4	)		340.9
Impact of foreign currency translation		27.1		(17.0	)		(2.3	)		—		1.9			—			9.7
Coalition revenues – 2014	$	2,853.8	$	1,296.2		$	513.2		$	271.6	$	194.4		$	53.7		$	5,182.9

Coalition profit:

	Second Quarter
	Outdoor &												Contemporary
In millions	Action Sports			Jeanswear			Imagewear			Sportswear			Brands			Other			Total
Coalition profit – 2013	$	100.5		$	108.9		$	35.1		$	16.3		$	7.9		$	0.4		$	269.1
Operations		30.3			(8.3	)		0.5			(6.0	)		0.8			(0.4	)		16.9
Impact of foreign currency translation		(0.1	)		(0.5	)		(0.3	)		—			0.1			—			(0.8	)
Coalition profit – 2014	$	130.7		$	100.1		$	35.3		$	10.3		$	8.8		$	—		$	285.2
	Six Months
	Outdoor &												Contemporary
In millions	Action Sports			Jeanswear			Imagewear			Sportswear			Brands			Other			Total
Coalition profit (loss) – 2013	$	327.0		$	252.2		$	66.6		$	28.5		$	20.5		$	(2.2	)	$	692.6
Operations		74.8			(23.3	)		7.0			(5.7	)		(4.0	)		(1.0	)		47.8
Impact of foreign currency translation		3.4			0.5			(0.5	)		—			0.2			—			3.6
Coalition profit (loss) – 2014	$	405.2		$	229.4		$	73.1		$	22.8		$	16.7		$	(3.2	)	$	744.0

The following section discusses the changes in revenues and profitability by coalition:

Outdoor & Action Sports:

	Second Quarter						Percent Change			Six Months						Percent Change
Dollars in millions	2014			2013						2014			2013
Coalition revenues	$	1,279.1		$	1,103.6			15.9	%	$	2,853.8		$	2,487.9			14.7	%
Coalition profit		130.7			100.5			30.1	%		405.2			327.0			23.9	%
Operating margin		10.2	%		9.1	%					14.2	%		13.1	%

Coalition revenues for Outdoor & Action Sports increased 16% in the second quarter of 2014 compared with 2013 primarily due to growth in The North Face^®, Vans^® and Timberland^® brands, which achieved global revenue growth of 11%, 21% and 19%, respectively. U.S. revenues in the second quarter increased 13% and international revenues rose 19%, reflecting double-digit percentage growth in Europe and Asia Pacific.

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Coalition revenues for Outdoor & Action Sports increased 15% in the first six months of 2014 compared with the 2013 period primarily due to growth in The North Face^®, Vans^® and Timberland^® brands, which grew 13%, 20% and 14%, respectively. U.S. revenues in the first six months increased 14% and international revenues rose 16%, reflecting double-digit percentage growth in both Europe and Asia Pacific.

Global revenue increases in the second quarter and first six months of 2014 were driven by growth in both the direct-to-consumer and wholesale businesses. Direct-to-consumer revenues for Outdoor & Action Sports increased 24% and 21% in the second quarter and first six months of 2014, respectively. New store openings, comparable store growth and an expanding e-commerce business all contributed to the direct-to-consumer revenue growth. Wholesale revenues increased 13% and 12% in the second quarter and first six months of 2014, respectively, driven primarily by growth in The North Face^®, Vans^® and Timberland^® brands.

Operating margin for the second quarter and first six months of 2014 improved 110 basis points compared with the 2013 periods driven by a shift in business mix towards higher margin businesses and the leverage of operating expenses on higher revenues, partially offset by increased investments in direct-to-consumer businesses and marketing.

Jeanswear:

	Second Quarter						Percent Change			Six Months						Percent Change
Dollars in millions	2014			2013						2014			2013
Coalition revenues	$	605.8		$	611.7			(1.0	%)	$	1,296.2		$	1,329.7			(2.5	%)
Coalition profit		100.1			108.9			(8.0	%)		229.4			252.2			(9.0	%)
Operating margin		16.5	%		17.8	%					17.7	%		19.0	%

Global Jeanswear revenues decreased 1% and 3% in the second quarter and first six months of 2014, respectively, compared with the 2013 periods. Revenues in the Americas region declined 3% and 6% in the second quarter and first six months of 2014, respectively. These declines were due to unfavorable women’s denim trends and ongoing pressure in the U.S. mid-tier and department store channels, resulting in Lee^® brand revenues in the Americas region declining by a mid-teen and low double-digit percentage rate in the second quarter and first six months of 2014, respectively, compared with the 2013 periods. Wrangler^® brand revenues in the Americas region increased 4% in the second quarter of 2014 and were flat in the first six months of 2014 compared with the 2013 periods. Partially offsetting the revenue decreases in the Americas region for the second quarter and first six months of 2014 were increases in Europe of 15% and 11%, respectively, driven by wholesale growth in the Lee^® and Wrangler^® brands, and increases in the Asia Pacific region of 3% and 7%, respectively, primarily due to wholesale growth in the Lee^® brand.

Operating margin for the second quarter and first six months of 2014 decreased 130 basis points compared with the 2013 periods primarily due to the impact of factory downtime and initiatives to liquidate excess inventory in North America, partially offset by improved profitability in our international businesses.

Imagewear:

	Second Quarter						Percent Change			Six Months						Percent Change
Dollars in millions	2014			2013						2014			2013
Coalition revenues	$	250.0		$	241.8			3.4	%	$	513.2		$	494.6			3.8	%
Coalition profit		35.3			35.1			0.7	%		73.1			66.6			9.7	%
Operating margin		14.1	%		14.5	%					14.2	%		13.5	%

Imagewear revenues increased 3% and 4% during the second quarter and first six months of 2014, respectively, compared with the 2013 periods. The Image business grew 5% and 4% in the second quarter and first six months of 2014, respectively, led by its industrial and government sectors. In addition, revenues for the Licensed Sports business increased 1% and 4% in the second quarter and first six months of 2014, respectively, reflecting strong growth in National Football League sales. Effective in the first quarter of 2014, management strategically transitioned the youth business for Major League Baseball to a licensed model, which negatively impacted revenues by 2% and 3% in the second quarter and first six months of 2014, respectively.

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Operating margin decreased 40 basis points during the second quarter of 2014 compared with the 2013 period primarily due to the impact of unfavorable mix in both the Image and Licensed Sports businesses. Operating margin increased 70 basis points during the first six months of 2014 primarily driven by favorable mix in the Licensed Sports business in the first quarter of 2014. In addition, operating margin in both the second quarter and first half of 2014 was positively impacted by the leverage of operating expenses on higher revenues compared with the 2013 periods.

Sportswear:

	Second Quarter						Percent Change			Six Months						Percent Change
Dollars in millions	2014			2013						2014			2013
Coalition revenues	$	140.1		$	133.5			5.0	%	$	271.6		$	261.7			3.8	%
Coalition profit		10.3			16.3			(36.9	%)		22.8			28.5			(19.9	%)
Operating margin		7.3	%		12.2	%					8.4	%		10.9	%

Sportswear revenues increased 5% and 4% in the second quarter and first six months of 2014, respectively, compared with the 2013 periods. Both 2014 periods were driven by an 18% increase in Kipling^® brand revenues in North America, reflecting growth in direct-to-consumer and wholesale revenues. Nautica^® brand revenues increased 2% and 1% during the second quarter and first six months of 2014, respectively, as growth in the direct-to-consumer business was partially offset by declines in wholesale revenues due to challenges in the U.S. department store channel.

Operating margin declined 490 and 250 basis points in the second quarter and first six months of 2014, respectively, compared with the 2013 periods. The decreases for both periods were primarily driven by a decline in gross margin in the second quarter of 2014 due to higher levels of promotional activity in the wholesale channel, and increased investments in infrastructure and direct-to-consumer businesses, partially offset by a shift in business mix towards higher margin businesses.

Contemporary Brands:

	Second Quarter						Percent Change			Six Months						Percent Change
Dollars in millions	2014			2013						2014			2013
Coalition revenues	$	96.2		$	98.6			(2.5	%)	$	194.4		$	202.3			(3.9	%)
Coalition profit		8.8			7.9			12.2	%		16.7			20.5			(18.1	%)
Operating margin		9.2	%		8.0	%					8.6	%		10.1	%

Revenues for Contemporary Brands decreased 2% and 4% in the second quarter and first six months of 2014, respectively, compared with the 2013 periods, due to ongoing challenges in the women’s premium denim market. Wholesale revenues decreased 9% and 11% during the second quarter and first half of 2014, respectively, and were partially offset by increases in direct-to-consumer revenues of 10% and 11% for the respective periods. Effective in the first quarter of 2014, management strategically transitioned a portion of the youth business to a licensed model, which negatively impacted revenues by 3% in the second quarter and first six months of 2014.

Operating margin increased 120 basis points in the second quarter of 2014 compared with the 2013 period primarily due to the favorable resolution of a customs duty matter and a shift in business mix towards higher margin businesses, partially offset by higher selling, general and administrative costs as a percentage of revenues resulting from the overall sales decline and increased investments in direct-to-consumer businesses. Operating margin declined 150 basis points for the first six months of 2014 compared with the 2013 period primarily due to higher selling, general and administrative costs as a percentage of revenues resulting from the sales decline and increased investments in direct-to-consumer businesses.

Other:

	Second Quarter					Percent Change			Six Months						Percent Change
Dollars in millions	2014		2013						2014			2013
Coalition revenues	$	30.9	$	31.2			(0.9	%)	$	53.7		$	56.1			(4.2	%)
Coalition profit (loss)		—		0.4						(3.2	)		(2.2	)
Operating margin		—		1.3	%					(5.9	%)		(3.9	%)

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VF Outlet^® stores in the U.S. sell VF-branded products at prices that are generally higher than what could be realized through distressed channels, as well as other non-VF products. Revenues and profits of VF products sold in these stores are reported as part of the operating results of the applicable coalition, while revenues and profits of non-VF products are reported in this “other” category.

Reconciliation of Coalition Profit to Income Before Income Taxes:

There are two types of costs necessary to reconcile total coalition profit, as discussed in the preceding paragraphs, to consolidated income before income taxes. These costs are (i) corporate and other expenses, discussed below, and (ii) interest expense, net, which was discussed in the previous “Consolidated Statements of Income” section.

	Second Quarter				Percent Change			Six Months				Percent Change
Dollars in millions	2014		2013					2014		2013
Corporate and other expenses	$	65.9	$	69.2		(4.9	%)	$	123.6	$	134.0		(7.8	%)
Interest expense, net		19.8		20.7		(4.3	%)		39.1		41.2		(5.1	%)

Corporate and other expenses are those that have not been allocated to the coalitions for internal management reporting, including (i) information systems and shared services, (ii) corporate headquarters’ costs and (iii) other income and expenses. Other income and expenses includes costs of corporate programs and initiatives; costs of registering, maintaining and enforcing certain VF trademarks; and miscellaneous costs, the most significant of which is related to the expense of VF’s centrally-managed U.S. defined benefit pension plans. The current year service cost component of pension cost is allocated to the coalitions, while the remaining cost components, totaling $8.0 million and $16.0 million for the second quarter and first half of 2014, respectively, and $15.2 million and $30.4 million for the second quarter and first half of 2013, respectively, are reported in corporate and other expenses.

International Operations

International revenues grew 14% in the second quarter and 12% in the first six months of 2014. Revenues in Europe rose 16% in the second quarter and 13% in the first six months of 2014 with positive results from nearly every VF brand sold in that region. In the Asia Pacific region, revenues increased 17% in the second quarter and 16% in the first six months of 2014 primarily driven by growth in China and Korea. Revenues in the Americas (non-U.S.) region increased 6% and 3% during the second quarter and first six months of 2014, respectively. International revenues were 36% and 34% of total VF sales in the second quarter of 2014 and 2013, respectively, and 40% and 38% of total VF sales in the first six months of 2014 and 2013, respectively.

Direct-to-Consumer Operations

Direct-to-consumer revenues grew 18% in the second quarter and 17% in the first six months of 2014 with double-digit increases in all regions and growth in nearly every VF brand. New store openings, comparable store growth and an expanding e-commerce business all contributed to the direct-to-consumer revenue growth. VF opened 41 stores in the second quarter and 64 stores in the first six months of 2014, bringing the total number of VF-owned retail stores to 1,299 at June 2014. Direct-to-consumer revenues reached 26% of total revenues in the second quarter of 2014 compared with 23% (22% prior to the concession classification change discussed below) in the 2013 period. Direct-to-consumer revenues were 24% of total revenues in the first six months of 2014 compared with 22% (21% prior to the concession classification change) in the 2013 period.

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Concessions are retail store locations, which are all outside the U.S., where VF is responsible for all aspects of operations without ownership of the retail space. Under typical concession arrangements, VF pays a concession fee for use of the space based on a percentage of retail sales. Beginning in 2014, we have included all concessions-based arrangements in our direct-to-consumer channel. In addition, we began classifying all concession fees as a component of selling, general and administrative expenses instead of the previous treatment as an offset to revenue in the Consolidated Statement of Income. We made these changes to better represent the operations of our direct-to-consumer business. These changes in classification did not impact operating income, and 2013 reported balances have not been restated in the Consolidated Statement of Income because the impact is immaterial. However, comparative references to direct-to-consumer and wholesale revenue growth rates reflect the reclassification of concession revenues to the direct-to-consumer channel as if the change had occurred at the beginning of each reporting period.

Analysis of Financial Condition

Balance Sheets

The following discussion refers to significant changes in balances at June 2014 compared with December 2013:

• Decrease in accounts receivable—due to the seasonality of the business.

• Increase in inventories—due to the seasonality of the business and anticipated sales growth in the second half of 2014.

• Increase in other current assets—primarily due to higher prepaid income taxes.

• Increase in short-term borrowings—due to commercial paper borrowings used to support seasonal working capital requirements and share repurchases in the first half of 2014.

• Decrease in accounts payable—driven by the timing of inventory purchases and payments to vendors.

• Decrease in accrued liabilities—primarily due to timing of accruals and payments related to compensation and accrued income taxes.

The following discussion refers to significant changes in balances at June 2014 compared with June 2013:

• Increase in accounts receivable—resulting from an increase in wholesale revenues for the second quarter of 2014.

• Increase in inventories—due to anticipated sales growth in the second half of 2014 and the impact of foreign currency translation.

• Increase in other current assets— primarily due to higher prepaid income taxes.

• Increase in other assets—driven by increases in assets held for deferred compensation plans and deferred software costs primarily related to i) system implementations and ii) a new software license agreement that supports our e-commerce infrastructure and other key business functions.

• Increase in short-term borrowings—due to commercial paper borrowings used to support seasonal working capital requirements and higher levels of share repurchases.

• Decrease in current portion of long-term debt—related to the third quarter of 2013 repayment of the $400 million two-year notes issued to finance the acquisition of Timberland.

• Increase in accrued liabilities—primarily due to an increase in unrealized hedging losses and timing of accruals and payments related to compensation, marketing and accrued income taxes.

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Liquidity and Cash Flows

The financial condition of VF is reflected in the following:

	June			December			June
Dollars in millions	2014			2013			2013
Working capital	$	1,909.6		$	2,315.0		$	1,653.4
Current ratio		2.0 to 1			2.5 to 1			2.0 to 1
Debt to total capital ratio		26.2	%		19.3	%		26.6	%

For the ratio of debt to total capital, debt is defined as short-term and long-term borrowings, and total capital is defined as debt plus stockholders’ equity. The ratio of net debt to total net capital (with net debt defined as debt less cash and equivalents and total net capital defined as total capital less cash and equivalents) was 21.4% at June 2014, 10.0% at December 2013 and 23.1% at June 2013.

In summary, our cash flows were as follows:

	Six Months
In thousands	2014			2013
Net cash provided by operating activities	$	219,587		$	291,413
Net cash used by investing activities		(163,587	)		(188,476	)
Net cash used by financing activities		(352,015	)		(375,678	)

Cash Provided by Operating Activities

VF’s primary source of liquidity is the strong cash flow provided by operating activities, which is dependent on the level of net income and changes in working capital. Cash provided by operating activities for the first six months of 2014 decreased to $219.6 million from $291.4 million for the 2013 period. The decline is due to an increase in net cash usage from working capital changes, partially offset by an increase in net income and a $100.0 million discretionary defined benefit plan contribution in the first quarter of 2013 that did not recur in 2014.

Cash Used by Investing Activities

Cash used by investing activities for the first six months of 2014 decreased to $163.6 million from $188.5 million in 2013. VF’s investing activities in the first six months of 2014 related primarily to capital expenditures of $95.8 million and software purchases of $56.0 million. Capital expenditures decreased $59.6 million compared with the 2013 period due to the completion of a number of significant projects during 2013. Software purchases increased $27.3 million over the 2013 period due to system implementations and a new software license agreement that supports our e-commerce infrastructure and other key business functions.

Cash Used by Financing Activities

Cash used by financing activities in the first six months of 2014 was $352.0 million compared with $375.7 million in the first six months of 2013. The decline was primarily due to an increase in short-term borrowings, partially offset by higher levels of share repurchases and cash dividends paid.

During the first six months of 2014, VF repurchased 12.0 million shares of its Common Stock in open market transactions at a total cost of $727.5 million (average price per share of $60.46). During the first six months of 2013, VF repurchased 6.8 million shares of its Common Stock in open market transactions at a total cost of $281.0 million (average price per share of $41.16). As of the end of the second quarter of 2014, the Company had 40.7 million shares remaining under its current share repurchase program authorized by VF’s Board of Directors. VF will continue to evaluate future share repurchases considering funding required for business acquisitions, VF’s Common Stock price and levels of stock option exercises.

VF relies on continued strong cash generation to finance its ongoing operations. In addition, VF has significant liquidity from its available cash balances and credit facilities. VF maintains a $1.25 billion senior unsecured revolving line of credit (the “Global Credit Facility”), which supports its $1.25 billion U.S. commercial paper program for short-term seasonal working capital requirements and corporate operations. The Global Credit Facility expires in December 2016. Commercial paper borrowings and standby letters of credit issued as of June 2014 were $550.0 million and $16.7 million, respectively, leaving $683.3 million available for borrowing against this facility at June 2014.

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VF’s favorable credit agency ratings allow for access to additional liquidity at competitive rates. At the end of June 2014, VF’s long-term debt ratings were ‘A’ by Standard & Poor’s Ratings Services and ‘A3’ by Moody’s Investors Service, and commercial paper ratings by those rating agencies were ‘A-1’ and ‘Prime-2’, respectively.

None of VF’s long-term debt agreements contain acceleration of maturity clauses based solely on changes in credit ratings. However, if there were a change in control of VF and, as a result of the change in control, the 2017, 2021 and 2037 notes were rated below investment grade by recognized rating agencies, VF would be obligated to repurchase the notes at 101% of the aggregate principal amount, plus any accrued and unpaid interest.

Management’s Discussion and Analysis in the 2013 Form 10-K provided a table summarizing VF’s contractual obligations and commercial commitments at the end of 2013 that would require the use of funds. Since the filing of the 2013 Form 10-K, there have been no material changes in the disclosed amounts, except as noted below:

• Inventory purchase obligations increased by approximately $408.2 million at the end of June 2014 due to the seasonality of VF’s businesses.

Management believes that VF’s cash balances and funds provided by operating activities, as well as its Global Credit Facility, additional borrowing capacity and access to capital markets, taken as a whole, provide (i) adequate liquidity to meet all of its current and long-term obligations when due, (ii) adequate liquidity to fund capital expenditures and to maintain the dividend to stockholders at current and expected rates and (iii) flexibility to meet investment opportunities that may arise.

Recently Issued and Adopted Accounting Standards

In July 2013, the FASB issued an update to their accounting guidance which requires unrecognized tax benefits to be netted with net operating loss or tax credit carryforwards in the balance sheet if specific criteria are met. This guidance became effective in the first quarter of 2014, but did not have an impact on VF’s consolidated financial statements.

In April 2014, the FASB changed the definition and disclosure requirements for discontinued operations. This guidance will be effective in the first quarter of 2015, but will not have an impact on VF’s consolidated financial statements unless the Company disposes of a business that meets the updated definition of discontinued operations.

In May 2014, the FASB issued a new accounting standard on revenue recognition which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The new model provides a 5-step analysis in determining the measurement of revenue and the timing of when it is recognized. New disclosures about revenues and cash flows arising from contracts with customers are also required. This guidance will be effective in the first quarter of 2017, and the Company is currently evaluating the impact that adopting this guidance will have on VF’s consolidated financial statements.

In June 2014, the FASB issued an update to their accounting guidance related to stock-based compensation. The guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. This guidance will be effective in the first quarter of 2016, but is not expected to have an impact on VF’s consolidated financial statements.

Critical Accounting Policies and Estimates

Management has chosen accounting policies that it considers to be appropriate to accurately and fairly report VF’s operating results and financial position in conformity with generally accepted accounting principles in the United States. Our critical accounting policies are applied in a consistent manner. Significant accounting policies are summarized in Note A to the Consolidated Financial Statements included in the 2013 Form 10-K.

The application of these accounting policies requires management to make estimates and assumptions about future events and apply judgments that affect the reported amounts of assets, liabilities, revenues, expenses, contingent assets and liabilities, and related disclosures. These estimates, assumptions and judgments are based on historical experience, current trends and other factors believed to be reasonable under the circumstances. Management evaluates these estimates and assumptions and may retain outside consultants to assist in the evaluation. If actual results ultimately differ from previous estimates, the revisions are included in results of operations in the period in which the actual amounts become known.

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The accounting policies that involve the most significant estimates, assumptions and management judgments used in preparation of the consolidated financial statements, or are the most sensitive to change from outside factors, are discussed in Management’s Discussion and Analysis in the 2013 Form 10-K. There have been no material changes in these policies.

Cautionary Statement on Forward-Looking Statements

From time to time, VF may make oral or written statements, including statements in this quarterly report that constitute “forward-looking statements” within the meaning of the federal securities laws. These include statements concerning plans, objectives, projections and expectations relating to VF’s operations or economic performance, and assumptions related thereto. Forward-looking statements are made based on management’s expectations and beliefs concerning future events impacting VF and therefore involve a number of risks and uncertainties. Forward-looking statements are not guarantees and actual results could differ materially from those expressed or implied in the forward-looking statements.

Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements in this quarterly report on Form 10-Q include, but are not limited to, the overall level of consumer demand for apparel; fluctuations in the price, availability and quality of raw materials and contracted products; disruption to VF’s distribution system; disruption and volatility in the global capital and credit markets; VF’s reliance on a small number of large customers; the financial strength of VF’s customers; VF’s response to changing fashion trends; increasing pressure on margins; VF’s ability to implement its growth strategy; VF’s ability to grow its international and direct-to-consumer businesses; VF and its customers’ ability to maintain the strength and security of its information technology systems; adverse unseasonable weather conditions; stability of VF’s manufacturing facilities and foreign suppliers; continued use by VF’s suppliers of ethical business practices; VF’s ability to accurately forecast demand for products; continuity of members of VF’s management; VF’s ability to protect trademarks and other intellectual property rights; maintenance by VF’s licensees and distributors of the value of VF’s brands; foreign currency fluctuations; changes in tax liabilities; and legal, regulatory, political and economic risks in international markets. More information on potential factors that could affect VF’s financial results is included from time to time in VF’s public reports filed with the Securities and Exchange Commission, including VF’s Annual Report on Form 10-K.

Item 3 — Quantitative and Qualitative Disclosures about Market Risk

There have been no significant changes in VF’s market risk exposures from what was disclosed in Item 7A in the 2013 Form 10-K.

Item 4 — Controls and Procedures

Disclosure controls and procedures:

Under the supervision of the Chief Executive Officer and Chief Financial Officer, a Disclosure Committee comprising various members of management has evaluated the effectiveness of the disclosure controls and procedures at VF and its subsidiaries as of the end of the period covered by this quarterly report (the “Evaluation Date”). Based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded as of the Evaluation Date that such controls and procedures were effective.

Changes in internal control over financial reporting:

There have been no changes during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, VF’s internal control over financial reporting.

Part II — Other Information

Item 1 — Legal Proceedings

Information on VF’s legal proceedings is set forth under Part I, Item 3, “Legal Proceedings,” in the 2013 Form 10-K. There have been no material changes to the legal proceedings from those described in the 2013 Form 10-K.

Item 1A — Risk Factors

You should carefully consider the risk factors set forth under Part I, Item 1A, “Risk Factors,” in the 2013 Form 10-K. There have been no material changes to the risk factors from those disclosed in the 2013 Form 10-K.

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Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds

(c) Issuer purchases of equity securities:

					Total Number of		Maximum Number
	Total		Weighted		Shares Purchased		of Shares that May
	Number of		Average		as Part of Publicly		Yet be Purchased
	Shares		Price Paid		Announced		Under the
Second Quarter 2014	Purchased (1)		per Share		Programs (1)		Program
March 30 – April 26, 2014		2,868,299	$	60.23		2,868,299		40,731,276
April 27 – May 24, 2014		—		—		—		40,731,276
May 25 – June 28, 2014		2,500		61.91		2,500		40,728,776
Total		2,870,799				2,870,799

⁽¹⁾  Includes 2,500 shares of Common Stock that were purchased during the quarter in connection with VF’s deferred compensation plans. VF will continue to evaluate future share repurchases—considering funding required for business acquisitions, VF’s Common Stock price and levels of stock option exercises.

Item 6 — Exhibits

31.1	Certification of Eric C. Wiseman, President and Chief Executive Officer, pursuant to 15 U.S.C. Section 10A, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Robert K. Shearer, Senior Vice President and Chief Financial Officer, pursuant to 15 U.S.C. Section 10A, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Eric C. Wiseman, President and Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Robert K. Shearer, Senior Vice President and Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

29

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

V.F. CORPORATION (Registrant)
By:	/s/ Robert K. Shearer
	Robert K. Shearer
	Senior Vice President and Chief Financial Officer (Chief Financial Officer)

Date: August 5, 2014	By:	/s/ Scott A. Roe
		Scott A. Roe
		Vice President — Controller (Chief Accounting Officer)

30

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 15 U.S.C. SECTION 10A, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Eric C. Wiseman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of V.F. Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 5, 2014	/s/ Eric C. Wiseman
	Eric C. Wiseman
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 15 U.S.C. SECTION 10A, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert K. Shearer, certify that:

1. I have reviewed this quarterly report on Form 10-Q of V.F. Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 5, 2014	/s/ Robert K. Shearer
	Robert K. Shearer
	Senior Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of V.F. Corporation (the “Company”) on Form 10-Q for the period ending June 28, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Eric C. Wiseman, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

August 5, 2014	/s/ Eric C. Wiseman
	Eric C. Wiseman
	President and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of V.F. Corporation (the “Company”) on Form 10-Q for the period ending June 28, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert K. Shearer, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

August 5, 2014	/s/ Robert K. Shearer
	Robert K. Shearer
	Senior Vice President and Chief Financial Officer

XML

Intangible Assets - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 28, 2014	Jun. 28, 2014	Jun. 29, 2013
Schedule Of Estimated Future Amortization Expense [Line Items]
Intangible asset amortization expense	$ 11,200	$ 22,454	$ 22,992

XML

Earnings Per Share (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Earnings per share - basic:
Net income	$ 157,682	$ 138,274	$ 454,875	$ 408,691
Weighted average common shares outstanding	429,940	437,096	434,115	438,684
Earnings per common share	$ 0.37	$ 0.32	$ 1.05	$ 0.93
Earnings per share - diluted:
Net income	$ 157,682	$ 138,274	$ 454,875	$ 408,691
Weighted average common shares outstanding	429,940	437,096	434,115	438,684
Incremental shares from stock options and other dilutive securities	7,191	8,820	7,584	8,220
Adjusted weighted average common shares outstanding	437,131	445,916	441,699	446,904
Earnings per common share	$ 0.36	$ 0.31	$ 1.03	$ 0.91

XML

Changes in Accumulated Other Comprehensive Income (Loss), Net of Related Taxes (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (209,489)	$ (423,135)	$ (211,720)	$ (453,895)
Other comprehensive income (loss) before reclassifications	(33,862)	(27,414)	(41,540)	(7,183)
Amounts reclassified from accumulated other comprehensive income (loss)	11,139	9,678	21,048	20,207
Net other comprehensive income (loss)	(22,723)	(17,736)	(20,492)	13,024
Ending balance	(232,212)	(440,871)	(232,212)	(440,871)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	97,060	(17,866)	106,647	(4,068)
Other comprehensive income (loss) before reclassifications	(26,535)	(24,850)	(36,122)	(38,648)
Net other comprehensive income (loss)	(26,535)	(24,850)	(36,122)	(38,648)
Ending balance	70,525	(42,716)	70,525	(42,716)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(270,830)	(407,679)	(277,451)	(420,538)
Amounts reclassified from accumulated other comprehensive income (loss)	6,643	12,894	13,264	25,753
Net other comprehensive income (loss)	6,643	12,894	13,264	25,753
Ending balance	(264,187)	(394,785)	(264,187)	(394,785)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(36,223)	1,924	(41,754)	(29,430)
Other comprehensive income (loss) before reclassifications	(6,957)	(1,878)	(4,714)	31,806
Amounts reclassified from accumulated other comprehensive income (loss)	4,496	(3,216)	7,784	(5,546)
Net other comprehensive income (loss)	(2,461)	(5,094)	3,070	26,260
Ending balance	(38,684)	(3,170)	(38,684)	(3,170)
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	504	486	838	141
Other comprehensive income (loss) before reclassifications	(370)	(686)	(704)	(341)
Net other comprehensive income (loss)	(370)	(686)	(704)	(341)
Ending balance	$ 134	$ (200)	$ 134	$ (200)

XML

Earnings Per Share - Additional Information (Detail) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Stock Option
Earnings Per Share Disclosure [Line Items]
Stock options excluded from computation of earnings per share	2.7		2.7	1.8
Performance-Based | Restricted Stock Units (RSUs)
Earnings Per Share Disclosure [Line Items]
Stock options excluded from computation of earnings per share	1.3	1.5	1.3	1.5

XML

Shares Held for Deferred Compensation Plans (Detail) (USD $) In Millions, except Share data, unless otherwise specified	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 2013
Schedule of Deferred Compensation Plans [Line Items]
Shares held for deferred compensation plans	695,204	704,104	733,664
Cost of shares held for deferred compensation plans	$ 8.2	$ 8.4	$ 8.7

XML

Fair Value Measurements (Tables)

6 Months Ended

Jun. 28, 2014

Classes of Financial Assets and Financial Liabilities Measured and Recorded at Fair Value on Recurring Basis

The following table summarizes financial assets and financial liabilities that are measured and recorded in the consolidated financial statements at fair value on a recurring basis:

	Total		Fair Value Measurement Using (a)
In thousands	Fair Value		Level 1		Level 2		Level 3
June 2014
Financial assets:
Cash equivalents:
Money market funds	$	156,442	$	156,442	$	—	$	—
Time deposits		144,522		144,522		—		—
Derivative financial instruments		11,635		—		11,635		—
Investment securities		232,841		212,013		20,828		—
Other marketable securities		4,649		4,649		—		—
Financial liabilities:
Derivative financial instruments		40,798		—		40,798		—
Deferred compensation		293,042		—		293,042		—
December 2013
Financial assets:
Cash equivalents:
Money market funds	$	352,942	$	352,942	$	—	$	—
Time deposits		121,097		121,097		—		—
Derivative financial instruments		16,088		—		16,088		—
Investment securities		214,035		193,540		20,495		—
Other marketable securities		5,809		5,809		—		—
Financial liabilities:
Derivative financial instruments		46,791		—		46,791		—
Deferred compensation		274,659		—		274,659		—

^(a)  There were no transfers among the levels within the fair value hierarchy during the first half of 2014 or the year ended December 2013.

XML

Fair Value Measurements - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	Jun. 28, 2014	Dec. 28, 2013
Fair Value, Measurement Inputs, Disclosure [Line Items]
Long-term debt, carrying value	$ 1,429.5	$ 1,432.0
Long-term debt, fair value	$ 1,651.6	$ 1,568.4

XML

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 28, 2014

Property, Plant and Equipment

	June		December		June
In thousands	2014		2013		2013
Land and improvements	$	56,962	$	56,828	$	52,764
Buildings and improvements		988,980		953,931		915,805
Machinery and equipment		1,191,219		1,159,221		1,119,890
Property, plant and equipment, at cost		2,237,161		2,169,980		2,088,459
Less accumulated depreciation and amortization		1,315,191		1,237,188		1,205,262
Property, plant and equipment, net	$	921,970	$	932,792	$	883,197

XML

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended
	Mar. 29, 2014	Jun. 28, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	2,777,130
Exercise price of options granted	$ 56.79
Share based compensation vesting period	3 years
Fair market value of Common Stock at the date the units were granted	$ 56.79
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted in period	576,544
Award expiration period from grant date	3 years
Baseline profitability goal period	3 years
Percentage of targets award adjusted to actual number of shares earned		25.00%
Performance-Based Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock to be issued for each restricted stock unit granted	0
Performance-Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock to be issued for each restricted stock unit granted	2
TSR Adjustment Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair market value of Common Stock at the date the units were granted		$ 1.41
Nonperformance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation vesting period	4 years
Restricted stock units granted in period	17,000
Number of shares of common stock to be issued for each restricted stock unit granted	1
Fair market value of Common Stock at the date the units were granted	$ 58.89
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation vesting period	4 years
Restricted stock units granted in period	87,000
Fair market value of Common Stock at the date the units were granted	$ 58.89
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted period of time options become exercisable	1 year
Board of Directors | Nonperformance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted in period	12,595
Award expiration period from grant date	1 year
Fair market value of Common Stock at the date the units were granted	$ 56.79

XML

Goodwill - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 28, 2014	Jun. 28, 2014 Outdoor & Action Sports	Dec. 28, 2013 Outdoor & Action Sports	Jun. 28, 2014 Sportswear	Dec. 28, 2013 Sportswear	Jun. 28, 2014 Contemporary Brands	Dec. 28, 2013 Contemporary Brands
Goodwill [Line Items]
Cumulative impairment charges		$ 43.4	$ 43.4	$ 58.5	$ 58.5	$ 195.2	$ 195.2
Goodwill impairment charges	$ 0

XML

Property Plant and Equipment (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 2013
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 2,237,161	$ 2,169,980	$ 2,088,459
Less accumulated depreciation and amortization	1,315,191	1,237,188	1,205,262
Property, plant and equipment, net	921,970	932,792	883,197
Land and Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	56,962	56,828	52,764
Building and Improvement
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	988,980	953,931	915,805
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 1,191,219	$ 1,159,221	$ 1,119,890

XML

Income Taxes - Additional information (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013
Income Taxes [Line Items]
Effective income tax rate	21.70%	21.00%
Net discrete tax Benefits	$ 15.5	$ 14.4
Refund claims related to prior years	4.1
Realization of unrecognized tax benefits	8.5	6.9
Tax reduction due to discrete items	2.70%	2.80%
Tax benefit related to retroactive extension of tax credits		8.3
Change in effective income tax rate without discrete items	0.60%
Decrease in unrecognized tax benefits and associated interest	(2.4)
Net unrecognized tax benefits and interest, if recognized, would reduce the annual effective tax rate	107.1
Reduction in income tax expenses	28.1
Possible decrease in unrecognized income tax benefits and interest	$ 35.0

XML

Derivatives Classified as Current or Noncurrent Based on Maturity Dates (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 2013
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other current assets	$ 7,866	$ 12,699	$ 33,463
Accrued liabilities (current)	(34,289)	(36,622)	(8,685)
Other assets (noncurrent)	3,769	3,389	8,780
Other liabilities (noncurrent)	$ (6,509)	$ (10,169)	$ (2,168)

XML

Deferred Components of Other Comprehensive Income (Loss) Reported, Net of Related Income Taxes, in Accumulated Other Comprehensive Income (Loss) in Stockholders' Equity (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 28, 2014	Mar. 29, 2014	Dec. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 29, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation	$ 70,525		$ 106,647	$ (42,716)
Defined benefit pension plans	(264,187)		(277,451)	(394,785)
Derivative financial instruments	(38,684)		(41,754)	(3,170)
Marketable securities	134		838	(200)
Accumulated other comprehensive income (loss)	$ (232,212)	$ (209,489)	$ (211,720)	$ (440,871)	$ (423,135)	$ (453,895)

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Sale of Accounts Receivable

6 Months Ended

Jun. 28, 2014

Sale of Accounts Receivable

Note B – Sale of Accounts Receivable

VF has an agreement with a financial institution to sell selected trade accounts receivable on a recurring, nonrecourse basis. Under the agreement, up to $237.5 million of accounts receivable may be sold to the financial institution and remain outstanding at any point in time. After the sale, VF does not retain any interests in the accounts receivable and removes them from the Consolidated Balance Sheets, but continues to service and collect outstanding accounts receivable on behalf of the financial institution. At June 2014, December 2013 and June 2013, accounts receivable had been reduced by $138.4 million, $136.4 million and $118.6 million, respectively, related to this program. During the first six months of 2014, VF sold $557.8 million of accounts receivable at their stated amounts, less a funding fee charged by the financial institution. The funding fee is recorded in other income (expense), net, and totaled $0.8 million for the first six months of 2014. Net proceeds of this program are classified in operating activities in the Consolidated Statements of Cash Flows.

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Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	$ (7,407)	$ 5,298	$ (12,823)	$ 9,136
Foreign Currency Exchange Contract | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(1,542)	1,378	118	1,223
Foreign Currency Exchange Contract | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(4,339)	3,683	(9,703)	7,541
Foreign Currency Exchange Contract | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(507)	1,209	(1,215)	2,301
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(7,407)	5,298	(12,823)	9,136
Cash Flow Hedging | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(1,542)	1,378	118	1,223
Cash Flow Hedging | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(4,339)	3,683	(9,703)	7,541
Cash Flow Hedging | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(507)	1,209	(1,215)	2,301
Cash Flow Hedging | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	(1,019)	(972)	(2,023)	(1,929)
Cash Flow Hedging | Foreign Currency Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in OCI	$ (11,461)	$ (3,093)	$ (7,765)	$ 52,400

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Components of Pension Cost (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	$ 6,097	$ 6,327	$ 12,182	$ 13,220
Interest cost on projected benefit obligations	20,404	17,978	40,793	36,029
Expected return on plan assets	(22,697)	(23,628)	(45,378)	(47,310)
Amortization of deferred amounts, Net deferred actuarial losses	9,389	21,326	18,773	42,688
Amortization of deferred amounts, Deferred prior service costs	1,362	316	2,724	657
Net periodic pension cost	$ 14,555	$ 22,319	$ 29,094	$ 45,284

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Capital and Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 28, 2014

Shares Held for Deferred Compensation Plans

Balances related to shares held for deferred compensation plans are as follows:

	June		December		June
In millions, except share amounts	2014		2013		2013
Shares held for deferred compensation plans		695,204		704,104		733,664
Cost of shares held for deferred compensation plans	$	8.2	$	8.4	$	8.7

Deferred Components of Other Comprehensive Income (Loss) Reported, Net of Related Income Taxes, in Accumulated Other Comprehensive Income (Loss) in Stockholders' Equity

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	2014			2013			2013
Foreign currency translation	$	70,525		$	106,647		$	(42,716	)
Defined benefit pension plans		(264,187	)		(277,451	)		(394,785	)
Derivative financial instruments		(38,684	)		(41,754	)		(3,170	)
Marketable securities		134			838			(200	)
Accumulated other comprehensive income (loss)	$	(232,212	)	$	(211,720	)	$	(440,871	)

Changes in Accumulated Other Comprehensive Income (Loss), Net of Related Taxes

The changes in accumulated other comprehensive income (loss), net of related taxes, are as follows:

	Three Months Ended June 2014
	Foreign			Defined			Derivative
	Currency			Benefit			Financial			Marketable
In thousands	Translation			Pension Plans			Instruments			Securities			Total
Balance, March 2014	$	97,060		$	(270,830	)	$	(36,223	)	$	504		$	(209,489	)
Other comprehensive income (loss) before reclassifications		(26,535	)		—			(6,957	)		(370	)		(33,862	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			6,643			4,496			—			11,139
Net other comprehensive income (loss)		(26,535	)		6,643			(2,461	)		(370	)		(22,723	)
Balance, June 2014	$	70,525		$	(264,187	)	$	(38,684	)	$	134		$	(232,212	)
	Three Months Ended June 2013
In thousands	Foreign Currency Translation			Defined Benefit Pension Plans			Derivative Financial Instruments			Marketable Securities			Total
Balance, March 2013	$	(17,866	)	$	(407,679	)	$	1,924		$	486		$	(423,135	)
Other comprehensive income (loss) before reclassifications		(24,850	)		—			(1,878	)		(686	)		(27,414	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			12,894			(3,216	)		—			9,678
Net other comprehensive income (loss)		(24,850	)		12,894			(5,094	)		(686	)		(17,736	)
Balance, June 2013	$	(42,716	)	$	(394,785	)	$	(3,170	)	$	(200	)	$	(440,871	)

	Six Months Ended June 2014
	Foreign			Defined			Derivative
	Currency			Benefit			Financial			Marketable
In thousands	Translation			Pension Plans			Instruments			Securities			Total
Balance, December 2013	$	106,647		$	(277,451	)	$	(41,754	)	$	838		$	(211,720	)
Other comprehensive income (loss) before reclassifications		(36,122	)		—			(4,714	)		(704	)		(41,540	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			13,264			7,784			—			21,048
Net other comprehensive income (loss)		(36,122	)		13,264			3,070			(704	)		(20,492	)
Balance, June 2014	$	70,525		$	(264,187	)	$	(38,684	)	$	134		$	(232,212	)
	Six Months Ended June 2013
In thousands	Foreign Currency Translation			Defined Benefit Pension Plans			Derivative Financial Instruments			Marketable Securities			Total
Balance, December 2012	$	(4,068	)	$	(420,538	)	$	(29,430	)	$	141		$	(453,895	)
Other comprehensive income (loss) before reclassifications		(38,648	)		—			31,806			(341	)		(7,183	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			25,753			(5,546	)		—			20,207
Net other comprehensive income (loss)		(38,648	)		25,753			26,260			(341	)		13,024
Balance, June 2013	$	(42,716	)	$	(394,785	)	$	(3,170	)	$	(200	)	$	(440,871	)

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

Reclassifications out of accumulated other comprehensive income (loss) are as follows:

In thousands	Affected Line Item in the
Details About Accumulated Other	Consolidated Statements	Three Months Ended June						Six Months Ended June
Comprehensive Income (Loss) Components	of Income	2014			2013			2014			2013
Amortization of defined benefit pension plans:
Net deferred actuarial losses	(a)	$	(9,389	)	$	(21,326	)	$	(18,773	)	$	(42,688	)
Deferred prior service costs	(a)		(1,362	)		(316	)		(2,724	)		(657	)
	Total before tax		(10,751	)		(21,642	)		(21,497	)		(43,345	)
	Tax benefit (expense)		4,108			8,748			8,233			17,592
	Net of tax	$	(6,643	)	$	(12,894	)	$	(13,264	)	$	(25,753	)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net sales	$	(1,542	)	$	1,378		$	118		$	1,223
Foreign exchange contracts	Cost of goods sold		(4,339	)		3,683			(9,703	)		7,541
Foreign exchange contracts	Other income (expense), net		(507	)		1,209			(1,215	)		2,301
Interest rate contracts	Interest expense		(1,019	)		(972	)		(2,023	)		(1,929	)
	Total before tax		(7,407	)		5,298			(12,823	)		9,136
	Tax benefit (expense)		2,911			(2,082	)		5,039			(3,590	)
	Net of tax	$	(4,496	)	$	3,216		$	(7,784	)	$	5,546
Total reclassifications for the period	Net of tax	$	(11,139	)	$	(9,678	)	$	(21,048	)	$	(20,207	)

^(a)  These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note G for additional details).

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Pension Plans (Tables)

6 Months Ended

Jun. 28, 2014

Components of Pension Cost

The components of pension cost for VF’s defined benefit plans were as follows:

	Three Months Ended June						Six Months Ended June
In thousands	2014			2013			2014			2013
Service cost – benefits earned during the period	$	6,097		$	6,327		$	12,182		$	13,220
Interest cost on projected benefit obligations		20,404			17,978			40,793			36,029
Expected return on plan assets		(22,697	)		(23,628	)		(45,378	)		(47,310	)
Amortization of deferred amounts:
Net deferred actuarial losses		9,389			21,326			18,773			42,688
Deferred prior service costs		1,362			316			2,724			657
Net periodic pension cost	$	14,555		$	22,319		$	29,094		$	45,284

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Classes of Financial Assets and Financial Liabilities Measured and Recorded at Fair Value on Recurring Basis (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 28, 2014		Dec. 28, 2013		Jun. 29, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Money market funds	$ 156,442		$ 352,942
Cash equivalents, time deposits	144,522		121,097
Derivative financial instruments	11,635		16,088		42,243
Investment securities	232,841		214,035
Other marketable securities	4,649		5,809
Derivative financial instruments	40,798		46,791		10,853
Deferred compensation	293,042		274,659
Quoted Prices In Active Markets For Identical Assets, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Money market funds	156,442	[1]	352,942	[1]
Cash equivalents, time deposits	144,522	[1]	121,097	[1]
Investment securities	212,013	[1]	193,540	[1]
Other marketable securities	4,649	[1]	5,809	[1]
Significant Other Observable Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	11,635	[1]	16,088	[1]
Investment securities	20,828	[1]	20,495	[1]
Derivative financial instruments	40,798	[1]	46,791	[1]
Deferred compensation	$ 293,042	[1]	$ 274,659	[1]

[1] There were no transfers among the levels within the fair value hierarchy during the first half of 2014 or the year ended December 2013.

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Pension Plans - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 28, 2014
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plan contributed	$ 11.4
Defined benefit pension plan additional contributions during the remainder of the year	$ 9.1

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Stock-based Compensation (Tables)

6 Months Ended

Jun. 28, 2014

Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted

The grant date fair value of each option award is calculated using a lattice option–pricing valuation model, which incorporates a range of assumptions for inputs as follows:

	Six Months Ended
	June 2014
Expected volatility	23% to 29%
Weighted average expected volatility	26%
Expected term (in years)	5.5 to 7.3
Dividend yield	2.1%
Risk-free interest rate	0.1% to 2.7%
Weighted average fair value at date of grant	$12.00

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Business Segment Information (Tables)

6 Months Ended

Jun. 28, 2014

Financial Information for Reportable Segments

Financial information for VF’s reportable segments is as follows:

	Three Months Ended June						Six Months Ended June
In thousands	2014			2013			2014			2013
Coalition revenues:
Outdoor & Action Sports	$	1,279,144		$	1,103,608		$	2,853,791		$	2,487,882
Jeanswear		605,838			611,749			1,296,168			1,329,678
Imagewear		249,963			241,827			513,202			494,584
Sportswear		140,102			133,478			271,607			261,711
Contemporary Brands		96,186			98,614			194,355			202,341
Other		30,843			31,135			53,731			56,084
Total coalition revenues	$	2,402,076		$	2,220,411		$	5,182,854		$	4,832,280
Coalition profit:
Outdoor & Action Sports	$	130,684		$	100,458		$	405,174		$	326,960
Jeanswear		100,137			108,874			229,403			252,217
Imagewear		35,317			35,059			73,089			66,645
Sportswear		10,267			16,278			22,822			28,494
Contemporary Brands		8,840			7,878			16,742			20,454
Other		(74	)		509			(3,190	)		(2,148	)
Total coalition profit		285,171			269,056			744,040			692,622
Corporate and other expenses		(65,871	)		(69,234	)		(123,642	)		(134,033	)
Interest expense, net		(19,819	)		(20,719	)		(39,125	)		(41,237	)
Income before income taxes	$	199,481		$	179,103		$	581,273		$	517,352

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Basis of Presentation

6 Months Ended

Jun. 28, 2014

Basis of Presentation

Note A – Basis of Presentation

VF Corporation (together with its subsidiaries, collectively known as “VF”) uses a 52/53 week fiscal year ending on the Saturday closest to December 31 of each year. For presentation purposes herein, all references to periods ended June 2014, December 2013 and June 2013 relate to the fiscal periods ended on June 28, 2014, December 28, 2013 and June 29, 2013, respectively.

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and notes required by generally accepted accounting principles (“GAAP”) in the United States of America for complete financial statements. Similarly, the December 2013 consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, the accompanying unaudited consolidated financial statements contain all normal and recurring adjustments necessary to fairly present the consolidated financial position, results of operations and cash flows of VF for the interim periods presented. Operating results for the three and six months ended June 2014 are not necessarily indicative of results that may be expected for any other interim period or for the year ending January 3, 2015. For further information, refer to the consolidated financial statements and notes included in VF’s Annual Report on Form 10-K for the year ended December 2013 (“2013 Form 10-K”).

Concessions are retail store locations, which are all outside the U.S., where VF is responsible for all aspects of operations without ownership of the retail space. Under typical concession arrangements, VF pays a concession fee for use of the space based on a percentage of retail sales. Effective fiscal 2014, VF has included all concession fees as a component of selling, general and administrative expenses instead of the previous treatment as an offset to revenue in the Consolidated Statement of Income. The change in classification did not impact operating income. The impact on prior periods is not material and thus, comparative numbers have not been restated.

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Earnings Per Share (Tables)

6 Months Ended

Jun. 28, 2014

Schedule of Earnings Per Share Basic and Diluted

In thousands, except per share amounts	Three Months Ended June				Six Months Ended June
	2014		2013		2014		2013
Earnings per share – basic:
Net income	$	157,682	$	138,274	$	454,875	$	408,691
Weighted average common shares outstanding		429,940		437,096		434,115		438,684
Earnings per common share	$	0.37	$	0.32	$	1.05	$	0.93
Earnings per share – diluted:
Net income	$	157,682	$	138,274	$	454,875	$	408,691
Weighted average common shares outstanding		429,940		437,096		434,115		438,684
Incremental shares from stock options and other dilutive securities		7,191		8,820		7,584		8,220
Adjusted weighted average common shares outstanding		437,131		445,916		441,699		446,904
Earnings per common share	$	0.36	$	0.31	$	1.03	$	0.91

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Estimated Amortization Expense (Detail) (USD $) In Millions, unless otherwise specified	Jun. 28, 2014
Schedule Of Estimated Future Amortization Expense [Line Items]
Estimated amortization expense, 2014	$ 44.7
Estimated amortization expense, 2015	41.8
Estimated amortization expense, 2016	40.5
Estimated amortization expense, 2017	39.3
Estimated amortization expense, 2018	$ 38.7

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Financial Information for Reportable Segments (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Segment Reporting Information [Line Items]
Coalition revenues	$ 2,402,076	$ 2,220,411	$ 5,182,854	$ 4,832,280
Coalition profit	285,171	269,056	744,040	692,622
Corporate and other expenses	(65,871)	(69,234)	(123,642)	(134,033)
Interest expense, net	(19,819)	(20,719)	(39,125)	(41,237)
Income before income taxes	199,481	179,103	581,273	517,352
Outdoor & Action Sports
Segment Reporting Information [Line Items]
Coalition revenues	1,279,144	1,103,608	2,853,791	2,487,882
Coalition profit	130,684	100,458	405,174	326,960
Jeanswear
Segment Reporting Information [Line Items]
Coalition revenues	605,838	611,749	1,296,168	1,329,678
Coalition profit	100,137	108,874	229,403	252,217
Imagewear
Segment Reporting Information [Line Items]
Coalition revenues	249,963	241,827	513,202	494,584
Coalition profit	35,317	35,059	73,089	66,645
Sportswear
Segment Reporting Information [Line Items]
Coalition revenues	140,102	133,478	271,607	261,711
Coalition profit	10,267	16,278	22,822	28,494
Contemporary Brands
Segment Reporting Information [Line Items]
Coalition revenues	96,186	98,614	194,355	202,341
Coalition profit	8,840	7,878	16,742	20,454
Other Net
Segment Reporting Information [Line Items]
Coalition revenues	30,843	31,135	53,731	56,084
Coalition profit	$ (74)	$ 509	$ (3,190)	$ (2,148)

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 2013
Current assets
Cash and equivalents	$ 475,891	$ 776,403	$ 320,112
Accounts receivable, less allowance for doubtful accounts of: June 2014 - $44,747; December 2013 - $45,350; June 2013 - $52,500	1,178,874	1,360,443	1,060,778
Inventories	1,615,245	1,399,062	1,522,809
Other current assets	509,902	347,074	394,008
Total current assets	3,779,912	3,882,982	3,297,707
Property, plant and equipment	921,970	932,792	883,197
Intangible assets	2,921,335	2,960,201	2,889,106
Goodwill	2,018,997	2,021,750	2,001,375
Other assets	573,113	517,718	478,182
Total assets	10,215,327	10,315,443	9,549,567
Current liabilities
Short-term borrowings	581,120	18,810	46,350
Current portion of long-term debt	4,334	5,167	402,949
Accounts payable	537,192	638,732	555,719
Accrued liabilities	747,678	905,292	639,280
Total current liabilities	1,870,324	1,568,001	1,644,298
Long-term debt	1,425,123	1,426,829	1,427,823
Other liabilities	1,266,512	1,243,575	1,293,389
Commitments and contingencies
Stockholders' equity
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at June 2014, December 2013 or June 2013	0	0	0
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at June 2014 - 430,890,659; December 2013 - 440,310,370; June 2013 - 438,838,624	107,723	110,078	109,710
Additional paid-in capital	2,875,240	2,746,590	2,666,117
Accumulated other comprehensive income (loss)	(232,212)	(211,720)	(440,871)
Retained earnings	2,902,617	3,432,090	2,849,101
Total stockholders' equity	5,653,368	6,077,038	5,184,057
Total liabilities and stockholders' equity	$ 10,215,327	$ 10,315,443	$ 9,549,567

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Capital and Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	6 Months Ended
	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 2013
Class of Stock [Line Items]
Common Stock, shares, repurchased	12,000,000
Common Stock, value, repurchased	$ 725.5
Treasury shares restored as unissued status	12,000,000
Treasury shares	0	0	17,000,000
Common Stock, stated value	$ 0.25	$ 0.25	$ 0.25
Common Stock held in trust for deferred compensation plans, shares	33,300
Common Stock held in trust for deferred compensation plans	$ 2.0

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013
Operating activities
Net income	$ 454,875	$ 408,691
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	83,474	73,588
Amortization of intangible assets	22,454	22,992
Other amortization	25,273	20,135
Stock-based compensation	53,580	47,879
Provision for doubtful accounts	4,089	9,208
Pension expense in excess of (less than) contributions	17,673	(65,994)
Other, net	4,810	57,074
Changes in operating assets and liabilities:
Accounts receivable	174,448	133,830
Inventories	(220,187)	(178,511)
Other current assets	(33,420)	(59,643)
Accounts payable	(100,841)	(3,104)
Accrued compensation	(30,341)	(38,851)
Accrued income taxes	(174,251)	(105,035)
Accrued liabilities	(61,704)	(24,233)
Other assets and liabilities	(345)	(6,613)
Cash provided by operating activities	219,587	291,413
Investing activities
Capital expenditures	(95,844)	(155,454)
Software purchases	(56,042)	(28,715)
Other, net	(11,701)	(4,307)
Cash used by investing activities	(163,587)	(188,476)
Financing activities
Net increase in short-term borrowings	562,315	34,783
Payments on long-term debt	(2,697)	(1,417)
Purchases of treasury stock	(727,536)	(281,586)
Cash dividends paid	(227,625)	(191,460)
Proceeds from issuance of Common Stock, net of shares withheld for taxes	4,333	26,069
Tax benefits of stock-based compensation	39,195	37,933
Cash used by financing activities	(352,015)	(375,678)
Effect of foreign currency rate changes on cash and equivalents	(4,497)	(4,608)
Net change in cash and equivalents	(300,512)	(277,349)
Cash and equivalents - beginning of year	776,403	597,461
Cash and equivalents - end of period	$ 475,891	$ 320,112

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Outstanding Derivatives on Individual Contract Basis at Gross Amounts (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 2013
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains	$ 11,635	$ 16,088	$ 42,243
Fair value of derivatives with unrealized losses	(40,798)	(46,791)	(10,853)
Foreign exchange contracts designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains	11,635	15,964	41,472
Fair value of derivatives with unrealized losses	(40,191)	(46,627)	(10,629)
Foreign exchange contracts dedesignated as hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains			355
Fair value of derivatives with unrealized losses			(133)
Foreign exchange contracts not designated as hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivatives with unrealized gains		124	416
Fair value of derivatives with unrealized losses	$ (607)	$ (164)	$ (91)

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Sale of Accounts Receivable - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum amount of accounts receivable sold at any point in time	$ 237.5
Decrease in receivables related to balances sold	138.4	136.4	118.6
Sale of accounts receivable	557.8
Funding fee	$ 0.8

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Recently Issued and Adopted Accounting Standards

6 Months Ended

Jun. 28, 2014

Recently Issued and Adopted Accounting Standards

Note O – Recently Issued and Adopted Accounting Standards

In July 2013, the Financial Accounting Standards Board (“FASB”) issued an update to their accounting guidance which requires unrecognized tax benefits to be netted with net operating loss or tax credit carryforwards in the balance sheet if specific criteria are met. This guidance became effective in the first quarter of 2014, but did not have an impact on VF’s consolidated financial statements.

In April 2014, the FASB changed the definition and disclosure requirements for discontinued operations. This guidance will be effective in the first quarter of 2015, but will not have an impact on VF’s consolidated financial statements unless the Company disposes of a business that meets the updated definition of discontinued operations.

In May 2014, the FASB issued a new accounting standard on revenue recognition which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The new model provides a 5-step analysis in determining the measurement of revenue and the timing of when it is recognized. New disclosures about revenues and cash flows arising from contracts with customers are also required. This guidance will be effective in the first quarter of 2017, and the Company is currently evaluating the impact that adopting this guidance will have on VF’s consolidated financial statements.

In June 2014, the FASB issued an update to their accounting guidance related to stock-based compensation. The guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. This guidance will be effective in the first quarter of 2016, but is not expected to have an impact on VF’s consolidated financial statements.

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Inventories (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 2013
Inventory [Line Items]
Finished products	$ 1,362,069	$ 1,159,555	$ 1,270,901
Work in process	104,039	94,586	99,776
Raw materials	149,137	144,921	152,132
Total inventories	$ 1,615,245	$ 1,399,062	$ 1,522,809

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Inventories (Tables)

6 Months Ended

Jun. 28, 2014

Inventories

	June		December		June
In thousands	2014		2013		2013
Finished products	$	1,362,069	$	1,159,555	$	1,270,901
Work in process		104,039		94,586		99,776
Raw materials		149,137		144,921		152,132
Total inventories	$	1,615,245	$	1,399,062	$	1,522,809

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Consolidated Statements of Stockholders' Equity (USD $) In Thousands, except Share data	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance at Dec. 29, 2012		$ 110,205	$ 2,527,868	$ (453,895)	$ 2,941,447
Beginning balance (in shares) at Dec. 29, 2012		440,818,936
Net income					1,210,119
Dividends on Common Stock					(402,136)
Purchases of treasury stock (in Shares)		(6,849,160)
Purchases of treasury stock		(1,712)			(280,408)
Stock-based compensation, net (in Shares)		6,340,594
Stock-based compensation, net		1,585	218,722		(36,932)
Foreign currency translation				110,715
Defined benefit pension plans				143,087
Derivative financial instruments				(12,324)
Marketable securities				697
Ending balance at Dec. 28, 2013	6,077,038	110,078	2,746,590	(211,720)	3,432,090
Ending balance (in shares) at Dec. 28, 2013	440,310,370	440,310,370
Net income	454,875				454,875
Dividends on Common Stock					(227,625)
Purchases of treasury stock (in Shares)	(12,000,000)	(12,033,300)
Purchases of treasury stock	(725,500)	(3,008)			(724,528)
Stock-based compensation, net (in Shares)		2,613,589
Stock-based compensation, net		653	128,650		(32,195)
Foreign currency translation				(36,122)
Defined benefit pension plans	13,264			13,264
Derivative financial instruments				3,070
Marketable securities				(704)
Ending balance at Jun. 28, 2014	$ 5,653,368	$ 107,723	$ 2,875,240	$ (232,212)	$ 2,902,617
Ending balance (in shares) at Jun. 28, 2014	430,890,659	430,890,659

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 2013
Accounts receivable, allowance for doubtful accounts	$ 44,747	$ 45,350	$ 52,500
Preferred Stock, par value	$ 1	$ 1	$ 1
Preferred Stock, shares authorized	25,000,000	25,000,000	25,000,000
Preferred Stock, shares outstanding
Common Stock, stated value	$ 0.25	$ 0.25	$ 0.25
Common Stock, shares authorized	1,200,000,000	1,200,000,000	1,200,000,000
Common Stock, shares outstanding	430,890,659	440,310,370	438,838,624

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Income Taxes

6 Months Ended

Jun. 28, 2014

Income Taxes

Note J – Income Taxes

The effective income tax rate for the first half of 2014 was 21.7% compared with 21.0% in the first half of 2013. The first six months of 2014 included a net discrete tax benefit of $15.5 million, which included $4.1 million of prior year refund claims and $8.5 million of net tax benefits related to the realization of previously unrecognized tax benefits and interest, reducing the effective income tax rate by 2.7%. The first six months of 2013 included a net discrete tax benefit of $14.4 million, which included $8.3 million of tax benefits related to the extension of certain tax credits and other provisions of the Internal Revenue Code enacted in 2013 which were retroactive to 2012, and $6.9 million of tax benefits related to the realization of previously unrecognized tax benefits and interest, reducing the effective income tax rate by 2.8%. Without discrete items, the effective tax rate for the first half of 2014 increased by 0.6% compared with the 2013 period primarily due to the impact of tax law changes in the U.S.

VF files a consolidated U.S. federal income tax return, as well as separate and combined income tax returns in numerous states and foreign jurisdictions. In the U.S., the Internal Revenue Service (“IRS”) examination for tax years 2007, 2008 and 2009 was completed in 2012. VF has appealed the results of the 2007 to 2009 examination to the IRS Appeals office. Tax years prior to 2007 have been effectively settled with the IRS. The IRS commenced its examination of VF’s 2010 and 2011 tax returns during the fourth quarter of 2013, and such examination is still ongoing. During the second quarter of 2014, the IRS completed its examination of Timberland’s 2010 tax return. The examination of Timberland’s 2011 tax return is still ongoing. In addition, VF is currently subject to examinations by various state and foreign tax authorities. Management regularly assesses the potential outcomes of both ongoing and future examinations for the current and prior years, and has concluded that VF’s provision for income taxes is sufficient. The outcome of any one examination is not expected to have a material impact on VF’s consolidated financial statements. Management believes that some of these examinations and negotiations will conclude during the next 12 months.

During the first half of 2014, the amount of net unrecognized tax benefits and associated interest decreased by $2.4 million to $107.1 million. Management believes that it is reasonably possible that the amount of unrecognized income tax benefits and interest may decrease during the next 12 months by approximately $35.0 million related to the completion of examinations and other settlements with tax authorities and the expiration of statutes of limitations, of which $28.1 million would reduce income tax expense.

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Document and Entity Information	6 Months Ended
	Jun. 28, 2014	Jul. 26, 2014
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 28, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Trading Symbol	VFC
Entity Registrant Name	V F CORP
Entity Central Index Key	0000103379
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		431,100,626

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Business Segment Information

6 Months Ended

Jun. 28, 2014

Business Segment Information

Note K – Business Segment Information

VF’s businesses are grouped into product categories, and by brands within those product categories, for internal financial reporting used by management. These groupings of businesses within VF are referred to as “coalitions” and are the basis for VF’s reportable segments. Financial information for VF’s reportable segments is as follows:

	Three Months Ended June						Six Months Ended June
In thousands	2014			2013			2014			2013
Coalition revenues:
Outdoor & Action Sports	$	1,279,144		$	1,103,608		$	2,853,791		$	2,487,882
Jeanswear		605,838			611,749			1,296,168			1,329,678
Imagewear		249,963			241,827			513,202			494,584
Sportswear		140,102			133,478			271,607			261,711
Contemporary Brands		96,186			98,614			194,355			202,341
Other		30,843			31,135			53,731			56,084
Total coalition revenues	$	2,402,076		$	2,220,411		$	5,182,854		$	4,832,280
Coalition profit:
Outdoor & Action Sports	$	130,684		$	100,458		$	405,174		$	326,960
Jeanswear		100,137			108,874			229,403			252,217
Imagewear		35,317			35,059			73,089			66,645
Sportswear		10,267			16,278			22,822			28,494
Contemporary Brands		8,840			7,878			16,742			20,454
Other		(74	)		509			(3,190	)		(2,148	)
Total coalition profit		285,171			269,056			744,040			692,622
Corporate and other expenses		(65,871	)		(69,234	)		(123,642	)		(134,033	)
Interest expense, net		(19,819	)		(20,719	)		(39,125	)		(41,237	)
Income before income taxes	$	199,481		$	179,103		$	581,273		$	517,352

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Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Net sales	$ 2,373,408	$ 2,194,727	$ 5,123,523	$ 4,776,957
Royalty income	28,668	25,684	59,331	55,323
Total revenues	2,402,076	2,220,411	5,182,854	4,832,280
Costs and operating expenses
Cost of goods sold	1,239,344	1,143,358	2,645,910	2,498,635
Selling, general and administrative expenses	942,924	875,719	1,913,946	1,774,583
Costs and Expenses, Total	2,182,268	2,019,077	4,559,856	4,273,218
Operating income	219,808	201,334	622,998	559,062
Interest income	1,519	815	2,850	1,305
Interest expense	(21,338)	(21,534)	(41,975)	(42,542)
Other income (expense), net	(508)	(1,512)	(2,600)	(473)
Income before income taxes	199,481	179,103	581,273	517,352
Income taxes	41,799	40,829	126,398	108,661
Net income	$ 157,682	$ 138,274	$ 454,875	$ 408,691
Earnings per common share
Basic	$ 0.37	$ 0.32	$ 1.05	$ 0.93
Diluted	$ 0.36	$ 0.31	$ 1.03	$ 0.91
Cash dividends per common share	$ 0.2625	$ 0.2175	$ 0.5250	$ 0.4350

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Intangible Assets

6 Months Ended

Jun. 28, 2014

Intangible Assets

Note E – Intangible Assets

	Weighted		June 2014						December 2013
	Average						Net		Net
	Amortization				Accumulated		Carrying		Carrying
Dollars in thousands	Period	Amortization methods	Cost		Amortization		Amount		Amount
Amortizable intangible assets:
Customer relationships	20 years	Accelerated	$	625,359	$	223,934	$	401,425	$	417,439
License agreements	24 years	Accelerated and straight-line		184,171		82,369		101,802		107,789
Other	8 years	Straight-line		15,796		11,556		4,240		6,524
Amortizable intangible assets, net								507,467		531,752
Indefinite-lived intangible assets:
Trademarks and trade names								2,413,868		2,428,449
Intangible assets, net							$	2,921,335	$	2,960,201

Amortization expense for the second quarter and first six months of 2014 was $11.2 million and $22.5 million, respectively. Estimated amortization expense for the next five years is:

In millions Year	Estimated Amortization Expense
2014	$	44.7
2015		41.8
2016		40.5
2017		39.3
2018		38.7

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Property, Plant and Equipment

6 Months Ended

Jun. 28, 2014

Property, Plant and Equipment

Note D – Property, Plant and Equipment

	June		December		June
In thousands	2014		2013		2013
Land and improvements	$	56,962	$	56,828	$	52,764
Buildings and improvements		988,980		953,931		915,805
Machinery and equipment		1,191,219		1,159,221		1,119,890
Property, plant and equipment, at cost		2,237,161		2,169,980		2,088,459
Less accumulated depreciation and amortization		1,315,191		1,237,188		1,205,262
Property, plant and equipment, net	$	921,970	$	932,792	$	883,197

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Subsequent Events

6 Months Ended

Jun. 28, 2014

Subsequent Events

Note P – Subsequent Events

On July 15, 2014, VF’s Board of Directors declared a quarterly cash dividend of $0.2625 per share, payable on September 19, 2014 to stockholders of record on September 9, 2014.

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Earnings Per Share

6 Months Ended

Jun. 28, 2014

Earnings Per Share

Note L – Earnings Per Share

In thousands, except per share amounts	Three Months Ended June				Six Months Ended June
	2014		2013		2014		2013
Earnings per share – basic:
Net income	$	157,682	$	138,274	$	454,875	$	408,691
Weighted average common shares outstanding		429,940		437,096		434,115		438,684
Earnings per common share	$	0.37	$	0.32	$	1.05	$	0.93
Earnings per share – diluted:
Net income	$	157,682	$	138,274	$	454,875	$	408,691
Weighted average common shares outstanding		429,940		437,096		434,115		438,684
Incremental shares from stock options and other dilutive securities		7,191		8,820		7,584		8,220
Adjusted weighted average common shares outstanding		437,131		445,916		441,699		446,904
Earnings per common share	$	0.36	$	0.31	$	1.03	$	0.91

Outstanding options to purchase 2.7 million shares of Common Stock for the three month period ended June 2014 were excluded from the calculation of diluted earnings per share because the effect of their inclusion would have been antidilutive. For the quarter ended June 2013, all outstanding options to purchase Common Stock were dilutive and included in the calculation of diluted earnings per share. Outstanding options to purchase 2.7 million and 1.8 million shares of Common Stock for the six month periods ended June 2014 and 2013, respectively, were excluded from the calculations of diluted earnings per share because the effect of their inclusion would have been antidilutive. In addition, 1.3 million and 1.5 million of performance-based restricted stock units were excluded from the computation of diluted earnings per share for the three and six month periods ended June 2014 and June 2013, respectively, because these units are not considered to be contingent outstanding shares.

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Capital and Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 28, 2014

Capital and Accumulated Other Comprehensive Income (Loss)

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

During the first six months of 2014, the Company repurchased 12.0 million shares of Common Stock in open market transactions for $725.5 million under its share repurchase program authorized by VF’s Board of Directors. These transactions were treated as treasury stock transactions during the first six months of 2014.

Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the first six months of 2014, VF restored 12.0 million treasury shares to an unissued status. There were no shares held in treasury at the end of June 2014 or December 2013, and 17.0 million shares held in treasury at the end of June 2013. The excess of the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings.

VF Common Stock is also held by the Company’s deferred compensation plans and is treated as treasury shares for financial reporting purposes. During the first half of 2014, the Company purchased 33,300 shares of Common Stock in open market transaction for $2.0 million. Balances related to shares held for deferred compensation plans are as follows:

	June		December		June
In millions, except share amounts	2014		2013		2013
Shares held for deferred compensation plans		695,204		704,104		733,664
Cost of shares held for deferred compensation plans	$	8.2	$	8.4	$	8.7

Accumulated Other Comprehensive Income (Loss)

Comprehensive income consists of 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	2014			2013			2013
Foreign currency translation	$	70,525		$	106,647		$	(42,716	)
Defined benefit pension plans		(264,187	)		(277,451	)		(394,785	)
Derivative financial instruments		(38,684	)		(41,754	)		(3,170	)
Marketable securities		134			838			(200	)
Accumulated other comprehensive income (loss)	$	(232,212	)	$	(211,720	)	$	(440,871	)

The changes in accumulated other comprehensive income (loss), net of related taxes, are as follows:

	Three Months Ended June 2014
	Foreign			Defined			Derivative
	Currency			Benefit			Financial			Marketable
In thousands	Translation			Pension Plans			Instruments			Securities			Total
Balance, March 2014	$	97,060		$	(270,830	)	$	(36,223	)	$	504		$	(209,489	)
Other comprehensive income (loss) before reclassifications		(26,535	)		—			(6,957	)		(370	)		(33,862	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			6,643			4,496			—			11,139
Net other comprehensive income (loss)		(26,535	)		6,643			(2,461	)		(370	)		(22,723	)
Balance, June 2014	$	70,525		$	(264,187	)	$	(38,684	)	$	134		$	(232,212	)
	Three Months Ended June 2013
In thousands	Foreign Currency Translation			Defined Benefit Pension Plans			Derivative Financial Instruments			Marketable Securities			Total
Balance, March 2013	$	(17,866	)	$	(407,679	)	$	1,924		$	486		$	(423,135	)
Other comprehensive income (loss) before reclassifications		(24,850	)		—			(1,878	)		(686	)		(27,414	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			12,894			(3,216	)		—			9,678
Net other comprehensive income (loss)		(24,850	)		12,894			(5,094	)		(686	)		(17,736	)
Balance, June 2013	$	(42,716	)	$	(394,785	)	$	(3,170	)	$	(200	)	$	(440,871	)

	Six Months Ended June 2014
	Foreign			Defined			Derivative
	Currency			Benefit			Financial			Marketable
In thousands	Translation			Pension Plans			Instruments			Securities			Total
Balance, December 2013	$	106,647		$	(277,451	)	$	(41,754	)	$	838		$	(211,720	)
Other comprehensive income (loss) before reclassifications		(36,122	)		—			(4,714	)		(704	)		(41,540	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			13,264			7,784			—			21,048
Net other comprehensive income (loss)		(36,122	)		13,264			3,070			(704	)		(20,492	)
Balance, June 2014	$	70,525		$	(264,187	)	$	(38,684	)	$	134		$	(232,212	)
	Six Months Ended June 2013
In thousands	Foreign Currency Translation			Defined Benefit Pension Plans			Derivative Financial Instruments			Marketable Securities			Total
Balance, December 2012	$	(4,068	)	$	(420,538	)	$	(29,430	)	$	141		$	(453,895	)
Other comprehensive income (loss) before reclassifications		(38,648	)		—			31,806			(341	)		(7,183	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			25,753			(5,546	)		—			20,207
Net other comprehensive income (loss)		(38,648	)		25,753			26,260			(341	)		13,024
Balance, June 2013	$	(42,716	)	$	(394,785	)	$	(3,170	)	$	(200	)	$	(440,871	)

Reclassifications out of accumulated other comprehensive income (loss) are as follows:

In thousands	Affected Line Item in the
Details About Accumulated Other	Consolidated Statements	Three Months Ended June						Six Months Ended June
Comprehensive Income (Loss) Components	of Income	2014			2013			2014			2013
Amortization of defined benefit pension plans:
Net deferred actuarial losses	(a)	$	(9,389	)	$	(21,326	)	$	(18,773	)	$	(42,688	)
Deferred prior service costs	(a)		(1,362	)		(316	)		(2,724	)		(657	)
	Total before tax		(10,751	)		(21,642	)		(21,497	)		(43,345	)
	Tax benefit (expense)		4,108			8,748			8,233			17,592
	Net of tax	$	(6,643	)	$	(12,894	)	$	(13,264	)	$	(25,753	)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net sales	$	(1,542	)	$	1,378		$	118		$	1,223
Foreign exchange contracts	Cost of goods sold		(4,339	)		3,683			(9,703	)		7,541
Foreign exchange contracts	Other income (expense), net		(507	)		1,209			(1,215	)		2,301
Interest rate contracts	Interest expense		(1,019	)		(972	)		(2,023	)		(1,929	)
	Total before tax		(7,407	)		5,298			(12,823	)		9,136
	Tax benefit (expense)		2,911			(2,082	)		5,039			(3,590	)
	Net of tax	$	(4,496	)	$	3,216		$	(7,784	)	$	5,546
Total reclassifications for the period	Net of tax	$	(11,139	)	$	(9,678	)	$	(21,048	)	$	(20,207	)

^(a)  These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note G for additional details).

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Fair Value of Derivative Assets and Liabilities in Balance Sheet (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 2013
Offsetting Assets [Line Items]
Gross amounts presented in the Consolidated Balance Sheets, Derivative Asset	$ 11,635	$ 16,088	$ 42,243
Gross amounts not offset in the Consolidated Balance Sheets, Derivative Asset	(10,380)	(11,641)	(9,130)
Net amounts	1,255	4,447	33,113
Gross amounts presented in the Consolidated Balance Sheets, Derivative Liabilities	(40,798)	(46,791)	(10,853)
Gross amounts not offset in the Consolidated Balance Sheets, Derivative Liabilities	10,380	11,641	9,130
Net amounts	$ (30,418)	$ (35,150)	$ (1,723)

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Goodwill

6 Months Ended

Jun. 28, 2014

Goodwill

Note F – Goodwill

Changes in goodwill are summarized by business segment as follows:

	Outdoor &									Contemporary
In thousands	Action Sports			Jeanswear		Imagewear		Sportswear		Brands		Total
Balance, December 2013	$	1,434,898		$	228,430	$	58,747	$	157,314	$	142,361	$	2,021,750
Currency translation		(2,872	)		119		—		—		—		(2,753	)
Balance, June 2014	$	1,432,026		$	228,549	$	58,747	$	157,314	$	142,361	$	2,018,997

Accumulated impairment charges for the Outdoor & Action Sports, Sportswear and Contemporary Brands Coalitions were $43.4 million, $58.5 million and $195.2 million, respectively, for the periods presented above. No impairment charges were recorded in the first six months of 2014.

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Pension Plans

6 Months Ended

Jun. 28, 2014

Pension Plans

Note G – Pension Plans

The components of pension cost for VF’s defined benefit plans were as follows:

	Three Months Ended June						Six Months Ended June
In thousands	2014			2013			2014			2013
Service cost – benefits earned during the period	$	6,097		$	6,327		$	12,182		$	13,220
Interest cost on projected benefit obligations		20,404			17,978			40,793			36,029
Expected return on plan assets		(22,697	)		(23,628	)		(45,378	)		(47,310	)
Amortization of deferred amounts:
Net deferred actuarial losses		9,389			21,326			18,773			42,688
Deferred prior service costs		1,362			316			2,724			657
Net periodic pension cost	$	14,555		$	22,319		$	29,094		$	45,284

During the first six months of 2014, VF contributed $11.4 million to its defined benefit plans. VF intends to make approximately $9.1 million of additional contributions during the remainder of 2014.

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Stock-based Compensation

6 Months Ended

Jun. 28, 2014

Stock-based Compensation

Note I – Stock-based Compensation

During the second quarter of 2014, VF did not grant any stock-based compensation awards.

During the first quarter of 2014, VF granted options to employees and nonemployee members of VF’s Board of Directors to purchase 2,777,130 shares of Common Stock at an exercise price of $56.79 per share. The exercise price of each option granted was equal to the fair market value of VF Common Stock on the date of grant. Employee stock options vest in equal annual installments over three years. Options granted to members of VF’s Board of Directors become exercisable one year from the date of grant. The grant date fair value of each option award is calculated using a lattice option–pricing valuation model, which incorporates a range of assumptions for inputs as follows:

	Six Months Ended
	June 2014
Expected volatility	23% to 29%
Weighted average expected volatility	26%
Expected term (in years)	5.5 to 7.3
Dividend yield	2.1%
Risk-free interest rate	0.1% to 2.7%
Weighted average fair value at date of grant	$12.00

Also during the first quarter of 2014, VF granted 576,544 performance-based restricted stock units (“RSU”) to employees that enable them to receive shares of VF Common Stock at the end of a three year period. Each RSU has a potential final value ranging from zero to two shares of VF Common Stock. The number of shares earned by participants, if any, is based on achievement of a three year profitability goal and annually established performance goals set by the Compensation Committee of the Board of Directors. Shares are issued to participants in the year following the conclusion of each three year performance period. The fair market value of VF Common Stock at the date the units were granted was $56.79 per share.

The actual number of performance-based RSUs earned may also be adjusted upward or downward by 25% of the target award, based on how VF’s total stockholder return (“TSR”) over the three year period compares to the TSR for companies included in the Standard & Poor’s 500 Index. The grant date fair value of the TSR-based adjustment related to the 2014 RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $1.41 per share.

VF granted 12,595 nonperformance-based restricted stock units to members of the Board of Directors during the first quarter of 2014. These units vest upon grant and will be settled in shares of VF Common Stock one year from the date of grant. The fair market value of VF Common Stock at the date the units were granted was $56.79 per share.

VF granted 17,000 nonperformance-based restricted stock units to employees during the first quarter of 2014. These units vest four years from the date of grant and each RSU entitles the holder to one share of VF Common Stock. The fair market value of VF Common Stock at the date the units were granted was $58.89 per share.

VF granted 87,000 restricted shares of VF Common Stock to employees during the first quarter of 2014. These shares generally vest four years from the date of grant. The fair market value of VF Common Stock at the date the units were granted was $58.89 per share.

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Subsequent Events - Additional Information (Detail) (Subsequent Event, Dividend Declared, USD $)	0 Months Ended
	Jul. 15, 2014	Jul. 15, 2014
Subsequent Event | Dividend Declared
Subsequent Event [Line Items]
Cash dividend		$ 0.2625
Dividends payable date	Sep. 19, 2014
Dividends record date	Sep. 09, 2014

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Hedges Included in Consolidated Statements of Income (Detail) (Foreign exchange contracts not designated as hedging, Other income (expense), net, Foreign Currency Exchange Contract, USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Foreign exchange contracts not designated as hedging | Other income (expense), net | Foreign Currency Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Recognized in Income	$ (4,014)	$ 2,729	$ (4,870)	$ 3,998

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Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 28, 2014

Outstanding Derivatives on Individual Contract Basis at Gross Amounts

The following table presents outstanding derivatives on a gross basis by individual contract:

	Fair Value of Derivatives with						Fair Value of Derivatives with
	Unrealized Gains						Unrealized Losses
	June		December		June		June			December			June
In thousands	2014		2013		2013		2014			2013			2013
Foreign currency exchange contracts designated as hedging instruments	$	11,635	$	15,964	$	41,472	$	(40,191	)	$	(46,627	)	$	(10,629	)
Foreign currency exchange contracts dedesignated as hedging instruments		—		—		355		—			—			(133	)
Foreign currency exchange contracts not designated as hedging instruments		—		124		416		(607	)		(164	)		(91	)
Total derivatives	$	11,635	$	16,088	$	42,243	$	(40,798	)	$	(46,791	)	$	(10,853	)

Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross

VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. However, if VF were to offset and record the asset and liability balances of all of its forward foreign currency exchange contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets as of June 2014, December 2013 and June 2013 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:

	June 2014						December 2013						June 2013
	Derivative			Derivative			Derivative			Derivative			Derivative			Derivative
In thousands	Asset			Liability			Asset			Liability			Asset			Liability
Gross amounts presented in the Consolidated Balance Sheets	$	11,635		$	(40,798	)	$	16,088		$	(46,791	)	$	42,243		$	(10,853	)
Gross amounts not offset in the Consolidated Balance Sheets		(10,380	)		10,380			(11,641	)		11,641			(9,130	)		9,130
Net amounts	$	1,255		$	(30,418	)	$	4,447		$	(35,150	)	$	33,113		$	(1,723	)

Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross

VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. However, if VF were to offset and record the asset and liability balances of all of its forward foreign currency exchange contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets as of June 2014, December 2013 and June 2013 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:

	June 2014						December 2013						June 2013
	Derivative			Derivative			Derivative			Derivative			Derivative			Derivative
In thousands	Asset			Liability			Asset			Liability			Asset			Liability
Gross amounts presented in the Consolidated Balance Sheets	$	11,635		$	(40,798	)	$	16,088		$	(46,791	)	$	42,243		$	(10,853	)
Gross amounts not offset in the Consolidated Balance Sheets		(10,380	)		10,380			(11,641	)		11,641			(9,130	)		9,130
Net amounts	$	1,255		$	(30,418	)	$	4,447		$	(35,150	)	$	33,113		$	(1,723	)

Derivatives Classified as Current or Noncurrent Based on Maturity Dates

Derivatives are classified as current or noncurrent based on their maturity dates, as follows:

	June			December			June
In thousands	2014			2013			2013
Other current assets	$	7,866		$	12,699		$	33,463
Accrued liabilities (current)		(34,289	)		(36,622	)		(8,685	)
Other assets (noncurrent)		3,769			3,389			8,780
Other liabilities (noncurrent)		(6,509	)		(10,169	)		(2,168	)

Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

The effects of cash flow hedging included in VF’s Consolidated Statements of Income and Consolidated Statements of Comprehensive Income are summarized as follows:

In thousands	Gain (Loss) on Derivatives Recognized in OCI Three Months Ended June						Gain (Loss) on Derivatives Recognized in OCI Six Months Ended June
Cash Flow Hedging Relationships	2014			2013			2014			2013
Foreign currency exchange	$	(11,461	)	$	(3,093	)	$	(7,765	)	$	52,400
In thousands	Gain (Loss) Reclassified from Accumulated OCI into Income Three Months Ended June						Gain (Loss) Reclassified from Accumulated OCI into Income Six Months Ended June
Location of Gain (Loss)	2014			2013			2014			2013
Net sales	$	(1,542	)	$	1,378		$	118		$	1,223
Cost of goods sold		(4,339	)		3,683			(9,703	)		7,541
Other income (expense), net		(507	)		1,209			(1,215	)		2,301
Interest expense		(1,019	)		(972	)		(2,023	)		(1,929	)
Total	$	(7,407	)	$	5,298		$	(12,823	)	$	9,136

Effects of Fair Value Hedging Included in Consolidated Statements of Income

Following is a summary of these derivatives included in VF’s Consolidated Statements of Income:

		Gain (Loss) on Derivatives					Gain (Loss) on Derivatives
	Location of Gain (Loss)	Recognized in Income					Recognized in Income
In thousands	on Derivatives	Three Months Ended June					Six Months Ended June
Derivatives Not Designated as Hedges	Recognized in Income	2014			2013		2014			2013
Foreign currency exchange	Other income (expense), net	$	(4,014	)	$	2,729	$	(4,870	)	$	3,998

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Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted (Detail) (USD $)	6 Months Ended
	Jun. 28, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	23.00%
Expected volatility, maximum	29.00%
Weighted average expected volatility	26.00%
Dividend yield	2.10%
Risk-free interest rate, minimum	0.10%
Risk-free interest rate, maximum	2.70%
Weighted average fair value at date of grant	$ 12.00
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years 6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	7 years 3 months 18 days

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Derivative Financial Instruments and Hedging Activities

6 Months Ended

Jun. 28, 2014

Derivative Financial Instruments and Hedging Activities

Note N – Derivative Financial Instruments and Hedging Activities

Summary of Derivative Financial Instruments

All of VF’s outstanding derivative financial instruments are forward foreign currency exchange contracts. Although derivatives meet the criteria for hedge accounting at the inception of the hedging relationship, a limited number of derivative contracts intended to hedge assets and liabilities are not designated as hedges for accounting purposes. The notional amounts of outstanding derivative contracts were $1.9 billion at June 2014 and December 2013, and $2.1 billion at June 2013, consisting primarily of contracts hedging exposures to the euro, British pound, Canadian dollar, Mexican peso, Japanese yen and Polish zloty. Derivative contracts have maturities up to 24 months.

The following table presents outstanding derivatives on a gross basis by individual contract:

	Fair Value of Derivatives with						Fair Value of Derivatives with
	Unrealized Gains						Unrealized Losses
	June		December		June		June			December			June
In thousands	2014		2013		2013		2014			2013			2013
Foreign currency exchange contracts designated as hedging instruments	$	11,635	$	15,964	$	41,472	$	(40,191	)	$	(46,627	)	$	(10,629	)
Foreign currency exchange contracts dedesignated as hedging instruments		—		—		355		—			—			(133	)
Foreign currency exchange contracts not designated as hedging instruments		—		124		416		(607	)		(164	)		(91	)
Total derivatives	$	11,635	$	16,088	$	42,243	$	(40,798	)	$	(46,791	)	$	(10,853	)

VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. However, if VF were to offset and record the asset and liability balances of all of its forward foreign currency exchange contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets as of June 2014, December 2013 and June 2013 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:

	June 2014						December 2013						June 2013
	Derivative			Derivative			Derivative			Derivative			Derivative			Derivative
In thousands	Asset			Liability			Asset			Liability			Asset			Liability
Gross amounts presented in the Consolidated Balance Sheets	$	11,635		$	(40,798	)	$	16,088		$	(46,791	)	$	42,243		$	(10,853	)
Gross amounts not offset in the Consolidated Balance Sheets		(10,380	)		10,380			(11,641	)		11,641			(9,130	)		9,130
Net amounts	$	1,255		$	(30,418	)	$	4,447		$	(35,150	)	$	33,113		$	(1,723	)

Derivatives are classified as current or noncurrent based on their maturity dates, as follows:

	June			December			June
In thousands	2014			2013			2013
Other current assets	$	7,866		$	12,699		$	33,463
Accrued liabilities (current)		(34,289	)		(36,622	)		(8,685	)
Other assets (noncurrent)		3,769			3,389			8,780
Other liabilities (noncurrent)		(6,509	)		(10,169	)		(2,168	)

Cash Flow Hedges

VF uses derivative contracts primarily to hedge a portion of the exchange risk for its forecasted sales, purchases, production costs and intercompany royalties. The effects of cash flow hedging included in VF’s Consolidated Statements of Income and Consolidated Statements of Comprehensive Income are summarized as follows:

In thousands	Gain (Loss) on Derivatives Recognized in OCI Three Months Ended June						Gain (Loss) on Derivatives Recognized in OCI Six Months Ended June
Cash Flow Hedging Relationships	2014			2013			2014			2013
Foreign currency exchange	$	(11,461	)	$	(3,093	)	$	(7,765	)	$	52,400
In thousands	Gain (Loss) Reclassified from Accumulated OCI into Income Three Months Ended June						Gain (Loss) Reclassified from Accumulated OCI into Income Six Months Ended June
Location of Gain (Loss)	2014			2013			2014			2013
Net sales	$	(1,542	)	$	1,378		$	118		$	1,223
Cost of goods sold		(4,339	)		3,683			(9,703	)		7,541
Other income (expense), net		(507	)		1,209			(1,215	)		2,301
Interest expense		(1,019	)		(972	)		(2,023	)		(1,929	)
Total	$	(7,407	)	$	5,298		$	(12,823	)	$	9,136

Derivative Contracts Dedesignated as Hedges

Cash flow hedges of some forecasted sales to third parties have historically been dedesignated as hedges when the sales were recognized. At that time, hedge accounting was discontinued and the amount of unrealized hedging gain or loss was recognized in net sales. These derivatives remained outstanding as an economic hedge of foreign currency exposures associated with the ultimate collection of the related accounts receivable, during which time changes in the fair value of the derivative contracts were recognized directly in earnings. As discussed below in Derivative Contracts Not Designated as Hedges, VF now utilizes separate derivative contracts to manage foreign currency risk related to the balance sheet exposures. Accordingly, 2013 was the last year during which dedesignations were recognized related to these cash flow hedges.

For the three and six month periods ended June 2013, VF recorded net gains of $0.8 million and $1.3 million, respectively, in other income (expense), net, for derivatives dedesignated as hedging instruments.

Derivative Contracts Not Designated as Hedges

VF uses derivative contracts to manage foreign currency exchange risk on intercompany loans as well as intercompany and third party accounts receivable and payable. These contracts are not designated as hedges, and are recorded at fair value in the Consolidated Balance Sheets. Changes in the fair values of these instruments are recognized directly in earnings. Gains or losses on these contracts largely offset the net remeasurement gains or losses on the related assets and liabilities. Following is a summary of these derivatives included in VF’s Consolidated Statements of Income:

		Gain (Loss) on Derivatives					Gain (Loss) on Derivatives
	Location of Gain (Loss)	Recognized in Income					Recognized in Income
In thousands	on Derivatives	Three Months Ended June					Six Months Ended June
Derivatives Not Designated as Hedges	Recognized in Income	2014			2013		2014			2013
Foreign currency exchange	Other income (expense), net	$	(4,014	)	$	2,729	$	(4,870	)	$	3,998

Other Derivative Information

There were no significant amounts recognized in earnings for the ineffective portion of any hedging relationships during the three and six month periods ended June 2014 and June 2013.

At June 2014, accumulated OCI included $27.9 million of pretax net deferred losses for foreign exchange contracts that are expected to be reclassified to earnings during the next 12 months. The amounts ultimately reclassified to earnings will depend on exchange rates in effect when outstanding derivative contracts are settled.

VF entered into interest rate swap derivative contracts in 2011 and 2003 to hedge the interest rate risk for issuance of long-term debt due in 2021 and 2033, respectively. In each case, the contracts were terminated concurrent with the issuance of the debt, and the realized gain or loss was deferred in accumulated OCI. The remaining pretax net deferred loss in accumulated OCI was $33.5 million at June 2014, which will be reclassified into interest expense in the Consolidated Statements of Income over the remaining terms of the associated debt instruments. Of the $33.5 million, approximately $4.2 million is expected to be reclassified to earnings during the next 12 months.

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Intangible Assets (Tables)

6 Months Ended

Jun. 28, 2014

Intangible Assets

	Weighted		June 2014						December 2013
	Average						Net		Net
	Amortization				Accumulated		Carrying		Carrying
Dollars in thousands	Period	Amortization methods	Cost		Amortization		Amount		Amount
Amortizable intangible assets:
Customer relationships	20 years	Accelerated	$	625,359	$	223,934	$	401,425	$	417,439
License agreements	24 years	Accelerated and straight-line		184,171		82,369		101,802		107,789
Other	8 years	Straight-line		15,796		11,556		4,240		6,524
Amortizable intangible assets, net								507,467		531,752
Indefinite-lived intangible assets:
Trademarks and trade names								2,413,868		2,428,449
Intangible assets, net							$	2,921,335	$	2,960,201

Estimated Amortization Expense

Amortization expense for the second quarter and first six months of 2014 was $11.2 million and $22.5 million, respectively. Estimated amortization expense for the next five years is:

In millions Year	Estimated Amortization Expense
2014	$	44.7
2015		41.8
2016		40.5
2017		39.3
2018		38.7

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Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 28, 2014		Jun. 29, 2013		Jun. 28, 2014		Jun. 29, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net deferred actuarial losses	$ (9,389)	[1]	$ (21,326)	[1]	$ (18,773)	[1]	$ (42,688)	[1]
Deferred prior service costs	(1,362)	[1]	(316)	[1]	(2,724)	[1]	(657)	[1]
Amortization of defined benefit pension plans actuarial loss and service cost before tax	(10,751)		(21,642)		(21,497)		(43,345)
Amortization of defined benefit pension plans actuarial loss and service cost tax	4,108		8,748		8,233		17,592
Amortization of defined benefit pension plans actuarial loss and service cost after tax	(6,643)		(12,894)		(13,264)		(25,753)
Gains (losses) on derivative financial instruments	(7,407)		5,298		(12,823)		9,136
Gains (losses) on derivative financial instruments tax	2,911		(2,082)		5,039		(3,590)
Gains (losses) on derivative financial instruments after tax	(4,496)		3,216		(7,784)		5,546
Total reclassifications for the period	(11,139)		(9,678)		(21,048)		(20,207)
Foreign Currency Exchange Contract | Net sales
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gains (losses) on derivative financial instruments	(1,542)		1,378		118		1,223
Foreign Currency Exchange Contract | Cost of goods sold
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gains (losses) on derivative financial instruments	(4,339)		3,683		(9,703)		7,541
Foreign Currency Exchange Contract | Other income (expense), net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gains (losses) on derivative financial instruments	(507)		1,209		(1,215)		2,301
Interest Rate Contract | Interest expense
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gains (losses) on derivative financial instruments	$ (1,019)		$ (972)		$ (2,023)		$ (1,929)

[1] These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note G for additional details).

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Changes in Goodwill (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013
Goodwill [Line Items]
Goodwill, beginning balance	$ 2,021,750	$ 2,001,375
Currency translation	(2,753)
Goodwill, ending balance	2,018,997	2,001,375
Outdoor & Action Sports
Goodwill [Line Items]
Goodwill, beginning balance	1,434,898
Currency translation	(2,872)
Goodwill, ending balance	1,432,026
Jeanswear
Goodwill [Line Items]
Goodwill, beginning balance	228,430
Currency translation	119
Goodwill, ending balance	228,549
Imagewear
Goodwill [Line Items]
Goodwill, beginning balance	58,747
Currency translation
Goodwill, ending balance	58,747
Sportswear
Goodwill [Line Items]
Goodwill, beginning balance	157,314
Currency translation
Goodwill, ending balance	157,314
Contemporary Brands
Goodwill [Line Items]
Goodwill, beginning balance	142,361
Currency translation
Goodwill, ending balance	$ 142,361

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 28, 2014		Jun. 29, 2013		Jun. 28, 2014		Jun. 29, 2013
Net income	$ 157,682		$ 138,274		$ 454,875		$ 408,691
Foreign currency translation
Gains (losses) arising during the period	(25,832)		(22,076)		(36,734)		(39,021)
Less income tax effect	(703)		(2,774)		612		373
Defined benefit pension plans
Amortization of net deferred actuarial losses	9,389	[1]	21,326	[1]	18,773	[1]	42,688	[1]
Amortization of deferred prior service costs	1,362	[1]	316	[1]	2,724	[1]	657	[1]
Less income tax effect	(4,108)		(8,748)		(8,233)		(17,592)
Derivative financial instruments
Gains (losses) arising during the period	(11,461)		(3,093)		(7,765)		52,400
Less income tax effect	4,504		1,215		3,051		(20,594)
Reclassification to net income for (gains) losses realized	7,407		(5,298)		12,823		(9,136)
Less income tax effect	(2,911)		2,082		(5,039)		3,590
Marketable securities
Gains (losses) arising during the period	(611)		(815)		(1,160)		(470)
Less income tax effect	241		129		456		129
Net other comprehensive income (loss)	(22,723)		(17,736)		(20,492)		13,024
Comprehensive income	$ 134,959		$ 120,538		$ 434,383		$ 421,715

[1] These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note G for additional details).

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Inventories

6 Months Ended

Jun. 28, 2014

Inventories

Note C – Inventories

	June		December		June
In thousands	2014		2013		2013
Finished products	$	1,362,069	$	1,159,555	$	1,270,901
Work in process		104,039		94,586		99,776
Raw materials		149,137		144,921		152,132
Total inventories	$	1,615,245	$	1,399,062	$	1,522,809

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Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) (USD $)	6 Months Ended			3 Months Ended	6 Months Ended
	Jun. 28, 2014	Jun. 28, 2014 Interest Rate Swap Derivative Contracts In 2011	Jun. 28, 2014 Interest Rate Swap Derivative Contracts In 2003	Jun. 29, 2013 Maximum	Jun. 29, 2013 Maximum	Jun. 28, 2014 Foreign Currency Exchange Contract	Dec. 28, 2013 Foreign Currency Exchange Contract	Jun. 29, 2013 Foreign Currency Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of foreign currency derivatives						$ 1,900,000,000	$ 1,900,000,000	$ 2,100,000,000
Higher derivative maturity range by months	24 months
Net impact of derivatives designated as hedging instruments in other income (expense), net				800,000	1,300,000
Net pretax deferred losses for foreign exchange contracts that are expected to be reclassified to earnings during next 12 months	27,900,000
Remaining pretax deferred net loss in Accumulated OCI	(33,500,000)
Net deferred loss in accumulated OCI expected to be reclassified to earnings over remainder of year	$ (4,200,000)
Maturity date, notes		2021	2033

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Goodwill (Tables)

6 Months Ended

Jun. 28, 2014

Changes in Goodwill

Changes in goodwill are summarized by business segment as follows:

	Outdoor &									Contemporary
In thousands	Action Sports			Jeanswear		Imagewear		Sportswear		Brands		Total
Balance, December 2013	$	1,434,898		$	228,430	$	58,747	$	157,314	$	142,361	$	2,021,750
Currency translation		(2,872	)		119		—		—		—		(2,753	)
Balance, June 2014	$	1,432,026		$	228,549	$	58,747	$	157,314	$	142,361	$	2,018,997

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Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified				6 Months Ended		6 Months Ended		6 Months Ended
	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 2013	Jun. 28, 2014 Customer Relationships	Dec. 28, 2013 Customer Relationships	Jun. 28, 2014 Licensing Agreements	Dec. 28, 2013 Licensing Agreements	Jun. 28, 2014 Other Intangible Assets	Dec. 28, 2013 Other Intangible Assets
Intangible Assets by Major Class [Line Items]
Amortizable intangible assets, Amortization Method				Accelerated		Accelerated and straight-line		Straight-line
Intangible assets, net	$ 2,921,335	$ 2,960,201	$ 2,889,106
Amortizable intangible assets, Weighted Average Amortization Period (in years)				20 years		24 years		8 years
Amortizable intangible assets, Cost				625,359		184,171		15,796
Amortizable intangible assets, Accumulated Amortization				223,934		82,369		11,556
Amortizable intangible assets, Net Carrying Amount	507,467	531,752		401,425	417,439	101,802	107,789	4,240	6,524
Indefinite-lived intangible assets, trademarks and trade names	$ 2,413,868	$ 2,428,449

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Fair Value Measurements

6 Months Ended

Jun. 28, 2014

Fair Value Measurements

Note M – Fair Value Measurements

Financial assets and financial liabilities measured and reported at fair value are classified in a three level hierarchy that prioritizes the inputs used in the valuation process. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows:

• Level 1 — Quoted prices in active markets for identical assets or liabilities.

• Level 2 — Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data.

• Level 3 — Prices or valuation techniques that require significant unobservable data inputs. Inputs would normally be VF’s own data and judgments about assumptions that market participants would use in pricing the asset or liability.

The following table summarizes financial assets and financial liabilities that are measured and recorded in the consolidated financial statements at fair value on a recurring basis:

	Total		Fair Value Measurement Using (a)
In thousands	Fair Value		Level 1		Level 2		Level 3
June 2014
Financial assets:
Cash equivalents:
Money market funds	$	156,442	$	156,442	$	—	$	—
Time deposits		144,522		144,522		—		—
Derivative financial instruments		11,635		—		11,635		—
Investment securities		232,841		212,013		20,828		—
Other marketable securities		4,649		4,649		—		—
Financial liabilities:
Derivative financial instruments		40,798		—		40,798		—
Deferred compensation		293,042		—		293,042		—
December 2013
Financial assets:
Cash equivalents:
Money market funds	$	352,942	$	352,942	$	—	$	—
Time deposits		121,097		121,097		—		—
Derivative financial instruments		16,088		—		16,088		—
Investment securities		214,035		193,540		20,495		—
Other marketable securities		5,809		5,809		—		—
Financial liabilities:
Derivative financial instruments		46,791		—		46,791		—
Deferred compensation		274,659		—		274,659		—

^(a)  There were no transfers among the levels within the fair value hierarchy during the first half of 2014 or the year ended December 2013.

VF’s cash equivalents include money market funds and short-term time deposits that approximate fair value based on Level 1 measurements. The fair value of derivative financial instruments, which consist of forward foreign currency exchange contracts, is determined based on observable market inputs, including spot and forward exchange rates for foreign currencies, and considers the credit risk of the Company and its counterparties. Investment securities are held in VF’s deferred compensation plans as an economic hedge of the related deferred compensation liabilities. These investments are classified as trading securities and primarily include mutual funds (Level 1) that are valued based on quoted prices in active markets and a separately managed fixed income fund (Level 2) that is valued based on the net asset values of the underlying assets. Liabilities related to VF’s deferred compensation plans are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments. Other marketable securities consist of common stock investments classified as available-for-sale, the fair value of which is based on quoted prices in active markets.

All other financial assets and financial liabilities are recorded in the consolidated financial statements at cost, except life insurance contracts which are recorded at cash surrender value. These other financial assets and financial liabilities include cash held as demand deposits, accounts receivable, short-term borrowings, accounts payable and accrued liabilities. At June 2014 and December 2013, their carrying values approximated their fair values. Additionally, at June 2014 and December 2013, the carrying value of VF’s long-term debt, including the current portion, was $1,429.5 million and $1,432.0 million, respectively, compared with a fair value of $1,651.6 million and $1,568.4 million at those dates. Fair value for long-term debt is a Level 2 estimate based on quoted market prices or values of comparable borrowings.