VF Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

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

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

9 Months Ended

Oct. 01, 2016

Shares Held for Deferred Compensation Plans

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


In thousands, except share amounts	September 2016		December 2015		September 2015
Shares held for deferred compensation plans		450,067		562,649		560,049
Cost of shares held for deferred compensation plans	$	5,434	$	6,823	$	6,651

Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated OCI in Stockholders' Equity

The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:


In thousands	September 2016			December 2015			September 2015
Foreign currency translation and other	$	(670,551	)	$	(718,169	)	$	(585,275	)
Defined benefit pension plans		(340,891	)		(372,195	)		(348,537	)
Derivative financial instruments		13,422			47,142			35,037

Accumulated other comprehensive income (loss)	$	(998,020	)	$	(1,043,222	)	$	(898,775	)

Changes in Accumulated OCI, Net of Related Taxes

The changes in accumulated OCI, net of related taxes, are as follows:


	Three Months Ended September 2016
In thousands	Foreign Currency Translation and Other			Defined Benefit Pension Plans			Derivative Financial Instruments			Total
Balance, June 2016	$	(675,213	)	$	(351,298	)	$	25,056		$	(1,001,455	)

Other comprehensive income (loss) before reclassification		4,662			—			5,896			10,558
Amounts reclassified from accumulated other comprehensive income (loss)		—			10,407			(17,530	)		(7,123	)

Net other comprehensive income (loss)		4,662			10,407			(11,634	)		3,435

Balance, September 2016	$	(670,551	)	$	(340,891	)	$	13,422		$	(998,020	)


	Three Months Ended September 2015
In thousands	Foreign Currency Translation and Other			Defined Benefit Pension Plans			Derivative Financial Instruments			Total
Balance, June 2015	$	(599,297	)	$	(360,125	)	$	45,796		$	(913,626	)

Other comprehensive income (loss) before reclassification		14,022			—			3,456			17,478
Amounts reclassified from accumulated other comprehensive income (loss)		—			11,588			(14,215	)		(2,627	)

Net other comprehensive income (loss)		14,022			11,588			(10,759	)		14,851

Balance, September 2015	$	(585,275	)	$	(348,537	)	$	35,037		$	(898,775	)


	Nine Months Ended September 2016
In thousands	Foreign Currency Translation and Other			Defined Benefit Pension Plans			Derivative Financial Instruments			Total
Balance, December 2015	$	(718,169	)	$	(372,195	)	$	47,142		$	(1,043,222	)

Other comprehensive income (loss) before reclassification		47,618			—			20,331			67,949
Amounts reclassified from accumulated other comprehensive income (loss)		—			31,304			(54,051	)		(22,747	)

Net other comprehensive income (loss)		47,618			31,304			(33,720	)		45,202

Balance, September 2016	$	(670,551	)	$	(340,891	)	$	13,422		$	(998,020	)


	Nine Months Ended September 2015
In thousands	Foreign Currency Translation and Other			Defined Benefit Pension Plans			Derivative Financial Instruments			Marketable Securities			Total
Balance, December 2014	$	(356,941	)	$	(377,134	)	$	31,389		$	414		$	(702,272	)

Other comprehensive income (loss) before reclassification		(228,334	)		—			31,925			300			(196,109	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			28,597			(28,277	)		(714	)		(394	)

Net other comprehensive income (loss)		(228,334	)		28,597			3,648			(414	)		(196,503	)

Balance, September 2015	$	(585,275	)	$	(348,537	)	$	35,037		$	—		$	(898,775	)

Reclassifications Out of Accumulated OCI

Reclassifications out of accumulated OCI are as follows:


In thousands	Affected Line Item in the Consolidated Statements of Income	Three Months Ended September						Nine Months Ended September
Details About Accumulated Other		Three Months Ended September						Nine Months Ended September
Comprehensive Income (Loss) Components		2016			2015			2016			2015
Amortization of defined benefit pension plans:
Net deferred actuarial losses	^(a)	$	(16,303	)	$	(15,493	)	$	(48,928	)	$	(46,485	)
Deferred prior service costs	^(a)		(645	)		(760	)		(1,937	)		(2,281	)
Pension settlement charges	Selling, general and administrative expenses		—			(2,400	)		—			(3,992	)

	Total before tax		(16,948	)		(18,653	)		(50,865	)		(52,758	)
	Tax benefit		6,541			7,065			19,561			24,161

	Net of tax		(10,407	)		(11,588	)		(31,304	)		(28,597	)

Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net sales		14,676			(22,434	)		11,997			(51,279	)
Foreign exchange contracts	Cost of goods sold		15,485			39,142			80,094			80,633
Foreign exchange contracts	Selling, general and administrative expenses		(1,098	)		—			(3,611	)		—
Foreign exchange contracts	Other income (expense), net		526			7,541			2,653			20,515
Interest rate contracts	Interest expense		(1,131	)		(1,078	)		(3,356	)		(3,200	)

	Total before tax		28,458			23,171			87,777			46,669
	Tax expense		(10,928	)		(8,956	)		(33,726	)		(18,392	)

	Net of tax		17,530			14,215			54,051			28,277
Gains (losses) on sales of marketable securities	Other income (expense), net		—			—			—			1,177
	Tax expense		—			—			—			(463	)

	Net of tax		—			—			—			714

Total reclassifications for the period	Net of tax	$	7,123		$	2,627		$	22,747		$	394

^(a)	These accumulated OCI components are included in the computation of net periodic pension cost (see Note I for additional details).

- Definition

Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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