Annual report pursuant to Section 13 and 15(d)

Quarterly Results of Operations (Unaudited)

v3.6.0.2
Quarterly Results of Operations (Unaudited)
12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations (Unaudited)
Quarterly Results of Operations (Unaudited)
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
(a)
 
Full
Year
 
In thousands, except per share amounts
2016
 
 
 
 
 
 
 
 
 
Total revenues
$
2,764,944

 
$
2,445,259

 
$
3,488,226

 
$
3,320,574

 
$
12,019,003

Operating income
332,253

 
211,424

 
635,428

 
320,121

 
1,499,226

Income from continuing operations
256,866

 
148,294

 
503,034

 
264,333

 
1,172,527

Income (loss) from discontinued operations, net of tax
3,403

 
(97,279
)
 
(4,545
)
 

 
(98,421
)
Net income
$
260,269

 
$
51,015

 
$
498,489

 
$
264,333

 
$
1,074,106

Earnings per common share - basic (b)
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.61

 
$
0.35

 
$
1.22

 
$
0.64

 
$
2.82

Discontinued operations
0.01

 
(0.23
)
 
(0.01
)
 

 
(0.24
)
Total earnings per common share - basic
$
0.62

 
$
0.12

 
$
1.21

 
$
0.64

 
$
2.58

Earnings per common share - diluted (b)
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.60

 
$
0.35

 
$
1.20

 
$
0.63

 
$
2.78

Discontinued operations
0.01

 
(0.23
)
 
(0.01
)
 

 
(0.24
)
Total earnings per common share - diluted
$
0.61

 
$
0.12

 
$
1.19

 
$
0.63

 
$
2.54

Dividends per common share
$
0.37

 
$
0.37

 
$
0.37

 
$
0.42

 
$
1.53

2015
 
 
 
 
 
 
 
 
 
Total revenues
$
2,749,764

 
$
2,426,986

 
$
3,529,626

 
$
3,326,279

 
$
12,032,655

Operating income
391,349

 
218,980

 
639,563

 
538,035

 
1,787,927

Income from continuing operations
283,125

 
167,842

 
457,635

 
406,529

 
1,315,131

Income (loss) from discontinued operations, net of tax
5,584

 
2,969

 
2,229

 
(94,320
)
 
(83,538
)
Net income
$
288,709

 
$
170,811

 
$
459,864

 
$
312,209

 
$
1,231,593

Earnings per common share - basic (b)
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.67

 
$
0.39

 
$
1.08

 
$
0.95

 
$
3.09

Discontinued operations
0.01

 
0.01

 

 
(0.22
)
 
(0.19
)
Total earnings per common share - basic
$
0.68

 
$
0.40

 
$
1.08

 
$
0.73

 
$
2.90

Earnings per common share - diluted (b)
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.66

 
$
0.39

 
$
1.06

 
$
0.94

 
$
3.04

Discontinued operations
0.01

 
0.01

 
0.01

 
(0.22
)
 
(0.19
)
Total earnings per common share - diluted
$
0.67

 
$
0.40

 
$
1.07

 
$
0.72

 
$
2.85

Dividends per common share
$
0.32

 
$
0.32

 
$
0.32

 
$
0.37

 
$
1.33

(a) 
VF recorded the following charges during the fourth quarter of 2016: restructuring — $58.1 million ($43.7 million after-tax), goodwill and intangible asset impairment charges — $79.6 million ($64.1 million after-tax) and pension settlement charge — $50.9 million ($31.4 million after-tax).
(b) 
Per share amounts are computed independently for each quarter presented using unrounded numbers. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and rounding.