Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)

v3.8.0.1
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)
12 Months Ended
Dec. 30, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations (Unaudited)
 
(In thousands, except per share amounts)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
(a) (b) (c)
 
Full
Year
2017
 
 
 
 
 
 
 
 
 
Total revenues
$
2,500,340

 
$
2,268,620

 
$
3,392,934

 
$
3,649,283

 
$
11,811,177

Operating income
289,653

 
158,117

 
573,949

 
481,371

 
1,503,090

Income (loss) from continuing operations (c)
213,276

 
107,092

 
473,820

 
(72,979
)
 
721,209

Income (loss) from discontinued operations, net of tax
(4,113
)
 
2,797

 
(87,680
)
 
(17,290
)
 
(106,286
)
Net income (loss)
$
209,163

 
$
109,889

 
$
386,140

 
$
(90,269
)
 
$
614,923

Earnings (loss) per common share - basic (d)
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.52

 
$
0.27

 
$
1.20

 
$
(0.18
)
 
$
1.81

Discontinued operations
(0.01
)
 
0.01

 
(0.22
)
 
(0.04
)
 
(0.27
)
Total earnings (loss) per common share - basic
$
0.51

 
$
0.28

 
$
0.98

 
$
(0.23
)
 
$
1.54

Earnings (loss) per common share - diluted (d)
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.51

 
$
0.27

 
$
1.19

 
$
(0.18
)
 
$
1.79

Discontinued operations
(0.01
)
 
0.01

 
(0.22
)
 
(0.04
)
 
(0.26
)
Total earnings (loss) per common share - diluted
$
0.50

 
$
0.27

 
$
0.97

 
$
(0.23
)
 
$
1.52

Dividends per common share
$
0.42

 
$
0.42

 
$
0.42

 
$
0.46

 
$
1.72

2016
 
 
 
 
 
 
 
 
 
Total revenues
$
2,538,568

 
$
2,231,203

 
$
3,218,833

 
$
3,037,543

 
$
11,026,147

Operating income
304,733

 
186,252

 
594,849

 
282,426

 
1,368,260

Income from continuing operations
236,252

 
130,450

 
474,069

 
238,083

 
1,078,854

Income (loss) from discontinued operations, net of tax
24,017

 
(79,435
)
 
24,420

 
26,250

 
(4,748
)
Net income
$
260,269

 
$
51,015

 
$
498,489

 
$
264,333

 
$
1,074,106

Earnings (loss) per common share - basic (d)
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.56

 
$
0.31

 
$
1.15

 
$
0.58

 
$
2.59

Discontinued operations
0.06

 
(0.19
)
 
0.06

 
0.06

 
(0.01
)
Total earnings per common share - basic
$
0.62

 
$
0.12

 
$
1.21

 
$
0.64

 
$
2.58

Earnings (loss) per common share - diluted (d)
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.55

 
$
0.31

 
$
1.13

 
$
0.57

 
$
2.56

Discontinued operations
0.06

 
(0.19
)
 
0.06

 
0.06

 
(0.01
)
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

(a) 
VF recorded the following charges during the fourth quarter of 2017: restructuring — $27.0 million ($18.6 million after-tax), transaction and deal-related costs — $15.6 million ($13.6 million after-tax).
(b) 
VF recorded the following charges during the fourth quarter of 2016: restructuring — $55.1 million ($41.8 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).
(c) 
VF recorded a $465.5 million provisional tax charge during the fourth quarter of 2017 related to the transitional impact of the Tax Act (Note Q).
(d) 
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.