Annual report pursuant to Section 13 and 15(d)

Accounts Receivable

v2.4.0.6
Accounts Receivable
 12 Months Ended
Dec. 31, 2011
Accounts Receivable [Abstract]  
Accounts Receivable

Note C — Accounts Receivable

 

     2011      2010  
     In thousands  

Trade

    $ 1,079,770       $ 757,171   

Royalty and other

      94,486         60,511   
  

 

 

     

 

 

  

Total accounts receivable

      1,174,256         817,682   

Less allowance for doubtful accounts

      54,010         44,599   
  

 

 

     

 

 

  

Accounts receivable, net

    $ 1,120,246       $ 773,083   
  

 

 

     

 

 

  

VF has an agreement with a financial institution to sell selected trade accounts receivable on a nonrecourse basis. This agreement allows VF to have up to $237.5 million of accounts receivable held by the financial institution at any point in time. After the sale, VF continues to service and collect these accounts receivable on behalf of the financial institution but does not retain any other interests in the receivables. At the end of 2011 and 2010, accounts receivable in the Consolidated Balance Sheets had been reduced by $115.4 million and $112.3 million, respectively, related to balances sold under this program. During 2011 and 2010, VF sold a total of $1,187.7 million and $1,062.8 million, respectively, of accounts receivable at their stated amounts, less a funding fee. The funding fee charged by the financial institution for this program, which totaled $2.0 million in 2011, $1.8 million in 2010 and $0.4 million in 2009, is recorded in Miscellaneous, net. Net proceeds of this accounts receivable sale program are recognized as part of the change in accounts receivable in Cash Provided by Operating Activities in the Consolidated Statements of Cash Flows.