Annual report pursuant to Section 13 and 15(d)

Accounts Receivable

v2.4.0.6
Accounts Receivable
 12 Months Ended
Dec. 29, 2012
Accounts Receivable

Note C — Accounts Receivable

 

     2012      2011  
     In thousands  

Trade

    $ 1,179,832       $ 1,079,770   

Royalty and other

      91,511         94,486   
  

 

 

     

 

 

  

Total accounts receivable

      1,271,343         1,174,256   

Less allowance for doubtful accounts

      48,998         54,010   
  

 

 

     

 

 

  

Accounts receivable, net

    $ 1,222,345       $ 1,120,246   
  

 

 

     

 

 

  

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. Accounts receivable at December 2012 and 2011  have been reduced by  $127.4 million and $115.4 million, respectively, related to balances which have been sold under this program. During the years 2012 and 2011, VF sold a total of $1,278.0 million and $1,187.7 million, respectively, 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 $2.0 million in 2012, $2.0 million in 2011 and $1.8 million in 2010. Net proceeds of this program are classified in operating activities in the Consolidated Statement of Cash Flows.