Annual report pursuant to Section 13 and 15(d)

Acquisitions and Dispositions (Tables)

v2.4.0.6
Acquisitions and Dispositions (Tables)
12 Months Ended
Dec. 29, 2012
Fair Values of Assets Acquired and Liabilities Assumed at Date of Acquisition

The following table summarizes the final fair values of the assets acquired and liabilities assumed at the date of acquisition:

 

     In thousands  

Cash and equivalents

   $ 92,442   

Inventories

     390,180   

Other current assets

     318,755   

Property, plant and equipment

     89,581   

Intangible assets

     1,458,800   

Other assets

     42,635   
  

 

 

 

Total assets acquired

     2,392,393   
  

 

 

 

Current liabilities

     364,608   

Other liabilities, primarily deferred income taxes

     580,182   
  

 

 

 

Total liabilities assumed

     944,790   
  

 

 

 

Net assets acquired

     1,447,603   

Goodwill

     851,904   
  

 

 

 

Purchase price

   $ 2,299,507   
  

 

 

 
Pro Forma Results of Operations Assuming that Twenty Twelve Acquisition of Timberland had Occured at Beginning of Twenty Ten

Unaudited pro forma results of operations for VF are presented assuming that the 2011 acquisition of Timberland had occurred at the beginning of 2010. This pro forma financial information is not necessarily indicative of VF’s operating results if the acquisition had been completed at the date indicated, nor is it necessarily an indication of future operating results. Amounts do not include any marketing leverage, operating efficiencies or cost savings that VF believes are achievable.

 

 

     2011 (a)      2010  
    

In thousands, except

per share amounts

 

Total revenues

   $ 10,411,978       $ 9,132,073   

Net income attributable to VF Corporation

     808,867         623,538   

Earnings per common share:

     

Basic

   $ 7.40       $ 5.73   

Diluted

     7.27         5.65   

 

(a) Pro forma operating results for 2011 include expenses totaling $96.2 million for acceleration of vesting for all unvested stock-based compensation awards, including tax gross-up payments required under employment agreements with certain Timberland executives, and $17.3 million in Timberland acquisition-related expenses.
Impact on Consolidated Equity due to Changes in VF's Ownership Interests in Subsidiaries

The changes in VF’s ownership interests in these subsidiaries impacted consolidated equity during 2011 as follows:

 

     2011  
     In thousands  

Net income attributable to VF Corporation

   $ 888,089   

Net transfers to noncontrolling interests — decrease in equity for purchase of noncontrolling interests

     (50,226
  

 

 

 

Changes from net income attributable to VF Corporation and transfers to the noncontrolling interests

   $ 837,863