VF Corporation
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SECURITIES AND EXCHANGE COMMISSION s.c Washington DC 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15d OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 2011 Commission file number 1-5256 CORPORATION Exact name of registrant as specified in its charter Pennsylvania 23-1180120 State or other jurisdiction of I.R.S employer incorporation or organization identification number 105 Corporate Center Boulevard Greensboro North Carolina 27408 Address of principal executive offices 336 424-6000 Registrants telephone number including area code Securities registered pursuant to Section 12b of the Act Title of each class Name of each exchange on which registered Common Stock without par value New York Stock Exchange stated capital $1 per share Securities registered pursuant to Section 12g of the Act NONE Indicate by check mark if the registrant is well-known seasoned issuer as defined in Rule 405 of the Securities Act YES E1 NO Li Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15d of the Act YES Li NO Indicate by check mark whether the registrant has filed all reports required to be filed by Section 13 or 15d of the Securities Exchange Act of 1934 during the preceding 12 months and has been subject to such filing requirements for the past 90 days YES E1 NO Li Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site if 405 of S-I the any every Interactive Data File required to be submitted and posted pursuant to Rule Regulation during submit such preceding 12 months or for such shorter period that the registrant was required to and post files YES NO Li contained Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not herein and will not be contained to the best of registrants knowledge in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K Li Indicate by check mark whether the registrant is large accelerated filer an accelerated filer or non-accelerated filer See definition pf accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act Check one Large accelerated filer Accelerated filer Li Non-accelerated filer Li defined in Rule 12b-2 of the Securities and Indicate by check mark whether the registrant is shell company as Exchange Act of 1934 YES IL NO EJ The aggregate market value of Common Stock held by non-affiliates i.e persons other than officers directors and 5% stockholders of V.F Corporation on July 2011 the last day of the registrants second fiscal quarter was approximately $8878000000 based on the closing price of the shares on the New York Stock Exchange of the As of January 28 2012 there were 110600040 shares of Common Stock registrant outstanding Documents Incorporated By Reference Portions of the definitive Proxy Statement for the Annual Meeting of Shareholders to be held on April 24 2012 Item in Part and Items 10 11 12 13 and 14 in Part III which definitive Proxy Statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates This document excluding exhibits contains 109 pages The exhibit index begins on page 55 PARTI Item Business leader in branded footwear and V.F Corporation organized in 1899 is worldwide lifestyle apparel the and our used herein refer related products Unless the context indicates otherwise terms VF we us Our stated vision is will to V.P Corporation and its consolidated subsidiaries VF grow by building leading around the world lifestyle brands that excite consumers value branded and related For over 100 years VF has offered consumers high quality high apparel have been that is transforming VFs mix of business to include products Since 2004 we implementing strategy with consumers because are more lifestyle brands Lifestyle brands are those brands that connect closely they reflect consumers activities and interests Lifestyle brands generally aspirational and inspirational they specific this extend across multiple product categories and have higher than average gross margins Accordingly in Timberland transformation has included the acquisitions of many lifestyle brands recent years including Vans Reej Kipling Napapijri For All Mankind lucy Splendid and Ella Moss At the same time retail store we have continued to invest in all of our businesses through geographic expansion openings product line extensions product innovation consumer research and advertising channels of distribution VP is highly diversified apparel company across brands product categories broad of brands in the outerwear footwear packs luggage and geographies VP owns portfolio jeanswear These are marketed to consumers sportswear occupational and performance apparel categories products and traditional national chains and mass merchants Our shopping in specialty stores upscale department stores from sales to direct-to-consumer operations generate growing portion of our revenues currently 19% of its from outside the United consumers through VP-operated stores and internet sites VP derives 34% revenues Mexico and Latin America branded are also sold in States primarily in Europe Asia Canada VF products distributors and stores To diversified many countries through independent licensees partnership provide distribution in different we balance efficient and flexible products across multiple channels of geographic areas of finished from contractors We utilize internally-owned manufacturing with sourcing goods independent and the state-of-the-art technologies for inventory replenishment that enable us to effectively efficiently get right demand to customers shelves assortment of products which match consumer our for VFs businesses are organized primarily into product categories and by brands within those categories called coalitions both management and internal financial reporting purposes These groupings of businesses are and and consist of the following Outdoor Action Sports Jeanswear Imagewear Sportswear Contemporary Coalition has Brands These coalitions are our reportable segments for financial reporting purposes management with certain administrative and and responsibility to build their brands financial systems support disciplines provided by central functions within VF We consider our Outdoor Action Sports Sportswear and Contemporary Brands coalitions to be our achieve and lifestyle coalitions which have the potential to higher long-term revenue profit growth profit and coalitions are our businesses which margins than our other businesses Our Jeanswear Imagewear heritage cash flows but lower rates have historically strong levels of profitability and revenue growth The following table summarizes VFs primary owned and licensed brands by coalition Coalition Primary Brands Primary Products Outdoor Action Sports The North Face high performance apparel footwear outdoor gear Vans skateboard-inspired footwear apparel Timberland outdoor adventure-oriented apparel and footwear Smart Wool merino wool apparel socks and accessories JanSport backpacks luggage apparel Eastpak backpacks apparel Kipling handbags luggage backpacks accessories outside North America Nap apijri premium outdoor apparel Reef surf-inspired footwear apparel Eagle Creek luggage packs travel accessories lucy womens activewear Jeanswear Wrangler denim and casual bottoms tops Lee denim and casual bottoms tops Riders denim and casual bottoms tops Rustler denim and casual bottoms tops Timber Creek by Wrangler denim and casual bottoms tops Imagewear Red Kap occupational apparel Bulwark protective occupational apparel Majestic athletic apparel MLB licensed licensed athletic apparel NFL licensed licensed athletic apparel Harley-Davidson licensed licensed apparel denim Sportswear Na Utica mens fashion sportswear bottoms sleepwear accessories underwear Kipling handbags luggage backpacks accessories within North America Contemporary Brands For All Mankind premium denim and casual bottoms sportswear accessories John Varvatos luxury mens apparel footwear accessories Splendid premium womens sportswear Ella Moss premium womens sportswear Financial Financial information regarding VF coalitions is included in Note to the Consolidated Statements which are included at Item of this report Outdoor Action Sports Coalition Our Outdoor Action Sports Coalition VF fastest growing business is group of authentic lifestyle brands which are outdoor and activity-based Product offerings include outerwear performance wear snow and accessories sports gear sportswear footwear equipment backpacks luggage around the The North Face is the largest brand in our Outdoor Action Sports Coalition and is sold Face world In Japan and South Korea The North Face trademarks are owned by third party The North apparel lines consist of performance wear outerwear snow sports gear functional sportswear and footwear for men women and children Its equipment line consists of tents sleeping bags backpacks and accessories Many of The North Face products are designed for extreme applications such as high altitude mountaineering and ice and rock climbing although many consumers purchase these products because they represent lifestyle to which they aspire The North Face products are marketed through specialty outdoor and premium sporting goods stores in the United States Canada Europe and Asia and select department stores in the United States In addition these products