Dollars and shares in thousands, except per share amounts 2010 2009 2008 2007 2006
Summary of Operations(1)          
Total revenues $ 7,702,589 $ 7,220,286 $ 7,642,600 $ 7,219,359 $ 6,215,794
Operating income 820,860 736,817 938,995 965,441 826,144
Income from continuing operations attributable to VF Corporation 571,362 461,272 602,748 613,246 535,051
Discontinued operations attributable to VF Corporation - - - (21,625) (1,535)
Net income attributable to VF Corporation 571,362 461,271 602,748 591,621 533,516
Earnings (loss) per common share attributable to
      VF Corporation common stockholders - basic		          
Income from continuing operations
$ 5.25 $ 4.18 $ 5.52 $ 5.55 $ 4.83
Discontinued operations - - - (0.20) (0.01)
Cumulative effect of a change in accounting policy - - - - (0.11)
Net income
5.25 4.18 5.52 5.36 4.82
Earnings (loss) per common share attributable to
      VF Corporation common stockholders - diluted		          
Income from continuing operations
$ 5.18 $ 4.13 $ 5.42 $ 5.41 $ 4.73
Discontinued operations - - - (0.19) (0.01)
Net income
5.18 4.13 5.42 5.22 4.72
Dividends per share
2.43 2.37 2.33 2.23 1.94
Dividend payout ratio(2)(7)
 37.6% 46.0% 43.0% 42.7% 41.1%
Financial Position
         
Working capital
1,716,585 1,536,773 1,640,828 1,510,742 1,563,162
Current ratio
2.5 2.4 2.6 2.3 2.5
Total assets
6,457,556 6,470,657 6,433,868 6,446,685 5,465,693
Long-term debt
935,882 938,494 1,141,546 1,144,810 635,359
Stockholders’ equity
3,861,319 3,813,285 3,557,245 3,578,555 3,271,849
Debt to total capital ratio(3)
20.2% 23.7% 25.2% 26.4% 19.5%
Average number of common shares outstanding 108,764 110,389 109,234 110,443 110,560
Book value per common share
$ 35.77 $ 34.58 $ 32.37 $ 32.58 $ 29.11
Other Statistics(4)
         
Operating margin(7)
13.3% 11.9% 12.3% 13.4% 13.3%
Return on invested capital(5)(6)(7)
15.6% 12.6% 13.5% 14.8% 14.7%
Return on average stockholders’ equity(6)(7)
20.1% 17.2% 18.2% 19.7% 19.2%
Return on average total assets(6)(7)
11.8% 9.6% 10.0% 11.1% 10.6%
Cash provided by operations $ 1,001,282 $ 973,485 $ 679,472 $ 833,629 $ 454,128
Cash dividends paid 264,281 261,682 255,235 246,634 216,529

  1. (1) Operating results for 2010 include a noncash charge for impairment of
          goodwill and intangible assets – $201.7 million (pretax) in operating income
          and $141.8 million (aftertax) in income from continuing operations and net
          income attributable to VF Corporation, $1.30 basic earnings per share and
          $1.29 diluted earnings per share. Operating results for 2009 include a
          noncash charge for impairment of goodwill and intangible assets –
          $122.0 million (pretax) in operating income and $114.4 million (aftertax)
          in income from continuing operations and net income attributable to
          VF Corporation, $1.04 basic earnings per share and $1.03 diluted
          earnings per share.
  2. (2) Dividends per share divided by the total of income from continuing and
          discontinued operations per diluted share (excluding the effect of the
          charges for impairment of goodwill and intangible assets in 2010 and 2009).
  1. (3) Total capital is defined as stockholders’ equity plus short-term and
          long-term debt.
  2. (4) Operating statistics are based on continuing operations (excluding the effect
          of the charge for impairment of goodwill and intangible assets in 2010
          and 2009).
  3. (5) Invested capital is defined as average stockholders’ equity plus average
          short-term and long-term debt.
  4. (6) Return is defined as income from continuing operations before net interest
          expense, after income taxes.
  5. (7) Information presented for 2010 and 2009 excludes the impairment
          charges for goodwill and intangible assets.
VF Corporation  |  Beyond the Numbers:2010 Annual Report
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