VF Corporation 2010 Annual Report

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) 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) 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).

(3) Total capital is defined as stockholders’ equity plus short-term and
long-term debt.
(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).
(5) Invested capital is defined as average stockholders’ equity plus average
short-term and long-term debt.
(6) Return is defined as income from continuing operations before net interest
expense, after income taxes.
(7) Information presented for 2010 and 2009 excludes the impairment
charges for goodwill and intangible assets.

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