FINANCIAL STATEMENT ANALYSIS: V. F.

CORPORATION
1

Financial Statement Analysis of

V. F. Corporation

Crystal R. Joyce

Seton Hill University

SBU 302 Financial Statement Analysis

FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
2

Abstract

The following compiling of financial statement is an analysis of VF Corporations. This

analysis is designed to help the reader better understand the financial standings of VF

Corporation from 2012 to 2015. The informations in this paper will include company

description, analysis of Income Statement and Balance Sheet with trend and common-sizing

analysis, an analysis of Statement of Stockholder’s Equity, and Statement of Cash Flows. As

well as liquidity, activity, debt financing, profitability, and market ratios. VF Corporation's ratios

will be compared to the industry average ratios. All of this information will help a future investor

or shareholder give clarity into investing in VF Corporation.

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I. Description of the company

VF Corporation History.​ ​In 1899 in Reading, Pennsylvania a group of entrepreneurs

started a company with an investment of $11,000 they made silk and cotton gloves and mittens

(VFC, 2017, e). They were known as the “Reading Glove and Mitten Manufacturing Company

by John Barbey and a group of investors” (VFC, 2017, e). In the 1910s it started to producing

silk lingerie and got renamed to Schuylkill Silk Manufacturing. The brand name became “Vanity

Fair” and the company name changed to Vanity Fair Silk MIlls Inc. (VFC, 2017, e). In the 1940s

due to World War II the company dropped the word “silk” (VFC, 2017, e). Then in the 50s

Vanity Fair Mills went public in the following years the company acquired name brands like

Lee, Blue Bell, Bulwark (VFC, 2017, e). VF Corporation becomes the new corporate name since

the product line became more diverse (VFC, 2017, e). In the 1970s VF offers its first dividend,

and in the 1980s it became one of the two largest jeans makers in the world, with 25 percent of

the $6 billion market (VFC, 2017, e). In the 2000s the company acquired The North Face,

Eastpak, Nautica, Kipling, Napapijri, Reef, Majestic, 7 For All Mankind, Lucy, Eagle Creek,

Ella Moss, Splendid, and Timberland (VFC, 2017,e). It completed a merger with the Vans brand

becoming a wholly owned subsidiary of VF (VFC, 2017, e). In 2001 the company had a shift in

production moving factories from the United States to Asia were cost to manufacturing is lower

(Loeb, 2013). Today, all production is in China and other Asian countries (Loeb, 2013).

Operation Segments. ​VF Corporation use “coalitions,” which are organized groups of

businesses, for both management and financial reporting (United States, 2016, p. 1). These

coalitions are its reportable segments for financial reporting purposes, and the four coalitions are

Outdoor and Action Sports, Jeanswear, Imagewear, and Sportswear (United States, 2016, p. 1).
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
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Inside those four coalitions are the primary brands and inside those are the primary products

(United States, 2016, p. 2). Outdoor and Action Sports are high performance outdoor apparel and

footwear, backpacks, headbands, and technical equipment (United States, 2016, p. F-37).

Jeanswear which is denim and casual apparel, and Imagewear is occupational workwear and

athletic apparel (United States, 2016, p. F-37). Sportswear is fashion sportswear apparel and

accessories, and Other is sales of non-VF products like the VF Outlet stores (United States, 2016,

p. F-37). Each coalition has management that has control and responsibility for its revenues,

operating income and assets (United States, 2016, p. F-37). Management evaluates operating

performance, makes investments and others decisions (United States, 2016, p. F-37). “Many of

VF’s brands have long histories and enjoy strong recognition within their respective consumer

segments” (United States, 2016, p. 8).

Company’s Products. ​VF Corporation product line is huge. The following products fall

into specific segments which are referred to as coalitions (United States, 2016, p. 1). The first

coalition is Outdoor and Action Sports which covers: Vans youth culture/action sport-inspired

footwear, apparel, and accessories; The North Face high performance outdoor apparel, footwear

equipment and accessories; Timberland outdoor lifestyle footwear, apparel, accessories; Kipling

[outside North America] handbags, luggage, backpack, totes, accessories; Napapijri premium

outdoor apparel, footwear, accessories; JanSport backpacks, luggage, appeal; Reef surf-inspired

footwear, apparel, accessories; SmartWool performance based merino wool socks, apparel,

accessories; Eastpak backpacks, luggage; Lucy women’s activewear; and Eagle Creek luggage,

backpack, travel accessories (United States, 2016, p. 2). The second coalition is Jeanswear which

is denim, casual apparel and more by Wrangler, Lee, Lee Casuals, Riders by Lee, Rustler,
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
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Timber Creek by Wrangler, and Rock & Republic (United States, 2016, p. 2). The third is

Imagewear VF Corporation licensed MLB and NFL licensed athletic apparel and

Harley-Davidson licensed apparel (United States, 2016, p. 2). It produces Occupational apparel

and protective occupational appeal by Red Kap, Horace Small and Bulwark (United States, 2016,

p. 2). The fourth coalition is Sportswear including Nautica’s product line of sportswear appeal,

luggage, accessories and Kipling’s [within North America] line of handbags, luggage,

backpacks, totes, accessories (United States, 2016, p. 2).

Competitors. ​VF Corporation has competitors that could be potential risk factors.

competitor that puts the company at risk is competition from online retails (United States, 2016,

p. 16). “VF competes with numerous apparel and footwear brands and manufactures” (United

States, 2016, p. 10). Some of these competitors include Columbia Sportswear Company, Canada

Goose Holding Inc., Carter’s Inc., Michael Kors Holdings Limited, Lululemon Athletica Inc.,

Ralph Lauren Corporation, and more (Nasdaq, 2017).

Current Developments (last 6 months). ​In the last 6 months VF Corporation has done a

great deal. On October 5, 2016, VF Corporation announces that current CEO Eric WIseman will

step down remaining an Executive Chairman, and Steve Rendle would become CEO on January

1, 2017 (VFC, 2016, f). With that change Rendle will have remain ahead of the curve and to

excite customers, taking the company to a new level by stay up with technology like artificial

intelligence, virtual reality, augmented reality, and robotics (Loeb, 2016). VF Corporation have

also partnered with IFC’s Bangladesh Partnership for Cleaner Textile PaCT to reduce the

groundwater extraction and surface water pollution, energy and chemical use (VFC, 2016, c).

The program have 14.1 billion liters of water and energy savings (VFC, 2016, c).
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In November, the announced a reduction in global carbon emissions by 12 percent from

2011 to 2015 preventing more than 38,000 tons of carbon from entering the atmosphere, the

equivalent in electric needed to power 5,710 homes for one year (VFC, 2016, h). This happened

while the company added 200 additional cites (VFC, 2016, h).

In December VF Corporation was named a Best Place to Work for LGBT Equality (VFC,

2016, i). The Vice President and Group President of VF International, Karl Heinz announced his

retirement at the end of 2017, and his successor will be Aidan O’Meara, President, VF Asia

Pacific (VFC, 2016, d). VF Corporation is encouraging diversity by partnering with Paradigm for

Parity coalition along with 26 other companies (VFC, 2016, k).

In January Travis Campbell was named President of Smartwool Brand (VFC, 2017, m).

In February Brendan Sullivan was named President of Sportswear (VFC, 2017, g). Roger

Spatz was named President of Reef Brand and continue as President of Eagle Creek brand (VFC,

2017, j). Carol Roberts and Benno Dorer got elected to VF’s Board of Directors (VFC, 2017, b).

In March VF Corporation was names 2017 World’s Most Ethical Company by the

Ethisphere Institute (VFC, 2017, l).

II. Analysis of the Income Statement

Summary of Analysis. ​For the analysis on​ ​VF Corporation's the base year was December

29, 2012 all money will be in U.S. Dollars ($) in thousands, after reviewing the Income

Statement Trend and Common-Sizing which can be found in Appendix B and C. VF Corporation

has a steady increase in total revenue, cost of good sold, and net sales. The net sales for VF

Corporation had a steady increase over the four years. However in 2015 it had a smaller increase

with a one point increase in the trend analysis (See Appendix B). This decrease casue be from a
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lack of sales. In the 10-K it states do to sales in the second half of the fiscal year which is the fall

and holiday selling season this could impact the full year operating results (United States, 2015,

p. 14). After analysis its seems the operating income had a decrease in 2014. After doing the tend

operating income goes from 112 (or $1,647,147) in 2013, 98 (or $1,437,724) in 2014, and back

up to 113 (or $1,660,996) in 2015 (Appendix B). This could also be from lack of sells in the

second half (United States, 2015, p. 14). Other risk affecting operating income and sales could

include the timing of seasonal wholesale shipments and other events affecting retail sales (United

States, 2015, p. 14). When calculating operating income it is total revenues minus total cost and

operating expenses, so one effect from 2013 to 2014 is the implementing of impairment of

goodwill and intangible assets (Appendix A). Which can be referenced in Appendix A.

Analysing the Common Sizing for 2014 impairment of goodwill and intangible assets takes up

3.26% (See Appendix C).This effect brings operating income down to 11.83% in 2014 from

14.57% in 2013 (Appendix C). The acquisition of goodwill may cause large one-time expenses

or create goodwill or other intangible assets that could result in significant impairment changes

in the future (United States, 2015, p. 16 ). If not accurate on estimating the value of assets

acquired and liabilities assumed they may be exposed to losses such as material (United States,

2015, p. 16). In 2015, VF Corporation lowered its impairment of goodwill and intangible assets

to 1.17% ($143,562) which had a positive effect on its operating income bring it up to 13.56%

(Appendix C).

Another change on the Income Statement for VF Corporation was the other income

(expense), net. According to the SEC filing, in 2012 it was an income of $46.9 million due to a

gain on the sale of VF’s 80% ownership in John Varvatos and foreign currency exchange gain
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
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(United States, 2012, p. 30). Foreign currency exchange is converting one currency to another

(2017, Business Dictionary). In 2013 it dropped to an expense of $4.0 million due to foreign

currency exchange losses (United States, 2013 p. 30). In 2014 it was still an expense at $5.5

million, however in 2015 an income of $1.7 million was due to a gain in the foreign currency

exchange (United States, 2016, p. 30).

Earnings Per Share.​ Earning per common shares are in dollars. Basic earnings per share

is computed by dividing net income attributed to VF corporation by the weighted average

number of shares of Common Stock outstanding during the period (United States, 2015, p. f-15).

After analysing VF Corporation's trend increased in 2013 to 111 ($2.47), in 2014 it dropped 11

points to 98 ($2.42), and in 2015 increased 19 points to 117 ($2.90) (See Appendix B). States in

the SEC filings, “Diluted earnings per share assumes conversation of potentially dilutive

securities such as stock options, restricted stock and restricted stock units” (United States, 2015,

p. F-15) Just like the basic earnings the diluted trend increased in 2013 to 112 ($2.71), in 2014 it

dropped 12 points to 98 ($2.38), and in 2015 increased to 117 ($2.85) (Appendix B). Just like in

the analysis above the decrease in 2014 is due to the intangible assets, goodwill, and fair value

measurements (United States, 2015, p. F-17-18, F-41-43).

III. Analysis of the Balance Sheet

Summary of Analysis. ​For the analysis of VF Corporation's Balance Sheet the trend and

common-sizing was done for 2012 as the base year, reference Appendix E and F. All numbers

will be in U.S. ($) thousands. The balance sheet was fairly consistent over the four years. The
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four accounts that had significant trend in growth or decline were cash and equivalents,

intangible assets, short-term borrowing, and other liabilities (See Appendix D).

The first account cash and equivalents had an has been increasing until recently. However

in 2012 the cash and equivalents were affected by the higher interest rates held in foreign

jurisdictions and management also used the credit quality of it in the defined benefit pension plan

(United States, 2012 p. 30, 41). VF corporation's cash and equivalent risk is now composed of

the demand deposits, money market funds and short-term time deposits (United States, 2015, p.

42). In 2012, the base year for cash and equivalent was $597,461 then in 2013 it had a trend of

130 (or $776,403) increasing more in 2014 to 163 (or $971,895), that is a 33 points increase

(Appendix E). This increase could have been from a decrease of accounts receivable resulting in

a cash collection from wholesale customers (United States, 2015, p. 38). In 2015, the cash and

equivalents dropped to 158 (or $945,605) this could have happened because of the purchasing of

short-term borrowings which will be explained more shortly (Appendix E). In 2015 they entered

a $1.75 billion senior unsecured revolving line of credit with the Global Credit Facility expiring

in April 2020 (United States, 2016, p. F-20). The credit will replace the previous credit which

expired December 2016 (United States, 2016, p. F-20). This increase of $427.5 million offsets

the increase in cash dividends and ties into why the decrease in cash for financial activity

happened (United States, 2016, p. 39). The next account is intangible assets which was consistent

until 2014 when it dropped close to 20 points to 83 (Appendix E). In the SEC filings it states the

decrease is due to “(i) impairment charges for ​7 For All Mankind ​and ​Splendid​ and ​Ella Moss​ to

reduce the carrying values of their customer relationship assets and indefinite-lived trademarks to

fair value, (ii) the impact of foreign currency fluctuations, and (iii) amortization expense”
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(United States, 2015, p. 38). In continues to drop in 2015 for the same reasons. Another account

is short-term borrowing which was a consistant 0.2% until 2015 when it went up a wooping

4.66% (Appendix F). This increase can be from the increase of short-term borrowing rate.

Normally short-term borrowing for VF Corporation is made up of international borrowing

arrangements (United States, 2016, p. F-20). However, in the SEC filings it states the increase

comes from shares rephurchased, and commercial paper borrowings needed to support general

corporate purposes and the $250.0 million discretionary pension contribution (United States,

2016, p. 37).. The last account is the other liabilities which have been consistent except in 2015

filling (Appendix D). Unlike short-term borrowing which increased the other liabilities

decreased. The other liabilities are made up of deferred compensation, pension liabilities, income

tax, deferred income taxes, deferred rent credits, product warranty claim, derivative financial

instruments and other (United States, 2015, p. F- 22). At first the other liabilities had an increase

in the underfunded status of the defined benefit pension in 2014 (United States, 2015, p. p38).

Then it decreases due to improvement in funded status of the U.S. qualified pension plan,

resulting in a $250.0 million discretionary pension contribution (United States, 2016, p. 37).

Stockholder Equity Account in Total​. The stockholder equity section of the balance

sheet makes up more that 50% of the total liabilities and stockholders’ equity (Appendix F).

Stockholders’ equity is affected by the foreign currency exchange rates (United States, 2013, p.

42). For net advances to and investments in VF Corporation's foreign business that are

considered to be long-term, the impact of changes in the rates on those long-term advances are

deferred as a component of accumulated other comprehensive income making it a loss in

stockholders equity (United States, 2013, p. 42). This loss happened because approximately 36%
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of VF corporation's revenue in 2015 generated in the international market (United States, 2016,

p. 42). Even though the U.S. dollar strengthens relative to the euro or other foreign currencies

where VF Corporation operates, there is a negative impact on operating results upon translation

of those foreign operating results into the U.S. dollar (United States, 2016, p. 42). The

accumulated other comprehensive income (loss) is what affected the total stockholders equity

dropping it in 2014 and 2015 (Appendix D). The total stockholders equity was close to 60% in

2013 report, however it dropped to 55.86% in 2015 report (Appendix F).

IV. Analysis of the Statement of Stockholders’ Equity

VF Corporation's Stock​. The VF Corporation’s Common Stock is listed on the New

York Stock Exchange under “VFC” (United States, 2015, p. 24). The number of shares

authorized, issued and outstanding starting with the 2012 report the company issued common

stock shares authorized 300 million, 333,229 shares issued, and 110,205 million shares

outstanding (See Appendix G). The shares issued are broken down into two groups

performance-based and non-performance-based (United States, 2012, p. F-33). The

performance-based restricted stock units (RSUs) are granted to key employees as a long-term

incentive these share range from zero to two shares of VF Common Stock (United States, 2012

p. F-33). Non-performance-based RSUs are granted to smaller groups of key employees and

members of the Board of Directors these holders get one share of VF Common Stock (United

States, 2012, p. F-33). Stated in the SEC filings “VF Common Stock is treated as treasury shares

for financial reporting purposes, so any gains or losses on shares held by the plans result in

exposure to operating financial position as a result of the change in participant liabilities”

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(United States, 2013, p. 43). In the 2013 report VF authorized 1.2 billion shares,402,136 million

shares issued, and 440,310 million shares outstanding (Appendix G). On October 16, 2013 the

Board of Directors approved a four-for-one stock split of VF’s Common Stock payable in the

form of a stock dividend (United States, 2013, p. F-10). Stock splits have no effects on

shareholders and by doing this the stock price usually increases (Schoenebeck & Holtzman,

2013, p. 101). This increased the authorized number and the value from $1.00 per share to $0.25

per share, as well as stockholders will receive three additional shares of common stock for each

share held (United States, 2013, p. F-10). In the 2014 report VF Common stock authorized 1.2

billion shares, 478,933 million shares issued, and 432,860 million shares outstanding (Appendix

G). The the SEC filings it states the increase in cash for financing activity increase compared to

year prior was driven by an increase of $445.8 million in open market purchases of Common

Stock and an increase of $76.8 million in cash dividends paid, this offset by a $400.1 million

decrease in payments of long-term debt (United States, 2015, p. 39). In the 2015 reports VF

common stock had 1.2 billion authorized, 565,275 million shares issued, 426,614 million shares

outstanding (Appendix G). As of 2015, VF Corporation had 424.5 million shares of Common

Stock of the registrant outstanding (2016).

Stock Repurchase​. After reviewing the SEC filing it seems that VF Corporation often

purchases Common Stock. In 2012 the company purchased 2.0 million shares of Common Stock

in open market transactions costing $299.7 million with an average price of $148.50 (United

States, 2012, p. 39). At the time VF Corporation could purchase an additional 4.5 million shares

(United States, 2012, p. 39). The company evaluates repurchasing shares based on funding

required for business acquisitions, Common Stock price and levels of stock option exercises
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(United States, 2012, p. 39). In 2013, VF Corporation purchased 6.8 million shares of Common

Stock in the open market transactions costing $281.1 million with an average price of $41.19

(United States, 2013, p. 39). The share repurchase activity was prior to the December 2013 stock

split and all shares repurchased relate to shares acquired in connection with VF Corporation's

deferred compensation plans (United States, 2013, p. 26). In addition the Board of Directors

authorized the repurchase of an additional 50.0 million shares based on the post-split, bringing

the total shares authorized for repurchase to 52.8 million in 2013 (United States, 2013, p. 26).

The Common Stock purchased as stated before is treated like treasury stock this is because VF

Corporation sponsored 401(k) plans as well as other domestic and foreign retirement and saving

plans (2013, F-28). In 2014, VF Corporation repurchased $727.8 million of its Common Stock

and paid $478.9 million in cash dividends, returning more the $1.2 billion to stockholders

(United States, 2015, p.29). In 2015, it did the same thing with $732.6 million of its common

stock and paid $565.3 millions in cash dividends and returning nearly $1.3 billion to

stockholders (United States, 2016, p. 28). On February 16, 2016 he board of Directors declared a

cash dividend of $0.37 per share and granting 3.1 million stock options, 600 thousand

performance-based RSUs, 42 thousand non-performance-based RSUs, and 85 thousand shares of

restricted Common Stock at market value (United States, 2016, p, F-50). All shares repurchased

as of 2015 are still for VF Corporation's deferred compensation plans (United States, 2016, p.

25).

Price Earning Ratio. ​The price earning ratio (P/E Ratio) is how many times the

company’s stock sells for in relation to its earnings per share obtained by taking the stock price

divided by the earnings per share. The industry average is 24.15 times per share (See Appendix
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
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I). VF Corporation was higher than the industry average for all four years (Appendix I). In 2012

the P/E Ratio is 36.8, dropping in 2013 to 33.08, increasing again in 2014 to 38.21, then in 2015

it dropping to the lowest over the 4 years to 32.50 (Appendix I). In the SEC filings it states in

2014 compared to 2013 there was a decrease in earnings per share due to the goodwill and

intangible asset impairment charges (United States, 2016, p. 31). It also states that the earnings

per share increased 20% in 2015 from 2014 because of lower intangible assets impairment

charges and improved operating performance (United States, 2016, p. 31). Another reason could

be the stock price. According to ​Yahoo! Finance​, VF Corporation's stock was selling at $148.29

per share at close on December 28, 2012 (Yahoo! Finance, 2017). VF Corporation has an

Earnings Per Share (EPS) of $1.69 which was low compared to the industry average of $3.91

(Appendix I). The P/E Ratio drops and at close on December 27, 2013 the stock was selling at

$61.58 per share with EPS at $1.88 (Yahoo! Finance, 2017). Much less than the previous year.

The EPS were $1.63 and at the closing price for the stock was at $73.76 on January 02, 2014

(Yahoo! Finance, 2017). At its lowest out of all four years P/E Ratio for 2015 the closing price of

stock for December 31, 2015 was $62.25 with an EPS of $1.92 (Yahoo! Finance, 2017).

Dividends​.​ VF Corporation gives cash dividends per common shares. As of January 29,

2016 there were 3.612 shareholders recorded with quarterly dividends on Common Stock that are

paid out about the 20th day of March, June September and December (United States, 2016, p.

23). The dividends have been less than a dollar but slowly increasing until 2014 they increased

$1.11 and in 2015 to $1.33 (Appendix I). This increase is because VF Corporation is increasing

its dividend rate in 2013 they raised it 21% (United States, 2013, p. 28). In 2015 they increased it

16% this is VF Corporation's 43rd consecutive year of increase in the rate of dividends paid per
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share (2016 , p28). The dividend payout ratio which is the percent of income the company has

paid out in dividends. It is calculated by taking dividends per share divided by earnings per

share. That is how the ratio in Appendix I is calculated, however VF Corporation calculated it

using diluted EPS (United States, 2016, p. 40). For 2012 the dividend payout ratio was 44.85%

and 31.2% of diluted EPS (Appendix 1) (United States, 2014, p. 40). In 2013 48.62%, and 33.8%

(Appendix 1) (United States, 2014, p. 40). Starting in 2014 they also calculated it by excluding

the effects of the non-cash intangible assets impairment change (United States, 2016, p. 40). So

the dividend payout ratio was 67.99%, 46.5% of diluted EPS, and 36.0% with the exclusions

(Appendix 1) (United States, 2014, p. 40). In 2015 the dividend payout ratio was 69.44%, 47.7%

of diluted earnings per share, and 43.2% (Appendix 1) (United States, 2016 p. 40). VF

Corporation evaluates its use of capital, giving first priority to business acquisitions and then to

direct shareholder return in the form of dividends and share repurchases (2016, p39). Stated in

the SEC filings management believes that VF Corporation cash balance and funds provided by

operating activities, as well as unused bank credit lines, additional borrowing capacity and access

to capital markets by adequate liquidity to fund capital expenditures and to maintain the dividend

payout policy (United States, 2016, p. 41). It is important to pay the dividend to give the

shareholders an incentive to stay with the company. On the Statement of Stockholders Equity it

shows that the dividends are being paid with the retained earnings on the four years (Appendix

G).

Statement of Stockholder’s Equity Analysis. ​One of the biggest changes that occurs from

in 2014 and 2015 in the foreign currency translation (Appendix G). It jumped 574.3 million from

2013 to 2014, VF’s most significant foreign currency exposure relates to business in euro-based
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
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countries, as well as other developed and emerging markets around the world that uses other

currency than the euro (United States, 2015, p. 29). It was $110.7 million in 2013, then dropped

to $(463.6) million in 2014 (Appendix G). In 2013 it had a positive impact on revenue, however

in 2014 it did not (United States, 2015, p. 29). The international spending in 2014 grew 9%

compared to 2013 (United States, 2014, p. 37). VF Corporation is a global enterprise which

causes risk approximately 38% of the revenue in 2014 was generated in international markets

(United States, 2014, p. 43). The company does have a hedge strategy to reduce risk, but it may

not be effective in reducing all risks and it does not hedge foreign currency translation rate

changes (United States, 2014, p. 16). In 2015, approximately 36% of the revenue was from

international markets (United States, 2016, p. 42). The foreign currency translation reduced to

$(361.2) million in 2015 (Appendix G). The company also had higher levels of spending related

to an European headquarters, additional distribution facilities, and system implementation

(United States, 2015, p. 39).

V. Analysis of the Statement of Cash Flow

Summary of Analysis.​ ​VF Corporation has maintained a steady cash flow of operating

activity, however in 2015 it drops (Appendix H). Some of the reasons for the change are what

have affected other parts on the organization's financials, for example goodwill and intangible

assets and pension expense. The accounts that will be analysed are deferred income taxes and

impairment of goodwill and intangible assets from Cash from Operating Activity (See Appendix

H). VF Corporation main source of liquidity is the cash flow provided by operating activities,

which depends on the level of net income and changes in working capital (United States, 2015,
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
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p. 39). The deferred income tax was selected because it was in the negatives and in 2014 it was

at a wooping negative $78.1 million then in 2015 a positive $7.1 million (Appendix H). Stated

on the SEC filings that the U.S. deferred income taxes are not provided on undistributed income

of foreign subsidiaries where such earnings are considered to be reinvested (United States, 2015,

p. F-14). In 2014 the net income decreased the impact of changes in noncash adjustments, related

to deferred taxes (United States, 2016, p. 38). In 2015 the changes in U.S. policies with income

tax laws including overall corporate and individual tax reform (United States, 2016, p. 16). As

stated previously in the Balance Sheet section they qualified for the U.S. pension plan also

decreased the cash provided by operating activity (United States, 2016, p. 37-38). VF

Corporation also had to settle millions of dollars in charges during the third quarter and

beginning of 2015 due to payments of retirements benefits to participants in the deferred benefit

pension plan (United States, 2016, 10-Q, p. 11). The Financial Accounting Standards Board

(“FASB”) guidelines changed as of November 2015 an update to VF Corporation's accounting

guidelines on income taxes (United States, 2016, p. F-16). Another account is impairment of

goodwill and intangible assets which was N/A until 2014 causing net income to decrease (United

States, 2015, p. 39). In 2014 the changes in goodwill and intangible assets caused net income to

decrease (United States, 2016, p. 38). However cash flow increases were offset by the impact of

higher inventory levels at the end of 2014 because of the hope of revenue growth in the 2015

(United States, 2015, p. 39).

From the Investing Activity the accounts capital expenditures and software purchases

(Appendix H). The main contribution to investing activity is capital expenditures and software

purchases (United States, 2015, p. 38). In 2014 it decreased $37.1 million from 2013, and it
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increased $20.4 million in 2015 compared to 2014 (United States, 2015, p. 38). This increase

occurred because the purchase of a headquarter building in the Outdoor & Action Sports

coalition (United States, 2015, p. 38). Spending is expected to be funded by cash flow from

operations (United States, 2015, p. 39). The next account is software purchases which increased

$42.3 million in 2013 compared to 2012. This increase was due to system implementations and a

new software license agreement that supports VF Corporations e-commerce infrastructure and

other key business functions (United States, 2015, p. 39). In 2015 software purchases decreased

$4.7 million because of the “completion of a major system implementation that incurred

significant costs at the end of 2014 and beginning of 2015 (United States, 2016, p. 38-39).

In the Financing Activity section of the Cash Flows the accounts that stood out were net

increase (decrease) in short-term borrowings, payments on long-term debt, and cash used by

financing activities. The net increase (decrease) in short-term borrowings in 2012 it was a

negative due to the VF Corporation acquiring 100% of the outstanding shares of The Timberland

Company the purchase was funded by cash on hand and short-term borrowings (United States,

2012, p. F-16). In 2013 the short-term borrowing was lower, however it hate a higher interest

rate (United States, 2015, p. 30). The increase $427.5 million in 2015 compared to 2014

correlated with higher interest expense (United States, 2016, p. 30, 39). As stated previously in

the Balance Sheet section an increase was also due to commercial paper borrowings to support

general corporate purpose and the pension contribution (United States, 2016, p. 37). The

commercial paper borrowings were $423 million of the increase in short-term borrowing (United

States, 2016, p. F-20). VF Corporation's funds a lot of their investing and financing activities was

cash and equivalents and borrowings under the Global Credit Facility. VF Corporation believes
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
19
that cash and operating activity, in addition its Global Credit Facility with borrowing capacity

and capital markets help to provide liquidity to meet current and long-term dues, liquidity to fund

capital expenditures and maintain dividend yield rate, and meeting investment opportunities

(United States, 2016, 10-Q, p.32).

VI. Ratio Analysis

LIquidity Ratios Analysis. ​Liquidity Ratios are current ratio, quick ratio, cash flow

liquidity which can be seen in Appendix I. The industry average for these ratios were 3.05, 1.83,

and 2.21 (See Appendix I). VF Corporation was lower all four years compared to the industry

average. VF Corporation's liquidity ratios were steadily increasing until 2015 (Appendix I). The

is not as liquid as other companies in the industry especially after 2015.

The current ratio was increasing from 2012 to 2014. With a big jump from 1.99 in 2012

to 2.48 in 2013 (Appendix I). This jump happened because in 2013 the current assets increased

and the current liabilities decreased (Appendix D). In 2013 the current ratio was the closest to the

industry average of 3.05 compared to the other four years. The current assets continue to

increase, however the current liabilities are increased rapidly as well (Appendix D). This is why

in 2015 the current ratio drops to 2.14 (Appendix I). One of the main factors in 2015 was

short-term borrowings that was mentioned previously in the document have a huge increase

(Appendix D).

The quick ratio was just like the current ratio. In 2012 it start at 1.05 then increased to

1.36 in 2013 (Appendix I). It continued to increase in 2015 to 1.39 the highest of the four years
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
20
and closest to the industry average at 1.83 (Appendix I). The quick ratio quickly drops to 1.17 in

2016 due to the current liabilities (Appendix D).

Cash flow liquidity was at 1.08 in 2012 it increased in 2013 to 1.58 due to the increase on

the balance sheet as well as the increase of Cash Flow from Operations and decrease in current

liabilities. In 2015 it increased to 1.65 in 2015 the highest point and closest to the 2.21 industry

average (Appendix I). Then a drop in cash and equivalents and Cash Flow from Operations and

higher current liabilities dropped 2015 to 1.08 (Appendix I).

Activity Ratios Analysis. ​VF Corporation's activity ratios fluctuated over the four years

some ratios increased, decreased and other went up and down (Appendix I). The activity ratios

consist of accounts receivable turnover, average collection period, inventory turnover, average

days inventory held, account payable turnover, average days payable outstanding, cash operating

cycle, asset turnover, current asset turnover, and fixed asset turnover.

The first set of ratios are account receivable turnover and average collection period. The

industry average for account receivable turnover is 12.49 (Appendix I). For all four years VF

Corporation was lower than the average. In 2012 it was 8.5 and continued to rise to 9.0 in 2013,

9.6 in 2014, and 9.7 in 2015 (Appendix I). This constant increase is due to the increase of net

sales and accounts receivable for all four years. In 2014 the decrease in account receivable

because of “strong cash collection from wholesale customers” lowered the average (2015, p 38).

Tied in with this ratio is average collection period which is 365 days divided by accounts

receivable turnover. This is the number of days it takes the company to collect its account

receivables. The industry average is 35.3 days (Appendix I). VF Corporation is slowly working
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
21
towards that it has been slowly decreasing its days from 42.1 days in 2012 to 37.0 days in 2015

to get more efficient, but it still needs improvement (Appendix I).

The next set of ratios are inventory turnover, and average days inventory held. Inventory

turnover is the number of times a company replenishes its inventory during the year the industry

average is 3.1 times per year. For VF Corporation it has slowly increased over the past four

years. In 2015 it is at 4.4 compared to 4.0 in 2012 (Appendix I). It has been higher than the

industry average for all four years. The cost of goods sold have been increasing over the four

years and as well as the inventory. Average Days inventory held is 365 days divided by

inventory turnover and it has been decreasing over the four years from 91.6 in 2012 to 83.4 in

2015 (Appendix I). VF Corporation's average days payable outstanding is much lower than the

industry average which is at 127.7 days Appendix I. Seeing that they are getting inventory out

fast and replenishing inventory quicker they are getting more efficient each year.

The following set of ratios are accounts payable turnover, average payables outstanding,

and cash operating cycle. The accounts payable turnover for VF Corporations has increased over

the four years. In 2012 it was 8.9, in 2013 9.3, rising to 9.9 in 2014 and 10.1 in 2015 (Appendix

I). The industry average is 10.0 which the company exceeded in 2015, hopefully in following

years it continues to increase (Appendix I). The average payable outstanding is 365 days divided

by accounts payable turnover that shows how many days it takes the company to pay the bills.

For VF Corporation they have decreased this number over all four years and have been lower

than the industry average (44.6 days) from 41.1 days in 2012 to 36.0 day in 2015 (Appendix I).

Cash operating cycle is average days inventory held plus average collection period minus

average days payable outstanding. This ratio shows the number of days between paying for
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
22
inventory and collecting the cash from the sell of the inventory. The industry average is 112.5

days and VF Corporation has been below that at 54.5 in 2012 (Appendix I). The company

continues to decrease to 51.7 in 2015 (Appendix I). VF Corporations is effective in all three of

these ratios it was lower than the industry and it continues to excel by paying its payables on

time and quicker it shows the company is on top of what they owe.

The final set of ratios for activity ratios are asset turnover, current asset turnover, and

fixed asset turnover. All three have increased over the four years. The asset turnover increased

from 2012 at 1.10 to 1.26 in 2015, but VF Corporation is lower than the industry average of 1.4

(Appendix I). The net sales were increasing over all four years, however in 2015 there was a

smaller gap in growth in net sales (Appendix A). The current asset turnover is net sales divided

by average current assets, and it has increased from 2.88 in 2012 to 3.27 in 2015, remaining

higher than the industry average of 2.4 (Appendix I). The fixed asset turnover has also increased

from 12.15 in 2012 to 13.83 in 2015 way higher than 8.9 the industry average (Appendix I).

These ratios show that the company is effectively using current assets to generate sales.

Debt Financing Analysis. ​The debt financing ratios or solvency ratios consist of debt

ratio, financial leverage, long-term debt to total capitalization, long-term debt to long-term

assets, debt to equity, times interest earned, interest rate on debt, and cash flow adequacy. These

ratios fluctuated up and down across all four years. The debt ratio decreased over the four years

from 46.79% in 2012 to 45.81% in 2014 then increased to 44.14% in 2015 (Appendix I). This

increase in 2015 can be because of the decrease in total assets due to the decrease in cash and

equivalents, intangible assets and goodwill (Appendix D). The reasons for these account

decreases have been previously stated in the document. The industry average is 41.98%
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
23
(Appendix I). Similar to this ratio, financial leverage is the percent of assets that are financed by

equity. It was at 1.88 in 2012 then it dropped to 1.69 in 2013, in 2014 it increased to 1.74 and

continues to increase in 2015 to 1.79 (Appendix I). The industry average is 1.82 that we are right

below. Long-term debt to total capitalization is what the company uses for its permanent

financing. The industry average is 17.13% which is extremely high compared to VF Corporation.

In 2012 it was 7.29% it has since decreased to 0.25% (Appendix I). The numbers are similar to

long-term debt to long-term assets which started at 13.67% in 2012 then dropped to 0.74% in

2015 (Appendix I). The industry average is 79.79% unlike other companies in the industry VF

Corporation's does not have a lot of long-term debt outstanding on long-term assets. Another

ratio is debt to equity the industry average is 82.50% and VF Corporation was 87.94% in 2012,

dropped to 69.74% in 2013, increased to 74.84% in 2014 and 79.01% in 2015 (Appendix I). It is

below the industry average which is good because it means there is less risk. However the fact

that is increasing is not good it could scare off current or future lenders. This shows the debt has

gotten worse due to the increase in the stockholders equity that decreased in 2015 (Appendix D).

This decrease occurred because of foreign currencies exchange previously mentioned in the

document. The time interest earned has had a inconsistant path like debt to equity. In 2012 it was

15.65, it increased to 19.43 in 2013, decreased to 16.58 in 2014 and increased to 18.58 in 2015

(Appendix I). No where near the industry average of 58.83. In fluctuation in the numbers also

happens in the operating income and interest expense. The interest rate on debt in 23.23% for the

industry average. VF Corporation is at 109.34% in 2012 and decreases to 104.45% in 2015

(Appendix I). The average long-term debt was much higher than the interest expense. The final

ratio is cash flow adequacy that is what is left over after investing assets and paying shareholders
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
24
a dividend. The average is 3.83 times, in 2012 it was 15.68 since then it has decreased to 3.69 in

2015 lower than the average (Appendix I). The net cash from operating activities fluctuated as

capital expenditures and dividends increased over the four years leaving less cash left over. After

going over these ratios at times VF Corporation is position on debt is good, however in recent

years the company has gotten worst lacking the debt ratio and debt to equity are increasing, the

cash flow adequacy is decreasing which are not good for a company.

Profitability Ratios Analysis. ​The profitability ratios have fluctuated over the four years.

These ratios are gross profit percent which is the percent of the dollar of net sales after cost of

goods sold the industry average is 58.19%. In 2012 it was 45.24% and increased to 48.27% in

2014 until dropping to 47.81% in 2015 (Appendix I). That drop was due to the net sales slowing

down in 2016 but cost of good sold continuing to increase at a steady rate. Cash flow margin is

the percent of cash generated from each dollar of net sales. Similar to gross profit percent, in

2012 it was 11.84% and increased to 13.97% in 2014, then dropped to 9.36% in 2015 with a

industry average of 14.80% (Appendix I). In 2016 cash flow from operating activity had also

decreased. Next, return on net sales industry average 11.07%. In 2012 was 10.09% increased to

10.71% in 2013, dropped to 8.62% in 2014 and raised to 10.05% in 2015 (Appendix I). The drop

in 2014 happened because of the net income which had also dropped. Return on assets in 2012

was 11.14% increased to 12.41% in 2013, decreased to 10.74% in 2014, and increased to 12.63%

in 2015 (Appendix I). The industry average is 14.75%. This fluctuation was also because of the

net income. The return on current assets and return on equity had the same fluctuation because of

net income. Their industry averages are 26.64% and 22.97%. Return on current assets was

29.02% in 2012 and 32.90% in 2015. The return on equity was 20.31% in 2012 and 23.03% in
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
25
2015 (Appendix I). The cash return on assets industry average was 22.02% in 2012 it was

13.08%, it increased to 17.41% in 2014 and dropped to 11.76% in 2016 (Appendix I). The drop

in 2016 was due to the decrease in cash flow from operating activity. The profitability was strong

with these ratios until 2015, then it started getting weak due to the decrease in cash flow from

operating activity, net income dropped the ratios.

Market Ratios Analysis. ​The market ratios have also fluctuated over the four years.

These ratios are P/E ratio, EPS, cash per share, book value per share, operating cash per share,

dividend payout ratio, and dividend yield. Refer to the Price Earning Ratio section in started

early for information on the P/E ratio and EPS, as well as the Dividends section of the paper for

dividend payout ratio.

Cash per share is how much cash is on-hand for each share of common stock the average

is $5.31. In 2012 it was $5.42, decreasing to $1.76 in 2013, increasing to $2.25, and decreasing

to $2.22 in 2015 (Appendix I). The drop in 2013 was due to the share outstanding which

increased 330.1 billion. The book value per share is the value of each share of Common Stock,

and it was at $0.05 in 2012 and decreasing to $0.01from 2013 to 2015 with a industry average of

$27.24 (Appendix I). Operating cash per share industry average is $5.68. In 2012 it was $1.98,

increasing to $2.64 in 2014 and decreasing to$1.78 in 2015 (Appendix I). The drop was due to

cash flow from operating activities. The final ratio is dividend yield which has increased over all

four years. In 2012 it was 0.80% increasing to 1.41% in 2015 with an industry average of 0.83%

(Appendix I). The position of the marketing ratios changed due to the split mentioned previously

making more shares. Needs some improvement just like previous ratios due to the cash flow

from operating activity playing an affect. However as a stockholder looking at dividend yield
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
26
increasing and being high than the average is good because that is the percent return the

stockholder earns on the price of the stock by receiving the dividend.

VII. Conclusion

VF Corporation started as a little company in Reading, PA, and has grown to a

international company with $12.4 billion total revenue in 2015 (Appendix A). The company has

had some ups and downs and expanding in foreign markets. Being in the foreign market the

company has had fluctuation in its numbers because of the foreign currency exchange. The

company is in good standings, however the company needs improvements in 2016 compared to

2015. Hopefully with the new CEO, Steve Rendle, and other new leading members they take the

task at hand. At first glance the Income Statement has been increasing across the board by

continue the growth in revenue by marketing to having an increase in second quarter sales.

Nevertheless, they need to decrease debt by paying off the funds the company borrows. As well

as, increase cash flow from operating activity by reducing the account receivable by collecting

funds quicker, and the pension expense. However the pension expense is good for the employees

it is an advantage incentive to work for VF Corporation. As a stockholder I would consider

investing in the company despite the drop in 2015 the company has potential in the upcoming

years. They give dividend to their shareholder every year and have been increasing the dividend

rate and dividend yield. If the stock price rises, P/E ratio and EPS continues to increase it would

be a good investment for a shareholder. If the numbers change for the positive in 2016 I would

consider VF Corporation as a stable company and at that point I would invest.

FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
27
FINANCIAL STATEMENT ANALYSIS: V. F. CORPORATION
28
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