e11vk
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
Annual Report
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2009
Commission file number: 1-5256
VF CORPORATION RETIREMENT SAVINGS PLAN
FOR SALARIED EMPLOYEES
(Full title of plan)
VF Corporation
105 Corporate Center Blvd.
Greensboro, NC 27408
(Address of principal executive offices)
(336) 424-6000
(Registrants telephone number, including area code)
VF CORPORATION RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
Table of contents
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Page No. |
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Report of Independent Registered Public Accounting Firm |
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4 |
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Financial Statements: |
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Statements of Net Assets Available for Benefits, December 31, 2009 and 2008 |
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5 |
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Statement of Changes in Net Assets Available for Benefits, For the Year Ended December 31, 2009 |
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6 |
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Notes to Financial Statements |
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7 |
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Supplemental Schedule: |
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Schedule H, Line 4i Schedule of Assets (Held at End of Year) |
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13 |
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Exhibit 23.1 Consent of Independent Registered Public Accounting Firm |
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14 |
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* |
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Other schedules required by Section 2520.103-10 of the Department of Labor Rules and
Regulations for Reporting and Disclosure under ERISA have been omitted because they are not
applicable. |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the VF Corporation Pension
Plan Committee has duly caused this annual report to be signed by the undersigned thereunto duly
authorized.
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VF Corporation Retirement Savings Plan
for Salaried Employees
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By: |
/s/ Frank C. Pickard III
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Frank C. Pickard III |
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Vice President - Treasurer
VF Corporation |
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Date: June 24, 2010
3
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Participants and Administrator of the
VF Corporation Retirement Savings Plan for Salaried Employees
We have audited the accompanying statements of net assets available for benefits of the VF
Corporation Retirement Savings Plan for Salaried Employees (the Plan) as of December 31, 2009 and
2008, and the related statement of changes in net assets available for benefits for the year ended
December 31, 2009. These financial statements are the responsibility of the Plans management.
Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. We
were not engaged to perform an audit of the Plans internal control over financial reporting. Our
audits included consideration of internal control over financial reporting as a basis for designing
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Plans internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the VF Corporation Retirement Savings Plan for
Salaried Employees as of December 31, 2009 and 2008, and the changes in its net assets available
for benefits for the year ended December 31, 2009 in conformity with accounting principles
generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedule of assets (held at end of year) at December 31, 2009
is presented for the purpose of additional analysis and is not a required part of the basic
financial statements but is supplementary information required by the Department of Labors Rules
and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. This supplemental schedule is the responsibility of the Plans management. The supplemental
schedule has been subjected to the auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated, in all material respects, in relation to the
basic financial statements taken as a whole.
/s/ Dixon Hughes PLLC
Winston-Salem, North Carolina
June 24, 2010
4
VF CORPORATION RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
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December 31 |
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2009 |
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2008 |
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ASSETS |
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Investments at fair value |
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Plans
interest in the VF Corporation Tax-Advantaged Savings Plan Master Trust |
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$ |
461,969,162 |
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$ |
394,931,538 |
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Participant loans |
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10,801,761 |
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10,822,658 |
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Total investments |
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472,770,923 |
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405,754,196 |
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Receivables |
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VF Corporation contribution |
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1,111,541 |
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1,043,555 |
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Participants contributions |
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34 |
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19,571 |
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1,111,575 |
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1,063,126 |
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Total assets |
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473,882,498 |
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406,817,322 |
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LIABILITIES |
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Excess contributions payable |
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209,368 |
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206,387 |
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Net assets available for benefits |
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$ |
473,673,130 |
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$ |
406,610,935 |
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See accompanying notes to financial statements.
5
VF CORPORATION RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
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Year Ended |
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December 31, 2009 |
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Investment income |
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Plans
interest in net investment income of the VF Corporation Tax-Advantaged Savings Plan Master Trust |
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$ |
90,618,878 |
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Participant loan interest |
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614,123 |
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91,233,001 |
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Participants contributions |
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20,666,694 |
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VF Corporation contributions |
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11,044,284 |
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31,710,978 |
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Benefits paid to participants |
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(55,398,221 |
) |
Administrative expenses |
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(483,563 |
) |
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(55,881,784 |
) |
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Net increase in plan assets during year |
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67,062,195 |
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Net assets available for benefits |
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Beginning of year |
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406,610,935 |
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End of year |
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$ |
473,673,130 |
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See accompanying notes to financial statements
6
VF CORPORATION RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
NOTE A DESCRIPTION OF THE PLAN
The following description of the VF Corporation Retirement Savings Plan for Salaried Employees
(the Plan) provides only general information. Participants should refer to the plan agreement
for a more complete description of the Plans provisions.
VF Corporation (VF) sponsors the Plan, which is a cash or deferred plan under Section 401(k) of
the Internal Revenue Code (IRC). The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA). The Plan is comprised of two parts: a
contributory Compensation Deferral part and a noncontributory Retirement Contribution part.
Under the Compensation Deferral part of the Plan, salaried employees of specified VF subsidiaries
may elect to contribute between 2% and 50% of their pre-tax annual compensation, as defined in the
Plan, subject to certain IRC limitations. Participants who have attained age 50 before the end of
the Plan year are eligible to make catch-up contributions. Participants may also contribute
amounts representing distributions from other qualified defined benefit or defined contribution
plans.
Effective January 1, 2005, VF added a noncontributory Retirement Contribution feature for employees
hired after December 31, 2004 and certain other eligible employees. Eligible employees are
automatically enrolled in the Retirement Contribution feature. VF makes quarterly retirement
contributions to the Plan in an amount equal to a percentage of eligible employee earnings based on
each employees continuous service with VF since January 1, 2005. The VF contribution ranges from
2% of earnings for participants with less than 10 years of VF service (which is all current
participants) to 5% of earnings for participants with 20 or more years of VF service. Employees
immediately vest in their contributions plus actual earnings thereon. Employees vest in the
retirement contribution feature, plus actual earnings thereon, ratably by month and are fully
vested after 5 years of service or normal retirement, disability or death.
Plan investments (excluding participant loans) are held in the VF Corporation Tax-Advantaged
Savings Plan Master Trust (VF Master Trust) administered by Fidelity Management Trust Company
(Fidelity). Fidelity provides unified investment management for certain retirement savings plans
of VF Corporation. Employee contributions under the Compensation Deferral feature are invested at
the direction of the employee in one or more funds administered by the Plans trustees. All Plan
investments in the VF Master Trust are trusteed by Fidelity, with the exception of one fund
trusteed by UMB Bank, N.A. (UMB Bank). VF contributions in the Retirement Contribution feature
can be invested in the same investment selections as a participant has chosen for his Compensation
Deferral balance, except that contributions cannot be invested in VF Common Stock. VF contributions
for the Retirement Contribution feature for those not participating in the Compensation Deferral
feature are invested as directed by those individual participants.
Individual accounts are maintained for each participant; each account includes the individuals
contributions, VF retirement contributions and investment funds earnings, reduced by
administrative expenses and investment funds losses. Accounts become payable upon retirement,
disability, death or termination of employment. Participants may elect to receive distributions in
a lump sum, or accounts may be rolled over into another IRS-approved tax deferral account.
Participants may also withdraw all or a portion of their Compensation Deferral account balance by
filing a written request that demonstrates financial hardship as defined by the Plan.
Forfeitures are used to reduce future matching or retirement contributions or to pay plan expenses.
Unused forfeitures at December 31, 2009 and 2008 available to reduce future retirement
contributions or expenses totaled $303,891 and $1,035,504, respectively. During 2009, forfeitures
of $1,721,569 were used to reduce matching or retirement contributions or to pay Plan expenses.
Participants may borrow the lesser of 50% of the participants total account balance, or $50,000,
in the Compensation Deferral portion of the Plan. Participants are charged interest at the Morgan
Guaranty Published prime rate at the time of the loan and repay the principal within 60 months,
or 120 months if the loan is for the purchase of their primary residence. Payments are made through
payroll deductions. Payment in full is required at termination of employment.
Although it has no intent to do so, VF may terminate the Plan in whole or in part at any time. In
the event of termination of the Plan, participants became fully vested in their accounts.
7
NOTE B SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Plan are prepared on the accrual basis of accounting in accordance
with accounting principles generally accepted in the United States.
The Plans allocated share of the VF Master Trusts net assets and investment income is based on
the total of each individual participants share of the VF Master Trust. The investments of the VF
Master Trust are valued at fair value. Fair value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date. See Note G for discussion of fair value measurements. Purchases and sales of
securities, including gains and losses thereon, are recorded on the trade date. Dividends are
recorded on the ex-dividend date; interest is recorded as earned on the accrual basis. Net
appreciation (depreciation) includes the Plans gains and losses on investments bought and sold as
well as held during the year.
The Plans administrative expenses are paid by either the Plan or VF, as provided by the Plan
document.
Benefits are recorded when paid.
In preparing financial statements in accordance with accounting principles generally accepted in
the United States of America, management makes estimates and assumptions that affect amounts of
assets and liabilities and changes therein, and disclosure of contingent assets and liabilities.
Actual results may differ from those estimates.
The Plan provides for investment in mutual funds that in turn invest in equity, fixed income, or
other securities. The Plan also provides for investment in VF Common Stock. Investments are
exposed to various risks, such as interest rate, market and credit. Due to the level of risk
associated with certain investment securities and the level of uncertainty related to changes in
the value of investment securities, it is at least reasonably possible that changes in risks in the
near term would materially affect participants account balances and the amounts reported in the
statements of net assets available for benefits and the statement of changes in net assets
available for benefits.
VF has evaluated events and transactions occurring subsequent to the Statement of Net Assets
Available for Benefits as of December 31, 2009 for items that could potentially be recognized or
disclosed in these financial statements.
NOTE C INCOME TAX STATUS
The Internal Revenue Service has issued a favorable determination letter dated September 23, 2002
stating that the Plan qualifies under the appropriate sections of the IRC and is, therefore, not
subject to tax under present income tax law. Once qualified, the Plan is required to operate in
conformity with the IRC to maintain its qualification. The VF Corporation Pension Plan Committee is
not aware of any action or series of events that have occurred that might adversely affect the
Plans qualified status. The Plan has been amended since receiving the determination letter.
However, the Plan administrator believes that the Plan is currently designed and is currently being
operated in compliance with the applicable requirements of the IRC.
NOTE D RELATED PARTY TRANSACTIONS
Related parties to the Plan include VF (the Plan sponsor) and Fidelity and UMB Bank (the Plans
trustees). Certain investments in the VF Master Trust are funds managed by Fidelity and UMB Bank,
and therefore transactions in these investments qualify as exempt party-in-interest transactions.
The Plan also invests in the common stock of the Plan Sponsor, and therefore transactions in these
securities also qualify as exempt party-in-interest transactions.
NOTE E INVESTMENTS IN THE VF MASTER TRUST
Except for participant loans, all the Plans investments are included in the VF Master Trust, which
was established for the investment of assets of this Plan and the VF Corporation Retirement Savings
Plan for Hourly Employees. Each participating retirement plan has an undivided interest in the VF
Master Trust. The value of the Plans interest in the VF Master Trust is based on the beginning of
the year value of the plans interest in the trust, plus actual contributions and allocated
investment income less actual distributions and allocated administrative expenses. At December 31,
2009 and 2008, the Plans interest in the net amounts of the VF Master Trust was approximately
97.8%. Investment income and administrative expenses relating to the VF Master Trust are allocated
to the individual plans based upon average monthly balances invested by each plan.
8
The following table presents the assets, including investments, of the VF Master Trust:
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December 31 |
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2009 |
|
|
2008 |
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Investments at fair value: |
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|
|
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|
|
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Mutual funds |
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$ |
297,695,244 |
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$ |
244,929,721 |
|
VF Corporation common stock fund |
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101,248,537 |
|
|
|
84,378,388 |
|
Common collective trust |
|
|
22,918,644 |
|
|
|
20,081,003 |
|
Separately managed fixed income fund |
|
|
|
|
|
|
|
|
U.S. government and agency obligations |
|
|
47,535,827 |
|
|
|
49,578,446 |
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Money market |
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|
1,515,187 |
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|
|
3,737,578 |
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Other |
|
|
1,177,428 |
|
|
|
692,327 |
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Total investments |
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472,090,867 |
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|
403,397,463 |
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Receivables |
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|
|
|
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Interest and dividend income |
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|
377,470 |
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|
746,324 |
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Net unsettled trades |
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(5,979 |
) |
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(238,720 |
) |
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Total |
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$ |
472,462,358 |
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$ |
403,905,067 |
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Plan interest in VF Master Trust |
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$ |
461,969,162 |
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$ |
394,931,538 |
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Investment income for the VF Master Trust was as follows:
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Year ended |
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December 31, 2009 |
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Investment income (loss): |
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Net appreciation (depreciation) in fair value of investments: |
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Mutual funds |
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$ |
53,461,287 |
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U.S. government and agency obligations |
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(40,652 |
) |
Common collective trust |
|
|
|
|
|
|
4,892,766 |
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VF Corporation common stock fund |
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|
26,268,050 |
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Total |
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|
84,581,451 |
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Interest and dividends |
|
|
|
|
|
|
7,512,707 |
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|
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|
|
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$ |
92,094,158 |
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NOTE F EXCESS CONTRIBUTIONS
For purposes of complying with the participation and discrimination rules set forth in Section
401(k) of the IRC, certain contributions from highly compensated participants were deemed to
exceed allowable deferral limits for the year ended December 31, 2009 by $209,368. The excess
contributions were refunded to participants in February 2010. In 2008, $206,387 of excess
contributions occurred and were refunded to participants in 2009.
9
NOTE G FAIR VALUE MEASUREMENTS
Fair value is the price that would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) in
the principal or most advantageous market in an orderly transaction between market participants. In determining fair value, the
accounting standards established a three-level hierarchy that distinguishes between (i) market data obtained or developed from
independent sources (i.e., observable data inputs) and (ii) a reporting entitys own data and assumptions that market participants
would use in pricing an asset or liability (i.e., unobservable data inputs). Financial assets and financial liabilities measured
and reported at fair value are classified in one of the following categories, in order of priority of observability and
objectivity of pricing inputs:
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Level 1 Fair value based on quoted prices in active markets for identical assets or liabilities. |
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Level 2 Fair value based on significant directly observable data (other than Level 1 quoted prices) or significant
indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in
active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or
liabilities, (iii) inputs other than quoted prices that are observable for the assets or liability, or (iv) information derived
from or corroborated by observable market data. |
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Level 3 Fair value based on prices or valuation techniques that require significant unobservable data inputs. Inputs
would normally be a reporting entitys own data and judgments about assumptions that market participants would use in pricing the
asset or liability. |
The fair value measurement level for an asset or liability is based on the lowest level of any input that is significant to the
fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of
unobservable inputs.
Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in
the methodologies used at December 31, 2009 and 2008.
Mutual funds public investment vehicles valued using the net asset value NAV provided by the administrator of the fund. The
NAV is based on the value of the underlying assets owned by the fund,
minus its liabilities, and then divided by the number of shares outstanding. The NAV is a quoted price in an active market and classified within level 1 of the valuation hierarchy.
VF Corporation common stock fund valued at the year-end unit closing price (comprised of year-end market price for shares
held by the
VF Corporation common stock fund plus the value of money market reserves) and classified within level 2 of
the valuation hierarchy.
Common collective trust public investment vehicles valued using the NAV provided by the administrator of the fund. The NAV is
based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares
outstanding. The NAV is classified within level 2 of the valuation hierarchy because the NAVs unit price is quoted on a private
market that is not active; however, the unit price is based on underlying investments that are traded on an active market.
U.S. Government and agency obligations valued based on yields currently available on comparable securities of issuers with
similar credit ratings. The bonds are classified as level 2 in the valuation hierarchy.
Money market fund investment vehicle valued using $1 for the NAV. The money market fund is classified within level 2 of the
valuation hierarchy.
Participant loans valued at amortized cost, which approximates fair value and are classified within level 3 of the valuation
hierarchy.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or
reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent
with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial
instruments could result in a different fair value measurement at the reporting date.
10
The following table sets forth, by level within the fair value hierarchy, the VF Master Trust
assets at fair value as of December 31, 2009:
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Fair Value Measurement Using: |
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Quoted Price |
|
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|
|
|
|
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in Active |
|
|
Significant |
|
|
|
|
|
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Total |
|
|
Markets for |
|
|
Other |
|
|
Significant |
|
|
|
Fair |
|
|
Identical Assets |
|
|
Observable Inputs |
|
|
Unobservable Inputs |
|
|
|
Value |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
Mutual funds (a) |
|
$ |
297,695,244 |
|
|
$ |
297,695,244 |
|
|
$ |
|
|
|
$ |
|
|
VF Corporation common
stock fund (b) |
|
|
101,248,537 |
|
|
|
|
|
|
|
101,248,537 |
|
|
|
|
|
Common collective trust (c) |
|
|
22,918,644 |
|
|
|
|
|
|
|
22,918,644 |
|
|
|
|
|
Separately managed fixed
income fund: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and
agency obligations |
|
|
47,535,827 |
|
|
|
|
|
|
|
47,535,827 |
|
|
|
|
|
Money market |
|
|
1,515,187 |
|
|
|
|
|
|
|
1,515,187 |
|
|
|
|
|
Other |
|
|
1,177,428 |
|
|
|
|
|
|
|
1,177,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
472,090,867 |
|
|
$ |
297,695,244 |
|
|
$ |
174,395,623 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
|
Represents investments in mutual funds, by major security
type, as follows: domestic equities
59%; international equities 11%; money market 20% and fixed income 10%. |
|
(b) |
|
Represents investments in VF Corporation common stock, along with a minor amount of short-term
investments to provide liquidity. |
|
(c) |
|
Represents investment in a common collective trust consisting of companies composing the S&P
500 Index. |
The following table sets forth, by level within the fair value hierarchy, the Plans assets at fair
value as of December 31, 2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Price |
|
|
Significant |
|
|
|
|
|
|
|
|
|
|
in Active |
|
|
Other |
|
|
Significant |
|
|
|
Total |
|
|
Markets for |
|
|
Observable |
|
|
Unobservable |
|
|
|
Fair |
|
|
Identical Assets |
|
|
Inputs |
|
|
Inputs |
|
|
|
Value |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
Description: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participant loans |
|
$ |
10,801,761 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
10,801,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The table below sets forth a summary of changes in the fair value of the Plans level 3 assets for
the year ended December 31, 2009:
|
|
|
|
|
|
|
Participant Loans |
|
Balance, beginning of year |
|
$ |
10,822,658 |
|
Issuances and settlements (net) |
|
|
(20,897 |
) |
|
|
|
|
Balance, end of year |
|
$ |
10,801,761 |
|
|
|
|
|
11
The following table sets forth, by level within the fair value hierarchy, the VF Master Trust
assets at fair value as of December 31, 2008:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurement Using: |
|
|
|
|
|
|
|
Quoted Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
in Active |
|
|
Significant |
|
|
|
|
|
|
Total |
|
|
Markets for |
|
|
Other |
|
|
Significant |
|
|
|
Fair |
|
|
Identical Assets |
|
|
Observable Inputs |
|
|
Unobservable Inputs |
|
|
|
Value |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
Description: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds |
|
$ |
244,929,721 |
|
|
$ |
244,929,721 |
|
|
$ |
|
|
|
$ |
|
|
VF Corporation common stock fund |
|
|
84,378,388 |
|
|
|
|
|
|
|
84,378,388 |
|
|
|
|
|
Common collective trust |
|
|
20,081,003 |
|
|
|
|
|
|
|
20,081,003 |
|
|
|
|
|
Separately managed fixed income fund: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency
obligations |
|
|
49,578,446 |
|
|
|
|
|
|
|
49,578,446 |
|
|
|
|
|
Money market |
|
|
3,737,578 |
|
|
|
|
|
|
|
3,737,578 |
|
|
|
|
|
Other |
|
|
692,327 |
|
|
|
|
|
|
|
692,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
403,397,463 |
|
|
$ |
244,929,721 |
|
|
$ |
158,467,742 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table sets forth, by level within the fair value hierarchy, the Plans assets at Fair
Value as of December 31, 2008:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurement Using: |
|
|
|
|
|
|
|
Quoted Price |
|
|
Significant |
|
|
|
|
|
|
|
|
|
|
in Active |
|
|
Other |
|
|
Significant |
|
|
|
Total |
|
|
Markets for |
|
|
Observable |
|
|
Unobservable |
|
|
|
Fair |
|
|
Identical Assets |
|
|
Inputs |
|
|
Inputs |
|
|
|
Value |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
Description: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participant loans |
|
$ |
10,822,658 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
10,822,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The table below sets forth a summary of changes in the fair value of the Plans level 3 assets for
the year ended December 31, 2008:
|
|
|
|
|
|
|
Participant Loans |
|
Balance, beginning of year |
|
$ |
11,230,887 |
|
Issuances and settlements (net) |
|
|
(408,229 |
) |
|
|
|
|
Balance, end of year |
|
$ |
10,822,658 |
|
|
|
|
|
12
VF Corporation Retirement Savings Plan
For Salaried Employees
Schedule H Line 4i Schedule of Assets (Held at End of Year)
Employer Identification Number: 23-1180120
Plan Number: 002
December 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
|
|
|
|
|
|
|
|
|
Description of |
|
|
|
|
|
|
|
(b) |
|
investment (including |
|
|
|
|
|
|
|
Identity of issue, borrower, |
|
rate of interest |
|
(d) |
|
(e) |
|
(a) |
|
lessor, or similar party |
|
and maturity date) |
|
Cost ** |
|
Current value |
|
* |
|
Participant loans |
|
Rates of 3.25%-10.25%, maturity dates from 1 to 10 years |
|
** |
|
$ |
10,801,761 |
|
|
|
|
* |
|
Party-in-interest to the Plan. |
|
** |
|
Cost omitted for participant-directed investments. |
13