During the year ended March 2021, the Company did not purchase shares of Common Stock in open market transactions under its share repurchase program authorized by VF's Board of Directors. During the years ended March 2020 and 2019, the Company purchased 12.0 million and 1.9 million shares of Common Stock, respectively, in open market transactions for $1.0 billion and $150.0 million, respectively, under its share repurchase program authorized by VF’s Board of Directors. These purchases were treated as treasury stock transactions.

Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the years ended March

2020 and 2019, VF restored 12.0 million and 2.2 million treasury shares, including shares held by the Company's deferred compensation plans, respectively, to an unissued status, after which they were no longer recognized as shares held in treasury. There were no shares held in treasury at the end of March 2021, 2020 or 2019. The excess of the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings.

As of March 2021 and March 2020, there were no shares held in the Company's deferred compensation plans.

Accumulated Other Comprehensive Income (Loss)

Comprehensive income consists of net income and specified components of OCI, which relates to changes in assets and liabilities that are not included in net income under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive income is presented in the Consolidated Statements of Comprehensive Income. The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:


(In thousands)	March 2021		March 2020
Foreign currency translation and other	$	(700,173)	$	(737,709)
Defined benefit pension plans	(257,747)		(262,472)
Derivative financial instruments	(51,080)		69,223
Accumulated other comprehensive income (loss)	$	(1,009,000)	$	(930,958)

The changes in accumulated OCI, net of related taxes, are as follows:


(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, March 2018	$	(476,869)	$	(289,618)	$	(97,543)	$	(864,030)
Other comprehensive income (loss) before reclassifications	(248,810)		10,444		137,218		(101,148)
Amounts reclassified from accumulated other comprehensive income (loss)	—		35,990		27,113		63,103
Net other comprehensive income (loss)	(248,810)		46,434		164,331		(38,045)
Balance, March 2019	(725,679)		(243,184)		66,788		(902,075)
Adoption of new accounting standard, ASU 2018-02	(9,088)		(50,402)		(2,371)		(61,861)
Other comprehensive income (loss) before reclassifications	(134,297)		(2,757)		76,797		(60,257)
Amounts reclassified from accumulated other comprehensive income (loss)	48,261		33,077		(63,396)		17,942
Spin-off of Jeans Business	83,094		794		(8,595)		75,293
Net other comprehensive income (loss)	(12,030)		(19,288)		2,435		(28,883)
Balance, March 2020	(737,709)		(262,472)		69,223		(930,958)
Other comprehensive income (loss) before reclassifications	(4,828)		(6,197)		(100,448)		(111,473)
Amounts reclassified from accumulated other comprehensive income (loss)	42,364		10,922		(19,855)		33,431
Net other comprehensive income (loss)	37,536		4,725		(120,303)		(78,042)
Balance, March 2021	$	(700,173)	$	(257,747)	$	(51,080)	$	(1,009,000)

Reclassifications out of accumulated OCI are as follows:


(In thousands)	Affected Line Item in the Consolidated Statements of Operations	Year Ended March
Details About Accumulated Other Comprehensive Income (Loss) Components

		2021		2020		2019
Losses on foreign currency translation and other:
Liquidation of foreign entities	Other income (expense), net	$	(42,364)	$	(48,261)	$	—
Total before tax		(42,364)		(48,261)		—
Tax (expense) benefit		—		—		—
Net of tax		(42,364)		(48,261)		—
Amortization of defined benefit pension plans:
Net deferred actuarial losses	Other income (expense), net	(11,911)		(14,848)		(28,474)
Deferred prior service (costs) credits	Other income (expense), net	81		(1,887)		(494)
Pension settlement charges	Other income (expense), net	(1,584)		(27,443)		(8,856)
Pension curtailment losses	Other income (expense), net	(920)		—		(9,530)


Total before tax		(14,334)		(44,178)		(47,354)
Tax benefit		3,412		11,101		11,364
Net of tax		(10,922)		(33,077)		(35,990)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net revenues	2,596		(18,076)		1,774
Foreign exchange contracts	Cost of goods sold	19,485		94,376		(20,686)
Foreign exchange contracts	Selling, general and administrative expenses	2,797		5,084		(4,772)

Foreign exchange contracts	Other income (expense), net	(137)		10,304		355
Interest rate contracts	Interest expense	107		(13,177)		(5,012)
Total before tax		24,848		78,511		(28,341)
Tax (expense) benefit		(4,993)		(15,115)		1,228
Net of tax		19,855		63,396		(27,113)



Total reclassifications for the period, net of tax		$	(33,431)	$	(17,942)	$	(63,103)