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RETIREMENT AND SAVINGS BENEFIT PLANS (Tables)
 12 Months Ended
Apr. 03, 2021
Retirement Benefits [Abstract]  
Components of Pension Cost and Income
The components of pension cost (income) for VF’s defined benefit plans were as follows:
Year Ended March
(In thousands)202120202019
Service cost — benefits earned during the period$15,747 $14,476 $22,352 
Interest cost on projected benefit obligations47,316 55,575 63,434 
Expected return on plan assets(83,107)(91,309)(93,409)
Settlement charges1,584 27,443 8,856 
Curtailments920 — 9,530 
Transfers to Kontoor Brands— 668 — 
Amortization of deferred amounts:
Net deferred actuarial losses11,911 14,848 28,474 
Deferred prior service costs (credits)(81)1,887 494 
Net periodic pension cost (income)$(5,710)$23,588 $39,731 
Weighted average actuarial assumptions used to determine pension expense:
Discount rate in effect for determining service cost1.32 %1.46 %3.85 %
Discount rate in effect for determining interest cost2.82 %3.20 %3.51 %
Expected long-term return on plan assets4.97 %5.40 %5.58 %
Rate of compensation increase (a)
2.04 %2.74 %3.73 %
(a)Rate of compensation increase is calculated as the weighted average rate of compensation increase for active plans. Frozen plans are excluded from the calculation.
Reconciliation of Changes in Fair Value of Defined Benefit Plan Assets and Projected Benefit Obligations
The following provides a reconciliation of the changes in fair value of VF’s defined benefit plan assets and projected benefit obligations for each period, and the funded status at the end of each period:
(In thousands)March 2021March 2020
Fair value of plan assets, beginning of period$1,712,775 $1,751,094 
Actual return on plan assets110,467 173,261 
VF contributions17,714 26,372 
Participant contributions4,434 4,298 
Transfer to Kontoor Brands— (6,697)
Benefits paid(101,753)(233,398)
Currency translation11,777 (2,155)
Fair value of plan assets, end of period1,755,414 1,712,775 
Projected benefit obligations, beginning of period1,726,776 1,818,931 
Service cost15,747 14,476 
Interest cost47,316 55,575 
Participant contributions4,434 4,298 
Actuarial loss 40,264 84,057 
Benefits paid (101,753)(233,398)
Plan amendments(3,098)655 
Transfer to Kontoor Brands— (17,279)
Curtailments(729)— 
Currency translation 12,753 (539)
Projected benefit obligations, end of period (a)
1,741,710 1,726,776 
Funded status, end of period$13,704 $(14,001)
(a)The changes in projected benefit obligations in the years ended March 2021 and 2020 were driven by actuarial losses primarily as a result of decreases in discount rates. The change in projected benefit obligations in the year ended March 2020 was also driven by a lump-sum distribution of approximately $130.0 million related to the U.S. qualified plan.
Pension benefits are reported in the Consolidated Balance Sheets as a net asset or liability based on the overfunded or underfunded status of the defined benefit plans, assessed on a plan-by-plan basis.
(In thousands)March 2021March 2020
Amounts included in Consolidated Balance Sheets:
Other assets (Note 11)$197,484 $166,955 
Accrued liabilities (Note 13)(17,030)(10,449)
Other liabilities (Note 15)(166,750)(170,507)
Funded status$13,704 $(14,001)
Accumulated other comprehensive loss, pretax:
Net deferred actuarial losses$358,916 $357,989 
Net deferred prior service credits(4,588)(733)
Total accumulated other comprehensive loss, pretax$354,328 $357,256 
Accumulated benefit obligations$1,710,678 $1,703,224 
Weighted average actuarial assumptions used to determine pension obligations:
Discount rate2.94%3.18%
Rate of compensation increase (a)
2.30%2.22%
(a)Rate of compensation increase is calculated as the weighted average rate of compensation increase for active plans. Frozen plans are excluded from the calculation.
Components of Pension Plans with an Accumulated Benefit Obligation and Projected Benefit Obligation in Excess of Plan Assets
The following provides information for VF's defined benefit plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets:
(In thousands)March 2021March 2020
Projected benefit obligations$268,277 $257,117 
Accumulated benefit obligations237,245 235,833 
Fair value of plan assets84,497 76,161 
Fair Value of Investments Held by Pension Plan
The fair value of investments held by VF’s defined benefit plans at March 2021 and March 2020, by asset class, is summarized below. Refer to Note 23 for a description of the three levels of the fair value measurement hierarchy.
 Total Plan
Assets		Fair Value Measurements
(In thousands)Level 1Level 2Level 3
March 2021
Plan assets
Cash equivalents$7,410 $7,410 $— $— 
Fixed income securities:
U.S. Treasury and government agencies5 — 5 — 
Insurance contracts84,497 — 84,497 — 
Futures contracts(4,452)(4,452)— — 
Total plan assets in the fair value hierarchy87,460 $2,958 $84,502 $— 
Plan assets measured at net asset value
Cash equivalents78,191 
Equity securities:
Domestic96,509 
International88,488 
Fixed income securities:
Corporate and international bonds1,240,551 
Alternative investments164,215 
Total plan assets measured at net asset value1,667,954 
Total plan assets$1,755,414 

 Total Plan
Assets		Fair Value Measurements
(In thousands)Level 1Level 2Level 3
March 2020
Plan assets
Cash equivalents$9,421 $9,421 $— $— 
Fixed income securities:
U.S. Treasury and government agencies6 — 6 — 
Insurance contracts76,161 — 76,161 — 
Futures contracts3,878 3,878 — — 
Total plan assets in the fair value hierarchy89,466 $13,299 $76,167 $— 
Plan assets measured at net asset value
Cash equivalents54,745 
Equity securities:
Domestic70,503 
International71,365 
Fixed income securities:
Corporate and international bonds1,293,768 
Alternative investments132,928 
Total plan assets measured at net asset value1,623,309 
Total plan assets$1,712,775