CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Jan. 01, 2022

Equity [Abstract]

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Common Stock

During the nine months ended December 2021, the Company purchased 4.0 million shares of Common Stock in open market transactions for $300.0 million under its share repurchase program authorized by VF’s Board of Directors. These transactions are treated as treasury stock transactions.

Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the nine months ended December 2021, VF restored 4.0 million treasury shares 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 December 2021, March 2021 or December 2020. 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.

Accumulated Other Comprehensive Income (Loss)

Comprehensive income consists of net income and specified components of other comprehensive income (“OCI”), which relate 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)	December 2021		March 2021		December 2020
Foreign currency translation and other	$	(712,831)	$	(700,173)	$	(663,863)
Defined benefit pension plans	(248,971)		(257,747)		(264,966)
Derivative financial instruments	24,345		(51,080)		(67,134)
Accumulated other comprehensive income (loss)	$	(937,457)	$	(1,009,000)	$	(995,963)

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

	Three Months Ended December 2021
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, September 2021	$	(687,120)	$	(255,635)	$	1,921	$	(940,834)
Other comprehensive income (loss) before reclassifications	(25,711)		383		11,961		(13,367)
Amounts reclassified from accumulated other comprehensive income (loss)	—		6,281		10,463		16,744
Net other comprehensive income (loss)	(25,711)		6,664		22,424		3,377
Balance, December 2021	$	(712,831)	$	(248,971)	$	24,345	$	(937,457)

	Three Months Ended December 2020
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, September 2020	$	(700,137)	$	(264,304)	$	4,783	$	(959,658)
Other comprehensive income (loss) before reclassifications	36,274		(3,541)		(68,373)		(35,640)
Amounts reclassified from accumulated other comprehensive income (loss)	—		2,879		(3,544)		(665)
Net other comprehensive income (loss)	36,274		(662)		(71,917)		(36,305)
Balance, December 2020	$	(663,863)	$	(264,966)	$	(67,134)	$	(995,963)

	Nine Months Ended December 2021
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, March 2021	$	(700,173)	$	(257,747)	$	(51,080)	$	(1,009,000)
Other comprehensive income (loss) before reclassifications	(12,658)		(2,355)		35,973		20,960
Amounts reclassified from accumulated other comprehensive income (loss)	—		11,131		39,452		50,583
Net other comprehensive income (loss)	(12,658)		8,776		75,425		71,543
Balance, December 2021	$	(712,831)	$	(248,971)	$	24,345	$	(937,457)

	Nine Months Ended December 2020
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, March 2020	$	(737,709)	$	(262,472)	$	69,223	$	(930,958)
Other comprehensive income (loss) before reclassifications	31,482		(10,183)		(106,972)		(85,673)
Amounts reclassified from accumulated other comprehensive income (loss)	42,364		7,689		(29,385)		20,668
Net other comprehensive income (loss)	73,846		(2,494)		(136,357)		(65,005)
Balance, December 2020	$	(663,863)	$	(264,966)	$	(67,134)	$	(995,963)

Reclassifications out of accumulated OCI were as follows:

(In thousands)		Three Months Ended December				Nine Months Ended December
Details About Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Consolidated Statements of Operations
		2021		2020		2021		2020
Losses on foreign currency translation and other:
Liquidation of foreign entities	Other income (expense), net	$	—	$	—	$	—	$	(42,364)
Total before tax		—		—		—		(42,364)
Tax (expense) benefit		—		—		—		—
Net of tax		—		—		—		(42,364)
Amortization of defined benefit pension plans:
Net deferred actuarial losses	Other income (expense), net	(2,858)		(3,020)		(8,569)		(8,781)
Deferred prior service credits	Other income (expense), net	117		19		352		53
Pension settlement charges	Other income (expense), net	(5,660)		(544)		(6,684)		(1,116)
Total before tax		(8,401)		(3,545)		(14,901)		(9,844)
Tax benefit		2,120		666		3,770		2,155
Net of tax		(6,281)		(2,879)		(11,131)		(7,689)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net revenues	(9,284)		4,048		(16,045)		6,354
Foreign exchange contracts	Cost of goods sold	(3,974)		224		(26,644)		25,372
Foreign exchange contracts	Selling, general and administrative expenses	688		586		(418)		2,934
Foreign exchange contracts	Other income (expense), net	104		(613)		(2,958)		1,190
Interest rate contracts	Interest expense	27		26		81		80
Total before tax		(12,439)		4,271		(45,984)		35,930
Tax (expense) benefit		1,976		(727)		6,532		(6,545)
Net of tax		(10,463)		3,544		(39,452)		29,385
Total reclassifications for the period, net of tax		$	(16,744)	$	665	$	(50,583)	$	(20,668)