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RETIREMENT AND SAVINGS BENEFIT PLANS (Tables)
 12 Months Ended
Apr. 02, 2022
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)202220212020
Service cost — benefits earned during the period$14,288 $15,747 $14,476 
Interest cost on projected benefit obligations37,534 47,316 55,575 
Expected return on plan assets(77,432)(83,107)(91,309)
Settlement charges7,466 1,584 27,443 
Curtailments— 920 — 
Transfers to Kontoor Brands— — 668 
Amortization of deferred amounts:
Net deferred actuarial losses11,310 11,911 14,848 
Deferred prior service costs (credits)(440)(81)1,887 
Net periodic pension cost (income)$(7,274)$(5,710)$23,588 
Weighted average actuarial assumptions used to determine pension cost (income):
Discount rate in effect for determining service cost0.46 %1.32 %1.46 %
Discount rate in effect for determining interest cost2.16 %2.82 %3.20 %
Expected long-term return on plan assets4.53 %4.97 %5.40 %
Rate of compensation increase (a)
2.01 %2.04 %2.74 %
(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 2022March 2021
Fair value of plan assets, beginning of period$1,755,414 $1,712,775 
Actual return on plan assets(26,855)110,467 
VF contributions34,035 17,714 
Participant contributions5,026 4,434 
Benefits paid(118,389)(101,753)
Currency translation(5,796)11,777 
Fair value of plan assets, end of period1,643,435 1,755,414 
Projected benefit obligations, beginning of period1,741,710 1,726,776 
Service cost14,288 15,747 
Interest cost37,534 47,316 
Participant contributions5,026 4,434 
Actuarial (gain) loss(117,214)40,264 
Benefits paid (118,389)(101,753)
Plan amendments— (3,098)
Curtailments— (729)
Currency translation (5,240)12,753 
Projected benefit obligations, end of period (a)
1,557,715 1,741,710 
Funded status, end of period$85,720 $13,704 
(a)The changes in projected benefit obligations in the years ended March 2022 and 2021 were driven by actuarial gains and losses, respectively, primarily as a result of changes in discount rates.
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 2022March 2021
Amounts included in Consolidated Balance Sheets:
Other assets (Note 11)213,820 $197,484 
Accrued liabilities (Note 13)(16,927)(17,030)
Other liabilities (Note 15)(111,173)(166,750)
Funded status$85,720$13,704 
Accumulated other comprehensive loss, pretax:
Net deferred actuarial losses$326,929$358,916 
Net deferred prior service credits(4,204)(4,588)
Total accumulated other comprehensive loss, pretax$322,725$354,328 
Accumulated benefit obligations$1,539,593$1,710,678 
Weighted average actuarial assumptions used to determine pension obligations:
Discount rate3.65 %2.94%
Rate of compensation increase (a)
1.95 %2.30%
(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 2022March 2021
Projected benefit obligations$213,002 $268,277 
Accumulated benefit obligations194,879 237,245 
Fair value of plan assets84,902 84,497 
The net amount of projected benefit obligations and plan assets for underfunded defined benefit plans was $128.1 million and $183.8 million as of March 2022 and 2021, respectively, and was reported in accrued liabilities and other liabilities in the Consolidated Balance Sheets.
Fair Value of Investments Held by Pension Plan
The fair value of investments held by VF’s defined benefit plans at March 2022 and March 2021, 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 2022
Plan assets
Cash equivalents$5,761 $5,761 $— $— 
Fixed income securities:
U.S. Treasury and government agencies4 — 4 — 
Insurance contracts88,574 — 88,574 — 
Futures contracts(2,812)(2,812)— — 
Total plan assets in the fair value hierarchy91,527 $2,949 $88,578 $— 
Plan assets measured at net asset value
Cash equivalents73,849 
Equity securities:
Domestic94,844 
International77,468 
Fixed income securities:
Corporate and international bonds1,177,421 
Alternative investments128,326 
Total plan assets measured at net asset value1,551,908 
Total plan assets$1,643,435 

 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