CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Oct. 01, 2022

Equity [Abstract]

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Common Stock

During the six months ended September 2022, 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. These are treated as treasury stock transactions when shares are repurchased.

Common Stock outstanding is net of shares held in treasury which are, in substance, retired. There were no shares held in treasury at the end of September 2022, March 2022 or September 2021. 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 (loss) consists of net income (loss) and specified components of OCI, which relate to changes in assets and liabilities that are not included in net income (loss) under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive income (loss) is presented in the Consolidated Statements of Comprehensive Income (Loss). The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:

(In thousands)	September 2022		March 2022		September 2021
Foreign currency translation and other	$	(883,846)	$	(751,632)	$	(687,120)
Defined benefit pension plans	(166,545)		(230,290)		(255,635)
Derivative financial instruments	206,226		55,343		1,921
Accumulated other comprehensive income (loss)	$	(844,165)	$	(926,579)	$	(940,834)

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

	Three Months Ended September 2022
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, June 2022	$	(833,166)	$	(174,139)	$	132,429	$	(874,876)
Other comprehensive income (loss) before reclassifications	(50,680)		4,108		86,329		39,757
Amounts reclassified from accumulated other comprehensive income (loss)	—		3,486		(12,532)		(9,046)
Net other comprehensive income (loss)	(50,680)		7,594		73,797		30,711
Balance, September 2022	$	(883,846)	$	(166,545)	$	206,226	$	(844,165)

	Three Months Ended September 2021
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, June 2021	$	(663,120)	$	(257,431)	$	(45,335)	$	(965,886)
Other comprehensive income (loss) before reclassifications	(24,000)		(327)		28,383		4,056
Amounts reclassified from accumulated other comprehensive income (loss)	—		2,123		18,873		20,996
Net other comprehensive income (loss)	(24,000)		1,796		47,256		25,052
Balance, September 2021	$	(687,120)	$	(255,635)	$	1,921	$	(940,834)

	Six Months Ended September 2022
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, March 2022	$	(751,632)	$	(230,290)	$	55,343	$	(926,579)
Other comprehensive income (loss) before reclassifications	(132,214)		(10,376)		170,384		27,794
Amounts reclassified from accumulated other comprehensive income (loss)	—		74,121		(19,501)		54,620
Net other comprehensive income (loss)	(132,214)		63,745		150,883		82,414
Balance, September 2022	$	(883,846)	$	(166,545)	$	206,226	$	(844,165)
	Six Months Ended September 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	13,053		(2,738)		24,012		34,327
Amounts reclassified from accumulated other comprehensive income (loss)	—		4,850		28,989		33,839
Net other comprehensive income (loss)	13,053		2,112		53,001		68,166
Balance, September 2021	$	(687,120)	$	(255,635)	$	1,921	$	(940,834)

Reclassifications out of accumulated OCI were as follows:

(In thousands)		Three Months Ended September				Six Months Ended September
Details About Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Consolidated Statements of Operations
		2022		2021		2022		2021
Amortization of defined benefit pension plans:
Net deferred actuarial losses	Other income (expense), net	$	(3,953)	$	(2,871)	$	(7,674)	$	(5,711)
Deferred prior service credits	Other income (expense), net	111		117		223		235
Pension settlement charges	Other income (expense), net	(1,141)		(76)		(92,902)		(1,024)
Total before tax		(4,983)		(2,830)		(100,353)		(6,500)
Tax benefit		1,497		707		26,232		1,650
Net of tax		(3,486)		(2,123)		(74,121)		(4,850)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net revenues	(10,734)		(4,963)		(15,484)		(6,761)
Foreign exchange contracts	Cost of goods sold	11,837		(16,501)		17,761		(22,670)
Foreign exchange contracts	Selling, general and administrative expenses	1,955		(189)		3,564		(1,106)
Foreign exchange contracts	Other income (expense), net	11,821		(1,360)		17,253		(3,062)
Interest rate contracts	Interest expense	27		27		54		54
Total before tax		14,906		(22,986)		23,148		(33,545)
Tax (expense) benefit		(2,374)		4,113		(3,647)		4,556
Net of tax		12,532		(18,873)		19,501		(28,989)
Total reclassifications for the period, net of tax		$	9,046	$	(20,996)	$	(54,620)	$	(33,839)