CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Dec. 31, 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 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 December 2022, March 2022 or December 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 consists of net income and specified components of 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 2022		March 2022		December 2021
Foreign currency translation and other	$	(841,877)	$	(751,632)	$	(712,831)
Defined benefit pension plans	(164,346)		(230,290)		(248,971)
Derivative financial instruments	76,635		55,343		24,345
Accumulated other comprehensive income (loss)	$	(929,588)	$	(926,579)	$	(937,457)

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

	Three Months Ended December 2022
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, September 2022	$	(883,846)	$	(166,545)	$	206,226	$	(844,165)
Other comprehensive income (loss) before reclassifications	41,969		(850)		(101,665)		(60,546)
Amounts reclassified from accumulated other comprehensive income (loss)	—		3,049		(27,926)		(24,877)
Net other comprehensive income (loss)	41,969		2,199		(129,591)		(85,423)
Balance, December 2022	$	(841,877)	$	(164,346)	$	76,635	$	(929,588)

	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)

	Nine Months Ended December 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	(90,245)		(11,226)		68,719		(32,752)
Amounts reclassified from accumulated other comprehensive income (loss)	—		77,170		(47,427)		29,743
Net other comprehensive income (loss)	(90,245)		65,944		21,292		(3,009)
Balance, December 2022	$	(841,877)	$	(164,346)	$	76,635	$	(929,588)
	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)

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
		2022		2021		2022		2021
Amortization of defined benefit pension plans:
Net deferred actuarial losses	Other income (expense), net	$	(3,858)	$	(2,858)	$	(11,532)	$	(8,569)
Deferred prior service credits	Other income (expense), net	112		117		335		352
Pension settlement charges	Other income (expense), net	(695)		(5,660)		(93,597)		(6,684)
Total before tax		(4,441)		(8,401)		(104,794)		(14,901)
Tax benefit		1,392		2,120		27,624		3,770
Net of tax		(3,049)		(6,281)		(77,170)		(11,131)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net revenues	(2,759)		(9,284)		(18,243)		(16,045)
Foreign exchange contracts	Cost of goods sold	27,019		(3,974)		44,780		(26,644)
Foreign exchange contracts	Selling, general and administrative expenses	1,816		688		5,380		(418)
Foreign exchange contracts	Other income (expense), net	6,802		104		24,055		(2,958)
Interest rate contracts	Interest expense	27		27		81		81
Total before tax		32,905		(12,439)		56,053		(45,984)
Tax (expense) benefit		(4,979)		1,976		(8,626)		6,532
Net of tax		27,926		(10,463)		47,427		(39,452)
Total reclassifications for the period, net of tax		$	24,877	$	(16,744)	$	(29,743)	$	(50,583)