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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
12 Months Ended
Apr. 01, 2023
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Common Stock

During the years ended March 2023 and 2021, 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. During the year ended March 2022, the Company purchased 4.8 million shares of Common Stock in open market transactions for $350.0 million under its share repurchase program authorized by VF's Board of Directors. These purchases were treated as treasury stock transactions.
Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the year ended March 2022, VF restored 4.8 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 March 2023, 2022 or 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)March 2023March 2022
Foreign currency translation and other$(859,651)$(751,632)
Defined benefit pension plans(167,692)(230,290)
Derivative financial instruments7,825 55,343 
Accumulated other comprehensive income (loss)$(1,019,518)$(926,579)
The changes in accumulated OCI, net of related taxes, were as follows:
(In thousands)Foreign Currency Translation and OtherDefined
Benefit
Pension Plans
Derivative
Financial
Instruments
Total
Balance, March 2020$(737,709)$(262,472)$69,223 $(930,958)
Other comprehensive income (loss) before reclassifications(4,828)(6,197)(100,448)(111,473)
Amounts reclassified from accumulated other comprehensive income (loss)42,364 10,922 (19,855)33,431 
Net other comprehensive income (loss)37,536 4,725 (120,303)(78,042)
Balance, March 2021(700,173)(257,747)(51,080)(1,009,000)
Other comprehensive income (loss) before reclassifications(51,459)13,547 59,753 21,841 
Amounts reclassified from accumulated other comprehensive income (loss)— 13,910 46,670 60,580 
Net other comprehensive income (loss)(51,459)27,457 106,423 82,421 
Balance, March 2022(751,632)(230,290)55,343 (926,579)
Other comprehensive income (loss) before reclassifications(108,019)(18,596)44,979 (81,636)
Amounts reclassified from accumulated other comprehensive income (loss)— 81,194 (92,497)(11,303)
Net other comprehensive income (loss)(108,019)62,598 (47,518)(92,939)
Balance, March 2023$(859,651)$(167,692)$7,825 $(1,019,518)
 
Reclassifications out of accumulated OCI were as follows:
(In thousands)Affected Line Item in the Consolidated Statements of OperationsYear Ended March
Details About Accumulated Other
Comprehensive Income (Loss) Components
202320222021
Losses on foreign currency translation and other:
Liquidation of foreign entitiesOther 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 lossesOther income (expense), net(16,395)(11,310)(11,911)
Deferred prior service creditsOther income (expense), net453 440 81 
Pension settlement chargesOther income (expense), net(93,731)(7,466)(1,584)
Pension curtailment lossesOther income (expense), net— — (920)
Total before tax(109,673)(18,336)(14,334)
Tax benefit28,479 4,426 3,412 
Net of tax(81,194)(13,910)(10,922)
Gains (losses) on derivative financial instruments:
Foreign exchange contractsNet revenues(6,843)(27,382)2,596 
Foreign exchange contractsCost of goods sold120,438 (26,346)19,485 
Foreign exchange contractsSelling, general and administrative expenses6,695 (487)2,797 
Foreign exchange contractsOther income (expense), net(10,365)(219)(137)
Interest rate contractsInterest expense235 108 107 
Total before tax110,160 (54,326)24,848 
Tax (expense) benefit(17,663)7,656 (4,993)
Net of tax92,497 (46,670)19,855 
Total reclassifications for the period, net of tax$11,303 $(60,580)$(33,431)