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RETIREMENT AND SAVINGS BENEFIT PLANS (Tables)
 12 Months Ended
Apr. 01, 2023
Retirement Benefits [Abstract]  
Schedule of 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)202320222021
Service cost — benefits earned during the period$10,632 $14,288 $15,747 
Interest cost on projected benefit obligations44,732 37,534 47,316 
Expected return on plan assets(63,157)(77,432)(83,107)
Settlement charges93,731 7,466 1,584 
Curtailments— — 920 
Amortization of deferred amounts:
Net deferred actuarial losses16,395 11,310 11,911 
Deferred prior service credits(453)(440)(81)
Net periodic pension cost (income)$101,880 $(7,274)$(5,710)
Weighted average actuarial assumptions used to determine pension cost (income):
Discount rate in effect for determining service cost1.42 %0.46 %1.32 %
Discount rate in effect for determining interest cost4.09 %2.16 %2.82 %
Expected long-term return on plan assets5.24 %4.53 %4.97 %
Rate of compensation increase (a)
1.95 %2.01 %2.04 %
(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.
Schedule of 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 2023March 2022
Fair value of plan assets, beginning of period$1,643,435 $1,755,414 
Actual return on plan assets(146,068)(26,855)
VF contributions22,683 34,035 
Participant contributions5,035 5,026 
Settlement(328,412)— 
Benefits paid(79,865)(118,389)
Currency translation(5,098)(5,796)
Fair value of plan assets, end of period1,111,710 1,643,435 
Projected benefit obligations, beginning of period1,557,715 1,741,710 
Service cost10,632 14,288 
Interest cost44,732 37,534 
Participant contributions5,035 5,026 
Actuarial gain(183,536)(117,214)
Settlement(328,412)— 
Benefits paid (79,865)(118,389)
Plan amendments(478)— 
Currency translation (4,490)(5,240)
Projected benefit obligations, end of period (a)
1,021,333 1,557,715 
Funded status, end of period$90,377 $85,720 
(a)The change in projected benefit obligations in the years ended March 2023 and 2022 were driven by actuarial gains, primarily as a result of changes in discount rates. The change in projected benefit obligations in the year ended March 2023 was also driven by the purchase of an irrevocable group annuity contract relating to approximately $330.0 million of the U.S. qualified defined benefit pension plan obligations.
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 2023March 2022
Amounts included in Consolidated Balance Sheets:
Other assets (Note 11)$183,929 $213,820 
Accrued liabilities (Note 13)(20,727)(16,927)
Other liabilities (Note 15)(72,825)(111,173)
Funded status$90,377$85,720 
Accumulated other comprehensive loss, pretax:
Net deferred actuarial losses$241,864$326,929 
Net deferred prior service credits(4,286)(4,204)
Total accumulated other comprehensive loss, pretax$237,578$322,725 
Accumulated benefit obligations$1,005,159$1,539,593 
Weighted average actuarial assumptions used to determine pension obligations:
Discount rate4.89 %3.65 %
Rate of compensation increase (a)
2.15 %1.95 %
(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.
Schedule of 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 2023March 2022
Projected benefit obligations$186,532 $213,002 
Accumulated benefit obligations170,357 194,879 
Fair value of plan assets92,980 84,902 
The net amount of projected benefit obligations and plan assets for underfunded defined benefit plans was $93.6 million and $128.1 million as of March 2023 and 2022, respectively, and was reported in accrued liabilities and other liabilities in the Consolidated Balance Sheets.
Schedule of Fair Value of Investments Held by Pension Plan
The fair value of investments held by VF’s defined benefit plans at March 2023 and March 2022, 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 2023
Plan assets
Cash equivalents$983 $983 $— $— 
Fixed income securities:
U.S. Treasury and government agencies3 — 3 — 
Insurance contracts97,429 — 97,429 — 
Futures contracts6,649 6,649 — — 
Total plan assets in the fair value hierarchy105,064 $7,632 $97,432 $— 
Plan assets measured at net asset value
Cash equivalents118,114 
Equity securities:
Domestic34,957 
International51,577 
Fixed income securities:
Corporate and international bonds734,455 
Alternative investments67,543 
Total plan assets measured at net asset value1,006,646 
Total plan assets$1,111,710 

 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