CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Sep. 30, 2023

Equity [Abstract]

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

Common Stock

During the six months ended September 2023, 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 2023, March 2023 or September 2022. 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 Loss

Comprehensive loss consists of net loss and specified components of other comprehensive income (loss), which relate to changes in assets and liabilities that are not included in net loss under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive loss is presented in the Consolidated Statements of Comprehensive Loss. The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in accumulated OCL in stockholders’ equity, as follows:

(In thousands)	September 2023		March 2023		September 2022
Foreign currency translation and other	$	(878,089)	$	(859,651)	$	(883,846)
Defined benefit pension plans	(155,638)		(167,692)		(166,545)
Derivative financial instruments	22,022		7,825		206,226
Accumulated other comprehensive loss	$	(1,011,705)	$	(1,019,518)	$	(844,165)

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

	Three Months Ended September 2023
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, June 2023	$	(872,800)	$	(161,211)	$	(19,518)	$	(1,053,529)
Other comprehensive income (loss) before reclassifications	(5,289)		2,676		50,043		47,430
Amounts reclassified from accumulated other comprehensive loss	—		2,897		(8,503)		(5,606)
Net other comprehensive income (loss)	(5,289)		5,573		41,540		41,824
Balance, September 2023	$	(878,089)	$	(155,638)	$	22,022	$	(1,011,705)

	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 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)

	Six Months Ended September 2023
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, March 2023	$	(859,651)	$	(167,692)	$	7,825	$	(1,019,518)
Other comprehensive income (loss) before reclassifications	(18,438)		3,764		31,441		16,767
Amounts reclassified from accumulated other comprehensive loss	—		8,290		(17,244)		(8,954)
Net other comprehensive income (loss)	(18,438)		12,054		14,197		7,813
Balance, September 2023	$	(878,089)	$	(155,638)	$	22,022	$	(1,011,705)

	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 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)

Reclassifications out of accumulated OCL were as follows:

(In thousands)		Three Months Ended September				Six Months Ended September
Details About Accumulated Other Comprehensive Loss Components	Affected Line Item in the Consolidated Statements of Operations
		2023		2022		2023		2022
Amortization of defined benefit pension plans:
Net deferred actuarial losses	Other income (expense), net	$	(4,170)	$	(3,953)	$	(8,402)	$	(7,674)
Deferred prior service credits	Other income (expense), net	137		111		272		223
Pension settlement charges	Other income (expense), net	(7)		(1,141)		(3,299)		(92,902)
Total before tax		(4,040)		(4,983)		(11,429)		(100,353)
Tax benefit		1,143		1,497		3,139		26,232
Net of tax		(2,897)		(3,486)		(8,290)		(74,121)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net revenues	(516)		(6,421)		574		(9,955)
Foreign exchange contracts	Cost of goods sold	9,399		23,658		17,474		35,014
Foreign exchange contracts	Selling, general and administrative expenses	1,007		1,955		2,308		3,564
Foreign exchange contracts	Other income (expense), net	(750)		(4,313)		(1,261)		(5,529)
Interest rate contracts	Interest expense	1,098		27		1,823		54
Total before tax		10,238		14,906		20,918		23,148
Tax expense		(1,735)		(2,374)		(3,674)		(3,647)
Net of tax		8,503		12,532		17,244		19,501
Total reclassifications for the period, net of tax		$	5,606	$	9,046	$	8,954	$	(54,620)