CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Dec. 30, 2023

Equity [Abstract]

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

Common Stock

During the nine months ended December 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 December 2023, March 2023 or December 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 income (loss) consists of net income (loss) and specified components of other comprehensive income (loss), 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 other comprehensive income (loss) are reported, net of related income taxes, in accumulated OCL in stockholders’ equity, as follows:

(In thousands)	December 2023		March 2023		December 2022
Foreign currency translation and other	$	(856,853)	$	(859,651)	$	(841,877)
Defined benefit pension plans	(155,701)		(167,692)		(164,346)
Derivative financial instruments	(38,819)		7,825		76,635
Accumulated other comprehensive loss	$	(1,051,373)	$	(1,019,518)	$	(929,588)

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

	Three Months Ended December 2023
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, September 2023	$	(878,089)	$	(155,638)	$	22,022	$	(1,011,705)
Other comprehensive income (loss) before reclassifications	21,236		(3,002)		(61,585)		(43,351)
Amounts reclassified from accumulated other comprehensive loss	—		2,939		744		3,683
Net other comprehensive income (loss)	21,236		(63)		(60,841)		(39,668)
Balance, December 2023	$	(856,853)	$	(155,701)	$	(38,819)	$	(1,051,373)

	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 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)

	Nine Months Ended December 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	2,798		762		(30,144)		(26,584)
Amounts reclassified from accumulated other comprehensive loss	—		11,229		(16,500)		(5,271)
Net other comprehensive income (loss)	2,798		11,991		(46,644)		(31,855)
Balance, December 2023	$	(856,853)	$	(155,701)	$	(38,819)	$	(1,051,373)

	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 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)

Reclassifications out of accumulated OCL were as follows:

(In thousands)		Three Months Ended December				Nine Months Ended December
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	$	(4,106)	$	(3,858)	$	(12,508)	$	(11,532)
Deferred prior service credits	Other income (expense), net	136		112		408		335
Pension settlement charges	Other income (expense), net	(131)		(695)		(3,430)		(93,597)
Total before tax		(4,101)		(4,441)		(15,530)		(104,794)
Tax benefit		1,162		1,392		4,301		27,624
Net of tax		(2,939)		(3,049)		(11,229)		(77,170)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net revenues	(794)		782		(220)		(9,173)
Foreign exchange contracts	Cost of goods sold	(2,697)		33,816		14,777		68,830
Foreign exchange contracts	Selling, general and administrative expenses	833		1,816		3,141		5,380
Foreign exchange contracts	Other income (expense), net	536		(3,536)		(725)		(9,065)
Interest rate contracts	Interest expense	1,210		27		3,033		81
Total before tax		(912)		32,905		20,006		56,053
Tax expense		168		(4,979)		(3,506)		(8,626)
Net of tax		(744)		27,926		16,500		47,427
Total reclassifications for the period, net of tax		$	(3,683)	$	24,877	$	5,271	$	(29,743)