Quarterly report pursuant to Section 13 or 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

v3.24.0.1
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)