Quarterly report pursuant to Section 13 or 15(d)

PENSION PLANS (Tables)

v3.19.3.a.u2
PENSION PLANS (Tables)
 9 Months Ended
Dec. 28, 2019
Retirement Benefits [Abstract]  
Components of Pension Cost
The components of pension cost (income) for VF’s defined benefit plans were as follows:
 
 
Three Months Ended December
 
 
Nine Months Ended December
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
 
2019
 
 
2018
 
 
2019
 
 
2018
Service cost – benefits earned during the period
 
$
3,401

 
 
$
6,097

 
 
$
10,192

 
 
$
17,882

Interest cost on projected benefit obligations
 
14,581

 
 
15,807

 
 
44,085

 
 
47,638

Expected return on plan assets
 
(23,176
)
 
 
(23,185
)
 
 
(69,505
)
 
 
(70,216
)
Settlement charges
 
24,943

 
 
662

 
 
25,462

 
 
8,846

Curtailments
 
—

 
 
—

 
 
—

 
 
9,483

Amortization of deferred amounts:
 
 
 
 

 
 
 
 
 
 
Net deferred actuarial losses
 
4,203

 
 
6,676

 
 
12,236

 
 
22,153

Deferred prior service costs (credits)
 
13

 
 
(58
)
 
 
38

 
 
552

Net periodic pension cost (income)
 
$
23,965

 
 
$
5,999

 
 
$
22,508

 
 
$
36,338


The amounts reported in these disclosures for prior periods have not been segregated between continuing and discontinued operations.
Actuarial Assumptions Used in Valuation
Actuarial assumptions used in the interim valuations were reviewed and revised as appropriate. The discount rates used to determine the pension obligations were as follows:
 
 
December 31, 2019
 
 
September 30, 2019
U.S. qualified defined benefit pension plan
 
3.34
%
 
 
N/A

Supplemental defined benefit pension plan
 
3.35
%
 
 
3.23
%