Quarterly report pursuant to Section 13 or 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Jul. 03, 2021
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Common Stock
During the three months ended June 2021, 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 June 2021, March 2021 or June 2020. 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 Income (Loss)
Comprehensive income (loss) consists of net income (loss) and specified components of other comprehensive income (“OCI”), 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 OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:
(In thousands) June 2021 March 2021 June 2020
Foreign currency translation and other $ (663,120) $ (700,173) $ (685,236)
Defined benefit pension plans (257,431) (257,747) (259,290)
Derivative financial instruments (45,335) (51,080) 46,985 
Accumulated other comprehensive income (loss) $ (965,886) $ (1,009,000) $ (897,541)
The changes in accumulated OCI, net of related taxes, were as follows:
  Three Months Ended June 2021
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, March 2021 $ (700,173) $ (257,747) $ (51,080) $ (1,009,000)
Other comprehensive income (loss) before reclassifications
 37,053  (2,411) (4,371) 30,271 
Amounts reclassified from accumulated other comprehensive income (loss)
 —  2,727  10,116  12,843 
Net other comprehensive income (loss)
 37,053  316  5,745  43,114 
Balance, June 2021 $ (663,120) $ (257,431) $ (45,335) $ (965,886)
  Three Months Ended June 2020
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, March 2020 $ (737,709) $ (262,472) $ 69,223  $ (930,958)
Other comprehensive income (loss) before reclassifications
 10,109  987  (6,065) 5,031 
Amounts reclassified from accumulated other comprehensive income (loss)
 42,364  2,195  (16,173) 28,386 
Net other comprehensive income (loss)
 52,473  3,182  (22,238) 33,417 
Balance, June 2020 $ (685,236) $ (259,290) $ 46,985  $ (897,541)
Reclassifications out of accumulated OCI were as follows:
(In thousands) Three Months Ended June
Details About Accumulated Other Comprehensive Income (Loss) Components Affected Line Item in the Consolidated Statements of Operations
2021 2020
Losses on foreign currency translation and other:
Liquidation of foreign entities
 Other income (expense), net $ —  $ (42,364)
Total before tax
 —  (42,364)
Tax (expense) benefit
 —  — 
Net of tax
 —  (42,364)
Amortization of defined benefit pension plans:
Net deferred actuarial losses
 Other income (expense), net (2,840) (2,863)
Deferred prior service credits
 Other income (expense), net 118  17 
Pension settlement charge
 Other income (expense), net (948) — 
Total before tax
 (3,670) (2,846)
Tax benefit
 943  651 
Net of tax
 (2,727) (2,195)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts
 Net revenues (1,798) 171 
Foreign exchange contracts
 Cost of goods sold (6,169) 16,705 
Foreign exchange contracts
 Selling, general and administrative expenses (917) 1,607 
Foreign exchange contracts
 Other income (expense), net (1,702) 1,770 
Interest rate contracts
 Interest expense 27  27 
Total before tax
 (10,559) 20,280 
Tax (expense) benefit
 443  (4,107)
Net of tax
 (10,116) 16,173 
Total reclassifications for the period, net of tax $ (12,843) $ (28,386)