Quarterly report pursuant to Section 13 or 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

v3.21.2
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Oct. 02, 2021
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Common Stock
During the six months ended September 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 September 2021, March 2021 or September 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) September 2021 March 2021 September 2020
Foreign currency translation and other $ (687,120) $ (700,173) $ (700,137)
Defined benefit pension plans (255,635) (257,747) (264,304)
Derivative financial instruments 1,921  (51,080) 4,783 
Accumulated other comprehensive income (loss) $ (940,834) $ (1,009,000) $ (959,658)
The changes in accumulated OCI, net of related taxes, were as follows:
  Three Months Ended September 2021
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, June 2021 $ (663,120) $ (257,431) $ (45,335) $ (965,886)
Other comprehensive income (loss) before reclassifications
 (24,000) (327) 28,383  4,056 
Amounts reclassified from accumulated other comprehensive income (loss)
 —  2,123  18,873  20,996 
Net other comprehensive income (loss)
 (24,000) 1,796  47,256  25,052 
Balance, September 2021 $ (687,120) $ (255,635) $ 1,921  $ (940,834)
  Three Months Ended September 2020
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, June 2020 $ (685,236) $ (259,290) $ 46,985  $ (897,541)
Other comprehensive income (loss) before reclassifications
 (14,901) (7,629) (32,534) (55,064)
Amounts reclassified from accumulated other comprehensive income (loss)
 —  2,615  (9,668) (7,053)
Net other comprehensive income (loss)
 (14,901) (5,014) (42,202) (62,117)
Balance, September 2020 $ (700,137) $ (264,304) $ 4,783  $ (959,658)
Six Months Ended September 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
 13,053  (2,738) 24,012  34,327 
Amounts reclassified from accumulated other comprehensive income (loss)
 —  4,850  28,989  33,839 
Net other comprehensive income (loss)
 13,053  2,112  53,001  68,166 
Balance, September 2021 $ (687,120) $ (255,635) $ 1,921  $ (940,834)
Six Months Ended September 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
 (4,792) (6,642) (38,599) (50,033)
Amounts reclassified from accumulated other comprehensive income (loss)
 42,364  4,810  (25,841) 21,333 
Net other comprehensive income (loss)
 37,572  (1,832) (64,440) (28,700)
Balance, September 2020 $ (700,137) $ (264,304) $ 4,783  $ (959,658)
Reclassifications out of accumulated OCI were as follows:
(In thousands) Three Months Ended September Six Months Ended September
Details About Accumulated Other Comprehensive Income (Loss) Components Affected Line Item in the Consolidated Statements of Operations
2021 2020 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 (2,871) (2,898) (5,711) (5,761)
Deferred prior service credits
 Other income (expense), net 117  17  235  34 
Pension settlement charges
 Other income (expense), net (76) (572) (1,024) (572)
Total before tax
 (2,830) (3,453) (6,500) (6,299)
Tax benefit
 707  838  1,650  1,489 
Net of tax
 (2,123) (2,615) (4,850) (4,810)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts
 Net revenues (4,963) 2,135  (6,761) 2,306 
Foreign exchange contracts
 Cost of goods sold (16,501) 8,443  (22,670) 25,148 
Foreign exchange contracts
 Selling, general and administrative expenses (189) 741  (1,106) 2,348 
Foreign exchange contracts
 Other income (expense), net (1,360) 33  (3,062) 1,803 
Interest rate contracts
 Interest expense 27  27  54  54 
Total before tax
 (22,986) 11,379  (33,545) 31,659 
Tax (expense) benefit
 4,113  (1,711) 4,556  (5,818)
Net of tax
 (18,873) 9,668  (28,989) 25,841 
Total reclassifications for the period, net of tax $ (20,996) $ 7,053  $ (33,839) $ (21,333)