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)
 9 Months Ended
Jan. 01, 2022
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Common Stock
During the nine months ended December 2021, the Company purchased 4.0 million shares of Common Stock in open market transactions for $300.0 million under its share repurchase program authorized by VF’s Board of Directors. These transactions are treated as treasury stock transactions.
Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the nine months ended December 2021, VF restored 4.0 million treasury shares to an unissued status, after which they were no longer recognized as shares held in treasury. There were no shares held in treasury at the end of December 2021, March 2021 or December 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 consists of net income and specified components of other comprehensive income (“OCI”), which relate to changes in assets and liabilities that are not included in net income under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive income is presented in the Consolidated Statements of Comprehensive Income. The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:
(In thousands) December 2021 March 2021 December 2020
Foreign currency translation and other $ (712,831) $ (700,173) $ (663,863)
Defined benefit pension plans (248,971) (257,747) (264,966)
Derivative financial instruments 24,345  (51,080) (67,134)
Accumulated other comprehensive income (loss) $ (937,457) $ (1,009,000) $ (995,963)
The changes in accumulated OCI, net of related taxes, were as follows:
  Three Months Ended December 2021
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, September 2021 $ (687,120) $ (255,635) $ 1,921  $ (940,834)
Other comprehensive income (loss) before reclassifications
 (25,711) 383  11,961  (13,367)
Amounts reclassified from accumulated other comprehensive income (loss)
 —  6,281  10,463  16,744 
Net other comprehensive income (loss)
 (25,711) 6,664  22,424  3,377 
Balance, December 2021 $ (712,831) $ (248,971) $ 24,345  $ (937,457)
  Three Months Ended December 2020
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, September 2020 $ (700,137) $ (264,304) $ 4,783  $ (959,658)
Other comprehensive income (loss) before reclassifications
 36,274  (3,541) (68,373) (35,640)
Amounts reclassified from accumulated other comprehensive income (loss)
 —  2,879  (3,544) (665)
Net other comprehensive income (loss)
 36,274  (662) (71,917) (36,305)
Balance, December 2020 $ (663,863) $ (264,966) $ (67,134) $ (995,963)
Nine Months Ended December 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
 (12,658) (2,355) 35,973  20,960 
Amounts reclassified from accumulated other comprehensive income (loss)
 —  11,131  39,452  50,583 
Net other comprehensive income (loss)
 (12,658) 8,776  75,425  71,543 
Balance, December 2021 $ (712,831) $ (248,971) $ 24,345  $ (937,457)
Nine Months Ended December 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
 31,482  (10,183) (106,972) (85,673)
Amounts reclassified from accumulated other comprehensive income (loss)
 42,364  7,689  (29,385) 20,668 
Net other comprehensive income (loss)
 73,846  (2,494) (136,357) (65,005)
Balance, December 2020 $ (663,863) $ (264,966) $ (67,134) $ (995,963)
Reclassifications out of accumulated OCI were as follows:
(In thousands) Three Months Ended December Nine Months Ended December
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 (2,858) (3,020) (8,569) (8,781)
Deferred prior service credits
 Other income (expense), net 117  19  352  53 
Pension settlement charges
 Other income (expense), net (5,660) (544) (6,684) (1,116)
Total before tax
 (8,401) (3,545) (14,901) (9,844)
Tax benefit
 2,120  666  3,770  2,155 
Net of tax
 (6,281) (2,879) (11,131) (7,689)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts
 Net revenues (9,284) 4,048  (16,045) 6,354 
Foreign exchange contracts
 Cost of goods sold (3,974) 224  (26,644) 25,372 
Foreign exchange contracts
 Selling, general and administrative expenses 688  586  (418) 2,934 
Foreign exchange contracts
 Other income (expense), net 104  (613) (2,958) 1,190 
Interest rate contracts
 Interest expense 27  26  81  80 
Total before tax
 (12,439) 4,271  (45,984) 35,930 
Tax (expense) benefit
 1,976  (727) 6,532  (6,545)
Net of tax
 (10,463) 3,544  (39,452) 29,385 
Total reclassifications for the period, net of tax $ (16,744) $ 665  $ (50,583) $ (20,668)