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. 02, 2022
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Common Stock
During the three months ended June 2022, 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 2022, March 2022 or June 2021. 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 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 2022 March 2022 June 2021
Foreign currency translation and other $ (833,166) $ (751,632) $ (663,120)
Defined benefit pension plans (174,139) (230,290) (257,431)
Derivative financial instruments 132,429  55,343  (45,335)
Accumulated other comprehensive income (loss) $ (874,876) $ (926,579) $ (965,886)
The changes in accumulated OCI, net of related taxes, were as follows:
  Three Months Ended June 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
 (81,534) (14,484) 84,055  (11,963)
Amounts reclassified from accumulated other comprehensive income (loss)
 —  70,635  (6,969) 63,666 
Net other comprehensive income (loss)
 (81,534) 56,151  77,086  51,703 
Balance, June 2022 $ (833,166) $ (174,139) $ 132,429  $ (874,876)
  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)
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
2022 2021
Amortization of defined benefit pension plans:
Net deferred actuarial losses
 Other income (expense), net $ (3,721) $ (2,840)
Deferred prior service credits
 Other income (expense), net 112  118 
Pension settlement charges
 Other income (expense), net (91,761) (948)
Total before tax
 (95,370) (3,670)
Tax benefit
 24,735  943 
Net of tax
 (70,635) (2,727)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts
 Net revenues (4,750) (1,798)
Foreign exchange contracts
 Cost of goods sold 5,924  (6,169)
Foreign exchange contracts
 Selling, general and administrative expenses 1,609  (917)
Foreign exchange contracts
 Other income (expense), net 5,432  (1,702)
Interest rate contracts
 Interest expense 27  27 
Total before tax
 8,242  (10,559)
Tax (expense) benefit
 (1,273) 443 
Net of tax
 6,969  (10,116)
Total reclassifications for the period, net of tax $ (63,666) $ (12,843)