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
Dec. 31, 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 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 December 2022, March 2022 or December 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 consists of net income and specified components of 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 2022 March 2022 December 2021
Foreign currency translation and other $ (841,877) $ (751,632) $ (712,831)
Defined benefit pension plans (164,346) (230,290) (248,971)
Derivative financial instruments 76,635  55,343  24,345 
Accumulated other comprehensive income (loss) $ (929,588) $ (926,579) $ (937,457)
The changes in accumulated OCI, net of related taxes, were as follows:
  Three Months Ended December 2022
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, September 2022 $ (883,846) $ (166,545) $ 206,226  $ (844,165)
Other comprehensive income (loss) before reclassifications
 41,969  (850) (101,665) (60,546)
Amounts reclassified from accumulated other comprehensive income (loss)
 —  3,049  (27,926) (24,877)
Net other comprehensive income (loss)
 41,969  2,199  (129,591) (85,423)
Balance, December 2022 $ (841,877) $ (164,346) $ 76,635  $ (929,588)
  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)
Nine Months Ended December 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
 (90,245) (11,226) 68,719  (32,752)
Amounts reclassified from accumulated other comprehensive income (loss)
 —  77,170  (47,427) 29,743 
Net other comprehensive income (loss)
 (90,245) 65,944  21,292  (3,009)
Balance, December 2022 $ (841,877) $ (164,346) $ 76,635  $ (929,588)
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)
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
2022 2021 2022 2021
Amortization of defined benefit pension plans:
Net deferred actuarial losses
 Other income (expense), net $ (3,858) $ (2,858) $ (11,532) $ (8,569)
Deferred prior service credits
 Other income (expense), net 112  117  335  352 
Pension settlement charges
 Other income (expense), net (695) (5,660) (93,597) (6,684)
Total before tax
 (4,441) (8,401) (104,794) (14,901)
Tax benefit
 1,392  2,120  27,624  3,770 
Net of tax
 (3,049) (6,281) (77,170) (11,131)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts
 Net revenues (2,759) (9,284) (18,243) (16,045)
Foreign exchange contracts
 Cost of goods sold 27,019  (3,974) 44,780  (26,644)
Foreign exchange contracts
 Selling, general and administrative expenses 1,816  688  5,380  (418)
Foreign exchange contracts
 Other income (expense), net 6,802  104  24,055  (2,958)
Interest rate contracts
 Interest expense 27  27  81  81 
Total before tax
 32,905  (12,439) 56,053  (45,984)
Tax (expense) benefit
 (4,979) 1,976  (8,626) 6,532 
Net of tax
 27,926  (10,463) 47,427  (39,452)
Total reclassifications for the period, net of tax $ 24,877  $ (16,744) $ (29,743) $ (50,583)