Quarterly report pursuant to Section 13 or 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

v3.23.2
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 3 Months Ended
Jul. 01, 2023
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Common Stock
During the three months ended June 2023, 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 2023, March 2023 or June 2022. 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 Loss
Comprehensive loss consists of net loss and specified components of OCL, which relate to changes in assets and liabilities that are not included in net loss under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive loss is presented in the Consolidated Statements of Comprehensive Loss. The deferred components of OCL are reported, net of related income taxes, in accumulated OCL in stockholders’ equity, as follows:
(In thousands) June 2023 March 2023 June 2022
Foreign currency translation and other $ (872,800) $ (859,651) $ (833,166)
Defined benefit pension plans (161,211) (167,692) (174,139)
Derivative financial instruments (19,518) 7,825  132,429 
Accumulated other comprehensive loss $ (1,053,529) $ (1,019,518) $ (874,876)
The changes in accumulated OCL, net of related taxes, were as follows:
  Three Months Ended June 2023
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, March 2023 $ (859,651) $ (167,692) $ 7,825  $ (1,019,518)
Other comprehensive income (loss) before reclassifications
 (13,149) 1,088  (18,602) (30,663)
Amounts reclassified from accumulated other comprehensive loss
 —  5,393  (8,741) (3,348)
Net other comprehensive income (loss)
 (13,149) 6,481  (27,343) (34,011)
Balance, June 2023 $ (872,800) $ (161,211) $ (19,518) $ (1,053,529)
  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 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)
Reclassifications out of accumulated OCL were as follows:
(In thousands) Three Months Ended June
Details About Accumulated Other Comprehensive Loss Components Affected Line Item in the Consolidated Statements of Operations
2023 2022
Amortization of defined benefit pension plans:
Net deferred actuarial losses
 Other income (expense), net $ (4,232) $ (3,721)
Deferred prior service credits
 Other income (expense), net 135  112 
Pension settlement charges
 Other income (expense), net (3,292) (91,761)
Total before tax
 (7,389) (95,370)
Tax benefit
 1,996  24,735 
Net of tax
 (5,393) (70,635)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts
 Net revenues 1,090  (3,534)
Foreign exchange contracts
 Cost of goods sold 8,075  11,356 
Foreign exchange contracts
 Selling, general and administrative expenses 1,301  1,609 
Foreign exchange contracts
 Other income (expense), net (511) (1,216)
Interest rate contracts
 Interest expense 725  27 
Total before tax
 10,680  8,242 
Tax expense
 (1,939) (1,273)
Net of tax
 8,741  6,969 
Total reclassifications for the period, net of tax $ 3,348  $ (63,666)